The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2003
In 2003, The Cit Group/Consumer Finance of Livingston, NJ reported 1,238 mortgage applications totaling $212.8 million. The average application was for $171,905, and applicants reported an average income of $96,545. 16% of its applications resulted in an originated loan and 29% were denied. Its largest markets were New York, NY (559), Nassau-Suffolk, NY (299) and Albany-Schenectady-Troy, NY (103) (applications in parentheses).
| Mortgage Company & Address | The Cit Group/Consumer Finance 650 Cit Drive Livingston, NJ 07039 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2003 |
| Total Number of Mortgage Applications | 1,238 |
| Total Mortgage Loan Application Amount | $212,819,000 |
| Average Mortgage Loan Application Amount | $171,905 |
| Highest Mortgage Loan Application Amount | $980,000 |
| Average Applicant Income | $96,545 |
| Highest Applicant Income | $1,740,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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, NY | 559 | $ 120,736,000 | $ 215,985 | $ 108,000 |
| Nassau-Suffolk, NY | 299 | $ 47,165,000 | $ 157,742 | $ 134,000 |
| Albany-Schenectady-Troy, NY | 103 | $ 9,063,000 | $ 87,990 | $ 76,000 |
| Newburgh, NY-PA | 57 | $ 8,480,000 | $ 148,771 | $ 90,000 |
| Dutchess County, NY | 56 | $ 7,986,000 | $ 142,607 | $ 95,000 |
| Buffalo-Niagara Falls, NY | 30 | $ 2,518,000 | $ 83,933 | $ 38,000 |
| Glens Falls, NY | 13 | $ 2,478,000 | $ 190,615 | $ 71,000 |
| Syracuse, NY | 13 | $ 1,021,000 | $ 78,538 | $ 63,000 |
| Rochester, NY | 11 | $ 859,000 | $ 78,090 | $ 30,000 |
| Jamestown, NY | 3 | $ 405,000 | $ 135,000 | $ 44,000 |
| Allentown-Bethlehem-Easton, PA | 1 | $ 88,000 | $ 88,000 | $ 37,000 |
| Binghamton, NY | 1 | $ 48,000 | $ 48,000 | $ 0 |
Mortgage Loan Application Detail Totals for The Cit Group/Consumer Finance in 2003
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 (home purchase or home improvement, one-to-four family) | 629 | $111,322,000 | $176,000 | $980,000 | $76,666 | $889,000 |
| Home Purchase (one-to-four family) | 315 | $54,200,000 | $178,500 | $805,000 | $99,500 | $610,000 |
| Home Improvement (one-to-four family) | 294 | $47,297,000 | $160,000 | $850,000 | $123,000 | $1,740,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 0 | $0 | $0 | $0 | $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 | 469 | $72,980,000 | $150,500 | $980,000 | $96,500 | $1,740,000 |
| Information not provided by applicant in mail or telephone application | 465 | $85,684,000 | $198,333 | $900,000 | $84,333 | $1,260,000 |
| Black | 152 | $24,497,000 | $161,000 | $616,000 | $90,000 | $420,000 |
| Hispanic | 79 | $16,246,000 | $205,000 | $743,000 | $90,000 | $307,000 |
| Not applicable | 30 | $4,676,000 | $155,000 | $532,000 | $0 | $0 |
| Asian or Pacific Islander | 22 | $5,459,000 | $248,000 | $465,000 | $112,000 | $375,000 |
| Other | 20 | $3,001,000 | $150,000 | $417,000 | $149,000 | $780,000 |
| American Indian or Alaskan Native | 1 | $276,000 | $276,000 | $276,000 | $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) | 1,238 | $212,819,000 | $158,666 | $980,000 | $78,000 | $1,740,000 |
| 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 359 | $56,166,000 | $156,000 | $900,000 | $111,000 | $1,740,000 |
| Application Approved But Not Accepted | 325 | $55,826,000 | $210,500 | $620,000 | $101,000 | $519,000 |
| Application Withdrawn By Applicant | 260 | $54,359,000 | $164,333 | $850,000 | $84,666 | $889,000 |
| Loan Originated | 194 | $27,349,000 | $140,000 | $980,000 | $109,000 | $446,000 |
| Loan Purchased By The Institution | 100 | $19,119,000 | $191,000 | $544,000 | $0 | $0 |
| File Closed For Incompleteness | 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 | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into The Cit Group/Consumer Finance's 2003 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 The Cit Group/Consumer Finance'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.
For a list of all lenders in New Jersey, download the full spreadsheet
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