World Wide Financial Services Mortgage Lending & HMDA Data, 2004
In 2004, World Wide Financial Services of Southfield, MI reported 2,483 mortgage applications totaling $334.2 million, down 73% from 2003. The average application was for $134,606, and applicants reported an average income of $75,230. 58% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Detroit-Livonia-Dearborn, MI (1,214), Warren-Farmington Hills-Troy, MI (844) and Ann Arbor, MI (70) (applications in parentheses).
| Mortgage Company & Address | World Wide Financial Services 26500 Northwestern Hwy Southfield, MI 48076 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2004 2003 |
| Total Number of Mortgage Applications | 2,483 |
| Total Mortgage Loan Application Amount | $334,227,000 |
| Average Mortgage Loan Application Amount | $134,606 |
| Highest Mortgage Loan Application Amount | $1,072,000 |
| Average Applicant Income | $75,230 |
| Highest Applicant Income | $1,072,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records World Wide Financial Services filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Detroit-Livonia-Dearborn, MI | 1,214 | $ 107,783,000 | $ 88,783 | $ 55,000 |
| Warren-Farmington Hills-Troy, MI | 844 | $ 160,006,000 | $ 189,580 | $ 72,000 |
| Ann Arbor, MI | 70 | $ 13,579,000 | $ 193,985 | $ 102,000 |
| Flint, MI | 51 | $ 5,889,000 | $ 115,470 | $ 66,000 |
| Chicago-Naperville-Joliet, IL | 21 | $ 3,950,000 | $ 188,095 | $ 112,000 |
| Monroe, MI | 15 | $ 1,709,000 | $ 113,933 | $ 46,000 |
| Lansing-East Lansing, MI | 13 | $ 1,391,000 | $ 107,000 | $ 65,000 |
| Riverside-San Bernardino-Ontario, CA | 12 | $ 2,363,000 | $ 196,916 | $ 69,000 |
| Jackson, MI | 11 | $ 1,614,000 | $ 146,727 | $ 98,000 |
| Orlando, FL | 11 | $ 2,739,000 | $ 249,000 | $ 209,000 |
| Cleveland-Elyria-Mentor, OH | 8 | $ 1,243,000 | $ 155,375 | $ 164,000 |
| Grand Rapids-Wyoming, MI | 8 | $ 880,000 | $ 110,000 | $ 73,000 |
| Toledo, OH | 8 | $ 1,147,000 | $ 143,375 | $ 100,000 |
| Kalamazoo-Portage, MI | 7 | $ 523,000 | $ 74,714 | $ 52,000 |
| Phoenix-Mesa-Scottsdale, AZ | 5 | $ 1,872,000 | $ 374,400 | $ 184,000 |
| Saginaw-Saginaw Township North, MI | 5 | $ 429,000 | $ 85,800 | $ 55,000 |
| Akron, OH | 3 | $ 576,000 | $ 192,000 | $ 103,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 3 | $ 575,000 | $ 191,666 | $ 43,000 |
| Tampa-St. Petersburg-Clearwater, FL | 3 | $ 206,000 | $ 68,666 | $ 51,000 |
| Atlanta-Sandy Springs-Marietta, GA | 2 | $ 291,000 | $ 145,500 | $ 72,000 |
| Holland-Grand Haven, MI | 2 | $ 368,000 | $ 184,000 | $ 56,000 |
| Sarasota-Bradenton-Venice, FL | 2 | $ 218,000 | $ 109,000 | $ 99,000 |
| South Bend-Mishawaka, IN-MI | 2 | $ 248,000 | $ 124,000 | $ 57,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 2 | $ 731,000 | $ 365,500 | $ 202,000 |
| Battle Creek, MI | 1 | $ 61,000 | $ 61,000 | $ 40,000 |
| Bay City, MI | 1 | $ 68,000 | $ 68,000 | $ 22,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 480,000 | $ 480,000 | $ 312,000 |
| Cincinnati-Middletown, OH-KY-IN | 1 | $ 96,000 | $ 96,000 | $ 35,000 |
| Columbus, OH | 1 | $ 334,000 | $ 334,000 | $ 194,000 |
| Dayton, OH | 1 | $ 85,000 | $ 85,000 | $ 73,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 1 | $ 84,000 | $ 84,000 | $ 41,000 |
| Fort Wayne, IN | 1 | $ 185,000 | $ 185,000 | $ 979,000 |
| Fresno, CA | 1 | $ 152,000 | $ 152,000 | $ 225,000 |
| Indianapolis, IN | 1 | $ 123,000 | $ 123,000 | $ 72,000 |
| Lake County-Kenosha County, IL-WI | 1 | $ 100,000 | $ 100,000 | $ 195,000 |
| Lakeland, FL | 1 | $ 191,000 | $ 191,000 | $ 75,000 |
| Mansfield, OH | 1 | $ 52,000 | $ 52,000 | $ 52,000 |
| Memphis, TN-MS-AR | 1 | $ 75,000 | $ 75,000 | $ 48,000 |
| Miami-Miami Beach-Kendall, FL | 1 | $ 230,000 | $ 230,000 | $ 489,000 |
| Milwaukee-Waukesha-West Allis, WI | 1 | $ 50,000 | $ 50,000 | $ 29,000 |
