Spectra Funding, Inc. Mortgage Lending & HMDA Data, 2013
In 2013, Spectra Funding, Inc. of Carlsbad, CA reported 308 mortgage applications totaling $67.6 million, down 58% from 2012. The average application was for $219,487, and applicants reported an average income of $93,724. 90% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Cumberland, MD-WV (93), Tampa-St. Petersburg-Clearwater, FL (46) and San Diego-Carlsbad-San Marcos, CA (29) (applications in parentheses).
| Mortgage Company & Address | Spectra Funding, Inc. 2766 Gateway Road Carlsbad, CA 92009 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2013 2012 |
| Total Number of Mortgage Applications | 308 |
| Total Mortgage Loan Application Amount | $67,602,000 |
| Average Mortgage Loan Application Amount | $219,487 |
| Highest Mortgage Loan Application Amount | $875,000 |
| Average Applicant Income | $93,724 |
| Highest Applicant Income | $941,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Spectra Funding, Inc. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Allegany, Maryland | 72 | $ 9,333,000 | $ 129,625 | $ 65,000 |
| San Diego, California | 29 | $ 10,897,000 | $ 375,758 | $ 149,000 |
| Mineral, West Virginia | 21 | $ 3,134,000 | $ 149,238 | $ 60,000 |
| Pinellas, Florida | 15 | $ 2,080,000 | $ 138,666 | $ 65,000 |
| Hernando, Florida | 14 | $ 1,739,000 | $ 124,214 | $ 49,000 |
| Pasco, Florida | 12 | $ 1,453,000 | $ 121,083 | $ 51,000 |
| Alameda, California | 8 | $ 2,350,000 | $ 293,750 | $ 145,000 |
| Orange, California | 6 | $ 1,981,000 | $ 330,166 | $ 293,000 |
| Contra Costa, California | 5 | $ 2,952,000 | $ 590,400 | $ 195,000 |
| Los Angeles, California | 5 | $ 2,010,000 | $ 402,000 | $ 224,000 |
| Hillsborough, Florida | 5 | $ 878,000 | $ 175,600 | $ 91,000 |
| Worcester, Maryland | 5 | $ 1,302,000 | $ 260,400 | $ 49,000 |
| Hampshire, West Virginia | 5 | $ 482,000 | $ 96,400 | $ 43,000 |
| Broward, Florida | 4 | $ 658,000 | $ 164,500 | $ 48,000 |
| Garrett, Maryland | 4 | $ 407,000 | $ 101,750 | $ 49,000 |
| Washington, Maryland | 4 | $ 623,000 | $ 155,750 | $ 81,000 |
| Chesapeake, Virginia | 4 | $ 680,000 | $ 170,000 | $ 118,000 |
| Riverside, California | 3 | $ 509,000 | $ 169,666 | $ 84,000 |
| San Mateo, California | 3 | $ 1,302,000 | $ 434,000 | $ 186,000 |
| Sussex, Delaware | 3 | $ 883,000 | $ 294,333 | $ 136,000 |
| Baltimore, Maryland | 3 | $ 913,000 | $ 304,333 | $ 117,000 |
| Bedford, Pennsylvania | 3 | $ 311,000 | $ 103,666 | $ 57,000 |
| Newport News, Virginia | 3 | $ 890,000 | $ 296,666 | $ 88,000 |
| Marin, California | 2 | $ 1,095,000 | $ 547,500 | $ 214,000 |
| Santa Clara, California | 2 | $ 1,590,000 | $ 795,000 | $ 266,000 |
| Fairfax, Virginia | 2 | $ 759,000 | $ 379,500 | $ 116,000 |
| Richmond City, Virginia | 2 | $ 227,000 | $ 113,500 | $ 48,000 |
| Stafford, Virginia | 2 | $ 530,000 | $ 265,000 | $ 130,000 |
| Virginia Beach, Virginia | 2 | $ 283,000 | $ 141,500 | $ 42,000 |
| Calaveras, California | 1 | $ 90,000 | $ 90,000 | $ 138,000 |
| San Bernardino, California | 1 | $ 298,000 | $ 298,000 | $ 174,000 |
| San Francisco, California | 1 | $ 489,000 | $ 489,000 | $ 105,000 |
| Santa Barbara, California | 1 | $ 710,000 | $ 710,000 | $ 262,000 |
| Kent, Delaware | 1 | $ 150,000 | $ 150,000 | $ 60,000 |
| New Castle, Delaware | 1 | $ 268,000 | $ 268,000 | $ 83,000 |
| Alachua, Florida | 1 | $ 417,000 | $ 417,000 | $ 134,000 |
| Manatee, Florida | 1 | $ 166,000 | $ 166,000 | $ 98,000 |
| Miami-Dade, Florida | 1 | $ 417,000 | $ 417,000 | $ 88,000 |
| Sarasota, Florida | 1 | $ 417,000 | $ 417,000 | $ 180,000 |
| Anne Arundel, Maryland | 1 | $ 151,000 | $ 151,000 | $ 43,000 |
