The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2006
In 2006, The Cit Group/Consumer Finance of Livingston, NJ reported 2,512 mortgage applications totaling $567.7 million, up 85% from 2005. The average application was for $225,984, and applicants reported an average income of $81,630. 24% of its applications resulted in an originated loan and 10% were denied. Its largest markets were New York-White Plains-Wayne, NY-NJ (959), Nassau-Suffolk, NY (803) and Buffalo-Niagara Falls, NY (190) (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 | 2,512 |
| Total Mortgage Loan Application Amount | $567,673,000 |
| Average Mortgage Loan Application Amount | $225,984 |
| Highest Mortgage Loan Application Amount | $975,000 |
| Average Applicant Income | $81,630 |
| Highest Applicant Income | $1,204,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 959 | $ 288,477,000 | $ 300,810 | $ 86,000 |
| Nassau-Suffolk, NY | 803 | $ 189,945,000 | $ 236,544 | $ 97,000 |
| Buffalo-Niagara Falls, NY | 190 | $ 13,811,000 | $ 72,689 | $ 67,000 |
| Poughkeepsie-Newburgh-Middletown, NY | 138 | $ 27,746,000 | $ 201,057 | $ 67,000 |
| Rochester, NY | 127 | $ 10,606,000 | $ 83,511 | $ 55,000 |
| Albany-Schenectady-Troy, NY | 89 | $ 11,617,000 | $ 130,528 | $ 33,000 |
| Kingston, NY | 32 | $ 5,043,000 | $ 157,593 | $ 51,000 |
| Syracuse, NY | 26 | $ 2,274,000 | $ 87,461 | $ 71,000 |
| Utica-Rome, NY | 17 | $ 1,650,000 | $ 97,058 | $ 77,000 |
| Glens Falls, NY | 10 | $ 1,096,000 | $ 109,600 | $ 43,000 |
| Binghamton, NY | 6 | $ 504,000 | $ 84,000 | $ 75,000 |
Mortgage Loan Application Detail Totals for The Cit Group/Consumer Finance in 2006
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 | 1,271 | $278,131,000 | $218,000 | $875,000 | $81,000 | $738,000 |
| Refinancing | 1,051 | $248,816,000 | $236,000 | $975,000 | $76,000 | $1,204,000 |
| Home Improvement | 190 | $40,726,000 | $214,000 | $680,000 | $117,000 | $1,067,000 |
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 |
|---|---|---|---|---|---|---|
| Not applicable | 710 | $194,661,000 | $274,000 | $875,000 | $0 | $0 |
| White | 546 | $102,771,000 | $188,000 | $975,000 | $126,000 | $1,067,000 |
| Black or African American | 460 | $112,130,000 | $243,000 | $645,000 | $107,000 | $732,000 |
| Not Provided | 433 | $70,697,000 | $163,000 | $720,000 | $102,000 | $1,032,000 |
| Hispanic | 288 | $70,182,000 | $243,000 | $764,000 | $118,000 | $1,204,000 |
| Asian | 51 | $12,010,000 | $235,000 | $503,000 | $127,000 | $339,000 |
| American Indian or Alaskan Native | 17 | $3,855,000 | $226,000 | $484,000 | $107,000 | $140,000 |
| Native Hawaiian or Other Pacific Islander | 7 | $1,367,000 | $195,000 | $424,000 | $97,000 | $151,000 |
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) | 2,512 | $567,673,000 | $225,000 | $975,000 | $81,000 | $1,204,000 |
| 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 | 710 | $194,661,000 | $274,000 | $875,000 | $0 | $0 |
| Application Withdrawn By Applicant | 613 | $137,156,000 | $223,000 | $764,000 | $124,000 | $1,204,000 |
| Loan Originated | 603 | $114,879,000 | $190,000 | $680,000 | $110,000 | $1,067,000 |
| Application Approved But Not Accepted | 343 | $63,964,000 | $186,000 | $608,000 | $104,000 | $738,000 |
| Application Denied By Financial Institution | 243 | $57,013,000 | $234,000 | $975,000 | $109,000 | $516,000 |
| 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 2006 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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