Quik Fund, Inc. Mortgage Lending & HMDA Data, 2016
In 2016, Quik Fund, Inc. of Garden City, NY reported 322 mortgage applications totaling $124.1 million, about the same as 2015. The average application was for $385,521, and applicants reported an average income of $102,708. 59% of its applications resulted in an originated loan and 12% were denied. Its largest markets were New York-Jersey City-White Plains, NY-NJ (225), Nassau County-Suffolk County, NY (40) and Camden, NJ (21) (applications in parentheses).
| Mortgage Company & Address | Quik Fund, Inc. 900 Stewart Ave Suite 240 Garden City, NY 11530 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2022 2021 2018 2017 2016 2015 2014 |
| Total Number of Mortgage Applications | 322 |
| Total Mortgage Loan Application Amount | $124,138,000 |
| Average Mortgage Loan Application Amount | $385,521 |
| Highest Mortgage Loan Application Amount | $967,000 |
| Average Applicant Income | $102,708 |
| Highest Applicant Income | $984,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Quik Fund, Inc. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Queens, New York | 87 | $ 40,297,000 | $ 463,183 | $ 94,000 |
| Kings, New York | 42 | $ 23,658,000 | $ 563,285 | $ 142,000 |
| Bronx, New York | 35 | $ 16,741,000 | $ 478,314 | $ 86,000 |
| Nassau, New York | 29 | $ 10,436,000 | $ 359,862 | $ 110,000 |
| Hudson, New Jersey | 18 | $ 5,158,000 | $ 286,555 | $ 93,000 |
| Bergen, New Jersey | 14 | $ 4,516,000 | $ 322,571 | $ 111,000 |
| Suffolk, New York | 11 | $ 3,015,000 | $ 274,090 | $ 77,000 |
| Camden, New Jersey | 10 | $ 2,084,000 | $ 208,400 | $ 81,000 |
| Essex, New Jersey | 8 | $ 1,704,000 | $ 213,000 | $ 107,000 |
| Gloucester, New Jersey | 7 | $ 1,955,000 | $ 279,285 | $ 134,000 |
| Rockland, New York | 7 | $ 1,847,000 | $ 263,857 | $ 88,000 |
| Philadelphia, Pennsylvania | 7 | $ 821,000 | $ 117,285 | $ 35,000 |
| Salem, New Jersey | 6 | $ 813,000 | $ 135,500 | $ 57,000 |
| Passaic, New Jersey | 5 | $ 1,691,000 | $ 338,200 | $ 111,000 |
| Westchester, New York | 5 | $ 1,376,000 | $ 275,200 | $ 85,000 |
| Burlington, New Jersey | 4 | $ 1,373,000 | $ 343,250 | $ 190,000 |
| Atlantic, New Jersey | 3 | $ 769,000 | $ 256,333 | $ 124,000 |
| Mercer, New Jersey | 3 | $ 433,000 | $ 144,333 | $ 51,000 |
| Monmouth, New Jersey | 3 | $ 933,000 | $ 311,000 | $ 117,000 |
| Middlesex, New Jersey | 2 | $ 675,000 | $ 337,500 | $ 103,000 |
| New York, New York | 2 | $ 710,000 | $ 355,000 | $ 332,000 |
| Orange, New York | 2 | $ 526,000 | $ 263,000 | $ 108,000 |
| Richmond, New York | 2 | $ 818,000 | $ 409,000 | $ 89,000 |
| Monroe, Pennsylvania | 2 | $ 313,000 | $ 156,500 | $ 59,000 |
| Fairfield, Connecticut | 1 | $ 340,000 | $ 340,000 | $ 84,000 |
| Hartford, Connecticut | 1 | $ 175,000 | $ 175,000 | $ 59,000 |
| New Castle, Delaware | 1 | $ 128,000 | $ 128,000 | $ 281,000 |
| Cape May, New Jersey | 1 | $ 195,000 | $ 195,000 | $ 180,000 |
| Cumberland, New Jersey | 1 | $ 163,000 | $ 163,000 | $ 0 |
| Ocean, New Jersey | 1 | $ 211,000 | $ 211,000 | $ 78,000 |
| Union, New Jersey | 1 | $ 97,000 | $ 97,000 | $ 29,000 |
| Delaware, Pennsylvania | 1 | $ 167,000 | $ 167,000 | $ 43,000 |
Mortgage Loan Application Detail Totals for Quik Fund, Inc. in 2016
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 | 240 | $93,155,000 | $388,000 | $967,000 | $105,000 | $984,000 |
| Refinancing | 82 | $30,983,000 | $377,000 | $963,000 | $96,000 | $349,000 |
| 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 |
|---|---|---|---|---|---|---|
| Hispanic | 128 | $50,194,000 | $392,000 | $963,000 | $95,000 | $250,000 |
| White | 88 | $29,448,000 | $334,000 | $967,000 | $125,000 | $984,000 |
| Black or African American | 69 | $30,499,000 | $442,000 | $817,000 | $93,000 | $184,000 |
| Asian | 25 | $10,340,000 | $413,000 | $636,000 | $89,000 | $151,000 |
| Not Provided | 9 | $2,441,000 | $271,000 | $449,000 | $110,000 | $200,000 |
| Native Hawaiin or Other Pacific Islander | 2 | $883,000 | $441,000 | $508,000 | $86,000 | $98,000 |
| Not applicable | 1 | $333,000 | $333,000 | $333,000 | $62,000 | $62,000 |
| 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 203 | $83,486,000 | $411,000 | $952,000 | $92,000 | $369,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 116 | $40,178,000 | $346,000 | $967,000 | $122,000 | $984,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 2 | $292,000 | $146,000 | $159,000 | $60,000 | $79,000 |
| VA-guaranteed (Veterans Administration) | 1 | $182,000 | $182,000 | $182,000 | $73,000 | $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 | 189 | $75,340,000 | $398,000 | $967,000 | $104,000 | $984,000 |
| Application Withdrawn By Applicant | 85 | $31,008,000 | $364,000 | $875,000 | $103,000 | $585,000 |
| Application Denied By Financial Institution | 38 | $14,484,000 | $381,000 | $952,000 | $92,000 | $208,000 |
| Application Approved But Not Accepted | 6 | $1,849,000 | $308,000 | $578,000 | $126,000 | $369,000 |
| File Closed For Incompleteness | 4 | $1,457,000 | $364,000 | $636,000 | $85,000 | $103,000 |
| 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 | 18 | $6,720,000 | $373,000 | $661,000 | $88,000 | $201,000 |
| Collateral | 7 | $2,482,000 | $354,000 | $589,000 | $93,000 | $192,000 |
| Other | 6 | $2,733,000 | $455,000 | $952,000 | $91,000 | $171,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $833,000 | $277,000 | $398,000 | $106,000 | $157,000 |
| Credit History | 3 | $1,166,000 | $388,000 | $650,000 | $108,000 | $208,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 Quik Fund, Inc.'s 2016 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 Quik Fund, Inc.'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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