| Muskegon-Norton Shores, MI | 1 | $ 100,000 | $ 100,000 | $ 22,000 |
| Naples-Marco Island, FL | 1 | $ 148,000 | $ 148,000 | $ 180,000 |
| Oakland-Fremont-Hayward, CA | 1 | $ 68,000 | $ 68,000 | $ 17,000 |
| Redding, CA | 1 | $ 65,000 | $ 65,000 | $ 14,000 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 695,000 | $ 695,000 | $ 120,000 |
| Santa Ana-Anaheim-Irvine, CA | 1 | $ 414,000 | $ 414,000 | $ 258,000 |
| Santa Cruz-Watsonville, CA | 1 | $ 150,000 | $ 150,000 | $ 60,000 |
| Santa Rosa-Petaluma, CA | 1 | $ 154,000 | $ 154,000 | $ 60,000 |
| Savannah, GA | 1 | $ 112,000 | $ 112,000 | $ 85,000 |
| Springfield, IL | 1 | $ 106,000 | $ 106,000 | $ 73,000 |
| Springfield, OH | 1 | $ 412,000 | $ 412,000 | $ 110,000 |
| Tallahassee, FL | 1 | $ 182,000 | $ 182,000 | $ 108,000 |
| Vero Beach, FL | 1 | $ 115,000 | $ 115,000 | $ 120,000 |
Mortgage Loan Application Detail Totals for World Wide Financial Services 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 | 2,109 | $279,642,000 | $198,416 | $1,072,000 | $117,083 | $1,072,000 |
| Home Purchase | 374 | $54,585,000 | $176,272 | $1,000,000 | $101,181 | $1,000,000 |
| Home Improvement | 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 | 1,114 | $192,202,000 | $302,777 | $1,072,000 | $163,444 | $1,072,000 |
| Black or African American | 834 | $72,111,000 | $90,400 | $496,000 | $51,400 | $367,000 |
| Not Provided | 481 | $62,328,000 | $139,900 | $1,000,000 | $122,900 | $1,000,000 |
| Hispanic | 29 | $3,972,000 | $162,200 | $500,000 | $59,000 | $120,000 |
| Asian | 15 | $1,714,000 | $148,000 | $288,000 | $144,500 | $337,000 |
| Native Hawaiian or Other Pacific Islander | 7 | $1,563,000 | $223,000 | $436,000 | $69,000 | $148,000 |
| American Indian or Alaskan Native | 3 | $337,000 | $126,000 | $167,000 | $91,500 | $112,000 |
| 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) | 2,395 | $323,595,000 | $184,071 | $1,072,000 | $110,857 | $1,072,000 |
| FHA-insured (Federal Housing Administration) | 88 | $10,632,000 | $120,000 | $229,000 | $47,000 | $121,000 |
| 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 | 1,449 | $200,162,000 | $185,090 | $1,072,000 | $109,545 | $1,072,000 |
| Application Denied By Financial Institution | 310 | $31,376,000 | $101,625 | $650,000 | $56,250 | $300,000 |
| Application Withdrawn By Applicant | 245 | $29,898,000 | $113,000 | $995,000 | $51,222 | $659,000 |
| File Closed For Incompleteness | 242 | $38,870,000 | $154,428 | $1,000,000 | $165,714 | $1,000,000 |
| Application Approved But Not Accepted | 235 | $33,597,000 | $192,375 | $1,000,000 | $104,375 | $693,000 |
| Preapproval Approved but not Accepted | 2 | $324,000 | $162,000 | $255,000 | $71,000 | $117,000 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Other | 118 | $12,961,000 | $89,166 | $496,000 | $36,166 | $300,000 |
| Credit History | 57 | $5,156,000 | $118,000 | $240,000 | $49,333 | $86,000 |
| Collateral | 48 | $4,150,000 | $86,000 | $352,000 | $48,000 | $194,000 |
| Debt-To-Income Ratio | 15 | $1,184,000 | $103,500 | $140,000 | $48,000 | $60,000 |
| Unverifiable Information | 12 | $964,000 | $80,000 | $190,000 | $59,000 | $90,000 |
| Employment History | 8 | $693,000 | $129,500 | $187,000 | $151,000 | $264,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $137,000 | $68,000 | $69,000 | $43,000 | $44,000 |
| Credit Application Incomplete | 2 | $417,000 | $208,000 | $358,000 | $90,000 | $150,000 |
| Mortgage Insurance Denied | 1 | $90,000 | $90,000 | $90,000 | $66,000 | $66,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into World Wide Financial Services'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 World Wide Financial Services'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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