Summit Mortgage, LLC Mortgage Lending & HMDA Data, 2006
In 2006, Summit Mortgage, LLC of Wakefield, MA reported 2,987 mortgage applications totaling $728.8 million, down 5% from 2005. The average application was for $243,983, and applicants reported an average income of $149,480. 91% of its applications resulted in an originated loan and 1% were denied. Its largest markets were Boston-Quincy, MA (1,180), Cambridge-Newton-Framingham, MA (638) and Essex County, MA (316) (applications in parentheses).
| Mortgage Company & Address | Summit Mortgage, LLC 301 Edgewater Place #310 Wakefield, MA 01880 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 |
| Total Number of Mortgage Applications | 2,987 |
| Total Mortgage Loan Application Amount | $728,778,000 |
| Average Mortgage Loan Application Amount | $243,983 |
| Highest Mortgage Loan Application Amount | $1,680,000 |
| Average Applicant Income | $149,480 |
| Highest Applicant Income | $1,971,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Summit Mortgage, LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Middlesex, Massachusetts | 638 | $ 167,536,000 | $ 262,595 | $ 151,000 |
| Suffolk, Massachusetts | 626 | $ 148,824,000 | $ 237,738 | $ 153,000 |
| Norfolk, Massachusetts | 333 | $ 89,912,000 | $ 270,006 | $ 137,000 |
| Essex, Massachusetts | 316 | $ 66,603,000 | $ 210,768 | $ 115,000 |
| Plymouth, Massachusetts | 221 | $ 54,578,000 | $ 246,959 | $ 139,000 |
| Worcester, Massachusetts | 124 | $ 23,270,000 | $ 187,661 | $ 105,000 |
| Bristol, Massachusetts | 115 | $ 21,038,000 | $ 182,939 | $ 102,000 |
| Barnstable, Massachusetts | 87 | $ 25,262,000 | $ 290,367 | $ 171,000 |
| Collier, Florida | 78 | $ 25,610,000 | $ 328,333 | $ 340,000 |
| Palm Beach, Florida | 67 | $ 18,493,000 | $ 276,014 | $ 173,000 |
| Miami-Dade, Florida | 39 | $ 8,975,000 | $ 230,128 | $ 156,000 |
| Providence, Rhode Island | 36 | $ 8,881,000 | $ 246,694 | $ 108,000 |
| Lee, Florida | 35 | $ 8,578,000 | $ 245,085 | $ 248,000 |
| Rockingham, New Hampshire | 23 | $ 5,066,000 | $ 220,260 | $ 125,000 |
| Broward, Florida | 22 | $ 6,201,000 | $ 281,863 | $ 233,000 |
| Hillsborough, New Hampshire | 21 | $ 3,423,000 | $ 163,000 | $ 94,000 |
| York, Maine | 12 | $ 1,954,000 | $ 162,833 | $ 155,000 |
| St. Lucie, Florida | 11 | $ 1,449,000 | $ 131,727 | $ 90,000 |
| Fairfield, Connecticut | 10 | $ 3,688,000 | $ 368,800 | $ 206,000 |
| Kent, Rhode Island | 10 | $ 1,862,000 | $ 186,200 | $ 152,000 |
| Hampden, Massachusetts | 8 | $ 971,000 | $ 121,375 | $ 64,000 |
| Hampshire, Massachusetts | 8 | $ 1,432,000 | $ 179,000 | $ 98,000 |
| Newport, Rhode Island | 7 | $ 1,759,000 | $ 251,285 | $ 158,000 |
| Windsor, Vermont | 7 | $ 1,161,000 | $ 165,857 | $ 190,000 |
| Cumberland, Maine | 6 | $ 1,164,000 | $ 194,000 | $ 161,000 |
| Strafford, New Hampshire | 6 | $ 943,000 | $ 157,166 | $ 128,000 |
| Washington, Rhode Island | 6 | $ 1,765,000 | $ 294,166 | $ 167,000 |
| Chittenden, Vermont | 5 | $ 1,662,000 | $ 332,400 | $ 98,000 |
| San Francisco, California | 4 | $ 1,812,000 | $ 453,000 | $ 163,000 |
