Soma Financial Mortgage Lending & HMDA Data, 2005
In 2005, Soma Financial of Henderson, NV reported 3,174 mortgage applications totaling $701.5 million, up 117% from 2004. The average application was for $221,002, and applicants reported an average income of $124,642. 74% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Las Vegas-Paradise, NV (1,374), Reno-Sparks, NV (529) and Riverside-San Bernardino-Ontario, CA (272) (applications in parentheses).
| Mortgage Company & Address | Soma Financial 871 Coronado Henderson, NV 89052 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 3,174 |
| Total Mortgage Loan Application Amount | $701,462,000 |
| Average Mortgage Loan Application Amount | $221,002 |
| Highest Mortgage Loan Application Amount | $2,000,000 |
| Average Applicant Income | $124,642 |
| Highest Applicant Income | $5,764,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Soma Financial filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Las Vegas-Paradise, NV | 1,374 | $ 277,421,000 | $ 201,907 | $ 158,000 |
| Reno-Sparks, NV | 529 | $ 109,081,000 | $ 206,202 | $ 67,000 |
| Riverside-San Bernardino-Ontario, CA | 272 | $ 67,391,000 | $ 247,761 | $ 107,000 |
| Los Angeles-Long Beach-Glendale, CA | 150 | $ 46,768,000 | $ 311,786 | $ 121,000 |
| Phoenix-Mesa-Scottsdale, AZ | 140 | $ 23,660,000 | $ 169,000 | $ 113,000 |
| San Diego-Carlsbad-San Marcos, CA | 79 | $ 27,152,000 | $ 343,696 | $ 121,000 |
| Salt Lake City, UT | 69 | $ 12,139,000 | $ 175,927 | $ 90,000 |
| Santa Ana-Anaheim-Irvine, CA | 42 | $ 19,010,000 | $ 452,619 | $ 185,000 |
| Provo-Orem, UT | 32 | $ 4,746,000 | $ 148,312 | $ 110,000 |
| Oakland-Fremont-Hayward, CA | 26 | $ 9,508,000 | $ 365,692 | $ 138,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 24 | $ 8,841,000 | $ 368,375 | $ 138,000 |
| San Francisco-San Mateo-Redwood City, CA | 23 | $ 10,295,000 | $ 447,608 | $ 184,000 |
| St. George, UT | 19 | $ 3,540,000 | $ 186,315 | $ 85,000 |
| Colorado Springs, CO | 17 | $ 1,849,000 | $ 108,764 | $ 87,000 |
| Carson City, NV | 16 | $ 3,300,000 | $ 206,250 | $ 99,000 |
| Ogden-Clearfield, UT | 14 | $ 2,003,000 | $ 143,071 | $ 85,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 13 | $ 5,493,000 | $ 422,538 | $ 172,000 |
| Seattle-Bellevue-Everett, WA | 12 | $ 2,492,000 | $ 207,666 | $ 107,000 |
| Honolulu, HI | 9 | $ 3,795,000 | $ 421,666 | $ 383,000 |
| Stockton, CA | 9 | $ 2,366,000 | $ 262,888 | $ 85,000 |
| Modesto, CA | 8 | $ 2,534,000 | $ 316,750 | $ 165,000 |
| Portland-Vancouver-Beaverton, OR-WA | 8 | $ 1,485,000 | $ 185,625 | $ 130,000 |
| Tucson, AZ | 8 | $ 928,000 | $ 116,000 | $ 133,000 |
| Bakersfield, CA | 7 | $ 1,088,000 | $ 155,428 | $ 66,000 |
| Salinas, CA | 7 | $ 1,393,000 | $ 199,000 | $ 96,000 |
| Pensacola-Ferry Pass-Brent, FL | 5 | $ 962,000 | $ 192,400 | $ 81,000 |
| Vallejo-Fairfield, CA | 5 | $ 1,921,000 | $ 384,200 | $ 138,000 |
| Yuma, AZ | 5 | $ 911,000 | $ 182,200 | $ 195,000 |
| Akron, OH | 4 | $ 416,000 | $ 104,000 | $ 114,000 |
| Boise City-Nampa, ID | 4 | $ 726,000 | $ 181,500 | $ 318,000 |
| Cleveland-Elyria-Mentor, OH | 4 | $ 681,000 | $ 170,250 | $ 76,000 |
| Houston-Baytown-Sugar Land, TX | 4 | $ 306,000 | $ 76,500 | $ 65,000 |
| Baltimore-Towson, MD | 3 | $ 332,000 | $ 110,666 | $ 158,000 |
| El Centro, CA | 3 | $ 398,000 | $ 132,666 | $ 36,000 |
| Fresno, CA | 3 | $ 662,000 | $ 220,666 | $ 342,000 |
| Kansas City, MO-KS | 3 | $ 371,000 | $ 123,666 | $ 71,000 |
| Orlando, FL | 3 | $ 536,000 | $ 178,666 | $ 96,000 |
| Tacoma, WA | 3 | $ 393,000 | $ 131,000 | $ 119,000 |
| Visalia-Porterville, CA | 3 | $ 555,000 | $ 185,000 | $ 64,000 |
| Bethesda-Frederick-Gaithersburg, MD | 2 | $ 561,000 | $ 280,500 | $ 65,000 |
| Denver-Aurora, CO | 2 | $ 346,000 | $ 173,000 | $ 74,000 |
| Flagstaff, AZ | 2 | $ 432,000 | $ 216,000 | $ 53,000 |
| Fort Walton Beach-Crestview-Destin, FL | 2 | $ 561,000 | $ 280,500 | $ 151,000 |
| Napa, CA | 2 | $ 1,196,000 | $ 598,000 | $ 480,000 |
| Oxnard-Thousand Oaks-Ventura, CA | 2 | $ 615,000 | $ 307,500 | $ 56,000 |
| Santa Rosa-Petaluma, CA | 2 | $ 733,000 | $ 366,500 | $ 100,000 |
| Warren-Farmington Hills-Troy, MI | 2 | $ 501,000 | $ 250,500 | $ 144,000 |
| Anchorage, AK | 1 | $ 237,000 | $ 237,000 | $ 69,000 |
