The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2003
In 2003, The Cit Group/Consumer Finance of Livingston, NJ reported 3,287 mortgage applications totaling $279.9 million. The average application was for $85,165, and applicants reported an average income of $52,097. 21% of its applications resulted in an originated loan and 27% were denied. Its largest markets were Nashville, TN (830), Knoxville, TN (562) and Chattanooga, TN-GA (397) (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 | 3,287 |
| Total Mortgage Loan Application Amount | $279,938,000 |
| Average Mortgage Loan Application Amount | $85,165 |
| Highest Mortgage Loan Application Amount | $1,142,000 |
| Average Applicant Income | $52,097 |
| Highest Applicant Income | $4,493,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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) | 2,187 | $191,219,000 | $100,333 | $1,142,000 | $46,500 | $912,000 |
| Home Purchase (one-to-four family) | 732 | $58,586,000 | $103,000 | $550,000 | $63,571 | $780,000 |
| Home Improvement (one-to-four family) | 368 | $30,133,000 | $84,333 | $468,000 | $1,530,000 | $4,493,000 |
| 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 | 1,885 | $157,538,000 | $111,000 | $1,142,000 | $56,571 | $768,000 |
| Information not provided by applicant in mail or telephone application | 1,068 | $94,469,000 | $102,181 | $926,000 | $46,818 | $912,000 |
| Black | 291 | $23,883,000 | $49,500 | $243,000 | $61,500 | $461,000 |
| Other | 19 | $1,849,000 | $103,000 | $182,000 | $50,666 | $216,000 |
| Hispanic | 14 | $1,301,000 | $85,333 | $189,000 | $1,521,666 | $4,493,000 |
| Asian or Pacific Islander | 8 | $754,000 | $94,000 | $240,000 | $56,000 | $120,000 |
| American Indian or Alaskan Native | 2 | $144,000 | $72,000 | $73,000 | $44,000 | $62,000 |
| 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) | 3,287 | $279,938,000 | $100,428 | $1,142,000 | $370,714 | $4,493,000 |
| 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 | 1,161 | $98,359,000 | $66,000 | $492,000 | $51,333 | $702,000 |
| Application Denied By Financial Institution | 880 | $69,208,000 | $76,000 | $517,000 | $36,625 | $480,000 |
| Loan Originated | 698 | $57,115,000 | $81,000 | $400,000 | $51,000 | $768,000 |
| Application Withdrawn By Applicant | 548 | $55,256,000 | $105,785 | $1,142,000 | $372,428 | $4,493,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The 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 | 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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