Resource Bank Mortgage Lending & HMDA Data, 2007
In 2007, Resource Bank of Virginia Beach, VA reported 4,334 mortgage applications totaling $1.0 billion, down 45% from 2006. The average application was for $235,027, and applicants reported an average income of $103,673. 71% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Virginia Beach-Norfolk-Newport News, VA-NC (1,426), Washington-Arlington-Alexandria, DC-VA-MD-WV (941) and Richmond, VA (558) (applications in parentheses).
| Mortgage Company & Address | Resource Bank 4429 Bonney Road Virginia Beach, VA 23462 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 4,334 |
| Total Mortgage Loan Application Amount | $1,018,609,000 |
| Average Mortgage Loan Application Amount | $235,027 |
| Highest Mortgage Loan Application Amount | $4,160,000 |
| Average Applicant Income | $103,673 |
| Highest Applicant Income | $3,234,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Resource Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Virginia Beach-Norfolk-Newport News, VA-NC | 1,426 | $ 323,397,000 | $ 226,786 | $ 100,211 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 941 | $ 257,602,000 | $ 273,753 | $ 104,217 |
| Richmond, VA | 558 | $ 117,225,000 | $ 210,080 | $ 88,000 |
| Bethesda-Gaithersburg-Frederick, MD | 263 | $ 71,211,000 | $ 270,764 | $ 126,000 |
| Baltimore-Towson, MD | 204 | $ 45,193,000 | $ 221,534 | $ 105,000 |
| Jacksonville, FL | 102 | $ 17,203,000 | $ 168,656 | $ 74,000 |
| Orlando-Kissimmee, FL | 89 | $ 21,003,000 | $ 235,988 | $ 102,000 |
| Tampa-St. Petersburg-Clearwater, FL | 40 | $ 8,540,000 | $ 213,500 | $ 123,000 |
| Charlotte-Gastonia-Concord, NC-SC | 25 | $ 4,182,000 | $ 167,280 | $ 100,880 |
| Deltona-Daytona Beach-Ormond Beach, FL | 25 | $ 4,134,000 | $ 165,360 | $ 158,000 |
| Port St. Lucie, FL | 22 | $ 4,026,000 | $ 183,000 | $ 115,000 |
| Miami-Miami Beach-Kendall, FL | 21 | $ 6,409,000 | $ 305,190 | $ 175,000 |
| Cape Coral-Fort Myers, FL | 19 | $ 4,371,000 | $ 230,052 | $ 119,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 16 | $ 2,420,000 | $ 151,250 | $ 58,000 |
| Atlanta-Sandy Springs-Marietta, GA | 14 | $ 2,026,000 | $ 144,714 | $ 150,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 13 | $ 2,974,000 | $ 228,769 | $ 103,000 |
| Hagerstown-Martinsburg, MD-WV | 13 | $ 2,611,000 | $ 200,846 | $ 41,615 |
| Raleigh-Cary, NC | 12 | $ 3,065,000 | $ 255,416 | $ 89,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 10 | $ 1,030,000 | $ 103,000 | $ 71,000 |
| Detroit-Livonia-Dearborn, MI | 10 | $ 495,000 | $ 49,500 | $ 53,000 |
| Greenville-Mauldin-Easley, SC | 10 | $ 776,000 | $ 77,600 | $ 162,000 |
| Naples-Marco Island, FL | 9 | $ 2,439,000 | $ 271,000 | $ 74,000 |
| Wilmington, NC | 9 | $ 1,364,000 | $ 151,555 | $ 88,000 |
| Charlottesville, VA | 8 | $ 2,466,000 | $ 308,250 | $ 71,000 |
| Salisbury, MD | 8 | $ 981,000 | $ 122,625 | $ 51,000 |
| Lakeland, FL | 7 | $ 1,322,000 | $ 188,857 | $ 117,000 |
| New York-White Plains-Wayne, NY-NJ | 7 | $ 3,359,000 | $ 479,857 | $ 167,000 |
| Philadelphia, PA | 7 | $ 995,000 | $ 142,142 | $ 58,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 7 | $ 2,393,000 | $ 341,857 | $ 200,000 |
| Blacksburg-Christiansburg-Radford, VA | 6 | $ 759,000 | $ 126,500 | $ 63,000 |
| Greensboro-High Point, NC | 6 | $ 685,000 | $ 114,166 | $ 90,000 |
| Nassau-Suffolk, NY | 6 | $ 1,762,000 | $ 293,666 | $ 101,000 |
| Palm Bay-Melbourne-Titusville, FL | 6 | $ 851,000 | $ 141,833 | $ 76,000 |
