The Cit Group/Consumer Finance Mortgage Lending & HMDA Data, 2006
In 2006, The Cit Group/Consumer Finance of Livingston, NJ reported 2,532 mortgage applications totaling $237.7 million, up 11% from 2005. The average application was for $93,888, and applicants reported an average income of $70,532. 38% of its applications resulted in an originated loan and 25% were denied. Its largest markets were Nashville-Davidson--Murfreesboro, TN (716), Knoxville, TN (412) and Chattanooga, TN-GA (279) (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 | 2,532 |
| Total Mortgage Loan Application Amount | $237,726,000 |
| Average Mortgage Loan Application Amount | $93,888 |
| Highest Mortgage Loan Application Amount | $1,460,000 |
| Average Applicant Income | $70,532 |
| Highest Applicant Income | $9,999,000 |
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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 716 | $ 74,666,000 | $ 104,282 | $ 68,000 |
| Knoxville, TN | 412 | $ 38,510,000 | $ 93,470 | $ 56,000 |
| Chattanooga, TN-GA | 279 | $ 26,136,000 | $ 93,677 | $ 142,666 |
| Memphis, TN-MS-AR | 267 | $ 28,713,000 | $ 107,539 | $ 61,966 |
| Morristown, TN | 60 | $ 6,308,000 | $ 105,133 | $ 50,000 |
| Jackson, TN | 53 | $ 3,694,000 | $ 69,698 | $ 56,000 |
| Clarksville, TN-KY | 52 | $ 4,377,000 | $ 84,173 | $ 73,346 |
| Johnson City, TN | 45 | $ 3,233,000 | $ 71,844 | $ 59,000 |
| Kingsport-Bristol-Bristol, TN-VA | 44 | $ 3,505,000 | $ 79,659 | $ 51,000 |
| Cleveland, TN | 33 | $ 2,471,000 | $ 74,878 | $ 48,000 |
| Atlanta-Sandy Springs-Marietta, GA | 4 | $ 694,000 | $ 173,500 | $ 52,000 |
| Bowling Green, KY | 3 | $ 209,000 | $ 69,666 | $ 79,000 |
| Indianapolis-Carmel, IN | 2 | $ 206,000 | $ 103,000 | $ 46,000 |
| Lakeland, FL | 2 | $ 180,000 | $ 90,000 | $ 76,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 2 | $ 617,000 | $ 308,500 | $ 206,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 94,000 | $ 94,000 | $ 114,000 |
| Fort Smith, AR-OK | 1 | $ 67,000 | $ 67,000 | $ 19,000 |
| Jacksonville, FL | 1 | $ 159,000 | $ 159,000 | $ 61,000 |
| Los Angeles-Long Beach-Glendale, CA | 1 | $ 160,000 | $ 160,000 | $ 62,000 |
| Miami-Miami Beach-Kendall, FL | 1 | $ 279,000 | $ 279,000 | $ 84,000 |
| Toledo, OH | 1 | $ 106,000 | $ 106,000 | $ 60,000 |
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 |
|---|---|---|---|---|---|---|
| Refinancing | 1,240 | $124,498,000 | $100,000 | $1,460,000 | $65,000 | $2,313,000 |
| Home Purchase | 1,052 | $90,175,000 | $85,000 | $1,104,000 | $79,000 | $9,999,000 |
| Home Improvement | 240 | $23,053,000 | $96,000 | $810,000 | $62,000 | $1,296,000 |
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 | 1,527 | $142,835,000 | $93,000 | $1,460,000 | $78,000 | $9,999,000 |
| Black or African American | 513 | $45,464,000 | $88,000 | $976,000 | $51,000 | $304,000 |
| Not Provided | 433 | $41,427,000 | $95,000 | $706,000 | $62,000 | $1,296,000 |
| Hispanic | 40 | $6,161,000 | $154,000 | $1,103,000 | $102,000 | $540,000 |
| Asian | 14 | $1,369,000 | $97,000 | $192,000 | $104,000 | $192,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $297,000 | $99,000 | $172,000 | $46,000 | $48,000 |
| American Indian or Alaskan Native | 2 | $173,000 | $86,000 | $100,000 | $115,000 | $144,000 |
| 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) | 2,532 | $237,726,000 | $93,000 | $1,460,000 | $71,000 | $9,999,000 |
| 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 | 959 | $85,254,000 | $88,000 | $810,000 | $81,000 | $9,999,000 |
| Application Denied By Financial Institution | 636 | $55,889,000 | $87,000 | $480,000 | $53,000 | $720,000 |
| Application Withdrawn By Applicant | 486 | $52,264,000 | $107,000 | $1,460,000 | $83,000 | $2,313,000 |
| Application Approved But Not Accepted | 451 | $44,319,000 | $98,000 | $673,000 | $60,000 | $1,080,000 |
| 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 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.
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