Reverse Mortgage Funding LLC Mortgage Lending & HMDA Data, 2022
In 2022, Reverse Mortgage Funding LLC of Bloomfield, NJ reported 11,549 mortgage applications totaling $4.2 billion, up 1% from 2021. The average application was for $365,456, and applicants reported an average income of $35,068. 48% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Los Angeles-Long Beach-Glendale, CA (837), Phoenix-Mesa-Scottsdale, AZ (540) and Riverside-San Bernardino-Ontario, CA (524) (applications in parentheses).
| Mortgage Company & Address | Reverse Mortgage Funding LLC 1455 Broad St., 2nd Fl Bloomfield, NJ 07003 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2022 2021 2020 2019 2018 2017 2016 2015 2014 |
| Total Number of Mortgage Applications | 11,549 |
| Total Mortgage Loan Application Amount | $4,220,655,000 |
| Average Mortgage Loan Application Amount | $365,456 |
| Highest Mortgage Loan Application Amount | $4,045,000 |
| Average Applicant Income | $35,068 |
| Highest Applicant Income | $865,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Reverse Mortgage Funding LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Reverse Mortgage Funding LLC in 2022
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 | 10,237 | $3,796,585,000 | $370,000 | $4,045,000 | $35,000 | $865,000 |
| Home Improvement | 925 | $320,485,000 | $346,000 | $3,705,000 | $30,000 | $204,000 |
| Home Purchase | 387 | $103,585,000 | $267,000 | $4,005,000 | $49,000 | $253,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
| Cash-out Refinancing | 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 |
|---|---|---|---|---|---|---|
| White | 7,314 | $2,671,090,000 | $365,000 | $4,045,000 | $36,000 | $865,000 |
| Not applicable | 1,518 | $532,550,000 | $350,000 | $1,365,000 | $0 | $0 |
| Not Provided | 1,357 | $543,325,000 | $400,000 | $4,005,000 | $35,000 | $425,000 |
| Black or African American | 611 | $185,745,000 | $304,000 | $1,675,000 | $35,000 | $195,000 |
| Hispanic | 535 | $180,965,000 | $338,000 | $2,045,000 | $29,000 | $122,000 |
| Asian | 122 | $69,320,000 | $568,000 | $2,715,000 | $39,000 | $206,000 |
| American Indian or Alaskan Native | 26 | $8,410,000 | $323,000 | $1,735,000 | $30,000 | $82,000 |
| Native Hawaiian or Other Pacific Islander | 23 | $12,495,000 | $543,000 | $1,755,000 | $43,000 | $177,000 |
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) | 7,484 | $2,314,450,000 | $309,000 | $725,000 | $34,000 | $865,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 4,065 | $1,906,205,000 | $468,000 | $4,045,000 | $37,000 | $737,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 5,586 | $2,187,460,000 | $391,000 | $4,045,000 | $35,000 | $640,000 |
| Application Denied By Financial Institution | 1,980 | $647,350,000 | $326,000 | $4,005,000 | $33,000 | $425,000 |
| Loan Purchased By The Institution | 1,518 | $532,550,000 | $350,000 | $1,365,000 | $0 | $0 |
| Application Withdrawn By Applicant | 1,001 | $333,405,000 | $333,000 | $3,035,000 | $38,000 | $547,000 |
| Application Approved But Not Accepted | 749 | $295,685,000 | $394,000 | $3,805,000 | $35,000 | $737,000 |
| File Closed For Incompleteness | 715 | $224,205,000 | $313,000 | $2,305,000 | $36,000 | $865,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 9,569 | $3,573,305,000 | $373,000 | $4,045,000 | $36,000 | $865,000 |
| Other | 832 | $271,990,000 | $326,000 | $4,005,000 | $33,000 | $260,000 |
| Debt-To-Income Ratio | 323 | $109,325,000 | $338,000 | $4,005,000 | $28,000 | $425,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 314 | $101,040,000 | $321,000 | $2,265,000 | $38,000 | $250,000 |
| Collateral | 300 | $102,420,000 | $341,000 | $1,835,000 | $34,000 | $277,000 |
| Credit History | 186 | $56,270,000 | $302,000 | $2,875,000 | $35,000 | $105,000 |
| Unverifiable Information | 22 | $5,860,000 | $266,000 | $555,000 | $29,000 | $77,000 |
| Employment History | 2 | $90,000 | $45,000 | $55,000 | $33,000 | $33,000 |
| Credit Application Incomplete | 1 | $355,000 | $355,000 | $355,000 | $80,000 | $80,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Reverse Mortgage Funding LLC's 2022 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 Reverse Mortgage Funding 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.
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