| Riverside-San Bernardino-Ontario, CA | 6 | $ 2,710,000 | $ 451,666 | $ 134,000 |
| Warren-Troy-Farmington Hills, MI | 6 | $ 1,631,000 | $ 271,833 | $ 179,000 |
| Denver-Aurora, CO | 5 | $ 1,106,000 | $ 221,200 | $ 206,000 |
| Goldsboro, NC | 5 | $ 492,000 | $ 98,400 | $ 24,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 5 | $ 1,020,000 | $ 204,000 | $ 155,000 |
| Phoenix-Mesa-Scottsdale, AZ | 5 | $ 2,270,000 | $ 454,000 | $ 148,000 |
| Roanoke, VA | 5 | $ 1,517,000 | $ 303,400 | $ 19,000 |
| Sarasota-Bradenton-Venice, FL | 5 | $ 996,000 | $ 199,200 | $ 90,000 |
| Bridgeport-Stamford-Norwalk, CT | 4 | $ 561,000 | $ 140,250 | $ 75,000 |
| Charleston-North Charleston, SC | 4 | $ 566,000 | $ 141,500 | $ 185,000 |
| Fort Worth-Arlington, TX | 4 | $ 397,000 | $ 99,250 | $ 54,000 |
| York-Hanover, PA | 4 | $ 722,000 | $ 180,500 | $ 89,000 |
| Johnson City, TN | 3 | $ 326,000 | $ 108,666 | $ 82,000 |
| Tallahassee, FL | 3 | $ 904,000 | $ 301,333 | $ 67,000 |
| Worcester, MA | 3 | $ 637,000 | $ 212,333 | $ 105,000 |
| Albany-Schenectady-Troy, NY | 2 | $ 421,000 | $ 210,500 | $ 65,000 |
| Bakersfield, CA | 2 | $ 1,287,000 | $ 643,500 | $ 280,000 |
| Buffalo-Niagara Falls, NY | 2 | $ 220,000 | $ 110,000 | $ 0 |
| Dallas-Plano-Irving, TX | 2 | $ 181,000 | $ 90,500 | $ 0 |
| Indianapolis-Carmel, IN | 2 | $ 580,000 | $ 290,000 | $ 600,000 |
| Little Rock-North Little Rock-Conway, AR | 2 | $ 75,000 | $ 37,500 | $ 0 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 820,000 | $ 410,000 | $ 125,000 |
| Lynchburg, VA | 2 | $ 599,000 | $ 299,500 | $ 157,000 |
| Memphis, TN-MS-AR | 2 | $ 116,000 | $ 58,000 | $ 183,000 |
| Oakland-Fremont-Hayward, CA | 2 | $ 1,514,000 | $ 757,000 | $ 291,000 |
| Ocala, FL | 2 | $ 1,000,000 | $ 500,000 | $ 176,000 |
| Palm Coast, FL | 2 | $ 460,000 | $ 230,000 | $ 91,000 |
| Pittsburgh, PA | 2 | $ 385,000 | $ 192,500 | $ 198,000 |
| Pittsfield, MA | 2 | $ 260,000 | $ 130,000 | $ 63,000 |
| St. Louis, MO-IL | 2 | $ 498,000 | $ 249,000 | $ 141,000 |
| Tucson, AZ | 2 | $ 480,000 | $ 240,000 | $ 100,000 |
| Wilmington, DE-MD-NJ | 2 | $ 430,000 | $ 215,000 | $ 177,000 |
| Winchester, VA-WV | 2 | $ 381,000 | $ 190,500 | $ 67,000 |
| Anderson, SC | 1 | $ 108,000 | $ 108,000 | $ 62,000 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 164,000 | $ 164,000 | $ 90,000 |
| Columbia, SC | 1 | $ 99,000 | $ 99,000 | $ 58,000 |
| Danville, VA | 1 | $ 76,000 | $ 76,000 | $ 31,000 |
| Durham, NC | 1 | $ 370,000 | $ 370,000 | $ 100,000 |
| Fayetteville, NC | 1 | $ 42,000 | $ 42,000 | $ 114,000 |
| Fort Collins-Loveland, CO | 1 | $ 140,000 | $ 140,000 | $ 94,000 |
| Fort Smith, AR-OK | 1 | $ 97,000 | $ 97,000 | $ 237,000 |
| Harrisonburg, VA | 1 | $ 162,000 | $ 162,000 | $ 1,321,000 |
| Johnstown, PA | 1 | $ 138,000 | $ 138,000 | $ 40,000 |
| Kansas City, MO-KS | 1 | $ 165,000 | $ 165,000 | $ 101,000 |
| Knoxville, TN | 1 | $ 128,000 | $ 128,000 | $ 42,000 |
| Lexington-Fayette, KY | 1 | $ 248,000 | $ 248,000 | $ 75,000 |
| McAllen-Edinburg-Mission, TX | 1 | $ 114,000 | $ 114,000 | $ 0 |
| Nashville-Davidson--Murfreesboro--Franklin, TN | 1 | $ 111,000 | $ 111,000 | $ 0 |
| New Haven-Milford, CT | 1 | $ 156,000 | $ 156,000 | $ 0 |
| Panama City-Lynn Haven, FL | 1 | $ 285,000 | $ 285,000 | $ 186,000 |
| Pensacola-Ferry Pass-Brent, FL | 1 | $ 152,000 | $ 152,000 | $ 61,000 |
| Punta Gorda, FL | 1 | $ 194,000 | $ 194,000 | $ 112,000 |
| Reading, PA | 1 | $ 56,000 | $ 56,000 | $ 0 |
| Rochester, NY | 1 | $ 104,000 | $ 104,000 | $ 91,000 |
