The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2005
In 2005, The Cit Group/Consumer Finance of Livingston, NJ reported 82,389 mortgage applications totaling $10.2 billion, down 4% from 2004. The average application was for $123,441, and applicants reported an average income of $61,561. 25% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Houston-Baytown-Sugar Land, TX (3,404), Chicago-Naperville-Joliet, IL (2,547) and Atlanta-Sandy Springs-Marietta, GA (2,364) (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 | 82,389 |
| Total Mortgage Loan Application Amount | $10,170,215,000 |
| Average Mortgage Loan Application Amount | $123,441 |
| Highest Mortgage Loan Application Amount | $2,700,000 |
| Average Applicant Income | $61,561 |
| Highest Applicant Income | $5,021,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2005
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 | 38,369 | $4,875,480,000 | $124,687 | $1,483,000 | $36,229 | $2,058,000 |
| Refinancing | 33,222 | $3,823,829,000 | $122,717 | $2,700,000 | $67,608 | $5,021,000 |
| Home Improvement | 10,798 | $1,470,906,000 | $143,642 | $990,000 | $66,904 | $2,473,000 |
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 | 32,430 | $3,675,296,000 | $126,673 | $1,741,000 | $56,217 | $5,021,000 |
| Not applicable | 16,127 | $2,605,284,000 | $134,312 | $973,000 | $0 | $0 |
| Not Provided | 13,249 | $1,494,202,000 | $114,023 | $1,493,000 | $71,285 | $2,234,000 |
| Black or African American | 12,434 | $1,335,834,000 | $124,615 | $2,700,000 | $59,846 | $2,915,000 |
| Hispanic | 6,693 | $821,818,000 | $145,527 | $2,500,000 | $69,888 | $1,885,000 |
| Asian | 1,094 | $192,960,000 | $144,848 | $788,000 | $71,151 | $3,485,000 |
| Native Hawaiian or Other Pacific Islander | 186 | $25,808,000 | $143,920 | $800,000 | $82,160 | $408,000 |
| American Indian or Alaskan Native | 176 | $19,013,000 | $136,040 | $442,000 | $62,440 | $306,000 |
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) | 82,389 | $10,170,215,000 | $125,571 | $2,700,000 | $49,448 | $5,021,000 |
| 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 Originated | 20,730 | $2,346,112,000 | $117,750 | $990,000 | $69,350 | $3,485,000 |
| Application Approved But Not Accepted | 20,724 | $2,287,828,000 | $116,358 | $1,074,000 | $67,846 | $5,021,000 |
| Loan Purchased By The Institution | 18,232 | $2,919,699,000 | $134,958 | $973,000 | $0 | $0 |
| Application Withdrawn By Applicant | 12,624 | $1,540,508,000 | $143,755 | $2,700,000 | $82,022 | $2,915,000 |
| Application Denied By Financial Institution | 10,079 | $1,076,068,000 | $123,142 | $1,741,000 | $65,285 | $2,234,000 |
| 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 2005 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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