The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2004
In 2004, The Cit Group/Consumer Finance of Livingston, NJ reported 2,874 mortgage applications totaling $256.9 million. The average application was for $89,392, and applicants reported an average income of $52,044. 23% of its applications resulted in an originated loan and 25% were denied. Its largest markets were Nashville-Davidson--Murfreesboro, TN (774), Chattanooga, TN-GA (375) and Knoxville, TN (367) (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 | 2,874 |
| Total Mortgage Loan Application Amount | $256,915,000 |
| Average Mortgage Loan Application Amount | $89,392 |
| Highest Mortgage Loan Application Amount | $2,550,000 |
| Average Applicant Income | $52,044 |
| Highest Applicant Income | $3,600,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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, TN | 774 | $ 89,242,000 | $ 115,299 | $ 67,000 |
| Chattanooga, TN-GA | 375 | $ 32,162,000 | $ 85,765 | $ 57,000 |
| Knoxville, TN | 367 | $ 32,108,000 | $ 87,487 | $ 63,000 |
| Memphis, TN-MS-AR | 247 | $ 20,582,000 | $ 83,327 | $ 58,000 |
| Cleveland, TN | 100 | $ 7,759,000 | $ 77,590 | $ 43,000 |
| Morristown, TN | 83 | $ 5,713,000 | $ 68,831 | $ 37,000 |
| Kingsport-Bristol-Bristol, TN-VA | 58 | $ 4,432,000 | $ 76,413 | $ 48,000 |
| Jackson, TN | 44 | $ 3,066,000 | $ 69,681 | $ 43,000 |
| Johnson City, TN | 40 | $ 3,234,000 | $ 80,850 | $ 39,000 |
| Clarksville, TN-KY | 37 | $ 3,065,000 | $ 82,837 | $ 54,000 |
| Bowling Green, KY | 5 | $ 386,000 | $ 77,200 | $ 35,000 |
| Chicago-Naperville-Joliet, IL | 4 | $ 852,000 | $ 213,000 | $ 115,000 |
| Dalton, GA | 3 | $ 253,000 | $ 84,333 | $ 33,000 |
| Atlanta-Sandy Springs-Marietta, GA | 2 | $ 189,000 | $ 94,500 | $ 55,000 |
| Asheville, NC | 1 | $ 104,000 | $ 104,000 | $ 62,000 |
| Baton Rouge, LA | 1 | $ 82,000 | $ 82,000 | $ 42,000 |
| Birmingham-Hoover, AL | 1 | $ 149,000 | $ 149,000 | $ 87,000 |
| Burlington, NC | 1 | $ 89,000 | $ 89,000 | $ 54,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 1 | $ 59,000 | $ 59,000 | $ 37,000 |
| Fayetteville-Springdale-Rogers, AR-MO | 1 | $ 80,000 | $ 80,000 | $ 25,000 |
| Fort Walton Beach-Crestview-Destin, FL | 1 | $ 56,000 | $ 56,000 | $ 67,000 |
| Hinesville-Fort Stewart, GA | 1 | $ 83,000 | $ 83,000 | $ 41,000 |
| Jacksonville, NC | 1 | $ 59,000 | $ 59,000 | $ 36,000 |
| Los Angeles-Long Beach-Glendale, CA | 1 | $ 50,000 | $ 50,000 | $ 50,000 |
| Louisville, KY-IN | 1 | $ 170,000 | $ 170,000 | $ 32,000 |
| Montgomery, AL | 1 | $ 50,000 | $ 50,000 | $ 90,000 |
| Napa, CA | 1 | $ 115,000 | $ 115,000 | $ 144,000 |
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 |
|---|---|---|---|---|---|---|
| Refinancing | 1,657 | $155,318,000 | $86,300 | $2,550,000 | $62,700 | $3,600,000 |
| Home Purchase | 905 | $73,466,000 | $106,600 | $641,000 | $51,700 | $900,000 |
| Home Improvement | 312 | $28,131,000 | $97,333 | $581,000 | $44,333 | $504,000 |
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 | 1,803 | $163,081,000 | $76,111 | $2,550,000 | $46,555 | $3,600,000 |
| Not Provided | 664 | $60,297,000 | $99,100 | $581,000 | $56,600 | $496,000 |
| Black or African American | 331 | $27,175,000 | $116,000 | $480,000 | $64,000 | $438,000 |
| Hispanic | 47 | $4,014,000 | $85,000 | $168,000 | $69,000 | $312,000 |
| Asian | 22 | $1,553,000 | $70,000 | $215,000 | $86,000 | $240,000 |
| American Indian or Alaskan Native | 4 | $563,000 | $140,000 | $228,000 | $71,000 | $156,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $232,000 | $77,000 | $98,000 | $149,000 | $213,000 |
| Not applicable | 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) | 2,874 | $256,915,000 | $90,750 | $2,550,000 | $58,250 | $3,600,000 |
| 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 Approved But Not Accepted | 1,065 | $94,143,000 | $101,500 | $653,000 | $98,000 | $1,320,000 |
| Application Denied By Financial Institution | 729 | $58,865,000 | $79,400 | $480,000 | $44,600 | $360,000 |
| Loan Originated | 652 | $56,151,000 | $86,000 | $494,000 | $58,000 | $1,194,000 |
| Application Withdrawn By Applicant | 428 | $47,756,000 | $91,090 | $2,550,000 | $53,727 | $3,600,000 |
| 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 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.
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