Southeast Financial Federal CU Mortgage Lending & HMDA Data, 2008
In 2008, Southeast Financial Federal CU of Franklin, TN reported 400 mortgage applications totaling $46.8 million, up 1% from 2007. The average application was for $116,912, and applicants reported an average income of $59,145. 40% of its applications resulted in an originated loan and 23% were denied. Its largest markets were Nashville-Davidson--Murfreesboro--Franklin, TN (204), Chattanooga, TN-GA (11) and Memphis, TN-MS-AR (10) (applications in parentheses).
| Mortgage Company & Address | Southeast Financial Federal CU 220 S. Royal Oaks Blvd. Franklin, TN 37064 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 |
| Total Number of Mortgage Applications | 400 |
| Total Mortgage Loan Application Amount | $46,765,000 |
| Average Mortgage Loan Application Amount | $116,912 |
| Highest Mortgage Loan Application Amount | $881,000 |
| Average Applicant Income | $59,145 |
| Highest Applicant Income | $819,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Southeast Financial Federal CU filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Davidson, Tennessee | 109 | $ 12,907,000 | $ 118,412 | $ 64,000 |
| Williamson, Tennessee | 26 | $ 4,384,000 | $ 168,615 | $ 103,000 |
| Rutherford, Tennessee | 23 | $ 2,236,000 | $ 97,217 | $ 44,000 |
| Sumner, Tennessee | 14 | $ 1,185,000 | $ 84,642 | $ 45,000 |
| Dickson, Tennessee | 8 | $ 405,000 | $ 50,625 | $ 50,000 |
| Robertson, Tennessee | 8 | $ 600,000 | $ 75,000 | $ 66,000 |
| Shelby, Tennessee | 8 | $ 496,000 | $ 62,000 | $ 63,000 |
| Wilson, Tennessee | 8 | $ 789,000 | $ 98,625 | $ 38,000 |
| Cheatham, Tennessee | 6 | $ 868,000 | $ 144,666 | $ 54,000 |
| Maury, Tennessee | 6 | $ 674,000 | $ 112,333 | $ 54,000 |
| Warren, Kentucky | 5 | $ 377,000 | $ 75,400 | $ 53,000 |
| Hamilton, Tennessee | 5 | $ 324,000 | $ 64,800 | $ 75,000 |
| Knox, Tennessee | 5 | $ 813,000 | $ 162,600 | $ 56,000 |
| Catoosa, Georgia | 4 | $ 273,000 | $ 68,250 | $ 34,000 |
| Madison, Tennessee | 4 | $ 417,000 | $ 104,250 | $ 60,000 |
| Marshall, Tennessee | 4 | $ 271,000 | $ 67,750 | $ 42,000 |
| Decatur, Indiana | 3 | $ 361,000 | $ 120,333 | $ 27,000 |
| New Haven, Connecticut | 2 | $ 344,000 | $ 172,000 | $ 41,000 |
| Prentiss, Mississippi | 2 | $ 56,000 | $ 28,000 | $ 40,000 |
| Blount, Tennessee | 2 | $ 263,000 | $ 131,500 | $ 76,000 |
| McNairy, Tennessee | 2 | $ 185,000 | $ 92,500 | $ 35,000 |
| Tipton, Tennessee | 2 | $ 140,000 | $ 70,000 | $ 44,000 |
| Union, Tennessee | 2 | $ 44,000 | $ 22,000 | $ 49,000 |
| Jefferson, Alabama | 1 | $ 335,000 | $ 335,000 | $ 69,000 |
| Tuscaloosa, Alabama | 1 | $ 60,000 | $ 60,000 | $ 35,000 |
| Hillsborough, Florida | 1 | $ 386,000 | $ 386,000 | $ 94,000 |
| Volusia, Florida | 1 | $ 67,000 | $ 67,000 | $ 110,000 |
| Walton, Florida | 1 | $ 125,000 | $ 125,000 | $ 38,000 |
| Cobb, Georgia | 1 | $ 20,000 | $ 20,000 | $ 34,000 |
| Dade, Georgia | 1 | $ 15,000 | $ 15,000 | $ 30,000 |
| DeKalb, Georgia | 1 | $ 173,000 | $ 173,000 | $ 144,000 |
| Walker, Georgia | 1 | $ 23,000 | $ 23,000 | $ 46,000 |
| Marion, Indiana | 1 | $ 410,000 | $ 410,000 | $ 0 |
| Bell, Kentucky | 1 | $ 115,000 | $ 115,000 | $ 86,000 |
| Alcorn, Mississippi | 1 | $ 148,000 | $ 148,000 | $ 89,000 |
| Tishomingo, Mississippi | 1 | $ 75,000 | $ 75,000 | $ 50,000 |
| Cuyahoga, Ohio | 1 | $ 70,000 | $ 70,000 | $ 42,000 |
