School Employees Lorain Co C U Mortgage Lending & HMDA Data, 2011
In 2011, School Employees Lorain Co C U of Elyria, OH reported 51 mortgage applications totaling $3.3 million, down 29% from 2010. The average application was for $64,980, and applicants reported an average income of $74,627. 65% of its applications resulted in an originated loan and 20% were denied. Its largest markets were Cleveland-Elyria-Mentor, OH (43) and Sandusky, OH (1).
| 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 | 51 |
| Total Mortgage Loan Application Amount | $3,314,000 |
| Average Mortgage Loan Application Amount | $64,980 |
| Highest Mortgage Loan Application Amount | $226,000 |
| Average Applicant Income | $74,627 |
| Highest Applicant Income | $275,000 |
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records School Employees Lorain Co C U filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2011
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 | 23 | $2,092,000 | $90,000 | $226,000 | $76,000 | $175,000 |
| Home Improvement | 14 | $62,000 | $4,000 | $15,000 | $65,000 | $142,000 |
| Home Purchase | 14 | $1,160,000 | $82,000 | $166,000 | $82,000 | $275,000 |
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 | 47 | $3,168,000 | $67,000 | $226,000 | $77,000 | $275,000 |
| Not Provided | 2 | $143,000 | $71,000 | $100,000 | $40,000 | $51,000 |
| Black or African American | 2 | $3,000 | $1,000 | $2,000 | $51,000 | $82,000 |
| 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 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 51 | $3,314,000 | $64,000 | $226,000 | $75,000 | $275,000 |
| 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 | 33 | $1,614,000 | $48,000 | $200,000 | $70,000 | $175,000 |
| Application Denied By Financial Institution | 10 | $1,100,000 | $110,000 | $226,000 | $52,000 | $134,000 |
| Application Approved But Not Accepted | 4 | $314,000 | $78,000 | $100,000 | $174,000 | $275,000 |
| Application Withdrawn By Applicant | 3 | $184,000 | $61,000 | $120,000 | $45,000 | $64,000 |
| File Closed For Incompleteness | 1 | $102,000 | $102,000 | $102,000 | $144,000 | $144,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 4 | $395,000 | $98,000 | $163,000 | $34,000 | $58,000 |
| Credit History | 3 | $231,000 | $77,000 | $128,000 | $37,000 | $46,000 |
| Collateral | 1 | $226,000 | $226,000 | $226,000 | $134,000 | $134,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $82,000 | $82,000 | $82,000 | $52,000 | $52,000 |
| Other | 1 | $166,000 | $166,000 | $166,000 | $92,000 | $92,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into School Employees Lorain Co C U's 2011 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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