| Baltimore City, Maryland | 1 | $ 208,000 | $ 208,000 | $ 73,000 |
| Calvert, Maryland | 1 | $ 451,000 | $ 451,000 | $ 150,000 |
| Carroll, Maryland | 1 | $ 279,000 | $ 279,000 | $ 110,000 |
| Charles, Maryland | 1 | $ 323,000 | $ 323,000 | $ 130,000 |
| Montgomery, Maryland | 1 | $ 433,000 | $ 433,000 | $ 152,000 |
| Wicomico, Maryland | 1 | $ 238,000 | $ 238,000 | $ 62,000 |
| Somerset, Pennsylvania | 1 | $ 274,000 | $ 274,000 | $ 116,000 |
| Gloucester, Virginia | 1 | $ 264,000 | $ 264,000 | $ 82,000 |
| Hampton, Virginia | 1 | $ 95,000 | $ 95,000 | $ 52,000 |
| Henrico, Virginia | 1 | $ 117,000 | $ 117,000 | $ 94,000 |
| Isle of Wight, Virginia | 1 | $ 242,000 | $ 242,000 | $ 42,000 |
| Loudoun, Virginia | 1 | $ 47,000 | $ 47,000 | $ 27,000 |
| Norfolk, Virginia | 1 | $ 150,000 | $ 150,000 | $ 209,000 |
| Portsmouth, Virginia | 1 | $ 256,000 | $ 256,000 | $ 65,000 |
| Prince William, Virginia | 1 | $ 263,000 | $ 263,000 | $ 210,000 |
| Berkeley, West Virginia | 1 | $ 116,000 | $ 116,000 | $ 44,000 |
| Grant, West Virginia | 1 | $ 79,000 | $ 79,000 | $ 35,000 |
| Monongalia, West Virginia | 1 | $ 126,000 | $ 126,000 | $ 175,000 |
| Preston, West Virginia | 1 | $ 234,000 | $ 234,000 | $ 90,000 |
Mortgage Loan Application Detail Totals for Spectra Funding, Inc. in 2013
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 | 154 | $39,880,000 | $258,000 | $775,000 | $106,000 | $435,000 |
| Home Purchase | 153 | $27,271,000 | $178,000 | $875,000 | $81,000 | $941,000 |
| Home Improvement | 1 | $451,000 | $451,000 | $451,000 | $150,000 | $150,000 |
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 | 276 | $60,644,000 | $219,000 | $875,000 | $95,000 | $941,000 |
| Black or African American | 16 | $3,330,000 | $208,000 | $454,000 | $82,000 | $209,000 |
| Hispanic | 8 | $1,450,000 | $181,000 | $398,000 | $51,000 | $95,000 |
| Asian | 7 | $1,904,000 | $272,000 | $425,000 | $127,000 | $433,000 |
| Not Provided | 1 | $274,000 | $274,000 | $274,000 | $116,000 | $116,000 |
| American Indian or Alaskan Native | 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 |
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) | 177 | $46,031,000 | $260,000 | $875,000 | $118,000 | $941,000 |
| FHA-insured (Federal Housing Administration) | 72 | $13,250,000 | $184,000 | $572,000 | $66,000 | $181,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 41 | $4,833,000 | $117,000 | $330,000 | $47,000 | $95,000 |
| VA-guaranteed (Veterans Administration) | 18 | $3,488,000 | $193,000 | $425,000 | $67,000 | $143,000 |
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 | 278 | $59,932,000 | $215,000 | $875,000 | $91,000 | $941,000 |
| Application Withdrawn By Applicant | 18 | $4,504,000 | $250,000 | $572,000 | $120,000 | $433,000 |
| Application Denied By Financial Institution | 11 | $3,049,000 | $277,000 | $710,000 | $110,000 | $384,000 |
| Application Approved But Not Accepted | 1 | $117,000 | $117,000 | $117,000 | $45,000 | $45,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 2 | $721,000 | $360,000 | $682,000 | $41,000 | $50,000 |
| Credit Application Incomplete | 2 | $378,000 | $189,000 | $304,000 | $44,000 | $52,000 |
| Other | 1 | $710,000 | $710,000 | $710,000 | $262,000 | $262,000 |
| Unverifiable Information | 1 | $415,000 | $415,000 | $415,000 | $384,000 | $384,000 |
| Collateral | 1 | $76,000 | $76,000 | $76,000 | $52,000 | $52,000 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 Spectra Funding, Inc.'s 2013 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 Spectra Funding, Inc.'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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