Tower Funding Group Mortgage Lending & HMDA Data, 2003
In 2003, Tower Funding Group of Asheboro, NC reported 600 mortgage applications totaling $66.6 million. The average application was for $110,990, and applicants reported an average income of $48,241. 56% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Greensboro--Winston-Salem--High Point, NC (443), Charlotte-Gastonia-Rock Hill, NC-SC (3) and Myrtle Beach, SC (3) (applications in parentheses).
| Mortgage Company & Address | Tower Funding Group Po Box 1888 Asheboro, NC 27204 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2004 2003 |
| Total Number of Mortgage Applications | 600 |
| Total Mortgage Loan Application Amount | $66,594,000 |
| Average Mortgage Loan Application Amount | $110,990 |
| Highest Mortgage Loan Application Amount | $650,000 |
| Average Applicant Income | $48,241 |
| Highest Applicant Income | $478,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Tower Funding Group filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Tower Funding Group in 2003
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 (home purchase or home improvement, one-to-four family) | 413 | $45,691,000 | $94,000 | $410,000 | $43,666 | $327,000 |
| Home Purchase (one-to-four family) | 187 | $20,903,000 | $115,333 | $650,000 | $128,000 | $478,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 0 | $0 | $0 | $0 | $0 | $0 |
| Home Improvement (one-to-four family) | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 500 | $56,742,000 | $111,666 | $650,000 | $102,333 | $478,000 |
| Information not provided by applicant in mail or telephone application | 43 | $4,322,000 | $102,500 | $188,000 | $44,000 | $246,000 |
| Black | 28 | $2,438,000 | $78,000 | $189,000 | $37,000 | $101,000 |
| Hispanic | 17 | $1,585,000 | $108,500 | $175,000 | $48,500 | $108,000 |
| Other | 8 | $1,138,000 | $134,000 | $290,000 | $59,500 | $105,000 |
| American Indian or Alaskan Native | 2 | $207,000 | $103,000 | $127,000 | $35,000 | $40,000 |
| Asian or Pacific Islander | 2 | $162,000 | $81,000 | $116,000 | $50,000 | $56,000 |
| 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) | 600 | $66,594,000 | $110,000 | $650,000 | $99,666 | $478,000 |
| 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 | 338 | $37,104,000 | $109,666 | $323,000 | $102,333 | $478,000 |
| Application Withdrawn By Applicant | 151 | $17,866,000 | $120,500 | $410,000 | $55,500 | $246,000 |
| Application Denied By Financial Institution | 109 | $11,324,000 | $98,500 | $650,000 | $37,000 | $104,000 |
| Application Approved But Not Accepted | 1 | $120,000 | $120,000 | $120,000 | $48,000 | $48,000 |
| File Closed For Incompleteness | 1 | $180,000 | $180,000 | $180,000 | $61,000 | $61,000 |
| Loan Purchased By The 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 Tower Funding Group's 2003 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 Funding Group'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.
For a list of all lenders in North Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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