Spencer Savings Bank Sla Mortgage Lending & HMDA Data, 2004
In 2004, Spencer Savings Bank Sla of Elmwood Park, NJ reported 1,145 mortgage applications totaling $219.5 million, up 45% from 2003. The average application was for $191,743, and applicants reported an average income of $107,720. 79% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Newark-Union, NJ-PA (379), Edison, NJ (210) and Trenton-Ewing, NJ (13) (applications in parentheses).
| Mortgage Company & Address | Spencer Savings Bank Sla 611 River Drive Elmwood Park, NJ 07407 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 1,145 |
| Total Mortgage Loan Application Amount | $219,546,000 |
| Average Mortgage Loan Application Amount | $191,743 |
| Highest Mortgage Loan Application Amount | $7,440,000 |
| Average Applicant Income | $107,720 |
| Highest Applicant Income | $3,185,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Spencer Savings Bank Sla filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Bergen, New Jersey | 366 | $ 53,115,000 | $ 145,122 | $ 97,000 |
| Passaic, New Jersey | 117 | $ 16,229,000 | $ 138,709 | $ 75,000 |
| Essex, New Jersey | 116 | $ 24,423,000 | $ 210,543 | $ 105,000 |
| Morris, New Jersey | 113 | $ 21,390,000 | $ 189,292 | $ 126,000 |
| Union, New Jersey | 101 | $ 31,146,000 | $ 308,376 | $ 88,000 |
| Middlesex, New Jersey | 75 | $ 10,427,000 | $ 139,026 | $ 98,000 |
| Monmouth, New Jersey | 52 | $ 8,623,000 | $ 165,826 | $ 246,000 |
| Somerset, New Jersey | 42 | $ 8,764,000 | $ 208,666 | $ 133,000 |
| Ocean, New Jersey | 41 | $ 5,573,000 | $ 135,926 | $ 99,000 |
| Hudson, New Jersey | 33 | $ 23,309,000 | $ 706,333 | $ 80,000 |
| Sussex, New Jersey | 32 | $ 4,076,000 | $ 127,375 | $ 116,000 |
| Hunterdon, New Jersey | 17 | $ 3,008,000 | $ 176,941 | $ 180,000 |
| Mercer, New Jersey | 13 | $ 4,888,000 | $ 376,000 | $ 120,000 |
| Warren, New Jersey | 7 | $ 807,000 | $ 115,285 | $ 84,000 |
| Atlantic, New Jersey | 5 | $ 687,000 | $ 137,400 | $ 90,000 |
| Burlington, New Jersey | 5 | $ 1,201,000 | $ 240,200 | $ 154,000 |
| Cape May, New Jersey | 5 | $ 1,256,000 | $ 251,200 | $ 218,000 |
| Gloucester, New Jersey | 2 | $ 299,000 | $ 149,500 | $ 63,000 |
| Camden, New Jersey | 1 | $ 160,000 | $ 160,000 | $ 65,000 |
| Westchester, New York | 1 | $ 90,000 | $ 90,000 | $ 130,000 |
Mortgage Loan Application Detail Totals for Spencer Savings Bank Sla in 2004
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 | 519 | $97,049,000 | $131,000 | $2,900,000 | $98,500 | $1,075,000 |
| Home Improvement | 384 | $35,755,000 | $91,500 | $993,000 | $114,500 | $452,000 |
| Home Purchase | 242 | $86,742,000 | $358,000 | $7,440,000 | $138,000 | $3,185,000 |
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 | 731 | $103,667,000 | $108,000 | $993,000 | $107,000 | $1,075,000 |
| Not Provided | 195 | $34,367,000 | $176,000 | $945,000 | $130,000 | $3,185,000 |
| Asian | 94 | $18,265,000 | $142,500 | $1,000,000 | $129,500 | $662,000 |
| Hispanic | 54 | $5,720,000 | $105,000 | $658,000 | $72,000 | $180,000 |
| Not applicable | 51 | $54,412,000 | $1,066,000 | $7,440,000 | $1,000 | $60,000 |
| Black or African American | 18 | $2,735,000 | $151,000 | $660,000 | $97,000 | $289,000 |
| American Indian or Alaskan Native | 2 | $380,000 | $190,000 | $350,000 | $85,000 | $118,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 1,145 | $219,546,000 | $118,666 | $7,440,000 | $112,666 | $3,185,000 |
| 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 | 910 | $177,436,000 | $194,000 | $7,440,000 | $119,000 | $3,185,000 |
| Application Denied By Financial Institution | 96 | $10,713,000 | $100,500 | $650,000 | $103,500 | $319,000 |
| Application Withdrawn By Applicant | 52 | $11,265,000 | $216,000 | $680,000 | $103,000 | $684,000 |
| Loan Purchased By The Institution | 41 | $16,435,000 | $400,000 | $993,000 | $152,000 | $398,000 |
| File Closed For Incompleteness | 29 | $2,202,000 | $75,000 | $320,000 | $88,500 | $166,000 |
| Application Approved But Not Accepted | 17 | $1,495,000 | $87,000 | $371,000 | $161,000 | $1,075,000 |
| 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 | 58 | $5,430,000 | $93,000 | $650,000 | $66,000 | $319,000 |
| Other | 14 | $1,811,000 | $111,000 | $300,000 | $111,500 | $210,000 |
| Collateral | 6 | $458,000 | $76,000 | $125,000 | $99,000 | $148,000 |
| Credit History | 6 | $604,000 | $100,000 | $300,000 | $69,000 | $205,000 |
| Credit Application Incomplete | 4 | $463,000 | $115,000 | $232,000 | $100,000 | $157,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $698,000 | $174,000 | $235,000 | $74,000 | $109,000 |
| Unverifiable Information | 3 | $923,000 | $307,000 | $440,000 | $101,000 | $149,000 |
| Employment History | 1 | $326,000 | $326,000 | $326,000 | $65,000 | $65,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Spencer Savings Bank Sla's 2004 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 Spencer Savings Bank Sla'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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