Spectrum Financial Group, Inc. Mortgage Lending & HMDA Data, 2005
In 2005, Spectrum Financial Group, Inc. of Scottsdale, AZ reported 4,899 mortgage applications totaling $827.6 million, up 40% from 2004. The average application was for $168,936, and applicants reported an average income of $70,485. 68% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Phoenix-Mesa-Scottsdale, AZ (2,252), Las Vegas-Paradise, NV (2,050) and Tucson, AZ (43) (applications in parentheses).
| Mortgage Company & Address | Spectrum Financial Group, Inc. 7047 East Greenway Parkway, Suite 400 Scottsdale, AZ 85254 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 |
| Total Number of Mortgage Applications | 4,899 |
| Total Mortgage Loan Application Amount | $827,618,000 |
| Average Mortgage Loan Application Amount | $168,936 |
| Highest Mortgage Loan Application Amount | $2,000,000 |
| Average Applicant Income | $70,485 |
| Highest Applicant Income | $1,992,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Spectrum Financial Group, Inc. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Phoenix-Mesa-Scottsdale, AZ | 2,252 | $ 334,347,000 | $ 148,466 | $ 95,000 |
| Las Vegas-Paradise, NV | 2,050 | $ 368,125,000 | $ 179,573 | $ 21,000 |
| Tucson, AZ | 43 | $ 6,242,000 | $ 145,162 | $ 76,000 |
| Riverside-San Bernardino-Ontario, CA | 42 | $ 10,489,000 | $ 249,738 | $ 99,000 |
| San Diego-Carlsbad-San Marcos, CA | 28 | $ 9,571,000 | $ 341,821 | $ 122,000 |
| Prescott, AZ | 26 | $ 4,658,000 | $ 179,153 | $ 96,000 |
| Albuquerque, NM | 22 | $ 2,345,000 | $ 106,590 | $ 196,000 |
| Baltimore-Towson, MD | 12 | $ 1,675,000 | $ 139,583 | $ 60,000 |
| Reno-Sparks, NV | 12 | $ 3,910,000 | $ 325,833 | $ 77,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 11 | $ 2,897,000 | $ 263,363 | $ 76,000 |
| Salt Lake City, UT | 11 | $ 1,970,000 | $ 179,090 | $ 91,000 |
| Portland-Vancouver-Beaverton, OR-WA | 9 | $ 1,516,000 | $ 168,444 | $ 79,000 |
| Flagstaff, AZ | 8 | $ 1,952,000 | $ 244,000 | $ 112,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 7 | $ 1,581,000 | $ 225,857 | $ 95,000 |
| Provo-Orem, UT | 6 | $ 1,852,000 | $ 308,666 | $ 309,000 |
| Springfield, MO | 6 | $ 576,000 | $ 96,000 | $ 90,000 |
| St. George, UT | 6 | $ 1,144,000 | $ 190,666 | $ 97,000 |
| Denver-Aurora, CO | 5 | $ 990,000 | $ 198,000 | $ 70,000 |
| Austin-Round Rock, TX | 4 | $ 447,000 | $ 111,750 | $ 360,000 |
| Modesto, CA | 4 | $ 1,113,000 | $ 278,250 | $ 114,000 |
| Napa, CA | 4 | $ 1,287,000 | $ 321,750 | $ 75,000 |
| Spokane, WA | 4 | $ 265,000 | $ 66,250 | $ 44,000 |
| Bakersfield, CA | 3 | $ 422,000 | $ 140,666 | $ 24,000 |
| Carson City, NV | 3 | $ 640,000 | $ 213,333 | $ 175,000 |
| Farmington, NM | 3 | $ 315,000 | $ 105,000 | $ 64,000 |
| Fresno, CA | 3 | $ 1,021,000 | $ 340,333 | $ 101,000 |
| Salinas, CA | 3 | $ 654,000 | $ 218,000 | $ 235,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 3 | $ 1,316,000 | $ 438,666 | $ 211,000 |
| Boise City-Nampa, ID | 2 | $ 319,000 | $ 159,500 | $ 56,000 |
| Boulder, CO | 2 | $ 595,000 | $ 297,500 | $ 0 |
| Coeur D'Alene, ID | 2 | $ 513,000 | $ 256,500 | $ 121,000 |
| Hagerstown-Martinsburg, MD-WV | 2 | $ 210,000 | $ 105,000 | $ 0 |
| Kansas City, MO-KS | 2 | $ 221,000 | $ 110,500 | $ 456,000 |
| Oxnard-Thousand Oaks-Ventura, CA | 2 | $ 695,000 | $ 347,500 | $ 0 |
| San Antonio, TX | 2 | $ 187,000 | $ 93,500 | $ 0 |
| Stockton, CA | 2 | $ 656,000 | $ 328,000 | $ 56,000 |
| Vallejo-Fairfield, CA | 2 | $ 652,000 | $ 326,000 | $ 72,000 |
| Wenatchee, WA | 2 | $ 350,000 | $ 175,000 | $ 180,000 |
| Yuma, AZ | 2 | $ 325,000 | $ 162,500 | $ 144,000 |
| Ann Arbor, MI | 1 | $ 113,000 | $ 113,000 | $ 0 |
