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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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CHOICEONE MORTGAGE CO OF MI
Mortgage Loans and Application Details
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| Mortgage Company Name |
CHOICEONE MORTGAGE CO OF MI |
| Address | 450 W MUSKEGON PO BOX 248
KENT CITY, MI 49330 |
| Agency | Federal Reserve System (FRS) |
| Year | 2006 |
| All Data Years | 2003 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 223 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $29,914,000 |
| Average Mortgage Loan Amount Applied For | $113,733 |
| Highest Mortgage Loan Amount Applied For | $586,000 |
| Average Applicant Income | $60,933 |
| Highest Applicant Income | $265,000 |
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| Home Improvement |
4 | $309,000 |
$77,000 | $124,000 |
$78,000 | $160,000 |
| Home Purchase |
139 | $19,545,000 |
$140,000 | $586,000 |
$62,000 | $265,000 |
| Refinancing |
105 | $13,062,000 |
$124,000 | $390,000 |
$60,000 | $239,000 |
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| American Indian or Alaskan Native |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Asian |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Black or African American |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Hispanic |
6 | $1,139,000 |
$189,000 | $385,000 |
$98,000 | $161,000 |
| Native Hawaiin or Other Pacific Islander |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
3 | $266,000 |
$88,000 | $105,000 |
$41,000 | $48,000 |
| White |
239 | $31,511,000 |
$131,000 | $586,000 |
$61,000 | $265,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
248 | $32,916,000 |
$132,000 | $586,000 |
$62,000 | $265,000 |
| 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) |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Application Approved But Not Accepted |
16 | $2,130,000 |
$133,000 | $279,000 |
$58,000 | $111,000 |
| Application Denied By Financial Institution |
45 | $4,970,000 |
$110,000 | $372,000 |
$41,000 | $139,000 |
| Application Withdrawn By Applicant |
14 | $1,531,000 |
$109,000 | $212,000 |
$58,000 | $106,000 |
| File Closed For Incompleteness |
10 | $1,316,000 |
$131,000 | $383,000 |
$61,000 | $180,000 |
| Loan Originated |
162 | $22,846,000 |
$141,000 | $586,000 |
$68,000 | $265,000 |
| Loan Purchased By The Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Preapproval Approved but not Accepted |
1 | $123,000 |
$123,000 | $123,000 |
$44,000 | $44,000 |
| Preapproval Denied by Financial Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Collateral |
9 | $1,169,000 |
$129,000 | $372,000 |
$40,000 | $128,000 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
11 | $1,256,000 |
$114,000 | $187,000 |
$47,000 | $82,000 |
| Debt-To-Income Ratio |
10 | $1,331,000 |
$133,000 | $280,000 |
$43,000 | $84,000 |
| Employment History |
5 | $237,000 |
$47,000 | $50,000 |
$0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
4 | $295,000 |
$73,000 | $88,000 |
$56,000 | $139,000 |
| Unverifiable Information |
3 | $320,000 |
$106,000 | $164,000 |
$39,000 | $60,000 |
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Mortgage Loan App Totals for CHOICEONE MORTGAGE CO OF MI by:
Metropolitan Area And
County
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