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| $6,295,214,383,000 in Mortgage Loans Applied for in 2006 from 34,105,441 Applications |
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BANK INDEPENDENT
Mortgage Loans and Application Details
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| Mortgage Company Name |
BANK INDEPENDENT |
| Address | 710 S MONTGOMERY AVENUE
SHEFFIELD, AL 35660 |
| Agency | Federal Reserve System (FRS) |
| Year | 2006 |
| All Data Years | 2003 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 978 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $86,820,000 |
| Average Mortgage Loan Amount Applied For | $127,285 |
| Highest Mortgage Loan Amount Applied For | $2,947,000 |
| Average Applicant Income | $57,619 |
| Highest Applicant Income | $886,000 |
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| Home Improvement |
150 | $2,955,000 |
$19,000 | $721,000 |
$46,000 | $510,000 |
| Home Purchase |
354 | $38,306,000 |
$108,000 | $815,000 |
$67,000 | $526,000 |
| Refinancing |
475 | $45,567,000 |
$95,000 | $2,947,000 |
$65,000 | $886,000 |
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| American Indian or Alaskan Native |
2 | $117,000 |
$58,000 | $112,000 |
$48,000 | $54,000 |
| Asian |
5 | $461,000 |
$92,000 | $197,000 |
$65,000 | $168,000 |
| Black or African American |
59 | $2,774,000 |
$47,000 | $255,000 |
$57,000 | $510,000 |
| Hispanic |
10 | $707,000 |
$70,000 | $228,000 |
$69,000 | $268,000 |
| Native Hawaiin or Other Pacific Islander |
1 | $23,000 |
$23,000 | $23,000 |
$51,000 | $51,000 |
| Not applicable |
26 | $5,983,000 |
$230,000 | $2,947,000 |
$0 | $0 |
| Not Provided |
3 | $174,000 |
$58,000 | $105,000 |
$48,000 | $57,000 |
| White |
873 | $76,589,000 |
$87,000 | $1,500,000 |
$65,000 | $886,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
963 | $84,918,000 |
$88,000 | $2,947,000 |
$63,000 | $886,000 |
| FHA-insured (Federal Housing Administration) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| VA-guaranteed (Veterans Administration) |
16 | $1,910,000 |
$119,000 | $255,000 |
$46,000 | $84,000 |
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| Application Approved But Not Accepted |
32 | $4,783,000 |
$149,000 | $417,000 |
$83,000 | $263,000 |
| Application Denied By Financial Institution |
91 | $5,658,000 |
$62,000 | $465,000 |
$40,000 | $315,000 |
| Application Withdrawn By Applicant |
14 | $1,077,000 |
$76,000 | $332,000 |
$90,000 | $383,000 |
| File Closed For Incompleteness |
1 | $79,000 |
$79,000 | $79,000 |
$29,000 | $29,000 |
| Loan Originated |
841 | $75,231,000 |
$89,000 | $2,947,000 |
$64,000 | $886,000 |
| Loan Purchased By The Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Approved but not Accepted |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Denied by Financial Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Collateral |
7 | $440,000 |
$62,000 | $210,000 |
$46,000 | $86,000 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
62 | $3,791,000 |
$61,000 | $465,000 |
$40,000 | $315,000 |
| Debt-To-Income Ratio |
18 | $1,262,000 |
$70,000 | $255,000 |
$39,000 | $82,000 |
| Employment History |
3 | $124,000 |
$41,000 | $48,000 |
$34,000 | $61,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
1 | $41,000 |
$41,000 | $41,000 |
$38,000 | $38,000 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for BANK INDEPENDENT by:
Metropolitan Area And
County
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