| Bremerton-Silverdale, WA | 1 | $ 291,000 | $ 291,000 | $ 65,000 |
| Chico, CA | 1 | $ 143,000 | $ 143,000 | $ 0 |
| Colorado Springs, CO | 1 | $ 217,000 | $ 217,000 | $ 0 |
| Fort Collins-Loveland, CO | 1 | $ 239,000 | $ 239,000 | $ 190,000 |
| Las Cruces, NM | 1 | $ 180,000 | $ 180,000 | $ 49,000 |
| Medford, OR | 1 | $ 248,000 | $ 248,000 | $ 94,000 |
| Salem, OR | 1 | $ 196,000 | $ 196,000 | $ 82,000 |
| Santa Ana-Anaheim-Irvine, CA | 1 | $ 455,000 | $ 455,000 | $ 336,000 |
| Santa Fe, NM | 1 | $ 345,000 | $ 345,000 | $ 84,000 |
| Santa Rosa-Petaluma, CA | 1 | $ 234,000 | $ 234,000 | $ 101,000 |
| St. Louis, MO-IL | 1 | $ 268,000 | $ 268,000 | $ 110,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 1 | $ 176,000 | $ 176,000 | $ 0 |
Mortgage Loan Application Detail Totals for Spectrum Financial Group, Inc. 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 | 3,520 | $527,606,000 | $168,933 | $1,470,000 | $94,066 | $1,992,000 |
| Refinancing | 1,377 | $299,684,000 | $194,214 | $2,000,000 | $72,857 | $1,562,000 |
| Home Improvement | 2 | $328,000 | $164,000 | $248,000 | $0 | $0 |
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 | 2,854 | $488,550,000 | $167,600 | $2,000,000 | $120,800 | $1,378,000 |
| Not Provided | 867 | $151,188,000 | $180,937 | $1,200,000 | $64,125 | $1,992,000 |
| Hispanic | 645 | $96,632,000 | $215,500 | $840,000 | $92,000 | $1,200,000 |
| Asian | 317 | $54,538,000 | $201,428 | $1,000,000 | $50,428 | $421,000 |
| Black or African American | 167 | $27,481,000 | $159,400 | $650,000 | $42,400 | $295,000 |
| Native Hawaiian or Other Pacific Islander | 45 | $8,464,000 | $230,000 | $660,000 | $48,400 | $324,000 |
| American Indian or Alaskan Native | 4 | $765,000 | $184,500 | $284,000 | $176,000 | $360,000 |
| 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) | 4,898 | $827,479,000 | $168,882 | $2,000,000 | $82,529 | $1,992,000 |
| VA-guaranteed (Veterans Administration) | 1 | $139,000 | $139,000 | $139,000 | $0 | $0 |
| 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 |
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 | 3,319 | $553,340,000 | $178,307 | $2,000,000 | $144,384 | $1,562,000 |
| Application Denied By Financial Institution | 505 | $83,156,000 | $191,363 | $1,803,000 | $86,545 | $455,000 |
| Application Approved But Not Accepted | 478 | $86,327,000 | $207,916 | $998,000 | $50,500 | $1,200,000 |
| Application Withdrawn By Applicant | 430 | $72,185,000 | $171,333 | $971,000 | $36,066 | $1,992,000 |
| File Closed For Incompleteness | 167 | $32,610,000 | $204,833 | $1,200,000 | $8,000 | $333,000 |
| 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 | 128 | $22,182,000 | $173,000 | $1,803,000 | $40,000 | $455,000 |
| Other | 114 | $16,071,000 | $232,833 | $700,000 | $118,000 | $360,000 |
| Unverifiable Information | 104 | $15,905,000 | $169,600 | $1,000,000 | $85,800 | $300,000 |
| Debt-To-Income Ratio | 54 | $10,110,000 | $266,750 | $676,000 | $147,750 | $420,000 |
| Collateral | 40 | $8,488,000 | $197,500 | $1,270,000 | $92,000 | $400,000 |
| Credit Application Incomplete | 39 | $6,226,000 | $146,500 | $694,000 | $103,250 | $343,000 |
| Employment History | 9 | $1,796,000 | $199,000 | $640,000 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 8 | $1,258,000 | $144,000 | $352,000 | $24,333 | $92,000 |
| Mortgage Insurance Denied | 2 | $190,000 | $95,000 | $152,000 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Spectrum Financial Group, Inc.'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 Spectrum Financial Group, 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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