Optima Funding Mortgage Lending & HMDA Data, 2003
In 2003, Optima Funding of Santa Ana, CA reported 1,283 mortgage applications totaling $245.4 million. The average application was for $191,273, and applicants reported an average income of $58,725. 19% of its applications resulted in an originated loan and 47% were denied. Its largest markets were Riverside-San Bernardino, CA (487), Los Angeles-Long Beach, CA (385) and San Diego, CA (95) (applications in parentheses).
| Mortgage Company & Address | Optima Funding 5 Hutton Centre Drive Santa Ana, CA 92707 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2003 |
| Total Number of Mortgage Applications | 1,283 |
| Total Mortgage Loan Application Amount | $245,404,000 |
| Average Mortgage Loan Application Amount | $191,273 |
| Highest Mortgage Loan Application Amount | $840,000 |
| Average Applicant Income | $58,725 |
| Highest Applicant Income | $706,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Optima Funding filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Optima Funding in 2003
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 (home purchase or home improvement, one-to-four family) | 986 | $192,013,000 | $194,000 | $840,000 | $60,000 | $706,000 |
| Home Purchase (one-to-four family) | 248 | $44,020,000 | $177,000 | $776,000 | $54,000 | $300,000 |
| Home Improvement (one-to-four family) | 49 | $9,371,000 | $191,000 | $675,000 | $57,000 | $204,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 0 | $0 | $0 | $0 | $0 | $0 |
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 |
|---|---|---|---|---|---|---|
| Hispanic | 436 | $78,500,000 | $180,000 | $652,000 | $49,000 | $300,000 |
| White | 383 | $75,121,000 | $196,000 | $840,000 | $63,000 | $706,000 |
| Information not provided by applicant in mail or telephone application | 310 | $57,827,000 | $186,000 | $600,000 | $54,000 | $192,000 |
| Black | 80 | $15,223,000 | $190,000 | $651,000 | $71,000 | $300,000 |
| Asian or Pacific Islander | 39 | $9,921,000 | $254,000 | $713,000 | $63,000 | $142,000 |
| Other | 21 | $5,192,000 | $247,000 | $670,000 | $74,000 | $228,000 |
| American Indian or Alaskan Native | 14 | $3,620,000 | $258,000 | $455,000 | $64,000 | $120,000 |
| Not applicable | 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) | 1,282 | $244,927,000 | $191,000 | $840,000 | $58,000 | $706,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $477,000 | $477,000 | $477,000 | $105,000 | $105,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 600 | $106,568,000 | $177,000 | $795,000 | $55,000 | $300,000 |
| Application Withdrawn By Applicant | 431 | $85,176,000 | $197,000 | $840,000 | $56,000 | $292,000 |
| Loan Originated | 248 | $52,885,000 | $213,000 | $564,000 | $73,000 | $706,000 |
| Application Approved But Not Accepted | 4 | $775,000 | $193,000 | $338,000 | $68,000 | $114,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 |
|---|---|---|---|---|---|---|
| Credit History | 397 | $69,020,000 | $173,000 | $776,000 | $55,000 | $300,000 |
| Other | 75 | $14,194,000 | $189,000 | $651,000 | $58,000 | $300,000 |
| Collateral | 38 | $7,153,000 | $188,000 | $670,000 | $69,000 | $228,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 31 | $4,872,000 | $157,000 | $293,000 | $47,000 | $120,000 |
| Unverifiable Information | 11 | $2,643,000 | $240,000 | $570,000 | $53,000 | $165,000 |
| Employment History | 10 | $1,526,000 | $152,000 | $208,000 | $25,000 | $64,000 |
| Credit Application Incomplete | 6 | $948,000 | $158,000 | $209,000 | $38,000 | $84,000 |
| Debt-To-Income Ratio | 2 | $350,000 | $175,000 | $250,000 | $70,000 | $111,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Optima Funding's 2003 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 Optima Funding'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.
For a list of all lenders in California, download the full spreadsheet
with aggregated HMDA statistics today.
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