The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2003
In 2003, The Cit Group/Consumer Finance of Livingston, NJ reported 98,912 mortgage applications totaling $10.6 billion. The average application was for $107,623, and applicants reported an average income of $62,915. 22% of its applications resulted in an originated loan and 19% were denied. Its largest markets were Houston, TX (4,545), Pittsburgh, PA (2,760) and Denver, CO (2,439) (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 | 98,912 |
| Total Mortgage Loan Application Amount | $10,645,296,000 |
| Average Mortgage Loan Application Amount | $107,623 |
| Highest Mortgage Loan Application Amount | $2,655,000 |
| Average Applicant Income | $62,915 |
| Highest Applicant Income | $8,449,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
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) | 62,172 | $6,918,372,000 | $124,000 | $2,275,000 | $51,510 | $8,449,000 |
| Home Purchase (one-to-four family) | 23,093 | $2,268,719,000 | $101,250 | $2,655,000 | $73,863 | $2,880,000 |
| Home Improvement (one-to-four family) | 13,647 | $1,458,205,000 | $114,697 | $1,721,000 | $72,581 | $3,600,000 |
| 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 | 39,249 | $4,228,760,000 | $126,466 | $2,655,000 | $63,600 | $8,449,000 |
| Information not provided by applicant in mail or telephone application | 36,828 | $3,882,199,000 | $116,244 | $2,275,000 | $60,326 | $4,800,000 |
| Black | 12,347 | $1,172,595,000 | $101,025 | $1,431,000 | $55,475 | $1,880,000 |
| Hispanic | 6,874 | $812,960,000 | $110,075 | $1,750,000 | $53,750 | $2,100,000 |
| Asian or Pacific Islander | 1,516 | $260,261,000 | $153,187 | $1,440,000 | $82,906 | $2,292,000 |
| Other | 1,036 | $135,049,000 | $123,794 | $1,032,000 | $67,264 | $960,000 |
| Not applicable | 843 | $131,186,000 | $129,595 | $721,000 | $309 | $138,000 |
| American Indian or Alaskan Native | 219 | $22,286,000 | $111,153 | $694,000 | $63,692 | $448,000 |
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) | 98,912 | $10,645,296,000 | $119,551 | $2,655,000 | $57,836 | $8,449,000 |
| 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 Approved But Not Accepted | 36,906 | $3,661,577,000 | $104,674 | $739,000 | $66,441 | $2,011,000 |
| Loan Originated | 22,122 | $2,320,766,000 | $106,904 | $925,000 | $69,214 | $2,088,000 |
| Application Denied By Financial Institution | 18,662 | $1,906,933,000 | $114,711 | $2,655,000 | $66,044 | $4,200,000 |
| Application Withdrawn By Applicant | 17,088 | $2,085,356,000 | $128,702 | $2,275,000 | $76,085 | $8,449,000 |
| Loan Purchased By The Institution | 4,134 | $670,664,000 | $135,782 | $721,000 | $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.
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