Union County Savings Bank Mortgage Lending & HMDA Data, 2023
In 2023, Union County Savings Bank of Elizabeth, NJ reported 153 mortgage applications totaling $70.8 million. The average application was for $462,581, and applicants reported an average income of $198,594. 9% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Newark, NJ-PA (123), New York-Newark, NY (16) and New York-Jersey City-White Plains, NY-NJ (8) (applications in parentheses).
| Mortgage Company & Address | Union County Savings Bank 320 North Broad Street Elizabeth, NJ 07208 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2024 2023 |
| Total Number of Mortgage Applications | 153 |
| Total Mortgage Loan Application Amount | $70,775,000 |
| Average Mortgage Loan Application Amount | $462,581 |
| Highest Mortgage Loan Application Amount | $1,385,000 |
| Average Applicant Income | $198,594 |
| Highest Applicant Income | $664,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Union County Savings Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Newark, NJ-PA | 123 | $ 57,445,000 | $ 467,032 | $ 204,000 |
| New York-Newark, NY | 16 | $ 7,260,000 | $ 453,750 | $ 210,000 |
| New York-Jersey City-White Plains, NY-NJ | 8 | $ 4,000,000 | $ 500,000 | $ 202,000 |
| Outside any metro area | 4 | $ 1,790,000 | $ 447,500 | $ 120,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 165,000 | $ 165,000 | $ 132,000 |
| Lebanon, PA | 1 | $ 115,000 | $ 115,000 | $ 72,000 |
Mortgage Loan Application Detail Totals for Union County Savings Bank in 2023
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 | 119 | $60,805,000 | $510,000 | $1,385,000 | $220,000 | $664,000 |
| Cash-out Refinancing | 19 | $7,165,000 | $377,000 | $1,385,000 | $155,000 | $333,000 |
| Refinancing | 11 | $2,225,000 | $202,000 | $525,000 | $81,000 | $144,000 |
| Other Purpose | 3 | $425,000 | $141,000 | $225,000 | $53,000 | $54,000 |
| Home Improvement | 1 | $155,000 | $155,000 | $155,000 | $210,000 | $210,000 |
| Not Applicable | 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 | 79 | $38,305,000 | $484,000 | $1,385,000 | $204,000 | $630,000 |
| Hispanic | 25 | $9,005,000 | $360,000 | $905,000 | $137,000 | $272,000 |
| Asian | 14 | $8,670,000 | $619,000 | $1,385,000 | $284,000 | $664,000 |
| Not Provided | 13 | $4,995,000 | $384,000 | $605,000 | $177,000 | $346,000 |
| Not applicable | 11 | $5,195,000 | $472,000 | $855,000 | $304,000 | $536,000 |
| Black or African American | 9 | $3,755,000 | $417,000 | $725,000 | $158,000 | $212,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 153 | $70,775,000 | $462,000 | $1,385,000 | $201,000 | $664,000 |
| 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 Purchased By The Institution | 124 | $60,110,000 | $484,000 | $1,385,000 | $215,000 | $664,000 |
| Loan Originated | 14 | $5,700,000 | $407,000 | $865,000 | $137,000 | $226,000 |
| Application Withdrawn By Applicant | 5 | $1,585,000 | $317,000 | $425,000 | $154,000 | $208,000 |
| Application Denied By Financial Institution | 4 | $630,000 | $157,000 | $305,000 | $80,000 | $116,000 |
| Preapproval Approved but not Accepted | 4 | $1,790,000 | $447,000 | $695,000 | $120,000 | $194,000 |
| Application Approved But Not Accepted | 1 | $575,000 | $575,000 | $575,000 | $346,000 | $346,000 |
| File Closed For Incompleteness | 1 | $385,000 | $385,000 | $385,000 | $184,000 | $184,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 149 | $70,145,000 | $470,000 | $1,385,000 | $204,000 | $664,000 |
| Credit History | 3 | $515,000 | $171,000 | $305,000 | $85,000 | $116,000 |
| Other | 1 | $115,000 | $115,000 | $115,000 | $72,000 | $72,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Union County Savings Bank's 2023 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 Union County Savings Bank'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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