Tower Federal Credit Union Mortgage Lending & HMDA Data, 2017

In 2017, Tower Federal Credit Union of Laurel, MD reported 1,316 mortgage applications totaling $323.3 million, down 19% from 2016. The average application was for $245,705, and applicants reported an average income of $128,685. 51% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Baltimore-Columbia-Towson, MD (881), Washington-Arlington-Alexandria, DC-VA-MD-WV (118) and Silver Spring-Frederick-Rockville, MD (54) (applications in parentheses).

Mortgage Company & Address Tower Federal Credit Union
7901 Sandy Spring Road
Laurel, MD 20707
Tel #: available with data download
Federal Regulator * available with data download
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Total Number of Mortgage Applications 1,316
Total Mortgage Loan Application Amount $323,348,000
Average Mortgage Loan Application Amount $245,705
Highest Mortgage Loan Application Amount $840,000
Average Applicant Income $128,685
Highest Applicant Income $1,257,000

About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Tower Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Totals for Tower Federal Credit Union by County in 2017

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loans Applications Average Mortgage Loan Application Amount Average Applicant Income
Anne Arundel, Maryland 410 $ 102,280,000 $ 249,463 $ 126,000
Howard, Maryland 170 $ 49,352,000 $ 290,305 $ 140,000
Baltimore, Maryland 127 $ 28,417,000 $ 223,755 $ 115,000
Carroll, Maryland 80 $ 21,667,000 $ 270,837 $ 136,000
Prince George's, Maryland 66 $ 16,243,000 $ 246,106 $ 114,000
Baltimore City, Maryland 53 $ 9,365,000 $ 176,698 $ 91,000
Montgomery, Maryland 35 $ 11,424,000 $ 326,400 $ 162,000
Harford, Maryland 24 $ 6,588,000 $ 274,500 $ 141,000
Sussex, Delaware 20 $ 4,854,000 $ 242,700 $ 154,000
Frederick, Maryland 19 $ 4,248,000 $ 223,578 $ 136,000
Queen Anne's, Maryland 17 $ 5,349,000 $ 314,647 $ 152,000
Worcester, Maryland 12 $ 2,224,000 $ 185,333 $ 161,000
Fairfax, Virginia 12 $ 3,684,000 $ 307,000 $ 144,000
Horry, South Carolina 8 $ 1,491,000 $ 186,375 $ 135,000
District of Columbia, District Of Columbia 7 $ 1,322,000 $ 188,857 $ 117,000
Calvert, Maryland 7 $ 1,722,000 $ 246,000 $ 136,000
York, Pennsylvania 7 $ 1,283,000 $ 183,285 $ 141,000
Caroline, Maryland 6 $ 907,000 $ 151,166 $ 131,000
Bexar, Texas 6 $ 1,193,000 $ 198,833 $ 106,000
Loudoun, Virginia 6 $ 1,413,000 $ 235,500 $ 131,000
Charles, Maryland 5 $ 1,516,000 $ 303,200 $ 109,000
St. Mary's, Maryland 5 $ 1,239,000 $ 247,800 $ 137,000
Talbot, Maryland 5 $ 1,355,000 $ 271,000 $ 107,000
Pasco, Florida 4 $ 898,000 $ 224,500 $ 95,000
Honolulu, Hawaii 4 $ 2,343,000 $ 585,750 $ 154,000
Cecil, Maryland 4 $ 903,000 $ 225,750 $ 150,000
Mecklenburg, North Carolina 4 $ 1,337,000 $ 334,250 $ 209,000
Chesterfield, Virginia 4 $ 763,000 $ 190,750 $ 90,000
Jefferson, West Virginia 4 $ 481,000 $ 120,250 $ 118,000
Broward, Florida 3 $ 566,000 $ 188,666 $ 81,000
Hillsborough, Florida 3 $ 687,000 $ 229,000 $ 199,000
Pinellas, Florida 3 $ 767,000 $ 255,666 $ 108,000
Columbia, Georgia 3 $ 545,000 $ 181,666 $ 106,000
Dorchester, Maryland 3 $ 819,000 $ 273,000 $ 169,000
Cheshire, New Hampshire 3 $ 485,000 $ 161,666 $ 361,000
Berkeley, West Virginia 3 $ 276,000 $ 92,000 $ 56,000
Maricopa, Arizona 2 $ 624,000 $ 312,000 $ 120,000
Larimer, Colorado 2 $ 321,000 $ 160,500 $ 142,000