| Rocky Mount, NC | 1 | $ 130,000 | $ 130,000 | $ 54,000 |
| Salem, OR | 1 | $ 156,000 | $ 156,000 | $ 42,000 |
| San Antonio, TX | 1 | $ 80,000 | $ 80,000 | $ 168,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 1 | $ 536,000 | $ 536,000 | $ 0 |
| Seattle-Bellevue-Everett, WA | 1 | $ 55,000 | $ 55,000 | $ 53,000 |
| Waterloo-Cedar Falls, IA | 1 | $ 289,000 | $ 289,000 | $ 0 |
| Winston-Salem, NC | 1 | $ 91,000 | $ 91,000 | $ 187,000 |
Mortgage Loan Application Detail Totals for Resource Bank in 2007
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 | 2,962 | $642,834,000 | $217,000 | $2,500,000 | $93,000 | $1,538,000 |
| Refinancing | 1,355 | $372,514,000 | $274,000 | $4,160,000 | $127,000 | $3,234,000 |
| Home Improvement | 17 | $3,261,000 | $191,000 | $470,000 | $104,000 | $300,000 |
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 | 2,491 | $589,472,000 | $236,000 | $3,445,000 | $113,000 | $3,234,000 |
| Black or African American | 936 | $220,383,000 | $235,000 | $2,500,000 | $91,000 | $675,000 |
| Hispanic | 603 | $127,782,000 | $211,000 | $1,528,000 | $78,000 | $540,000 |
| Not Provided | 173 | $45,152,000 | $260,000 | $1,200,000 | $121,000 | $1,321,000 |
| Asian | 82 | $20,326,000 | $247,000 | $975,000 | $117,000 | $1,287,000 |
| Native Hawaiian or Other Pacific Islander | 28 | $5,765,000 | $205,000 | $650,000 | $102,000 | $430,000 |
| American Indian or Alaskan Native | 16 | $4,234,000 | $264,000 | $731,000 | $124,000 | $295,000 |
| Not applicable | 5 | $5,495,000 | $1,099,000 | $4,160,000 | $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) | 3,894 | $922,189,000 | $236,000 | $4,160,000 | $108,000 | $3,234,000 |
| FHA-insured (Federal Housing Administration) | 239 | $46,142,000 | $193,000 | $411,000 | $68,000 | $391,000 |
| VA-guaranteed (Veterans Administration) | 201 | $50,278,000 | $250,000 | $601,000 | $70,000 | $177,000 |
| 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 | 3,080 | $717,450,000 | $232,000 | $4,160,000 | $103,000 | $3,234,000 |
| Application Approved But Not Accepted | 489 | $118,483,000 | $242,000 | $2,600,000 | $111,000 | $1,140,000 |
| Application Withdrawn By Applicant | 349 | $85,298,000 | $244,000 | $3,445,000 | $112,000 | $1,020,000 |
| Loan Purchased By The Institution | 244 | $53,984,000 | $221,000 | $1,528,000 | $85,000 | $437,000 |
| Application Denied By Financial Institution | 165 | $39,378,000 | $238,000 | $1,500,000 | $108,000 | $600,000 |
| File Closed For Incompleteness | 7 | $4,016,000 | $573,000 | $2,000,000 | $225,000 | $849,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 43 | $8,302,000 | $193,000 | $640,000 | $110,000 | $340,000 |
| Other | 43 | $12,846,000 | $298,000 | $1,500,000 | $161,000 | $600,000 |
| Unverifiable Information | 20 | $6,457,000 | $322,000 | $864,000 | $112,000 | $312,000 |
| Credit History | 20 | $4,364,000 | $218,000 | $525,000 | $74,000 | $258,000 |
| Debt-To-Income Ratio | 17 | $2,843,000 | $167,000 | $348,000 | $61,000 | $315,000 |
| Employment History | 7 | $1,787,000 | $255,000 | $395,000 | $63,000 | $132,000 |
| Credit Application Incomplete | 5 | $956,000 | $191,000 | $320,000 | $83,000 | $108,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $654,000 | $163,000 | $209,000 | $68,000 | $76,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Resource Bank's 2007 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 Resource Bank'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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