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2024 data HMDA 2024 disclosure official source

Salem City

874 mortgage applications, 14.7% denial rate. Verify FIPS 51775 with U.S. Census Bureau →

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Virginia · FIPS 51775

Local mortgage market. Salem City, Virginia saw 874 HMDA-reported mortgage applications in 2024. Lenders originated 517 of those loans and denied 128, producing a denial rate of 14.7% and an approval (origination) rate of 59.2%. The average loan amount was $193,352 at an average note rate of 7.23%, with applicants self-reporting average annual income of $36K. 103 distinct institutions reported mortgage activity in this county.

Borrower leverage and affordability signal. The loan-to-income ratio averages 5.4x, meaning typical borrowers took on mortgages of about 5.4 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 51775 · CFPB HMDA 2024 Snapshot National Loan-Level Dataset. See our disclaimer before acting on this data.

874
Applications
517
Originated
14.7%
Denial Rate
59.2%
Approval Rate
$193,352
Avg Loan Amount
7.23%
Avg Interest Rate
$36K
Avg Applicant Income
5.4x
Loan-to-Income Ratio

Nearby Lenders in Salem City

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 Atlantic Bay Mortgage Group 46 8.9%
2 Member One Federal Credit Union 33 6.4%
3 Freedom First Federal Credit Union 32 6.2%
4 Rocket Mortgage 32 6.2%
5 Truist Bank 24 4.6%
Compare Atlantic Bay Mortgage Group vs Member One Federal Credit Union →

Frequently Asked Questions

How many mortgage applications were filed in Salem City?
In the 2024 HMDA reporting year, 874 mortgage applications were filed in Salem City, Virginia. Of these, 517 were originated (approved and funded), while 128 were denied, resulting in a denial rate of 14.7%.
What is the mortgage denial rate in Salem City?
The mortgage denial rate in Salem City is 14.7%. The approval (origination) rate is 59.2%, reflecting originated loans as a share of all applications.
What is the average mortgage loan amount in Salem City?
The average mortgage loan amount in Salem City is $193,352. The average interest rate is 7.231%. The average applicant income is $36K.
What is the loan-to-income ratio in Salem City?
The average loan-to-income ratio in Salem City is 5.4x, meaning borrowers took on loans averaging 5.4 times their annual income. This reflects average borrower profiles for mortgages processed in this county.
Who are the top mortgage lenders in Salem City?
The top mortgage lenders in Salem City by origination volume are Atlantic Bay Mortgage Group, Member One Federal Credit Union, Freedom First Federal Credit Union. In total, 103 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.