Resource Bank Mortgage Lending & HMDA Data, 2006
In 2006, Resource Bank of Virginia Beach, VA reported 7,918 mortgage applications totaling $1.6 billion, down 24% from 2005. The average application was for $201,419, and applicants reported an average income of $91,294. 80% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Washington-Arlington-Alexandria, DC-VA-MD-WV (2,402), Virginia Beach-Norfolk-Newport News, VA-NC (2,198) and Richmond, VA (742) (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 | 7,918 |
| Total Mortgage Loan Application Amount | $1,594,841,000 |
| Average Mortgage Loan Application Amount | $201,419 |
| Highest Mortgage Loan Application Amount | $7,800,000 |
| Average Applicant Income | $91,294 |
| Highest Applicant Income | $1,963,000 |
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Act (HMDA) records Resource Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 2,402 | $ 529,209,000 | $ 220,320 | $ 94,108 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 2,198 | $ 478,092,000 | $ 217,512 | $ 93,603 |
| Richmond, VA | 742 | $ 128,454,000 | $ 173,118 | $ 80,000 |
| Bethesda-Gaithersburg-Frederick, MD | 611 | $ 132,740,000 | $ 217,250 | $ 83,000 |
| Baltimore-Towson, MD | 380 | $ 66,747,000 | $ 175,650 | $ 97,000 |
| Orlando-Kissimmee, FL | 173 | $ 36,590,000 | $ 211,502 | $ 83,000 |
| Jacksonville, FL | 156 | $ 24,571,000 | $ 157,506 | $ 78,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 60 | $ 7,937,000 | $ 132,283 | $ 60,000 |
| Miami-Miami Beach-Kendall, FL | 52 | $ 10,142,000 | $ 195,038 | $ 114,000 |
| Atlanta-Sandy Springs-Marietta, GA | 42 | $ 3,659,000 | $ 87,119 | $ 55,000 |
| Tampa-St. Petersburg-Clearwater, FL | 42 | $ 7,278,000 | $ 173,285 | $ 95,000 |
| Charlottesville, VA | 41 | $ 9,275,000 | $ 226,219 | $ 118,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 36 | $ 5,735,000 | $ 159,305 | $ 79,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 28 | $ 4,288,000 | $ 153,142 | $ 80,000 |
| Cape Coral-Fort Myers, FL | 27 | $ 4,169,000 | $ 154,407 | $ 84,000 |
| Charlotte-Gastonia-Concord, NC-SC | 24 | $ 2,517,000 | $ 104,875 | $ 142,000 |
| Riverside-San Bernardino-Ontario, CA | 24 | $ 6,611,000 | $ 275,458 | $ 40,000 |
| Sarasota-Bradenton-Venice, FL | 22 | $ 3,330,000 | $ 151,363 | $ 85,000 |
| Philadelphia, PA | 21 | $ 2,876,000 | $ 136,952 | $ 78,000 |
| Palm Bay-Melbourne-Titusville, FL | 17 | $ 1,761,000 | $ 103,588 | $ 63,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 17 | $ 2,835,000 | $ 166,764 | $ 98,000 |
| Detroit-Livonia-Dearborn, MI | 15 | $ 676,000 | $ 45,066 | $ 46,000 |
| Lakeland, FL | 14 | $ 2,204,000 | $ 157,428 | $ 37,000 |
| Lynchburg, VA | 14 | $ 1,191,000 | $ 85,071 | $ 56,000 |
| Hagerstown-Martinsburg, MD-WV | 13 | $ 1,845,000 | $ 141,923 | $ 70,384 |
| Raleigh-Cary, NC | 13 | $ 2,376,000 | $ 182,769 | $ 116,000 |
| Fort Worth-Arlington, TX | 12 | $ 783,000 | $ 65,250 | $ 137,000 |
| New York-White Plains-Wayne, NY-NJ | 12 | $ 3,558,000 | $ 296,500 | $ 109,000 |
| Nashville-Davidson--Murfreesboro, TN | 11 | $ 1,005,000 | $ 91,363 | $ 4,000 |
| Greenville, SC | 10 | $ 595,000 | $ 59,500 | $ 240,000 |
| Houston-Sugar Land-Baytown, TX | 10 | $ 717,000 | $ 71,700 | $ 63,000 |
| Wilmington, DE-MD-NJ | 10 | $ 983,000 | $ 98,300 | $ 134,000 |
| Dallas-Plano-Irving, TX | 9 | $ 567,000 | $ 63,000 | $ 8,000 |
| Little Rock-North Little Rock, AR | 9 | $ 1,003,000 | $ 111,444 | $ 204,000 |
| San Antonio, TX | 9 | $ 837,000 | $ 93,000 | $ 126,000 |
| Winchester, VA-WV | 9 | $ 1,794,000 | $ 199,333 | $ 51,000 |
| York-Hanover, PA | 9 | $ 1,182,000 | $ 131,333 | $ 77,000 |
