Progress Bank C/O Fleet Mortgage Lending & HMDA Data, 2003
In 2003, Progress Bank C/O Fleet of Princeton, NJ reported 1,213 mortgage applications totaling $104.5 million. The average application was for $86,116, and applicants reported an average income of $84,697. 65% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Philadelphia, PA-NJ (1,139), Middlesex-Somerset-Hunterdon, NJ (28) and Reading, PA (8) (applications in parentheses).
| Mortgage Company & Address | Progress Bank C/O Fleet 301 Carnegie Center - Ms: Nj Rp 45004r Princeton, NJ 08540 |
| Federal Regulator | * available with data download |
| Years | 2003 |
| Total Number of Mortgage Applications | 1,213 |
| Total Mortgage Loan Application Amount | $104,459,000 |
| Average Mortgage Loan Application Amount | $86,116 |
| Highest Mortgage Loan Application Amount | $3,200,000 |
| Average Applicant Income | $84,697 |
| Highest Applicant Income | $2,018,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Progress Bank C/O Fleet filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Philadelphia, PA-NJ | 1,139 | $ 97,316,000 | $ 85,439 | $ 87,000 |
| Middlesex-Somerset-Hunterdon, NJ | 28 | $ 2,343,000 | $ 83,678 | $ 89,000 |
| Reading, PA | 8 | $ 439,000 | $ 54,875 | $ 82,000 |
| Atlantic-Cape May, NJ | 7 | $ 1,275,000 | $ 182,142 | $ 141,000 |
| Allentown-Bethlehem-Easton, PA | 6 | $ 560,000 | $ 93,333 | $ 67,000 |
| Trenton, NJ | 2 | $ 143,000 | $ 71,500 | $ 82,000 |
| Wilmington-Newark, DE-MD | 2 | $ 187,000 | $ 93,500 | $ 81,000 |
| Lancaster, PA | 1 | $ 19,000 | $ 19,000 | $ 76,000 |
| Nassau-Suffolk, NY | 1 | $ 100,000 | $ 100,000 | $ 174,000 |
| Newark, NJ | 1 | $ 140,000 | $ 140,000 | $ 80,000 |
| Scranton--Wilkes-Barre--Hazleton, PA | 1 | $ 100,000 | $ 100,000 | $ 64,000 |
Mortgage Loan Application Detail Totals for Progress Bank C/O Fleet 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) | 713 | $71,271,000 | $91,500 | $3,200,000 | $83,250 | $2,018,000 |
| Home Improvement (one-to-four family) | 465 | $24,049,000 | $53,500 | $450,000 | $86,500 | $360,000 |
| Home Purchase (one-to-four family) | 32 | $5,687,000 | $233,666 | $725,000 | $171,333 | $989,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 3 | $3,452,000 | $1,150,000 | $3,200,000 | $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 | 1,086 | $90,857,000 | $78,250 | $3,200,000 | $97,250 | $2,018,000 |
| Black | 39 | $2,426,000 | $87,000 | $220,000 | $52,500 | $350,000 |
| Asian or Pacific Islander | 34 | $2,913,000 | $129,500 | $250,000 | $85,000 | $191,000 |
| Information not provided by applicant in mail or telephone application | 20 | $2,095,000 | $108,500 | $296,000 | $89,000 | $207,000 |
| Hispanic | 15 | $1,212,000 | $66,000 | $222,000 | $41,500 | $82,000 |
| Other | 14 | $1,392,000 | $99,500 | $508,000 | $146,500 | $396,000 |
| American Indian or Alaskan Native | 4 | $364,000 | $91,000 | $120,000 | $146,000 | $331,000 |
| Not applicable | 1 | $3,200,000 | $3,200,000 | $3,200,000 | $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) | 1,211 | $104,272,000 | $87,400 | $3,200,000 | $102,200 | $2,018,000 |
| FHA-insured (Federal Housing Administration) | 1 | $137,000 | $137,000 | $137,000 | $79,000 | $79,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $50,000 | $50,000 | $50,000 | $204,000 | $204,000 |
| 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 | 790 | $69,923,000 | $81,333 | $3,200,000 | $112,000 | $2,018,000 |
| Application Denied By Financial Institution | 211 | $14,778,000 | $93,600 | $350,000 | $86,000 | $340,000 |
| Application Approved But Not Accepted | 203 | $17,077,000 | $88,000 | $410,000 | $91,000 | $350,000 |
| Loan Purchased By The Institution | 8 | $2,501,000 | $362,500 | $607,000 | $190,000 | $525,000 |
| Application Withdrawn By Applicant | 1 | $180,000 | $180,000 | $180,000 | $113,000 | $113,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 112 | $8,317,000 | $110,000 | $325,000 | $54,000 | $230,000 |
| Collateral | 45 | $3,164,000 | $138,000 | $350,000 | $87,500 | $340,000 |
| Credit History | 42 | $1,968,000 | $49,000 | $172,000 | $58,000 | $120,000 |
| Other | 7 | $726,000 | $99,400 | $222,000 | $119,200 | $207,000 |
| Credit Application Incomplete | 2 | $320,000 | $160,000 | $170,000 | $109,000 | $128,000 |
| Unverifiable Information | 1 | $60,000 | $60,000 | $60,000 | $52,000 | $52,000 |
| Employment History | 1 | $71,000 | $71,000 | $71,000 | $32,000 | $32,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $152,000 | $152,000 | $152,000 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Progress Bank C/O Fleet'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 Progress Bank C/O Fleet'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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