Madison County, KY Mortgage Lenders & HMDA Data, 2023
In 2023, lenders reported 3,485 mortgage applications in Madison County, KY totaling $688.2 million, down 27% from 2022. The average application was for $197,000, and applicants reported an average income of $102,000. 55% of applications resulted in an originated loan and 16% were denied. The most active lender was Vanderbilt Mortgage and Finance, Inc, with 206 applications, followed by Whitaker Bank Inc and Geneva Financial LLC.
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| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 3,485 |
| Total Mortgage Loan Application Amount | $688,215,000 |
| Average Mortgage Loan Application Amount | $197,000 |
| Highest Mortgage Loan Application Amount | $4,065,000 |
| Average Applicant Income | $102,000 |
| Highest Applicant Income | $3,547,000 |
Top Mortgage Lenders in Madison County, KY (2023)
Ranked by the number of mortgage applications each lender reported in Madison County, KY in 2023.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Vanderbilt Mortgage and Finance, Inc Maryville, TN |
206 | $24,670,000 | $119,000 | $59,000 |
| 2 | Whitaker Bank Inc Lexington, KY |
193 | $40,555,000 | $210,000 | $116,000 |
| 3 | Geneva Financial LLC Chandler, AZ |
177 | $40,855,000 | $230,000 | $98,000 |
| 4 | US Bank, N.A. Cincinnati, OH |
155 | $19,315,000 | $124,000 | $96,000 |
| 5 | University of Ky FCU Lexington, KY |
134 | $16,950,000 | $126,000 | $159,000 |
| 6 | Ark-La-Tex Financial Services LLC Plano, TX |
124 | $27,320,000 | $220,000 | $93,000 |
| 7 | Park Community Credit Union Louisville, KY |
116 | $10,510,000 | $90,000 | $94,000 |
| 8 | PennyMac Loan Services LLC Westlake Village, CA |
107 | $24,475,000 | $228,000 | $75,000 |
| 9 | Community Trust Bank, Inc. Pikeville, KY |
102 | $18,560,000 | $181,000 | $104,000 |
| 10 | Stock Yards Bank & Trust Company Louisville, KY |
94 | $22,230,000 | $236,000 | $100,000 |
The tables below break down 2023 mortgage applications in Madison County, KY by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Madison County, KY 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 | 2,067 | $506,995,000 | $245,000 | $4,005,000 | $99,000 | $3,547,000 |
| Other Purpose | 379 | $26,595,000 | $70,000 | $505,000 | $103,000 | $972,000 |
| Cash-out Refinancing | 363 | $70,235,000 | $193,000 | $755,000 | $89,000 | $1,021,000 |
| Refinancing | 352 | $62,770,000 | $178,000 | $4,065,000 | $132,000 | $3,247,000 |
| Home Improvement | 321 | $21,515,000 | $67,000 | $715,000 | $106,000 | $910,000 |
| Not Applicable | 3 | $105,000 | $35,000 | $55,000 | $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 | 2,501 | $424,335,000 | $169,000 | $955,000 | $101,000 | $3,547,000 |
| Not applicable | 446 | $164,970,000 | $369,000 | $4,065,000 | $118,000 | $272,000 |
| Not Provided | 340 | $61,950,000 | $182,000 | $1,255,000 | $111,000 | $2,280,000 |
| Black or African American | 84 | $14,670,000 | $174,000 | $525,000 | $96,000 | $392,000 |
| Hispanic | 57 | $11,385,000 | $199,000 | $725,000 | $89,000 | $389,000 |
| Asian | 31 | $7,615,000 | $245,000 | $555,000 | $111,000 | $612,000 |
| American Indian or Alaskan Native | 14 | $1,960,000 | $140,000 | $545,000 | $121,000 | $296,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 2,557 | $464,415,000 | $181,000 | $4,065,000 | $107,000 | $3,547,000 |
| FHA-insured (Federal Housing Administration) | 581 | $130,145,000 | $224,000 | $485,000 | $85,000 | $582,000 |
| VA-guaranteed (Veterans Administration) | 297 | $83,865,000 | $282,000 | $675,000 | $95,000 | $296,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 50 | $9,790,000 | $195,000 | $305,000 | $73,000 | $101,000 |
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 | 1,927 | $400,345,000 | $207,000 | $4,065,000 | $110,000 | $3,547,000 |
| Application Denied By Financial Institution | 556 | $70,310,000 | $126,000 | $2,165,000 | $78,000 | $379,000 |
| Application Withdrawn By Applicant | 413 | $97,665,000 | $236,000 | $3,095,000 | $103,000 | $1,080,000 |
| Loan Purchased By The Institution | 333 | $84,885,000 | $254,000 | $675,000 | $108,000 | $272,000 |
| File Closed For Incompleteness | 192 | $25,710,000 | $133,000 | $555,000 | $93,000 | $2,280,000 |
| Application Approved But Not Accepted | 61 | $8,915,000 | $146,000 | $935,000 | $98,000 | $526,000 |
| Preapproval Denied by Financial Institution | 2 | $300,000 | $150,000 | $295,000 | $135,000 | $135,000 |
| Preapproval Approved but not Accepted | 1 | $85,000 | $85,000 | $85,000 | $21,000 | $21,000 |
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 | 2,844 | $590,480,000 | $207,000 | $4,065,000 | $107,000 | $3,547,000 |
| Credit History | 227 | $22,235,000 | $97,000 | $565,000 | $75,000 | $379,000 |
| Debt-To-Income Ratio | 195 | $44,895,000 | $230,000 | $3,285,000 | $79,000 | $575,000 |
| Collateral | 71 | $7,645,000 | $107,000 | $425,000 | $102,000 | $322,000 |
| Unverifiable Information | 51 | $6,755,000 | $132,000 | $305,000 | $71,000 | $160,000 |
| Credit Application Incomplete | 41 | $7,715,000 | $188,000 | $585,000 | $114,000 | $323,000 |
| Other | 41 | $6,195,000 | $151,000 | $2,165,000 | $79,000 | $212,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 12 | $1,980,000 | $165,000 | $365,000 | $85,000 | $148,000 |
| Employment History | 3 | $315,000 | $105,000 | $125,000 | $54,000 | $117,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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