The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2004
In 2004, The Cit Group/Consumer Finance of Livingston, NJ reported 1,249 mortgage applications totaling $339.9 million. The average application was for $272,131, and applicants reported an average income of $103,831. 11% of its applications resulted in an originated loan and 27% were denied. Its largest markets were New York-Wayne-White Plains, NY-NJ (671), Nassau-Suffolk, NY (322) and Poughkeepsie-Newburgh-Middletown, NY (63) (applications in parentheses).
| Mortgage Company & Address | The Cit Group/Consumer Finance 1 Cit Drive Livingston, NJ 07039 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 1,249 |
| Total Mortgage Loan Application Amount | $339,892,000 |
| Average Mortgage Loan Application Amount | $272,131 |
| Highest Mortgage Loan Application Amount | $3,640,000 |
| Average Applicant Income | $103,831 |
| Highest Applicant Income | $2,952,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Suffolk, New York | 194 | $ 44,181,000 | $ 227,737 | $ 133,000 |
| Kings, New York | 188 | $ 67,300,000 | $ 357,978 | $ 109,000 |
| Queens, New York | 178 | $ 62,345,000 | $ 350,252 | $ 113,000 |
| Nassau, New York | 129 | $ 36,829,000 | $ 285,496 | $ 143,000 |
| Westchester, New York | 128 | $ 41,252,000 | $ 322,281 | $ 144,000 |
| Bronx, New York | 86 | $ 29,527,000 | $ 343,337 | $ 84,000 |
| Richmond, New York | 46 | $ 12,284,000 | $ 267,043 | $ 118,000 |
| Orange, New York | 38 | $ 6,996,000 | $ 184,105 | $ 75,000 |
| Albany, New York | 29 | $ 2,790,000 | $ 96,206 | $ 132,000 |
| Dutchess, New York | 25 | $ 3,685,000 | $ 147,400 | $ 66,000 |
| Rockland, New York | 23 | $ 4,060,000 | $ 176,521 | $ 120,000 |
| Ulster, New York | 20 | $ 2,808,000 | $ 140,400 | $ 72,000 |
| Erie, New York | 16 | $ 1,278,000 | $ 79,875 | $ 24,000 |
| Onondaga, New York | 14 | $ 1,396,000 | $ 99,714 | $ 100,000 |
| Saratoga, New York | 14 | $ 1,910,000 | $ 136,428 | $ 60,000 |
| Putnam, New York | 12 | $ 2,767,000 | $ 230,583 | $ 142,000 |
| Monroe, New York | 11 | $ 1,474,000 | $ 134,000 | $ 69,000 |
| Schenectady, New York | 11 | $ 974,000 | $ 88,545 | $ 61,000 |
| New York, New York | 10 | $ 8,051,000 | $ 805,100 | $ 253,000 |
| Rensselaer, New York | 7 | $ 612,000 | $ 87,428 | $ 100,000 |
| Niagara, New York | 6 | $ 413,000 | $ 68,833 | $ 19,000 |
| Otsego, New York | 6 | $ 426,000 | $ 71,000 | $ 34,000 |
| Clinton, New York | 5 | $ 721,000 | $ 144,200 | $ 55,000 |
| Cayuga, New York | 4 | $ 373,000 | $ 93,250 | $ 21,000 |
| Greene, New York | 4 | $ 564,000 | $ 141,000 | $ 71,000 |
| Oneida, New York | 4 | $ 290,000 | $ 72,500 | $ 16,000 |
| Warren, New York | 4 | $ 723,000 | $ 180,750 | $ 0 |
| Essex, New York | 3 | $ 1,018,000 | $ 339,333 | $ 0 |
| Montgomery, New York | 3 | $ 179,000 | $ 59,666 | $ 0 |
| Steuben, New York | 3 | $ 133,000 | $ 44,333 | $ 73,000 |
| Sullivan, New York | 3 | $ 244,000 | $ 81,333 | $ 0 |
| Chautauqua, New York | 2 | $ 104,000 | $ 52,000 | $ 66,000 |
| Chenango, New York | 2 | $ 300,000 | $ 150,000 | $ 88,000 |
| Delaware, New York | 2 | $ 218,000 | $ 109,000 | $ 0 |
| Fulton, New York | 2 | $ 117,000 | $ 58,500 | $ 19,000 |
| Herkimer, New York | 2 | $ 125,000 | $ 62,500 | $ 25,000 |
| Jefferson, New York | 2 | $ 118,000 | $ 59,000 | $ 80,000 |
| Seneca, New York | 2 | $ 296,000 | $ 148,000 | $ 0 |
| Washington, New York | 2 | $ 349,000 | $ 174,500 | $ 0 |
| Broome, New York | 1 | $ 71,000 | $ 71,000 | $ 104,000 |
| Columbia, New York | 1 | $ 63,000 | $ 63,000 | $ 0 |
| Cortland, New York | 1 | $ 121,000 | $ 121,000 | $ 74,000 |
| Hamilton, New York | 1 | $ 94,000 | $ 94,000 | $ 55,000 |
| Madison, New York | 1 | $ 66,000 | $ 66,000 | $ 70,000 |
| Ontario, New York | 1 | $ 90,000 | $ 90,000 | $ 100,000 |
| Orleans, New York | 1 | $ 63,000 | $ 63,000 | $ 0 |
| Oswego, New York | 1 | $ 50,000 | $ 50,000 | $ 0 |
| Tioga, New York | 1 | $ 44,000 | $ 44,000 | $ 33,000 |
Mortgage Loan Application Detail Totals for The Cit Group/Consumer Finance in 2004
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 | 680 | $191,281,000 | $281,000 | $846,000 | $84,000 | $636,000 |
| Refinancing | 350 | $79,971,000 | $228,000 | $3,640,000 | $136,000 | $2,952,000 |
| Home Improvement | 219 | $68,640,000 | $313,000 | $775,000 | $114,000 | $1,800,000 |
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 | 412 | $98,023,000 | $237,000 | $3,640,000 | $118,000 | $1,087,000 |
| Not applicable | 281 | $70,484,000 | $250,000 | $650,000 | $8,000 | $300,000 |
| Black or African American | 209 | $61,204,000 | $292,000 | $744,000 | $102,000 | $2,952,000 |
| Not Provided | 188 | $52,187,000 | $277,000 | $900,000 | $124,000 | $1,800,000 |
| Hispanic | 100 | $34,610,000 | $346,000 | $689,000 | $103,000 | $360,000 |
| Asian | 42 | $16,777,000 | $399,000 | $760,000 | $107,000 | $440,000 |
| Native Hawaiian or Other Pacific Islander | 11 | $4,054,000 | $368,000 | $645,000 | $174,000 | $882,000 |
| American Indian or Alaskan Native | 6 | $2,553,000 | $425,000 | $535,000 | $97,000 | $147,000 |
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) | 1,249 | $339,892,000 | $272,000 | $3,640,000 | $107,000 | $2,952,000 |
| 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 | 344 | $83,361,000 | $242,000 | $650,000 | $0 | $0 |
| Application Denied By Financial Institution | 334 | $100,700,000 | $301,000 | $3,640,000 | $134,000 | $2,952,000 |
| Application Approved But Not Accepted | 249 | $68,380,000 | $274,000 | $733,000 | $112,000 | $552,000 |
| Application Withdrawn By Applicant | 183 | $54,421,000 | $297,000 | $1,280,000 | $132,000 | $1,800,000 |
| Loan Originated | 139 | $33,030,000 | $237,000 | $739,000 | $116,000 | $497,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 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 2004 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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