Spencer Savings Bank, Sla Mortgage Lending & HMDA Data, 2014
In 2014, Spencer Savings Bank, Sla of Elmwood Park, NJ reported 2,681 mortgage applications totaling $554.8 million, up 242% from 2013. The average application was for $206,941, and applicants reported an average income of $31,548. 17% of its applications resulted in an originated loan and 3% were denied. Its largest markets were New York-Jersey City-White Plains, NY-NJ (1,101), Newark, NJ-PA (713) and Trenton, NJ (310) (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 | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 |
| Total Number of Mortgage Applications | 2,681 |
| Total Mortgage Loan Application Amount | $554,809,000 |
| Average Mortgage Loan Application Amount | $206,941 |
| Highest Mortgage Loan Application Amount | $14,000,000 |
| Average Applicant Income | $31,548 |
| Highest Applicant Income | $1,200,000 |
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records Spencer Savings Bank, Sla filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| New York-Jersey City-White Plains, NY-NJ | 1,101 | $ 253,922,000 | $ 230,628 | $ 45,080 |
| Newark, NJ-PA | 713 | $ 133,738,000 | $ 187,570 | $ 43,876 |
| Trenton, NJ | 310 | $ 36,116,000 | $ 116,503 | $ 5,000 |
| Camden, NJ | 238 | $ 29,827,000 | $ 125,323 | $ 2,000 |
| Montgomery County-Bucks County-Chester County, PA | 96 | $ 37,047,000 | $ 385,906 | $ 0 |
| Atlantic City-Hammonton, NJ | 92 | $ 12,499,000 | $ 135,858 | $ 4,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 37 | $ 4,435,000 | $ 119,864 | $ 7,540 |
| Vineland-Bridgeton, NJ | 37 | $ 3,143,000 | $ 84,945 | $ 0 |
| Ocean City, NJ | 23 | $ 2,735,000 | $ 118,913 | $ 4,000 |
| Wilmington, DE-MD-NJ | 13 | $ 2,190,000 | $ 168,461 | $ 7,000 |
| East Stroudsburg, PA | 9 | $ 1,198,000 | $ 133,111 | $ 0 |
| Philadelphia, PA | 9 | $ 25,800,000 | $ 2,866,666 | $ 0 |
| Scranton--Wilkes-Barre--Hazleton, PA | 2 | $ 1,909,000 | $ 954,500 | $ 0 |
| Dutchess County-Putnam County, NY | 1 | $ 10,250,000 | $ 10,250,000 | $ 0 |
Mortgage Loan Application Detail Totals for Spencer Savings Bank, Sla in 2014
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 | 1,534 | $369,307,000 | $240,000 | $14,000,000 | $20,000 | $778,000 |
| Home Improvement | 765 | $73,104,000 | $95,000 | $800,000 | $40,000 | $1,200,000 |
| Home Purchase | 382 | $112,398,000 | $294,000 | $6,653,000 | $61,000 | $585,000 |
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 |
|---|---|---|---|---|---|---|
| Not applicable | 2,089 | $437,194,000 | $209,000 | $14,000,000 | $1,000 | $778,000 |
| White | 411 | $68,435,000 | $166,000 | $960,000 | $133,000 | $585,000 |
| Not Provided | 83 | $31,357,000 | $377,000 | $5,000,000 | $167,000 | $1,200,000 |
| Asian | 57 | $11,784,000 | $206,000 | $572,000 | $142,000 | $426,000 |
| Hispanic | 28 | $4,622,000 | $165,000 | $592,000 | $115,000 | $270,000 |
| Black or African American | 9 | $893,000 | $99,000 | $247,000 | $81,000 | $121,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $339,000 | $169,000 | $189,000 | $116,000 | $164,000 |
| American Indian or Alaskan Native | 2 | $185,000 | $92,000 | $150,000 | $155,000 | $228,000 |
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) | 2,681 | $554,809,000 | $206,000 | $14,000,000 | $31,000 | $1,200,000 |
| 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 Purchased By The Institution | 2,025 | $255,497,000 | $126,000 | $764,000 | $0 | $340,000 |
| Loan Originated | 446 | $235,762,000 | $528,000 | $14,000,000 | $126,000 | $778,000 |
| Application Denied By Financial Institution | 86 | $18,621,000 | $216,000 | $1,838,000 | $109,000 | $359,000 |
| Application Withdrawn By Applicant | 56 | $21,416,000 | $382,000 | $3,300,000 | $148,000 | $1,200,000 |
| File Closed For Incompleteness | 51 | $8,380,000 | $164,000 | $800,000 | $142,000 | $530,000 |
| Application Approved But Not Accepted | 17 | $15,133,000 | $890,000 | $9,875,000 | $113,000 | $405,000 |
| 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 | 43 | $5,819,000 | $135,000 | $900,000 | $78,000 | $314,000 |
| Collateral | 17 | $1,700,000 | $100,000 | $500,000 | $162,000 | $359,000 |
| Credit History | 12 | $3,779,000 | $314,000 | $620,000 | $145,000 | $244,000 |
| Other | 9 | $5,992,000 | $665,000 | $1,838,000 | $117,000 | $321,000 |
| Employment History | 1 | $190,000 | $190,000 | $190,000 | $56,000 | $56,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $825,000 | $825,000 | $825,000 | $281,000 | $281,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Spencer Savings Bank, Sla's 2014 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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