PNC Reverse Mortgage, LLC Mortgage Lending & HMDA Data, 2008
In 2008, PNC Reverse Mortgage, LLC of Winston-Salem, NC reported 12,701 mortgage applications totaling $2.8 billion, up 71% from 2007. The average application was for $219,315, and applicants reported an average income of $107,880. 56% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Pittsburgh, PA (1,227), Philadelphia, PA (1,051) and Edison-New Brunswick, NJ (825) (applications in parentheses).
| Mortgage Company & Address | PNC Reverse Mortgage, LLC 100 N Main Street Mac D4001-063 Winston-Salem, NC 27150 |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 |
| Total Number of Mortgage Applications | 12,701 |
| Total Mortgage Loan Application Amount | $2,785,520,000 |
| Average Mortgage Loan Application Amount | $219,315 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $107,880 |
| Highest Applicant Income | $2,658,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records PNC Reverse Mortgage, LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for PNC Reverse Mortgage, LLC in 2008
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 6,714 | $1,392,355,000 | $207,000 | $1,000,000 | $106,000 | $2,400,000 |
| Refinancing | 5,555 | $1,310,011,000 | $235,000 | $1,000,000 | $111,000 | $2,658,000 |
| Home Improvement | 432 | $83,154,000 | $192,000 | $1,000,000 | $97,000 | $1,153,000 |
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 | 9,660 | $2,109,151,000 | $218,000 | $1,000,000 | $111,000 | $2,658,000 |
| Not Provided | 996 | $224,218,000 | $225,000 | $1,000,000 | $119,000 | $2,400,000 |
| Black or African American | 911 | $164,499,000 | $180,000 | $700,000 | $68,000 | $750,000 |
| Hispanic | 639 | $143,827,000 | $225,000 | $1,000,000 | $87,000 | $1,185,000 |
| Asian | 459 | $136,230,000 | $296,000 | $950,000 | $125,000 | $1,024,000 |
| American Indian or Alaskan Native | 18 | $4,685,000 | $260,000 | $618,000 | $147,000 | $550,000 |
| Native Hawaiian or Other Pacific Islander | 18 | $2,910,000 | $161,000 | $365,000 | $95,000 | $601,000 |
| 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) | 9,423 | $2,193,607,000 | $232,000 | $1,000,000 | $123,000 | $2,658,000 |
| FHA-insured (Federal Housing Administration) | 3,013 | $538,383,000 | $178,000 | $835,000 | $66,000 | $1,256,000 |
| VA-guaranteed (Veterans Administration) | 259 | $52,647,000 | $203,000 | $688,000 | $70,000 | $254,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 6 | $883,000 | $147,000 | $210,000 | $50,000 | $73,000 |
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 | 7,116 | $1,514,716,000 | $212,000 | $1,000,000 | $112,000 | $2,658,000 |
| Application Approved But Not Accepted | 1,932 | $447,906,000 | $231,000 | $1,000,000 | $115,000 | $2,607,000 |
| Application Withdrawn By Applicant | 1,728 | $421,256,000 | $243,000 | $1,000,000 | $109,000 | $1,872,000 |
| Application Denied By Financial Institution | 1,500 | $334,359,000 | $222,000 | $1,000,000 | $93,000 | $1,700,000 |
| Preapproval Denied by Financial Institution | 301 | $42,541,000 | $141,000 | $800,000 | $51,000 | $300,000 |
| Preapproval Approved but not Accepted | 116 | $22,934,000 | $197,000 | $417,000 | $91,000 | $325,000 |
| File Closed For Incompleteness | 8 | $1,808,000 | $226,000 | $534,000 | $153,000 | $825,000 |
| 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 | 502 | $102,873,000 | $204,000 | $1,000,000 | $58,000 | $1,101,000 |
| Collateral | 369 | $83,117,000 | $225,000 | $900,000 | $107,000 | $1,200,000 |
| Credit History | 334 | $61,792,000 | $185,000 | $999,000 | $76,000 | $500,000 |
| Other | 294 | $55,092,000 | $187,000 | $1,000,000 | $96,000 | $1,200,000 |
| Credit Application Incomplete | 219 | $57,105,000 | $260,000 | $1,000,000 | $112,000 | $1,296,000 |
| Unverifiable Information | 38 | $8,649,000 | $227,000 | $528,000 | $127,000 | $1,700,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 32 | $6,185,000 | $193,000 | $520,000 | $82,000 | $215,000 |
| Employment History | 12 | $1,954,000 | $162,000 | $292,000 | $41,000 | $71,000 |
| Mortgage Insurance Denied | 1 | $133,000 | $133,000 | $133,000 | $42,000 | $42,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into PNC Reverse Mortgage, LLC's 2008 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 PNC Reverse Mortgage, 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 North Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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