New Jersey
Mortgage Loan Application
Totals and Details
in 2016

Years 2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 399,389
Total Mortgage Loan Application Amount $119,432,724,000
Average Mortgage Loan Application Amount $299,000
Highest Mortgage Loan Application Amount $99,999,000
Average Applicant Income $119,000
Highest Applicant Income $9,999,000
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Mortgage Loan Application Detail Totals for New Jersey in 2016

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 205,426 $60,923,073,000 $296,000 $99,999,000 $118,000 $9,999,000
Home Purchase 169,583 $54,572,935,000 $321,000 $99,999,000 $119,000 $9,999,000
Home Improvement 24,380 $3,936,716,000 $161,000 $95,000,000 $117,000 $9,625,000

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 214,976 $61,713,875,000 $287,000 $99,999,000 $138,000 $9,999,000
Not applicable 44,007 $18,448,006,000 $419,000 $99,999,000 $28,000 $6,300,000
Not Provided 43,948 $12,909,740,000 $293,000 $99,999,000 $137,000 $6,702,000
Asian 36,040 $12,476,969,000 $346,000 $7,000,000 $152,000 $4,290,000
Hispanic 34,044 $7,990,206,000 $234,000 $3,391,000 $86,000 $9,999,000
Black or African American 24,359 $5,399,784,000 $221,000 $99,999,000 $79,000 $7,550,000
American Indian or Alaskan Native 1,090 $246,667,000 $226,000 $2,351,000 $105,000 $2,985,000
Native Hawaiin or Other Pacific Islander 925 $247,477,000 $267,000 $1,408,000 $112,000 $1,330,000

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) 287,974 $91,738,978,000 $318,000 $99,999,000 $143,000 $9,999,000
FHA-insured (Federal Housing Administration) 91,696 $22,473,604,000 $245,000 $99,999,000 $53,000 $3,024,000
VA-guaranteed (Veterans Administration) 17,962 $4,907,438,000 $273,000 $2,017,000 $63,000 $3,600,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 1,757 $312,704,000 $177,000 $5,000,000 $47,000 $1,164,000

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 194,913 $63,706,280,000 $326,000 $99,999,000 $138,000 $9,999,000
Application Denied By Financial Institution 66,056 $16,519,986,000 $250,000 $99,999,000 $107,000 $9,625,000
Loan Purchased By The Institution 59,310 $16,312,184,000 $275,000 $78,000,000 $60,000 $7,317,000
Application Withdrawn By Applicant 48,468 $14,242,996,000 $293,000 $99,999,000 $126,000 $9,999,000
File Closed For Incompleteness 20,671 $5,765,568,000 $278,000 $99,999,000 $117,000 $9,999,000
Application Approved But Not Accepted 9,967 $2,883,578,000 $289,000 $52,842,000 $123,000 $9,999,000
Preapproval Denied by Financial Institution 3 $1,252,000 $417,000 $800,000 $211,000 $294,000
Preapproval Approved but not Accepted 1 $880,000 $880,000 $880,000 $250,000 $250,000

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
Debt-To-Income Ratio 11,383 $2,893,116,000 $254,000 $5,487,000 $86,000 $2,400,000
Credit History 9,837 $1,474,475,000 $149,000 $6,000,000 $93,000 $4,862,000
Collateral 8,374 $2,240,958,000 $267,000 $6,500,000 $136,000 $5,633,000
Credit Application Incomplete 5,611 $1,549,275,000 $276,000 $5,000,000 $125,000 $9,625,000
Other 3,963 $1,176,810,000 $296,000 $99,999,000 $118,000 $7,550,000
Unverifiable Information 1,255 $355,066,000 $282,000 $4,250,000 $129,000 $2,073,000
Insufficient Cash (Downpayment, Closing Cost) 1,249 $388,757,000 $311,000 $2,897,000 $126,000 $1,656,000
Employment History 503 $130,344,000 $259,000 $1,200,000 $94,000 $1,860,000
Mortgage Insurance Denied 50 $12,881,000 $257,000 $518,000 $88,000 $374,000
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Mortgage Loan Application Totals in 2016 by New Jersey Metropolitan Area

Metro Area Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
ATLANTIC CITY-HAMMONTON, NJ 12,158 $ 2,383,522,000 $ 196,000 $ 97,000
CAMDEN, NJ 61,842 $ 11,967,121,000 $ 193,000 $ 83,000
NEWARK, NJ-PA 104,885 $ 35,374,812,000 $ 337,000 $ 129,000
OCEAN CITY, NJ 9,666 $ 3,190,340,000 $ 330,000 $ 190,000
TRENTON, NJ 13,417 $ 3,700,567,000 $ 275,000 $ 117,000
VINELAND-BRIDGETON, NJ 4,925 $ 715,440,000 $ 145,000 $ 57,000
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Mortgage Loan Application Totals in 2016 by New Jersey County

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
Atlantic 12,161 $ 2,383,769,000 $ 196,000 $ 97,000
Bergen 39,817 $ 15,673,913,000 $ 393,000 $ 150,000
Burlington 23,140 $ 4,959,736,000 $ 214,000 $ 91,000
Camden 22,808 $ 4,038,766,000 $ 177,000 $ 79,000
Cape May 9,668 $ 3,191,018,000 $ 330,000 $ 190,000
Cumberland 4,930 $ 716,106,000 $ 145,000 $ 57,000
Essex 26,643 $ 9,579,757,000 $ 359,000 $ 131,000
Gloucester 15,903 $ 2,970,016,000 $ 186,000 $ 79,000
Hudson 21,139 $ 8,736,130,000 $ 413,000 $ 133,000
Hunterdon 6,683 $ 2,045,282,000 $ 306,000 $ 132,000
Mercer 13,418 $ 3,700,691,000 $ 275,000 $ 117,000
Middlesex 35,585 $ 10,220,973,000 $ 287,000 $ 106,000
Monmouth 34,873 $ 12,024,973,000 $ 344,000 $ 143,000
Morris 24,796 $ 9,037,312,000 $ 364,000 $ 144,000
Ocean 35,539 $ 8,946,963,000 $ 251,000 $ 113,000
Passaic 17,182 $ 4,610,491,000 $ 268,000 $ 93,000
Salem 2,536 $ 407,632,000 $ 160,000 $ 68,000
Somerset 16,623 $ 5,800,709,000 $ 348,000 $ 141,000
Sussex 8,064 $ 1,825,357,000 $ 226,000 $ 91,000
Union 22,091 $ 7,090,703,000 $ 320,000 $ 115,000
Warren 4,884 $ 1,018,978,000 $ 208,000 $ 84,000
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