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2024 data HMDA 2024 disclosure official source

Somerset County

771 mortgage applications, 21.0% denial rate. Verify FIPS 24039 with U.S. Census Bureau →

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Maryland · FIPS 24039

Local mortgage market. Somerset County, Maryland saw 771 HMDA-reported mortgage applications in 2024. Lenders originated 341 of those loans and denied 162, producing a denial rate of 21.0% and an approval (origination) rate of 44.2%. The average loan amount was $163,534 at an average note rate of 7.14%, with applicants self-reporting average annual income of $38K. 96 distinct institutions reported mortgage activity in this county.

Borrower leverage and affordability signal. The loan-to-income ratio averages 4.3x, meaning typical borrowers took on mortgages of about 4.3 times their annual income. That ratio is a rough affordability signal: higher multiples imply tighter monthly budgets and greater exposure to rate or income shocks. See our methodology for how to read the denial rate against a local applicant pool.

FIPS 24039 · CFPB HMDA 2024 Snapshot National Loan-Level Dataset. See our disclaimer before acting on this data.

771
Applications
341
Originated
21.0%
Denial Rate
44.2%
Approval Rate
$163,534
Avg Loan Amount
7.14%
Avg Interest Rate
$38K
Avg Applicant Income
4.3x
Loan-to-Income Ratio

Nearby Lenders in Somerset County

Top HMDA-reporting lenders active in this county. Compare any two side-by-side for rates, denial rates, and loan mix.

# Lender Originated Market Share
1 Rocket Mortgage 37 10.9%
2 Movement Mortgage, LLC 24 7.0%
3 State Employees Credit Union of Maryland 18 5.3%
4 Cmg Mortgage INC 15 4.4%
5 United Wholesale Mortgage 14 4.1%
Compare Rocket Mortgage vs Movement Mortgage, LLC →

Frequently Asked Questions

How many mortgage applications were filed in Somerset County?
In the 2024 HMDA reporting year, 771 mortgage applications were filed in Somerset County, Maryland. Of these, 341 were originated (approved and funded), while 162 were denied, resulting in a denial rate of 21.0%.
What is the mortgage denial rate in Somerset County?
The mortgage denial rate in Somerset County is 21.0%. The approval (origination) rate is 44.2%, reflecting originated loans as a share of all applications.
What is the average mortgage loan amount in Somerset County?
The average mortgage loan amount in Somerset County is $163,534. The average interest rate is 7.138%. The average applicant income is $38K.
What is the loan-to-income ratio in Somerset County?
The average loan-to-income ratio in Somerset County is 4.3x, meaning borrowers took on loans averaging 4.3 times their annual income. This reflects average borrower profiles for mortgages processed in this county.
Who are the top mortgage lenders in Somerset County?
The top mortgage lenders in Somerset County by origination volume are Rocket Mortgage, Movement Mortgage, LLC, State Employees Credit Union of Maryland. In total, 96 lenders reported mortgage activity in this county.
Where does this mortgage data come from?
This data comes from the CFPB HMDA 2024 Snapshot National Loan-Level Dataset, a mandatory federal disclosure dataset covering all mortgage applications filed with HMDA-reporting institutions. County boundaries are identified by FIPS codes.

Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024. County FIPS codes per U.S. Census Bureau standards.

Data from FFIEC / CFPB HMDA Snapshot National Loan-Level Dataset (2024). Provided for informational purposes only.

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.