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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| 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-Wayne-White Plains, NY-NJ | 671 | $ 227,586,000 | $ 339,174 | $ 121,000 |
| Nassau-Suffolk, NY | 322 | $ 80,718,000 | $ 250,677 | $ 138,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 63 | $ 10,681,000 | $ 169,539 | $ 71,000 |
| Albany-Schenectady-Troy, NY | 61 | $ 6,286,000 | $ 103,049 | $ 99,000 |
| Buffalo-Niagara Falls, NY | 22 | $ 1,691,000 | $ 76,863 | $ 22,000 |
| Kingston, NY | 20 | $ 2,808,000 | $ 140,400 | $ 72,000 |
| Syracuse, NY | 16 | $ 1,512,000 | $ 94,500 | $ 83,000 |
| Rochester, NY | 13 | $ 1,627,000 | $ 125,153 | $ 63,000 |
| Glens Falls, NY | 6 | $ 1,072,000 | $ 178,666 | $ 0 |
| Utica-Rome, NY | 6 | $ 415,000 | $ 69,166 | $ 20,000 |
| Binghamton, NY | 2 | $ 115,000 | $ 57,500 | $ 68,000 |
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.
For a list of all lenders in New Jersey, download the full spreadsheet
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