Reverse Mortgage Funding LLC Mortgage Lending & HMDA Data, 2015
In 2015, Reverse Mortgage Funding LLC of Bloomfield, NJ reported 910 mortgage applications totaling $151.8 million, up 2% from 2014. The average application was for $166,778, and applicants reported an average income of $9,305. 36% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Denver-Aurora-Lakewood, CO (33), Virginia Beach-Norfolk-Newport News, VA-NC (31) and Charlotte-Concord-Gastonia, NC-SC (30) (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 | 910 |
| Total Mortgage Loan Application Amount | $151,768,000 |
| Average Mortgage Loan Application Amount | $166,778 |
| Highest Mortgage Loan Application Amount | $434,000 |
| Average Applicant Income | $9,305 |
| Highest Applicant Income | $164,000 |
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records Reverse Mortgage Funding LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2015
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 | 595 | $100,336,000 | $168,000 | $434,000 | $5,000 | $101,000 |
| Home Purchase | 274 | $45,561,000 | $166,000 | $428,000 | $19,000 | $164,000 |
| Home Improvement | 41 | $5,871,000 | $143,000 | $368,000 | $7,000 | $35,000 |
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 | 415 | $66,597,000 | $160,000 | $416,000 | $17,000 | $164,000 |
| Not applicable | 392 | $70,019,000 | $178,000 | $434,000 | $0 | $0 |
| Black or African American | 48 | $5,987,000 | $124,000 | $366,000 | $12,000 | $63,000 |
| Hispanic | 32 | $4,911,000 | $153,000 | $375,000 | $10,000 | $101,000 |
| Not Provided | 18 | $3,120,000 | $173,000 | $357,000 | $8,000 | $47,000 |
| Asian | 4 | $890,000 | $222,000 | $260,000 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 1 | $244,000 | $244,000 | $244,000 | $36,000 | $36,000 |
| 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) | 910 | $151,768,000 | $166,000 | $434,000 | $9,000 | $164,000 |
| 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 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 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 Purchased By The Institution | 392 | $70,019,000 | $178,000 | $434,000 | $0 | $0 |
| Loan Originated | 326 | $54,067,000 | $165,000 | $405,000 | $20,000 | $164,000 |
| Application Withdrawn By Applicant | 66 | $9,409,000 | $142,000 | $352,000 | $8,000 | $88,000 |
| Application Denied By Financial Institution | 61 | $8,664,000 | $142,000 | $370,000 | $17,000 | $74,000 |
| Application Approved But Not Accepted | 37 | $5,875,000 | $158,000 | $416,000 | $8,000 | $51,000 |
| File Closed For Incompleteness | 28 | $3,734,000 | $133,000 | $357,000 | $3,000 | $51,000 |
| 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 | 21 | $2,845,000 | $135,000 | $370,000 | $8,000 | $44,000 |
| Other | 19 | $2,458,000 | $129,000 | $337,000 | $17,000 | $42,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 7 | $647,000 | $92,000 | $214,000 | $30,000 | $52,000 |
| Credit History | 7 | $1,425,000 | $203,000 | $355,000 | $27,000 | $74,000 |
| Unverifiable Information | 3 | $489,000 | $163,000 | $335,000 | $10,000 | $31,000 |
| Debt-To-Income Ratio | 2 | $295,000 | $147,000 | $171,000 | $13,000 | $15,000 |
| Credit Application Incomplete | 1 | $153,000 | $153,000 | $153,000 | $10,000 | $10,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Reverse Mortgage Funding LLC's 2015 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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