New Haven, Connecticut 2 $ 193,000 $ 96,500 $ 167,000
Kent, Delaware 2 $ 275,000 $ 137,500 $ 73,000
New Castle, Delaware 2 $ 223,000 $ 111,500 $ 116,000
Charlotte, Florida 2 $ 656,000 $ 328,000 $ 278,000
Lake, Florida 2 $ 449,000 $ 224,500 $ 170,000
Marion, Florida 2 $ 167,000 $ 83,500 $ 96,000
Sarasota, Florida 2 $ 677,000 $ 338,500 $ 149,000
Seminole, Florida 2 $ 755,000 $ 377,500 $ 138,000
Sumter, Florida 2 $ 571,000 $ 285,500 $ 113,000
Gwinnett, Georgia 2 $ 305,000 $ 152,500 $ 132,000
Tattnall, Georgia 2 $ 129,000 $ 64,500 $ 121,000
Delaware, Indiana 2 $ 40,000 $ 20,000 $ 71,000
Fayette, Kentucky 2 $ 402,000 $ 201,000 $ 103,000
Cumberland, Maine 2 $ 566,000 $ 283,000 $ 267,000
Middlesex, New Jersey 2 $ 704,000 $ 352,000 $ 298,000
Somerset, New Jersey 2 $ 694,000 $ 347,000 $ 323,000
Brunswick, North Carolina 2 $ 369,000 $ 184,500 $ 185,000
Forsyth, North Carolina 2 $ 148,000 $ 74,000 $ 84,000
Wake, North Carolina 2 $ 532,000 $ 266,000 $ 99,000
Adams, Pennsylvania 2 $ 393,000 $ 196,500 $ 76,000
Franklin, Pennsylvania 2 $ 247,000 $ 123,500 $ 89,000
Philadelphia, Pennsylvania 2 $ 419,000 $ 209,500 $ 75,000
Charleston, South Carolina 2 $ 258,000 $ 129,000 $ 57,000
Harris, Texas 2 $ 314,000 $ 157,000 $ 59,000
Alexandria, Virginia 2 $ 637,000 $ 318,500 $ 113,000
Clarke, Virginia 2 $ 60,000 $ 30,000 $ 114,000
Poquoson, Virginia 2 $ 1,120,000 $ 560,000 $ 169,000
Hardy, West Virginia 2 $ 284,000 $ 142,000 $ 113,000
Barbour, Alabama 1 $ 107,000 $ 107,000 $ 161,000
Riverside, California 1 $ 171,000 $ 171,000 $ 69,000
Sacramento, California 1 $ 179,000 $ 179,000 $ 52,000
Arapahoe, Colorado 1 $ 378,000 $ 378,000 $ 113,000
Denver, Colorado 1 $ 160,000 $ 160,000 $ 84,000
Douglas, Colorado 1 $ 444,000 $ 444,000 $ 172,000
El Paso, Colorado 1 $ 223,000 $ 223,000 $ 95,000
Grand, Colorado 1 $ 97,000 $ 97,000 $ 195,000
Brevard, Florida 1 $ 243,000 $ 243,000 $ 256,000
Clay, Florida 1 $ 232,000 $ 232,000 $ 135,000
Collier, Florida 1 $ 500,000 $ 500,000 $ 160,000
Manatee, Florida 1 $ 175,000 $ 175,000 $ 82,000
Martin, Florida 1 $ 100,000 $ 100,000 $ 112,000
Monroe, Florida 1 $ 319,000 $ 319,000 $ 167,000
Polk, Florida 1 $ 168,000 $ 168,000 $ 98,000
Cherokee, Georgia 1 $ 158,000 $ 158,000 $ 62,000
Fulton, Georgia 1 $ 140,000 $ 140,000 $ 339,000
Glynn, Georgia 1 $ 150,000 $ 150,000 $ 85,000
Henry, Georgia 1 $ 72,000 $ 72,000 $ 137,000
Richmond, Georgia 1 $ 176,000 $ 176,000 $ 94,000
Cook, Illinois 1 $ 209,000 $ 209,000 $ 135,000
Franklin, Indiana 1 $ 161,000 $ 161,000 $ 130,000
Owen, Indiana 1 $ 156,000 $ 156,000 $ 51,000
Poweshiek, Iowa 1 $ 102,000 $ 102,000 $ 31,000
Jefferson, Kentucky 1 $ 238,000 $ 238,000 $ 99,000
Caddo, Louisiana 1 $ 40,000 $ 40,000 $ 40,000
Kent, Maryland 1 $ 445,000 $ 445,000 $ 155,000
Somerset, Maryland 1 $ 84,000 $ 84,000 $ 170,000
Washington, Maryland 1 $ 140,000 $ 140,000 $ 40,000
Wicomico, Maryland 1 $ 94,000 $ 94,000 $ 159,000
Essex, Massachusetts 1 $ 18,000 $ 18,000 $ 125,000
Plymouth, Massachusetts 1 $ 434,000 $ 434,000 $ 190,000
Worcester, Massachusetts 1 $ 154,000 $ 154,000 $ 119,000
Isabella, Michigan 1 $ 190,000 $ 190,000 $ 86,000
Muskegon, Michigan 1 $ 190,000 $ 190,000 $ 159,000
Oakland, Michigan 1 $ 133,000 $ 133,000 $ 130,000
Hennepin, Minnesota 1 $ 198,000 $ 198,000 $ 100,000
Greene, Missouri 1 $ 27,000 $ 27,000 $ 91,000
St. Charles, Missouri 1 $ 348,000 $ 348,000 $ 117,000