| Phoenix-Mesa-Scottsdale, AZ | 8 | $ 1,360,000 | $ 170,000 | $ 146,000 |
| Pittsburgh, PA | 8 | $ 308,000 | $ 38,500 | $ 177,000 |
| Spartanburg, SC | 8 | $ 555,000 | $ 69,375 | $ 181,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 7 | $ 949,000 | $ 135,571 | $ 198,000 |
| Nassau-Suffolk, NY | 7 | $ 1,413,000 | $ 201,857 | $ 49,000 |
| Roanoke, VA | 7 | $ 882,000 | $ 126,000 | $ 63,000 |
| Warren-Troy-Farmington Hills, MI | 7 | $ 748,000 | $ 106,857 | $ 92,000 |
| Albany-Schenectady-Troy, NY | 6 | $ 320,000 | $ 53,333 | $ 71,000 |
| Charleston-North Charleston, SC | 6 | $ 861,000 | $ 143,500 | $ 103,000 |
| Kansas City, MO-KS | 6 | $ 252,000 | $ 42,000 | $ 156,000 |
| Naples-Marco Island, FL | 6 | $ 1,028,000 | $ 171,333 | $ 82,000 |
| Salisbury, MD | 6 | $ 687,000 | $ 114,500 | $ 22,000 |
| Cumberland, MD-WV | 5 | $ 419,000 | $ 83,800 | $ 17,600 |
| Fort Walton Beach-Crestview-Destin, FL | 5 | $ 895,000 | $ 179,000 | $ 49,000 |
| Harrisonburg, VA | 5 | $ 840,000 | $ 168,000 | $ 141,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 4 | $ 187,000 | $ 46,750 | $ 122,000 |
| Dayton, OH | 4 | $ 399,000 | $ 99,750 | $ 62,000 |
| Manchester-Nashua, NH | 4 | $ 686,000 | $ 171,500 | $ 87,000 |
| Ocala, FL | 4 | $ 374,000 | $ 93,500 | $ 30,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 4 | $ 520,000 | $ 130,000 | $ 253,000 |
| Punta Gorda, FL | 4 | $ 737,000 | $ 184,250 | $ 119,000 |
| San Diego-Carlsbad-San Marcos, CA | 4 | $ 1,665,000 | $ 416,250 | $ 171,000 |
| Sebastian-Vero Beach, FL | 4 | $ 474,000 | $ 118,500 | $ 49,000 |
| St. Louis, MO-IL | 4 | $ 559,000 | $ 139,750 | $ 73,000 |
| Tallahassee, FL | 4 | $ 656,000 | $ 164,000 | $ 112,000 |
| Blacksburg-Christiansburg-Radford, VA | 3 | $ 249,000 | $ 83,000 | $ 35,000 |
| Bridgeport-Stamford-Norwalk, CT | 3 | $ 677,000 | $ 225,666 | $ 34,000 |
| Fort Smith, AR-OK | 3 | $ 294,000 | $ 98,000 | $ 230,000 |
| Indianapolis-Carmel, IN | 3 | $ 191,000 | $ 63,666 | $ 29,000 |
| Austin-Round Rock, TX | 2 | $ 120,000 | $ 60,000 | $ 180,000 |
| Columbia, SC | 2 | $ 304,000 | $ 152,000 | $ 0 |
| Durham, NC | 2 | $ 173,000 | $ 86,500 | $ 89,000 |
| El Paso, TX | 2 | $ 185,000 | $ 92,500 | $ 82,000 |
| Elizabethtown, KY | 2 | $ 155,000 | $ 77,500 | $ 130,000 |
| Fayetteville, NC | 2 | $ 75,000 | $ 37,500 | $ 108,000 |
| Greeley, CO | 2 | $ 135,000 | $ 67,500 | $ 44,000 |
| Greensboro-High Point, NC | 2 | $ 698,000 | $ 349,000 | $ 125,000 |
| Hartford-West Hartford-East Hartford, CT | 2 | $ 230,000 | $ 115,000 | $ 90,000 |
| Kingsport-Bristol-Bristol, TN-VA | 2 | $ 145,000 | $ 72,500 | $ 82,000 |
| Lake County-Kenosha County, IL-WI | 2 | $ 178,000 | $ 89,000 | $ 102,000 |
| Morgantown, WV | 2 | $ 150,000 | $ 75,000 | $ 71,000 |
| Norwich-New London, CT | 2 | $ 199,000 | $ 99,500 | $ 134,000 |
| Panama City-Lynn Haven, FL | 2 | $ 330,000 | $ 165,000 | $ 108,000 |
| Port St. Lucie-Fort Pierce, FL | 2 | $ 744,000 | $ 372,000 | $ 360,000 |
| Reading, PA | 2 | $ 230,000 | $ 115,000 | $ 120,000 |
| Rockingham County-Strafford County, NH | 2 | $ 211,000 | $ 105,500 | $ 67,000 |
| Stockton, CA | 2 | $ 470,000 | $ 235,000 | $ 0 |
| Yakima, WA | 2 | $ 280,000 | $ 140,000 | $ 0 |
| Boston-Quincy, MA | 1 | $ 322,000 | $ 322,000 | $ 126,000 |
| Danville, VA | 1 | $ 146,000 | $ 146,000 | $ 36,000 |
| Denver-Aurora, CO | 1 | $ 265,000 | $ 265,000 | $ 67,000 |
| Dover, DE | 1 | $ 156,000 | $ 156,000 | $ 56,000 |
| Duluth, MN-WI | 1 | $ 84,000 | $ 84,000 | $ 53,000 |
| Elmira, NY | 1 | $ 65,000 | $ 65,000 | $ 122,000 |
| Gainesville, FL | 1 | $ 169,000 | $ 169,000 | $ 0 |