| Cannon, Tennessee | 1 | $ 186,000 | $ 186,000 | $ 57,000 |
| Crockett, Tennessee | 1 | $ 103,000 | $ 103,000 | $ 65,000 |
| DeKalb, Tennessee | 1 | $ 81,000 | $ 81,000 | $ 28,000 |
| Gibson, Tennessee | 1 | $ 40,000 | $ 40,000 | $ 30,000 |
| Macon, Tennessee | 1 | $ 180,000 | $ 180,000 | $ 65,000 |
| McMinn, Tennessee | 1 | $ 96,000 | $ 96,000 | $ 81,000 |
| Montgomery, Tennessee | 1 | $ 233,000 | $ 233,000 | $ 195,000 |
| Putnam, Tennessee | 1 | $ 42,000 | $ 42,000 | $ 14,000 |
| Roane, Tennessee | 1 | $ 25,000 | $ 25,000 | $ 25,000 |
| Sevier, Tennessee | 1 | $ 250,000 | $ 250,000 | $ 144,000 |
Mortgage Loan Application Detail Totals for Southeast Financial Federal CU 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 220 | $29,448,000 | $133,000 | $881,000 | $55,000 | $261,000 |
| Refinancing | 109 | $14,149,000 | $129,000 | $655,000 | $65,000 | $819,000 |
| Home Improvement | 71 | $3,168,000 | $44,000 | $605,000 | $63,000 | $144,000 |
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 | 212 | $25,841,000 | $121,000 | $850,000 | $66,000 | $819,000 |
| Hispanic | 85 | $9,104,000 | $107,000 | $881,000 | $39,000 | $99,000 |
| Not Provided | 58 | $7,235,000 | $124,000 | $500,000 | $63,000 | $220,000 |
| Black or African American | 43 | $4,226,000 | $98,000 | $396,000 | $65,000 | $196,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $150,000 | $150,000 | $150,000 | $31,000 | $31,000 |
| Asian | 1 | $209,000 | $209,000 | $209,000 | $76,000 | $76,000 |
| American Indian or Alaskan Native | 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) | 400 | $46,765,000 | $116,000 | $881,000 | $59,000 | $819,000 |
| 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 | 161 | $18,914,000 | $117,000 | $881,000 | $65,000 | $819,000 |
| Application Denied By Financial Institution | 91 | $8,285,000 | $91,000 | $500,000 | $47,000 | $220,000 |
| Application Approved But Not Accepted | 55 | $7,633,000 | $138,000 | $396,000 | $60,000 | $195,000 |
| Preapproval Approved but not Accepted | 47 | $7,247,000 | $154,000 | $417,000 | $60,000 | $145,000 |
| File Closed For Incompleteness | 21 | $2,835,000 | $135,000 | $315,000 | $76,000 | $231,000 |
| Application Withdrawn By Applicant | 18 | $1,072,000 | $59,000 | $133,000 | $60,000 | $129,000 |
| Preapproval Denied by Financial Institution | 7 | $779,000 | $111,000 | $175,000 | $43,000 | $71,000 |
| Loan Purchased By The 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 | 50 | $5,198,000 | $103,000 | $500,000 | $51,000 | $220,000 |
| Debt-To-Income Ratio | 22 | $1,658,000 | $75,000 | $165,000 | $35,000 | $60,000 |
| Collateral | 8 | $335,000 | $41,000 | $63,000 | $61,000 | $150,000 |
| Other | 7 | $775,000 | $110,000 | $193,000 | $45,000 | $75,000 |
| Unverifiable Information | 5 | $630,000 | $126,000 | $175,000 | $51,000 | $71,000 |
| Employment History | 2 | $160,000 | $80,000 | $90,000 | $31,000 | $42,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $168,000 | $84,000 | $115,000 | $29,000 | $34,000 |
| Mortgage Insurance Denied | 1 | $111,000 | $111,000 | $111,000 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Southeast Financial Federal CU's 2008 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 Southeast Financial Federal CU'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 Tennessee, download the full spreadsheet
with aggregated HMDA statistics today.
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