The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2007
In 2007, The Cit Group/Consumer Finance of Livingston, NJ reported 1,121 mortgage applications totaling $137.8 million, down 56% from 2006. The average application was for $122,938, and applicants reported an average income of $80,182. 31% of its applications resulted in an originated loan and 21% were denied. Its largest markets were Nashville-Davidson--Murfreesboro--Franklin, TN (425), Memphis, TN-MS-AR (164) and Chattanooga, TN-GA (144) (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 | 1,121 |
| Total Mortgage Loan Application Amount | $137,814,000 |
| Average Mortgage Loan Application Amount | $122,938 |
| Highest Mortgage Loan Application Amount | $959,000 |
| Average Applicant Income | $80,182 |
| Highest Applicant Income | $1,921,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Nashville-Davidson--Murfreesboro--Franklin, TN | 425 | $ 59,187,000 | $ 139,263 | $ 84,000 |
| Memphis, TN-MS-AR | 164 | $ 17,114,000 | $ 104,353 | $ 87,256 |
| Chattanooga, TN-GA | 144 | $ 17,141,000 | $ 119,034 | $ 96,145 |
| Knoxville, TN | 124 | $ 14,039,000 | $ 113,217 | $ 65,000 |
| Clarksville, TN-KY | 23 | $ 2,366,000 | $ 102,869 | $ 57,000 |
| Cleveland, TN | 23 | $ 2,132,000 | $ 92,695 | $ 57,000 |
| Kingsport-Bristol-Bristol, TN-VA | 13 | $ 2,328,000 | $ 179,076 | $ 140,769 |
| Morristown, TN | 13 | $ 1,665,000 | $ 128,076 | $ 58,000 |
| Jackson, TN | 11 | $ 1,518,000 | $ 138,000 | $ 91,000 |
| Johnson City, TN | 9 | $ 1,214,000 | $ 134,888 | $ 48,000 |
| Atlanta-Sandy Springs-Marietta, GA | 7 | $ 922,000 | $ 131,714 | $ 43,000 |
| Bowling Green, KY | 2 | $ 243,000 | $ 121,500 | $ 288,000 |
| St. Louis, MO-IL | 2 | $ 277,000 | $ 138,500 | $ 93,000 |
| Akron, OH | 1 | $ 93,000 | $ 93,000 | $ 51,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 210,000 | $ 210,000 | $ 77,000 |
| Indianapolis-Carmel, IN | 1 | $ 98,000 | $ 98,000 | $ 58,000 |
| Jacksonville, FL | 1 | $ 311,000 | $ 311,000 | $ 73,000 |
| Lexington-Fayette, KY | 1 | $ 82,000 | $ 82,000 | $ 54,000 |
| Louisville-Jefferson County, KY-IN | 1 | $ 78,000 | $ 78,000 | $ 35,000 |
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 |
|---|---|---|---|---|---|---|
| Refinancing | 600 | $76,587,000 | $127,000 | $791,000 | $80,000 | $1,921,000 |
| Home Purchase | 394 | $47,022,000 | $119,000 | $959,000 | $86,000 | $1,020,000 |
| Home Improvement | 127 | $14,205,000 | $111,000 | $432,000 | $63,000 | $271,000 |
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 | 568 | $73,223,000 | $128,000 | $959,000 | $89,000 | $1,921,000 |
| Black or African American | 337 | $34,444,000 | $102,000 | $537,000 | $63,000 | $420,000 |
| Not Provided | 177 | $24,059,000 | $135,000 | $798,000 | $67,000 | $480,000 |
| Hispanic | 22 | $3,462,000 | $157,000 | $494,000 | $153,000 | $504,000 |
| Asian | 15 | $2,341,000 | $156,000 | $356,000 | $171,000 | $1,020,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $285,000 | $142,000 | $240,000 | $117,000 | $117,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
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) | 1,121 | $137,814,000 | $122,000 | $959,000 | $80,000 | $1,921,000 |
| 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 | 348 | $39,722,000 | $114,000 | $700,000 | $78,000 | $732,000 |
| Application Withdrawn By Applicant | 273 | $36,814,000 | $134,000 | $881,000 | $84,000 | $744,000 |
| Application Approved But Not Accepted | 266 | $34,169,000 | $128,000 | $791,000 | $81,000 | $1,921,000 |
| Application Denied By Financial Institution | 234 | $27,109,000 | $115,000 | $959,000 | $78,000 | $744,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 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 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.
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