Sarpy, Nebraska 1 $ 304,000 $ 304,000 $ 108,000
Burlington, New Jersey 1 $ 136,000 $ 136,000 $ 82,000
Essex, New Jersey 1 $ 306,000 $ 306,000 $ 182,000
Gloucester, New Jersey 1 $ 200,000 $ 200,000 $ 225,000
Morris, New Jersey 1 $ 114,000 $ 114,000 $ 360,000
Warren, New Jersey 1 $ 50,000 $ 50,000 $ 220,000
Delaware, New York 1 $ 75,000 $ 75,000 $ 52,000
Orange, New York 1 $ 300,000 $ 300,000 $ 125,000
Suffolk, New York 1 $ 428,000 $ 428,000 $ 130,000
Beaufort, North Carolina 1 $ 152,000 $ 152,000 $ 83,000
Cabarrus, North Carolina 1 $ 130,000 $ 130,000 $ 58,000
Cumberland, North Carolina 1 $ 36,000 $ 36,000 $ 45,000
Dare, North Carolina 1 $ 170,000 $ 170,000 $ 190,000
Guilford, North Carolina 1 $ 351,000 $ 351,000 $ 280,000
Halifax, North Carolina 1 $ 38,000 $ 38,000 $ 20,000
Harnett, North Carolina 1 $ 305,000 $ 305,000 $ 148,000
Iredell, North Carolina 1 $ 167,000 $ 167,000 $ 35,000
Montgomery, North Carolina 1 $ 689,000 $ 689,000 $ 255,000
Orange, North Carolina 1 $ 400,000 $ 400,000 $ 120,000
Bedford, Pennsylvania 1 $ 243,000 $ 243,000 $ 244,000
Blair, Pennsylvania 1 $ 53,000 $ 53,000 $ 61,000
Bucks, Pennsylvania 1 $ 140,000 $ 140,000 $ 118,000
Carbon, Pennsylvania 1 $ 100,000 $ 100,000 $ 209,000
Centre, Pennsylvania 1 $ 145,000 $ 145,000 $ 65,000
Chester, Pennsylvania 1 $ 243,000 $ 243,000 $ 60,000
Columbia, Pennsylvania 1 $ 149,000 $ 149,000 $ 70,000
Cumberland, Pennsylvania 1 $ 316,000 $ 316,000 $ 156,000
Pike, Pennsylvania 1 $ 88,000 $ 88,000 $ 51,000
Potter, Pennsylvania 1 $ 55,000 $ 55,000 $ 183,000
Somerset, Pennsylvania 1 $ 298,000 $ 298,000 $ 174,000
Aiken, South Carolina 1 $ 304,000 $ 304,000 $ 161,000
Beaufort, South Carolina 1 $ 260,000 $ 260,000 $ 164,000
Pickens, South Carolina 1 $ 10,000 $ 10,000 $ 68,000
Hawkins, Tennessee 1 $ 100,000 $ 100,000 $ 91,000
Loudon, Tennessee 1 $ 195,000 $ 195,000 $ 120,000
Morgan, Tennessee 1 $ 177,000 $ 177,000 $ 98,000
Washington, Tennessee 1 $ 124,000 $ 124,000 $ 209,000
Wilson, Tennessee 1 $ 310,000 $ 310,000 $ 90,000
Bandera, Texas 1 $ 750,000 $ 750,000 $ 192,000
Bell, Texas 1 $ 174,000 $ 174,000 $ 94,000
Collin, Texas 1 $ 315,000 $ 315,000 $ 109,000
Dallas, Texas 1 $ 180,000 $ 180,000 $ 131,000
Harrison, Texas 1 $ 107,000 $ 107,000 $ 66,000
Davis, Utah 1 $ 233,000 $ 233,000 $ 57,000
Accomack, Virginia 1 $ 103,000 $ 103,000 $ 36,000
Arlington, Virginia 1 $ 324,000 $ 324,000 $ 94,000
Caroline, Virginia 1 $ 151,000 $ 151,000 $ 121,000
Culpeper, Virginia 1 $ 370,000 $ 370,000 $ 120,000
Essex, Virginia 1 $ 55,000 $ 55,000 $ 1,000
Fauquier, Virginia 1 $ 30,000 $ 30,000 $ 122,000
Franklin, Virginia 1 $ 223,000 $ 223,000 $ 134,000
Lynchburg, Virginia 1 $ 20,000 $ 20,000 $ 47,000
Newport News, Virginia 1 $ 80,000 $ 80,000 $ 69,000
Norfolk, Virginia 1 $ 332,000 $ 332,000 $ 155,000
Prince William, Virginia 1 $ 317,000 $ 317,000 $ 157,000
Richmond City, Virginia 1 $ 170,000 $ 170,000 $ 122,000
Spotsylvania, Virginia 1 $ 54,000 $ 54,000 $ 251,000
Stafford, Virginia 1 $ 15,000 $ 15,000 $ 209,000
Warren, Virginia 1 $ 325,000 $ 325,000 $ 56,000
King, Washington 1 $ 248,000 $ 248,000 $ 115,000
Pierce, Washington 1 $ 100,000 $ 100,000 $ 100,000
Whatcom, Washington 1 $ 380,000 $ 380,000 $ 91,000
Grant, West Virginia 1 $ 172,000 $ 172,000 $ 95,000
Morgan, West Virginia 1 $ 271,000 $ 271,000 $ 138,000
Raleigh, West Virginia 1 $ 97,000 $ 97,000 $ 43,000