| Hartford, Connecticut | 4 | $ 642,000 | $ 160,500 | $ 118,000 |
| Middlesex, Connecticut | 4 | $ 876,000 | $ 219,000 | $ 102,000 |
| Somerset, Maine | 4 | $ 348,000 | $ 87,000 | $ 125,000 |
| Caledonia, Vermont | 4 | $ 428,000 | $ 107,000 | $ 128,000 |
| Adams, Colorado | 3 | $ 430,000 | $ 143,333 | $ 98,000 |
| Hillsborough, Florida | 3 | $ 669,000 | $ 223,000 | $ 297,000 |
| Marion, Florida | 3 | $ 1,165,000 | $ 388,333 | $ 178,000 |
| Polk, Florida | 3 | $ 337,000 | $ 112,333 | $ 182,000 |
| Sarasota, Florida | 3 | $ 960,000 | $ 320,000 | $ 178,000 |
| Oxford, Maine | 3 | $ 366,000 | $ 122,000 | $ 165,000 |
| Belknap, New Hampshire | 3 | $ 824,000 | $ 274,666 | $ 322,000 |
| Carroll, New Hampshire | 3 | $ 584,000 | $ 194,666 | $ 556,000 |
| Washington, Vermont | 3 | $ 331,000 | $ 110,333 | $ 105,000 |
| Arlington, Virginia | 3 | $ 1,593,000 | $ 531,000 | $ 656,000 |
| Marin, California | 2 | $ 1,251,000 | $ 625,500 | $ 113,000 |
| District of Columbia, District Of Columbia | 2 | $ 394,000 | $ 197,000 | $ 135,000 |
| Brevard, Florida | 2 | $ 275,000 | $ 137,500 | $ 58,000 |
| Citrus, Florida | 2 | $ 375,000 | $ 187,500 | $ 84,000 |
| Manatee, Florida | 2 | $ 250,000 | $ 125,000 | $ 120,000 |
| Martin, Florida | 2 | $ 152,000 | $ 76,000 | $ 40,000 |
| Pinellas, Florida | 2 | $ 205,000 | $ 102,500 | $ 90,000 |
| Kent, Maryland | 2 | $ 234,000 | $ 117,000 | $ 91,000 |
| Berkshire, Massachusetts | 2 | $ 392,000 | $ 196,000 | $ 167,000 |
| Franklin, Massachusetts | 2 | $ 435,000 | $ 217,500 | $ 81,000 |
| Nantucket, Massachusetts | 2 | $ 512,000 | $ 256,000 | $ 155,000 |
| Grafton, New Hampshire | 2 | $ 536,000 | $ 268,000 | $ 177,000 |
| Aiken, South Carolina | 2 | $ 229,000 | $ 114,500 | $ 100,000 |
| Charleston, South Carolina | 2 | $ 400,000 | $ 200,000 | $ 176,000 |
| Orange, Vermont | 2 | $ 185,000 | $ 92,500 | $ 39,000 |
| Rutland, Vermont | 2 | $ 446,000 | $ 223,000 | $ 106,000 |
| Bath, Virginia | 2 | $ 1,812,000 | $ 906,000 | $ 937,000 |
| James City, Virginia | 2 | $ 298,000 | $ 149,000 | $ 88,000 |
| Snohomish, Washington | 2 | $ 343,000 | $ 171,500 | $ 102,000 |
| Yavapai, Arizona | 1 | $ 175,000 | $ 175,000 | $ 404,000 |
| Alameda, California | 1 | $ 561,000 | $ 561,000 | $ 130,000 |
| Los Angeles, California | 1 | $ 437,000 | $ 437,000 | $ 118,000 |
| San Benito, California | 1 | $ 1,500,000 | $ 1,500,000 | $ 480,000 |
| Denver, Colorado | 1 | $ 129,000 | $ 129,000 | $ 97,000 |
| New London, Connecticut | 1 | $ 140,000 | $ 140,000 | $ 41,000 |
| Tolland, Connecticut | 1 | $ 170,000 | $ 170,000 | $ 66,000 |
| Windham, Connecticut | 1 | $ 225,000 | $ 225,000 | $ 164,000 |
| Charlotte, Florida | 1 | $ 139,000 | $ 139,000 | $ 48,000 |
| Leon, Florida | 1 | $ 100,000 | $ 100,000 | $ 19,000 |
| Orange, Florida | 1 | $ 217,000 | $ 217,000 | $ 63,000 |
| Androscoggin, Maine | 1 | $ 156,000 | $ 156,000 | $ 92,000 |
| Lincoln, Maine | 1 | $ 1,000,000 | $ 1,000,000 | $ 345,000 |
| Coos, New Hampshire | 1 | $ 260,000 | $ 260,000 | $ 1,362,000 |
| Merrimack, New Hampshire | 1 | $ 212,000 | $ 212,000 | $ 89,000 |