| Bend, OR | 1 | $ 650,000 | $ 650,000 | $ 199,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 121,000 | $ 121,000 | $ 0 |
| Casper, WY | 1 | $ 105,000 | $ 105,000 | $ 13,000 |
| Columbus, OH | 1 | $ 157,000 | $ 157,000 | $ 47,000 |
| Corvallis, OR | 1 | $ 216,000 | $ 216,000 | $ 81,000 |
| Dayton, OH | 1 | $ 218,000 | $ 218,000 | $ 92,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 1 | $ 104,000 | $ 104,000 | $ 42,000 |
| Fairbanks, AK | 1 | $ 195,000 | $ 195,000 | $ 49,000 |
| Lakeland, FL | 1 | $ 175,000 | $ 175,000 | $ 55,000 |
| Lawrence, KS | 1 | $ 99,000 | $ 99,000 | $ 48,000 |
| Lincoln, NE | 1 | $ 207,000 | $ 207,000 | $ 83,000 |
| Logan, UT-ID | 1 | $ 234,000 | $ 234,000 | $ 112,000 |
| Madera, CA | 1 | $ 265,000 | $ 265,000 | $ 128,000 |
| Naples-Marco Island, FL | 1 | $ 203,000 | $ 203,000 | $ 54,000 |
| New Orleans-Metairie-Kenner, LA | 1 | $ 779,000 | $ 779,000 | $ 245,000 |
| Olympia, WA | 1 | $ 230,000 | $ 230,000 | $ 41,000 |
| Palm Bay-Melbourne-Titusville, FL | 1 | $ 137,000 | $ 137,000 | $ 40,000 |
| Prescott, AZ | 1 | $ 161,000 | $ 161,000 | $ 168,000 |
| Redding, CA | 1 | $ 257,000 | $ 257,000 | $ 95,000 |
| Springfield, MO | 1 | $ 59,000 | $ 59,000 | $ 33,000 |
| St. Louis, MO-IL | 1 | $ 116,000 | $ 116,000 | $ 39,000 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 123,000 | $ 123,000 | $ 30,000 |
| Wichita, KS | 1 | $ 112,000 | $ 112,000 | $ 28,000 |
Mortgage Loan Application Detail Totals for Soma Financial in 2005
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 1,612 | $322,336,000 | $207,388 | $2,000,000 | $142,888 | $1,800,000 |
| Refinancing | 1,561 | $378,918,000 | $203,555 | $1,722,000 | $92,055 | $5,764,000 |
| Home Improvement | 1 | $208,000 | $208,000 | $208,000 | $59,000 | $59,000 |
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 | 1,778 | $391,928,000 | $192,421 | $2,000,000 | $118,894 | $1,800,000 |
| Hispanic | 644 | $133,432,000 | $210,909 | $1,532,000 | $96,727 | $4,998,000 |
| Asian | 280 | $67,166,000 | $179,000 | $976,000 | $190,714 | $5,764,000 |
| Not Provided | 184 | $44,659,000 | $277,500 | $863,000 | $121,250 | $664,000 |
| Black or African American | 135 | $29,337,000 | $187,363 | $790,000 | $83,636 | $246,000 |
| Native Hawaiian or Other Pacific Islander | 87 | $17,920,000 | $222,250 | $1,722,000 | $115,750 | $600,000 |
| Not applicable | 47 | $11,579,000 | $177,333 | $650,000 | $176,666 | $564,000 |
| American Indian or Alaskan Native | 19 | $5,441,000 | $378,000 | $1,009,000 | $210,000 | $712,000 |
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) | 3,162 | $699,335,000 | $210,095 | $2,000,000 | $118,095 | $5,764,000 |
| FHA-insured (Federal Housing Administration) | 12 | $2,127,000 | $187,000 | $238,000 | $53,500 | $67,000 |
| 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 | 2,358 | $511,908,000 | $213,000 | $1,400,000 | $104,714 | $5,764,000 |
| Application Approved But Not Accepted | 354 | $80,659,000 | $170,714 | $1,009,000 | $98,571 | $496,000 |
| Application Denied By Financial Institution | 190 | $46,604,000 | $205,200 | $2,000,000 | $167,700 | $1,487,000 |
| Application Withdrawn By Applicant | 141 | $32,862,000 | $199,800 | $1,532,000 | $176,200 | $4,998,000 |
| File Closed For Incompleteness | 131 | $29,429,000 | $175,375 | $1,000,000 | $180,375 | $1,800,000 |
| 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 | 44 | $12,955,000 | $248,000 | $1,722,000 | $106,250 | $480,000 |
| Debt-To-Income Ratio | 37 | $6,016,000 | $136,428 | $528,000 | $96,000 | $208,000 |
| Other | 34 | $9,558,000 | $249,000 | $1,408,000 | $457,500 | $1,487,000 |
| Credit Application Incomplete | 33 | $6,216,000 | $181,750 | $653,000 | $93,000 | $300,000 |
| Collateral | 22 | $6,018,000 | $253,833 | $782,000 | $129,000 | $219,000 |
| Unverifiable Information | 15 | $4,959,000 | $666,500 | $2,000,000 | $400,750 | $1,260,000 |
| Employment History | 5 | $882,000 | $169,333 | $344,000 | $104,000 | $300,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Soma Financial's 2005 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 Soma Financial'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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