Millennium Bcpbank NA Mortgage Lending & HMDA Data, 2005
In 2005, Millennium Bcpbank NA of Newark, NJ reported 476 mortgage applications totaling $83.6 million, down 13% from 2004. The average application was for $175,724, and applicants reported an average income of $84,407. 62% of its applications resulted in an originated loan and 25% were denied. Its largest markets were Newark-Union, NJ-PA (192), Edison, NJ (84) and Nassau-Suffolk, NY (19) (applications in parentheses).
| Mortgage Company & Address | Millennium Bcpbank NA 255 Lafayette St Newark, NJ 07105 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 476 |
| Total Mortgage Loan Application Amount | $83,645,000 |
| Average Mortgage Loan Application Amount | $175,724 |
| Highest Mortgage Loan Application Amount | $1,500,000 |
| Average Applicant Income | $84,407 |
| Highest Applicant Income | $1,425,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Millennium Bcpbank NA filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Newark-Union, NJ-PA | 192 | $ 34,162,000 | $ 177,927 | $ 87,000 |
| Edison, NJ | 84 | $ 16,179,000 | $ 192,607 | $ 81,000 |
| Nassau-Suffolk, NY | 19 | $ 2,685,000 | $ 141,315 | $ 74,000 |
| Philadelphia, PA | 18 | $ 3,059,000 | $ 169,944 | $ 78,000 |
| Camden, NJ | 14 | $ 2,028,000 | $ 144,857 | $ 87,000 |
| Springfield, MA | 10 | $ 1,110,000 | $ 111,000 | $ 64,000 |
| New York-Wayne-White Plains, NY-NJ | 8 | $ 1,571,000 | $ 196,375 | $ 60,000 |
| Providence-New Bedford-Fall River, RI-MA | 3 | $ 930,000 | $ 310,000 | $ 123,000 |
| Hartford-West Hartford-East Hartford, CT | 2 | $ 120,000 | $ 60,000 | $ 77,000 |
| Trenton-Ewing, NJ | 2 | $ 449,000 | $ 224,500 | $ 30,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 250,000 | $ 250,000 | $ 69,000 |
| Atlantic City, NJ | 1 | $ 150,000 | $ 150,000 | $ 77,000 |
| Boston-Quincy, MA | 1 | $ 200,000 | $ 200,000 | $ 89,000 |
| Miami-Miami Beach-Kendall, FL | 1 | $ 420,000 | $ 420,000 | $ 164,000 |
| Ocean City, NJ | 1 | $ 280,000 | $ 280,000 | $ 384,000 |
| Sarasota-Bradenton-Venice, FL | 1 | $ 210,000 | $ 210,000 | $ 22,000 |
| Utica-Rome, NY | 1 | $ 213,000 | $ 213,000 | $ 97,000 |
Mortgage Loan Application Detail Totals for Millennium Bcpbank NA in 2005
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Refinancing | 285 | $56,618,000 | $183,333 | $1,500,000 | $78,500 | $1,425,000 |
| Home Improvement | 145 | $13,230,000 | $83,000 | $600,000 | $65,166 | $297,000 |
| Home Purchase | 46 | $13,797,000 | $358,833 | $1,000,000 | $121,166 | $493,000 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 405 | $71,450,000 | $202,500 | $1,500,000 | $91,250 | $1,425,000 |
| Hispanic | 48 | $7,401,000 | $118,000 | $450,000 | $49,600 | $138,000 |
| Asian | 11 | $2,127,000 | $252,500 | $580,000 | $105,000 | $254,000 |
| Black or African American | 7 | $1,170,000 | $180,666 | $400,000 | $69,333 | $114,000 |
| Not Provided | 4 | $1,492,000 | $339,666 | $640,000 | $93,666 | $150,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $5,000 | $5,000 | $5,000 | $64,000 | $64,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 476 | $83,645,000 | $205,500 | $1,500,000 | $86,000 | $1,425,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 297 | $49,619,000 | $206,285 | $1,500,000 | $99,857 | $1,425,000 |
| Application Denied By Financial Institution | 118 | $20,239,000 | $143,000 | $650,000 | $62,333 | $384,000 |
| Application Approved But Not Accepted | 50 | $10,113,000 | $206,750 | $750,000 | $73,000 | $310,000 |
| Application Withdrawn By Applicant | 7 | $2,258,000 | $297,500 | $1,000,000 | $139,000 | $493,000 |
| Preapproval Approved but not Accepted | 3 | $776,000 | $258,000 | $325,000 | $73,000 | $107,000 |
| Preapproval Denied by Financial Institution | 1 | $640,000 | $640,000 | $640,000 | $150,000 | $150,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 41 | $9,410,000 | $293,400 | $650,000 | $86,400 | $150,000 |
| Credit History | 38 | $5,801,000 | $112,600 | $600,000 | $62,000 | $150,000 |
| Other | 26 | $3,341,000 | $116,000 | $547,000 | $50,200 | $150,000 |
| Collateral | 12 | $1,956,000 | $167,000 | $285,000 | $113,666 | $384,000 |
| Employment History | 1 | $15,000 | $15,000 | $15,000 | $64,000 | $64,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $356,000 | $356,000 | $356,000 | $168,000 | $168,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Millennium Bcpbank NA's 2005 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Millennium Bcpbank NA's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
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