| Greenville, NC | 1 | $ 350,000 | $ 350,000 | $ 114,000 |
| Hickory-Lenoir-Morganton, NC | 1 | $ 260,000 | $ 260,000 | $ 0 |
| Jacksonville, NC | 1 | $ 117,000 | $ 117,000 | $ 50,000 |
| Johnstown, PA | 1 | $ 28,000 | $ 28,000 | $ 34,000 |
| New Haven-Milford, CT | 1 | $ 140,000 | $ 140,000 | $ 60,000 |
| Newark-Union, NJ-PA | 1 | $ 80,000 | $ 80,000 | $ 48,000 |
| Omaha-Council Bluffs, NE-IA | 1 | $ 147,000 | $ 147,000 | $ 72,000 |
| Pensacola-Ferry Pass-Brent, FL | 1 | $ 144,000 | $ 144,000 | $ 42,000 |
| State College, PA | 1 | $ 256,000 | $ 256,000 | $ 175,000 |
| Tucson, AZ | 1 | $ 154,000 | $ 154,000 | $ 79,000 |
| Wilmington, NC | 1 | $ 272,000 | $ 272,000 | $ 240,000 |
Mortgage Loan Application Detail Totals for Resource Bank 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 5,825 | $1,072,462,000 | $184,000 | $7,800,000 | $87,000 | $1,300,000 |
| Refinancing | 2,081 | $519,690,000 | $249,000 | $2,900,000 | $103,000 | $1,963,000 |
| Home Improvement | 12 | $2,689,000 | $224,000 | $635,000 | $146,000 | $507,000 |
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 | 3,619 | $761,512,000 | $210,000 | $2,900,000 | $100,000 | $1,963,000 |
| Hispanic | 2,313 | $434,286,000 | $187,000 | $1,000,000 | $74,000 | $1,032,000 |
| Black or African American | 1,470 | $279,014,000 | $189,000 | $1,950,000 | $89,000 | $618,000 |
| Asian | 272 | $60,625,000 | $222,000 | $1,313,000 | $125,000 | $1,080,000 |
| Not Provided | 204 | $45,154,000 | $221,000 | $7,800,000 | $98,000 | $521,000 |
| Native Hawaiian or Other Pacific Islander | 26 | $4,876,000 | $187,000 | $527,000 | $73,000 | $182,000 |
| American Indian or Alaskan Native | 11 | $2,474,000 | $224,000 | $884,000 | $142,000 | $431,000 |
| Not applicable | 3 | $6,900,000 | $2,300,000 | $6,300,000 | $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) | 7,372 | $1,487,321,000 | $201,000 | $7,800,000 | $93,000 | $1,963,000 |
| VA-guaranteed (Veterans Administration) | 280 | $62,829,000 | $224,000 | $410,000 | $67,000 | $199,000 |
| FHA-insured (Federal Housing Administration) | 266 | $44,691,000 | $168,000 | $363,000 | $58,000 | $264,000 |
| 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 | 6,344 | $1,280,671,000 | $201,000 | $7,800,000 | $92,000 | $1,963,000 |
| Application Approved But Not Accepted | 937 | $182,330,000 | $194,000 | $2,470,000 | $88,000 | $1,032,000 |
| Application Withdrawn By Applicant | 440 | $95,945,000 | $218,000 | $2,900,000 | $98,000 | $1,908,000 |
| Application Denied By Financial Institution | 175 | $31,550,000 | $180,000 | $910,000 | $86,000 | $283,000 |
| File Closed For Incompleteness | 22 | $4,345,000 | $197,000 | $544,000 | $64,000 | $234,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 52 | $5,892,000 | $113,000 | $368,000 | $89,000 | $283,000 |
| Unverifiable Information | 43 | $9,180,000 | $213,000 | $572,000 | $84,000 | $168,000 |
| Other | 25 | $5,242,000 | $209,000 | $602,000 | $95,000 | $265,000 |
| Credit History | 14 | $3,273,000 | $233,000 | $828,000 | $93,000 | $252,000 |
| Debt-To-Income Ratio | 10 | $2,086,000 | $208,000 | $627,000 | $68,000 | $194,000 |
| Employment History | 10 | $1,256,000 | $125,000 | $273,000 | $67,000 | $90,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 7 | $1,882,000 | $268,000 | $640,000 | $49,000 | $84,000 |
| Credit Application Incomplete | 6 | $1,082,000 | $180,000 | $360,000 | $135,000 | $270,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Resource Bank'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 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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