Sofi Lending Corp. Mortgage Lending & HMDA Data, 2016
In 2016, Sofi Lending Corp. of Sacramento, CA reported 3,578 mortgage applications totaling $2.1 billion. The average application was for $590,228, and applicants reported an average income of $253,703. 35% of its applications resulted in an originated loan and 16% were denied. Its largest markets were San Francisco-Redwood City-South San Francisco, CA (321), Los Angeles-Long Beach-Glendale, CA (231) and Oakland-Hayward-Berkeley, CA (207) (applications in parentheses).
| Mortgage Company & Address | Sofi Lending Corp. 375 Healdsburg Avenue, Suite 280 Sacramento, CA 95448 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2023 2022 2021 2020 2019 2018 2017 2016 |
| Total Number of Mortgage Applications | 3,578 |
| Total Mortgage Loan Application Amount | $2,111,836,000 |
| Average Mortgage Loan Application Amount | $590,228 |
| Highest Mortgage Loan Application Amount | $4,800,000 |
| Average Applicant Income | $253,703 |
| Highest Applicant Income | $4,703,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Sofi Lending Corp. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Sofi Lending Corp. in 2016
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 | 1,789 | $788,931,000 | $440,000 | $3,000,000 | $231,000 | $2,860,000 |
| Home Purchase | 1,331 | $1,100,193,000 | $826,000 | $4,800,000 | $291,000 | $4,703,000 |
| Home Improvement | 458 | $222,712,000 | $486,000 | $2,250,000 | $234,000 | $3,960,000 |
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 | 1,695 | $1,013,889,000 | $598,000 | $4,800,000 | $261,000 | $4,649,000 |
| Not Provided | 1,256 | $736,713,000 | $586,000 | $4,000,000 | $255,000 | $4,703,000 |
| Asian | 377 | $234,192,000 | $621,000 | $3,175,000 | $244,000 | $1,154,000 |
| Hispanic | 168 | $79,315,000 | $472,000 | $1,781,000 | $203,000 | $1,113,000 |
| Black or African American | 60 | $34,079,000 | $567,000 | $2,243,000 | $221,000 | $828,000 |
| American Indian or Alaskan Native | 12 | $9,506,000 | $792,000 | $2,700,000 | $238,000 | $505,000 |
| Native Hawaiin or Other Pacific Islander | 10 | $4,142,000 | $414,000 | $945,000 | $202,000 | $467,000 |
| 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 |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 3,576 | $2,110,753,000 | $590,000 | $4,800,000 | $254,000 | $4,703,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 2 | $1,083,000 | $541,000 | $725,000 | $199,000 | $239,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 1,255 | $880,676,000 | $701,000 | $3,975,000 | $280,000 | $3,495,000 |
| Application Withdrawn By Applicant | 582 | $279,203,000 | $479,000 | $4,742,000 | $244,000 | $1,715,000 |
| Application Denied By Financial Institution | 560 | $293,266,000 | $523,000 | $2,700,000 | $236,000 | $2,200,000 |
| Application Approved But Not Accepted | 512 | $276,750,000 | $540,000 | $4,800,000 | $239,000 | $4,649,000 |
| File Closed For Incompleteness | 348 | $132,999,000 | $382,000 | $1,750,000 | $243,000 | $3,960,000 |
| Preapproval Denied by Financial Institution | 321 | $248,942,000 | $775,000 | $4,400,000 | $233,000 | $4,703,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 | 285 | $227,227,000 | $797,000 | $4,400,000 | $196,000 | $1,297,000 |
| Other | 164 | $76,896,000 | $468,000 | $2,240,000 | $247,000 | $1,500,000 |
| Credit History | 112 | $68,956,000 | $615,000 | $2,024,000 | $251,000 | $1,161,000 |
| Credit Application Incomplete | 108 | $57,330,000 | $530,000 | $2,000,000 | $244,000 | $1,113,000 |
| Collateral | 103 | $48,320,000 | $469,000 | $2,660,000 | $262,000 | $2,200,000 |
| Unverifiable Information | 57 | $30,164,000 | $529,000 | $1,760,000 | $239,000 | $700,000 |
| Employment History | 37 | $25,173,000 | $680,000 | $2,230,000 | $326,000 | $4,703,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 13 | $7,203,000 | $554,000 | $945,000 | $215,000 | $350,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Sofi Lending Corp.'s 2016 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 Sofi Lending Corp.'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.
For a list of all lenders in California, download the full spreadsheet
with aggregated HMDA statistics today.
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