Mortgage Loan Application Detail Totals for Tower Federal Credit Union in 2017

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
Home Purchase 658 $177,570,000 $269,000 $834,000 $123,000 $479,000
Refinancing 520 $129,995,000 $249,000 $840,000 $135,000 $1,257,000
Home Improvement 138 $15,783,000 $114,000 $504,000 $132,000 $366,000

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 798 $196,716,000 $246,000 $788,000 $128,000 $780,000
Not Provided 318 $80,506,000 $253,000 $840,000 $141,000 $1,257,000
Black or African American 143 $30,107,000 $210,000 $710,000 $106,000 $309,000
Hispanic 28 $8,417,000 $300,000 $563,000 $135,000 $200,000
Asian 17 $5,385,000 $316,000 $834,000 $115,000 $270,000
American Indian or Alaskan Native 9 $1,387,000 $154,000 $321,000 $113,000 $182,000
Native Hawaiian or Other Pacific Islander 3 $830,000 $276,000 $330,000 $101,000 $127,000
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) 1,283 $313,172,000 $244,000 $840,000 $129,000 $1,257,000
VA-guaranteed (Veterans Administration) 33 $10,176,000 $308,000 $636,000 $127,000 $261,000
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

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 671 $163,874,000 $244,000 $788,000 $131,000 $366,000
Application Withdrawn By Applicant 251 $65,892,000 $262,000 $840,000 $131,000 $498,000
Application Denied By Financial Institution 223 $46,278,000 $207,000 $580,000 $116,000 $1,257,000
File Closed For Incompleteness 170 $47,284,000 $278,000 $710,000 $132,000 $540,000
Application Approved But Not Accepted 1 $20,000 $20,000 $20,000 $120,000 $120,000
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
Credit History 92 $19,241,000 $209,000 $580,000 $121,000 $1,257,000
Debt-To-Income Ratio 68 $15,465,000 $227,000 $552,000 $85,000 $360,000
Collateral 38 $7,865,000 $206,000 $563,000 $151,000 $334,000
Other 17 $2,141,000 $125,000 $400,000 $146,000 $780,000
Employment History 3 $679,000 $226,000 $383,000 $105,000 $216,000
Insufficient Cash (Downpayment, Closing Cost) 2 $530,000 $265,000 $290,000 $118,000 $134,000
Unverifiable Information 2 $347,000 $173,000 $200,000 $56,000 $65,000
Mortgage Insurance Denied 1 $10,000 $10,000 $10,000 $85,000 $85,000
Credit Application Incomplete 0 $0 $0 $0 $0 $0

Our comprehensive HMDA mortgage statistics provide invaluable insights into Tower Federal Credit Union's 2017 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 Tower Federal Credit Union'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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