School Employees Lorain Co C U Mortgage Lending & HMDA Data, 2007
In 2007, School Employees Lorain Co C U of Elyria, OH reported 116 mortgage applications totaling $6.7 million, down 2% from 2006. The average application was for $57,663, and applicants reported an average income of $71,431. 89% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Cleveland-Elyria-Mentor, OH (108), Toledo, OH (2) and Sandusky, OH (1) (applications in parentheses).
| Mortgage Company & Address | School Employees Lorain Co C U 340 Griswold Rd Elyria, OH 44035 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 116 |
| Total Mortgage Loan Application Amount | $6,689,000 |
| Average Mortgage Loan Application Amount | $57,663 |
| Highest Mortgage Loan Application Amount | $254,000 |
| Average Applicant Income | $71,431 |
| Highest Applicant Income | $199,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records School Employees Lorain Co C U filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 School Employees Lorain Co C U 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 |
|---|---|---|---|---|---|---|
| Refinancing | 77 | $6,520,000 | $84,000 | $254,000 | $70,000 | $147,000 |
| Home Improvement | 38 | $156,000 | $4,000 | $5,000 | $75,000 | $199,000 |
| Home Purchase | 1 | $13,000 | $13,000 | $13,000 | $46,000 | $46,000 |
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 | 103 | $6,096,000 | $59,000 | $254,000 | $72,000 | $199,000 |
| Black or African American | 6 | $123,000 | $20,000 | $86,000 | $44,000 | $83,000 |
| American Indian or Alaskan Native | 4 | $175,000 | $43,000 | $162,000 | $96,000 | $159,000 |
| Not Provided | 3 | $295,000 | $98,000 | $184,000 | $73,000 | $103,000 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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 |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 116 | $6,689,000 | $57,000 | $254,000 | $71,000 | $199,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 103 | $5,399,000 | $52,000 | $254,000 | $73,000 | $199,000 |
| Application Denied By Financial Institution | 12 | $1,277,000 | $106,000 | $214,000 | $59,000 | $104,000 |
| Application Approved But Not Accepted | 1 | $13,000 | $13,000 | $13,000 | $46,000 | $46,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 8 | $651,000 | $81,000 | $184,000 | $55,000 | $103,000 |
| Debt-To-Income Ratio | 2 | $277,000 | $138,000 | $179,000 | $36,000 | $41,000 |
| Collateral | 1 | $214,000 | $214,000 | $214,000 | $92,000 | $92,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into School Employees Lorain Co C U'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 School Employees Lorain Co C U'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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