The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2007
In 2007, The Cit Group/Consumer Finance of Livingston, NJ reported 1,949 mortgage applications totaling $579.9 million, down 22% from 2006. The average application was for $297,553, and applicants reported an average income of $116,930. 21% of its applications resulted in an originated loan and 11% were denied. Its largest markets were New York-White Plains-Wayne, NY-NJ (878), Nassau-Suffolk, NY (671) and Buffalo-Niagara Falls, NY (103) (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 | 1,949 |
| Total Mortgage Loan Application Amount | $579,931,000 |
| Average Mortgage Loan Application Amount | $297,553 |
| Highest Mortgage Loan Application Amount | $1,250,000 |
| Average Applicant Income | $116,930 |
| Highest Applicant Income | $4,050,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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-White Plains-Wayne, NY-NJ | 878 | $ 330,962,000 | $ 376,949 | $ 126,000 |
| Nassau-Suffolk, NY | 671 | $ 196,237,000 | $ 292,454 | $ 129,000 |
| Buffalo-Niagara Falls, NY | 103 | $ 9,113,000 | $ 88,475 | $ 81,000 |
| Rochester, NY | 79 | $ 6,588,000 | $ 83,392 | $ 74,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 75 | $ 18,501,000 | $ 246,680 | $ 94,000 |
| Albany-Schenectady-Troy, NY | 43 | $ 6,249,000 | $ 145,325 | $ 64,000 |
| Utica-Rome, NY | 13 | $ 1,216,000 | $ 93,538 | $ 60,000 |
| Kingston, NY | 11 | $ 2,379,000 | $ 216,272 | $ 128,000 |
| Glens Falls, NY | 7 | $ 887,000 | $ 126,714 | $ 40,000 |
| Syracuse, NY | 5 | $ 486,000 | $ 97,200 | $ 57,000 |
| Binghamton, NY | 2 | $ 120,000 | $ 60,000 | $ 95,000 |
| Ithaca, NY | 1 | $ 218,000 | $ 218,000 | $ 82,000 |
Mortgage Loan Application Detail Totals for The Cit Group/Consumer Finance in 2007
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 | 1,028 | $295,351,000 | $287,000 | $1,250,000 | $126,000 | $4,050,000 |
| Refinancing | 810 | $253,846,000 | $313,000 | $1,000,000 | $105,000 | $1,520,000 |
| Home Improvement | 111 | $30,734,000 | $276,000 | $679,000 | $120,000 | $600,000 |
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 |
|---|---|---|---|---|---|---|
| Black or African American | 498 | $165,342,000 | $332,000 | $750,000 | $122,000 | $1,238,000 |
| White | 484 | $135,359,000 | $279,000 | $1,250,000 | $137,000 | $4,050,000 |
| Not Provided | 385 | $103,358,000 | $268,000 | $904,000 | $134,000 | $2,388,000 |
| Hispanic | 327 | $93,975,000 | $287,000 | $1,000,000 | $122,000 | $1,107,000 |
| Not applicable | 178 | $54,408,000 | $305,000 | $787,000 | $0 | $0 |
| Asian | 63 | $22,631,000 | $359,000 | $884,000 | $125,000 | $300,000 |
| American Indian or Alaskan Native | 8 | $2,760,000 | $345,000 | $520,000 | $129,000 | $156,000 |
| Native Hawaiian or Other Pacific Islander | 6 | $2,098,000 | $349,000 | $729,000 | $157,000 | $229,000 |
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) | 1,949 | $579,931,000 | $297,000 | $1,250,000 | $117,000 | $4,050,000 |
| 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 Withdrawn By Applicant | 895 | $298,892,000 | $333,000 | $1,000,000 | $139,000 | $1,520,000 |
| Loan Originated | 412 | $104,186,000 | $252,000 | $679,000 | $124,000 | $4,050,000 |
| Application Approved But Not Accepted | 244 | $58,933,000 | $241,000 | $732,000 | $119,000 | $2,388,000 |
| Application Denied By Financial Institution | 220 | $63,512,000 | $288,000 | $1,250,000 | $108,000 | $1,107,000 |
| Loan Purchased By The Institution | 178 | $54,408,000 | $305,000 | $787,000 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $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 2007 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
with aggregated HMDA statistics today.
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