Patriot Funding, LLC Mortgage Lending & HMDA Data, 2006
In 2006, Patriot Funding, LLC of Framingham, MA reported 409 mortgage applications totaling $91.2 million, down 32% from 2005. The average application was for $223,068, and applicants reported an average income of $101,618. 87% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Worcester, MA (75), Boston-Quincy, MA (62) and Barnstable Town, MA (57) (applications in parentheses).
| Mortgage Company & Address | Patriot Funding, LLC 495 Old Connecticut Path Framingham, MA 01701 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 |
| Total Number of Mortgage Applications | 409 |
| Total Mortgage Loan Application Amount | $91,235,000 |
| Average Mortgage Loan Application Amount | $223,068 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $101,618 |
| Highest Applicant Income | $436,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Patriot Funding, LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Worcester, MA | 75 | $ 17,476,000 | $ 233,013 | $ 124,000 |
| Boston-Quincy, MA | 62 | $ 15,008,000 | $ 242,064 | $ 94,000 |
| Barnstable Town, MA | 57 | $ 13,609,000 | $ 238,754 | $ 90,000 |
| Cambridge-Newton-Framingham, MA | 55 | $ 14,638,000 | $ 266,145 | $ 111,000 |
| Essex County, MA | 50 | $ 9,258,000 | $ 185,160 | $ 103,000 |
| Providence-New Bedford-Fall River, RI-MA | 29 | $ 5,726,000 | $ 197,448 | $ 90,482 |
| Rockingham County-Strafford County, NH | 12 | $ 2,401,000 | $ 200,083 | $ 102,000 |
| Springfield, MA | 8 | $ 1,156,000 | $ 144,500 | $ 74,000 |
| Manchester-Nashua, NH | 5 | $ 1,184,000 | $ 236,800 | $ 86,000 |
| Bridgeport-Stamford-Norwalk, CT | 4 | $ 769,000 | $ 192,250 | $ 52,000 |
| Jacksonville, FL | 4 | $ 429,000 | $ 107,250 | $ 28,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 2 | $ 624,000 | $ 312,000 | $ 219,000 |
| Hartford-West Hartford-East Hartford, CT | 2 | $ 297,000 | $ 148,500 | $ 40,000 |
| Bangor, ME | 1 | $ 131,000 | $ 131,000 | $ 53,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 95,000 | $ 95,000 | $ 55,000 |
| Fort Walton Beach-Crestview-Destin, FL | 1 | $ 162,000 | $ 162,000 | $ 90,000 |
| Lakeland, FL | 1 | $ 90,000 | $ 90,000 | $ 44,000 |
| New Haven-Milford, CT | 1 | $ 500,000 | $ 500,000 | $ 180,000 |
| Norwich-New London, CT | 1 | $ 188,000 | $ 188,000 | $ 45,000 |
| Ocala, FL | 1 | $ 100,000 | $ 100,000 | $ 34,000 |
| Orlando-Kissimmee, FL | 1 | $ 235,000 | $ 235,000 | $ 53,000 |
| Panama City-Lynn Haven, FL | 1 | $ 144,000 | $ 144,000 | $ 46,000 |
| Pittsfield, MA | 1 | $ 160,000 | $ 160,000 | $ 51,000 |
| Portland-South Portland-Biddeford, ME | 1 | $ 131,000 | $ 131,000 | $ 72,000 |
| Sebastian-Vero Beach, FL | 1 | $ 146,000 | $ 146,000 | $ 86,000 |
Mortgage Loan Application Detail Totals for Patriot Funding, LLC in 2006
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 | 224 | $52,233,000 | $233,000 | $1,000,000 | $98,000 | $436,000 |
| Home Purchase | 185 | $39,002,000 | $210,000 | $650,000 | $106,000 | $418,000 |
| Home Improvement | 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 |
|---|---|---|---|---|---|---|
| White | 349 | $77,841,000 | $223,000 | $1,000,000 | $102,000 | $436,000 |
| Not Provided | 40 | $8,730,000 | $218,000 | $520,000 | $107,000 | $296,000 |
| Black or African American | 8 | $1,652,000 | $206,000 | $324,000 | $81,000 | $135,000 |
| Hispanic | 7 | $1,790,000 | $255,000 | $328,000 | $92,000 | $116,000 |
| Asian | 3 | $810,000 | $270,000 | $365,000 | $77,000 | $88,000 |
| American Indian or Alaskan Native | 2 | $412,000 | $206,000 | $343,000 | $89,000 | $93,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 402 | $89,351,000 | $222,000 | $1,000,000 | $102,000 | $436,000 |
| FHA-insured (Federal Housing Administration) | 6 | $1,588,000 | $264,000 | $293,000 | $93,000 | $149,000 |
| VA-guaranteed (Veterans Administration) | 1 | $296,000 | $296,000 | $296,000 | $64,000 | $64,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 355 | $79,113,000 | $222,000 | $1,000,000 | $104,000 | $436,000 |
| Application Approved But Not Accepted | 18 | $4,697,000 | $260,000 | $390,000 | $87,000 | $150,000 |
| Application Denied By Financial Institution | 18 | $4,034,000 | $224,000 | $445,000 | $73,000 | $149,000 |
| Application Withdrawn By Applicant | 16 | $2,743,000 | $171,000 | $412,000 | $91,000 | $138,000 |
| File Closed For Incompleteness | 2 | $648,000 | $324,000 | $487,000 | $83,000 | $121,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 | 6 | $1,164,000 | $194,000 | $375,000 | $96,000 | $137,000 |
| Collateral | 4 | $859,000 | $214,000 | $294,000 | $98,000 | $149,000 |
| Other | 3 | $250,000 | $83,000 | $160,000 | $0 | $0 |
| Unverifiable Information | 2 | $737,000 | $368,000 | $445,000 | $48,000 | $96,000 |
| Credit History | 2 | $604,000 | $302,000 | $320,000 | $65,000 | $77,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $420,000 | $420,000 | $420,000 | $116,000 | $116,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Patriot Funding, LLC's 2006 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 Patriot Funding, LLC'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 Massachusetts, download the full spreadsheet
with aggregated HMDA statistics today.
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