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records The Cit Group/Consumer Finance filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
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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