The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2007
In 2007, The Cit Group/Consumer Finance of Livingston, NJ reported 50,943 mortgage applications totaling $8.1 billion, down 43% from 2006. The average application was for $159,811, and applicants reported an average income of $81,173. 24% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Houston-Sugar Land-Baytown, TX (4,198), Chicago-Naperville-Joliet, IL (3,419) and Phoenix-Mesa-Scottsdale, AZ (1,666) (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 | 50,943 |
| Total Mortgage Loan Application Amount | $8,141,265,000 |
| Average Mortgage Loan Application Amount | $159,811 |
| Highest Mortgage Loan Application Amount | $12,350,000 |
| Average Applicant Income | $81,173 |
| Highest Applicant Income | $7,562,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Refinancing | 25,371 | $4,282,403,000 | $168,000 | $5,546,000 | $77,000 | $5,412,000 |
| Home Purchase | 22,652 | $3,399,914,000 | $150,000 | $12,350,000 | $86,000 | $7,562,000 |
| Home Improvement | 2,920 | $458,948,000 | $157,000 | $775,000 | $80,000 | $4,602,000 |
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 | 17,507 | $2,762,440,000 | $157,000 | $5,546,000 | $93,000 | $7,562,000 |
| Black or African American | 11,254 | $1,644,893,000 | $146,000 | $12,350,000 | $78,000 | $4,183,000 |
| Hispanic | 10,606 | $1,703,257,000 | $160,000 | $1,200,000 | $84,000 | $5,040,000 |
| Not Provided | 6,962 | $1,122,668,000 | $161,000 | $1,609,000 | $85,000 | $3,000,000 |
| Not applicable | 3,502 | $657,446,000 | $187,000 | $920,000 | $0 | $0 |
| Asian | 859 | $197,687,000 | $230,000 | $2,850,000 | $129,000 | $2,084,000 |
| Native Hawaiian or Other Pacific Islander | 142 | $30,946,000 | $217,000 | $699,000 | $169,000 | $4,067,000 |
| American Indian or Alaskan Native | 111 | $21,928,000 | $197,000 | $775,000 | $115,000 | $586,000 |
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) | 50,943 | $8,141,265,000 | $159,000 | $12,350,000 | $81,000 | $7,562,000 |
| 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 | 17,585 | $2,906,649,000 | $165,000 | $12,350,000 | $91,000 | $5,412,000 |
| Loan Originated | 12,139 | $1,745,729,000 | $143,000 | $850,000 | $84,000 | $7,562,000 |
| Application Approved But Not Accepted | 8,865 | $1,368,744,000 | $154,000 | $981,000 | $88,000 | $5,040,000 |
| Application Denied By Financial Institution | 8,852 | $1,462,697,000 | $165,000 | $3,230,000 | $83,000 | $2,132,000 |
| Loan Purchased By The Institution | 3,502 | $657,446,000 | $187,000 | $920,000 | $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
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