AllMortgageDetail - Mortgage Application Details

Security Atlantic Wholesale
Mortgage Loan Application
Totals and Details
for 2008

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Mortgage Company & Address Security Atlantic Wholesale
499 Thornall St, Suite 220
Edison, NJ 08837
Federal Regulator Department of Housing and Urban Development (HUD)
Years 2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 16,736
Total Mortgage Loan Application Amount $3,220,624,000
Average Mortgage Loan Application Amount $157,489
Highest Mortgage Loan Application Amount $3,128,000
Average Applicant Income $56,693
Highest Applicant Income $8,830,000

Mortgage Loan Application Detail Totals for Security Atlantic Wholesale in 2008

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 12,171 $2,412,176,000 $198,000 $3,128,000 $59,000 $530,000
Home Purchase 4,557 $806,738,000 $177,000 $711,000 $65,000 $8,830,000
Home Improvement 10 $1,868,000 $186,000 $357,000 $52,000 $104,000

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 7,706 $1,466,554,000 $190,000 $3,128,000 $61,000 $576,000
Black or African American 4,430 $791,740,000 $178,000 $711,000 $60,000 $8,830,000
Not Provided 2,635 $508,713,000 $193,000 $746,000 $60,000 $539,000
Hispanic 1,761 $407,090,000 $231,000 $653,000 $64,000 $305,000
Asian 139 $32,707,000 $235,000 $639,000 $79,000 $500,000
American Indian or Alaskan Native 38 $8,092,000 $212,000 $436,000 $67,000 $169,000
Native Hawaiin or Other Pacific Islander 29 $5,886,000 $202,000 $554,000 $64,000 $139,000
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
FHA-insured (Federal Housing Administration) 16,683 $3,209,627,000 $192,000 $3,128,000 $61,000 $8,830,000
Conventional (any loan other than FHA, VA, FSA, or RHS loans) 55 $11,155,000 $202,000 $472,000 $69,000 $162,000
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 8,004 $1,542,748,000 $192,000 $586,000 $60,000 $362,000
Application Withdrawn By Applicant 3,632 $719,893,000 $198,000 $3,128,000 $64,000 $8,830,000
File Closed For Incompleteness 2,509 $479,476,000 $191,000 $741,000 $63,000 $530,000
Application Denied By Financial Institution 2,241 $410,754,000 $183,000 $695,000 $58,000 $313,000
Application Approved But Not Accepted 352 $67,911,000 $192,000 $471,000 $61,000 $208,000
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
Credit History 376 $62,735,000 $166,000 $480,000 $59,000 $229,000
Debt-To-Income Ratio 231 $41,291,000 $178,000 $467,000 $48,000 $233,000
Other 118 $22,407,000 $189,000 $564,000 $65,000 $218,000
Collateral 56 $11,014,000 $196,000 $430,000 $70,000 $240,000
Unverifiable Information 49 $10,738,000 $219,000 $695,000 $70,000 $175,000
Insufficient Cash (Downpayment, Closing Cost) 46 $8,045,000 $174,000 $368,000 $48,000 $183,000
Employment History 37 $5,966,000 $161,000 $437,000 $54,000 $274,000
Credit Application Incomplete 5 $1,080,000 $216,000 $284,000 $83,000 $115,000
Mortgage Insurance Denied 0 $0 $0 $0 $0 $0