2006 NS Contract - Contract Conducting Analysis of Impediments Fair Housing Choice Donald B Eager & Assoc

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s� City of Cuyahoga Fails, Ohio 37 ®� �: Anal sis of Im ediments to Fair Housin Choice Figure 1: Prime & Sub Prime Mortgage Activity 2002 7.3 General Lending in Cuyahoga Falls In Cuyahoga Falls in 2002 there were 240 lenders accepting one or more applications for mortgage loans and there was a total of 5,373 applications. Of the 240 lenders thirteen had 2% or more of the market for a total market share of 43.8 %. That means that the remaining 227 lenders had a total market share of 56.2 %. Of the 36 largest lenders in Cuyahoga Falls thirteen had 72.7% of the total mortgage market. Five of the thirteen largest lenders were sub prime, the two largest lenders Countrywide Home Loans (6.6 %) and ABN AMRO Mortgage Group (6.1 %) were sub prime. Table 25 shows the thirty six largest lenders and their market share for the City. The physical presence of financial institutions in communities facilitates relationships with banks. There are eleven (11) depository institutions in the City of Cuyahoga Falls, nine affiliated with large national institutions and two locally owned and operated. Location of lenders is the primary concern for a community. Areas that are left without branches or only access to ATM machines must find alternative sources for services (check cashing business, finance companies), which can be more expense than traditional financial institutions or credit unions. Table 26 lists the depository banks in the City, their 2002 market share for mortgage applications and number of applications (all types and purpose).