| Beaufort, South Carolina | 1 | $ 194,000 | $ 194,000 | $ 66,000 |
| Oconee, South Carolina | 1 | $ 176,000 | $ 176,000 | $ 88,000 |
| Essex, Vermont | 1 | $ 104,000 | $ 104,000 | $ 62,000 |
| Lamoille, Vermont | 1 | $ 184,000 | $ 184,000 | $ 66,000 |
| Orleans, Vermont | 1 | $ 113,000 | $ 113,000 | $ 199,000 |
| Chesapeake, Virginia | 1 | $ 201,000 | $ 201,000 | $ 36,000 |
Mortgage Loan Application Detail Totals for Summit Mortgage, LLC in 2006
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 | 1,919 | $455,081,000 | $237,000 | $1,680,000 | $152,000 | $1,971,000 |
| Refinancing | 1,067 | $273,342,000 | $256,000 | $1,560,000 | $145,000 | $1,288,000 |
| Home Improvement | 1 | $355,000 | $355,000 | $355,000 | $96,000 | $96,000 |
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 | 2,586 | $635,053,000 | $245,000 | $1,560,000 | $153,000 | $1,971,000 |
| Not Provided | 174 | $41,428,000 | $238,000 | $1,410,000 | $128,000 | $755,000 |
| Hispanic | 91 | $20,634,000 | $226,000 | $817,000 | $118,000 | $360,000 |
| Asian | 67 | $17,928,000 | $267,000 | $1,680,000 | $127,000 | $734,000 |
| Black or African American | 61 | $11,422,000 | $187,000 | $692,000 | $104,000 | $419,000 |
| Native Hawaiian or Other Pacific Islander | 4 | $734,000 | $183,000 | $364,000 | $110,000 | $143,000 |
| American Indian or Alaskan Native | 4 | $1,579,000 | $394,000 | $750,000 | $408,000 | $900,000 |
| 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) | 2,970 | $725,320,000 | $244,000 | $1,680,000 | $149,000 | $1,971,000 |
| FHA-insured (Federal Housing Administration) | 16 | $3,169,000 | $198,000 | $342,000 | $142,000 | $418,000 |
| VA-guaranteed (Veterans Administration) | 1 | $289,000 | $289,000 | $289,000 | $73,000 | $73,000 |
| 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 | 2,730 | $663,325,000 | $242,000 | $1,680,000 | $149,000 | $1,971,000 |
| Application Withdrawn By Applicant | 120 | $29,314,000 | $244,000 | $1,350,000 | $141,000 | $900,000 |
| Application Approved But Not Accepted | 88 | $22,215,000 | $252,000 | $980,000 | $164,000 | $1,055,000 |
| File Closed For Incompleteness | 27 | $6,877,000 | $254,000 | $1,000,000 | $135,000 | $450,000 |
| Application Denied By Financial Institution | 20 | $6,706,000 | $335,000 | $1,500,000 | $141,000 | $480,000 |
| Loan Purchased By The Institution | 2 | $341,000 | $170,000 | $284,000 | $139,000 | $174,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 6 | $2,392,000 | $398,000 | $1,500,000 | $157,000 | $480,000 |
| Debt-To-Income Ratio | 4 | $1,142,000 | $285,000 | $434,000 | $90,000 | $126,000 |
| Unverifiable Information | 3 | $835,000 | $278,000 | $395,000 | $129,000 | $161,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $761,000 | $380,000 | $676,000 | $226,000 | $226,000 |
| Credit History | 1 | $239,000 | $239,000 | $239,000 | $72,000 | $72,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Summit Mortgage, LLC's 2006 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 Summit Mortgage, LLC'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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