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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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INDEPENDENT BANK
Mortgage Loans and Application Details
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| Mortgage Company Name |
INDEPENDENT BANK |
| Address | 230 W MAIN STREET
IONIA, MI 48846 |
| Agency | Federal Deposit Insurance Corporation (FDIC) |
| Year | 2006 |
| All Data Years | 2003 2004 2005 2006 |
| Total Number of Mortgage Loan Applications Processed | 1,297 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $47,734,000 |
| Average Mortgage Loan Amount Applied For | $66,500 |
| Highest Mortgage Loan Amount Applied For | $1,500,000 |
| Average Applicant Income | $54,660 |
| Highest Applicant Income | $890,000 |
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| Home Improvement |
306 | $5,775,000 |
$18,000 | $95,000 |
$49,000 | $200,000 |
| Home Purchase |
346 | $12,614,000 |
$36,000 | $275,000 |
$48,000 | $341,000 |
| Refinancing |
645 | $29,345,000 |
$45,000 | $1,500,000 |
$53,000 | $890,000 |
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| American Indian or Alaskan Native |
6 | $114,000 |
$19,000 | $34,000 |
$31,000 | $64,000 |
| Asian |
4 | $129,000 |
$32,000 | $57,000 |
$71,000 | $185,000 |
| Black or African American |
17 | $624,000 |
$36,000 | $70,000 |
$46,000 | $116,000 |
| Hispanic |
18 | $837,000 |
$46,000 | $112,000 |
$49,000 | $110,000 |
| Native Hawaiin or Other Pacific Islander |
1 | $3,000 |
$3,000 | $3,000 |
$34,000 | $34,000 |
| Not applicable |
13 | $2,882,000 |
$221,000 | $1,500,000 |
$0 | $0 |
| Not Provided |
45 | $1,761,000 |
$39,000 | $102,000 |
$47,000 | $93,000 |
| White |
1,193 | $41,384,000 |
$34,000 | $1,181,000 |
$52,000 | $890,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
1,297 | $47,734,000 |
$36,000 | $1,500,000 |
$51,000 | $890,000 |
| 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 |
156 | $6,055,000 |
$38,000 | $102,000 |
$46,000 | $200,000 |
| Application Denied By Financial Institution |
254 | $8,015,000 |
$31,000 | $353,000 |
$38,000 | $197,000 |
| Application Withdrawn By Applicant |
2 | $52,000 |
$26,000 | $38,000 |
$42,000 | $43,000 |
| File Closed For Incompleteness |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Loan Originated |
885 | $33,612,000 |
$37,000 | $1,500,000 |
$55,000 | $890,000 |
| 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 |
13 | $509,000 |
$39,000 | $99,000 |
$44,000 | $100,000 |
| Credit Application Incomplete |
2 | $9,000 |
$4,000 | $5,000 |
$27,000 | $33,000 |
| Credit History |
91 | $2,663,000 |
$29,000 | $119,000 |
$43,000 | $197,000 |
| Debt-To-Income Ratio |
119 | $3,923,000 |
$32,000 | $353,000 |
$35,000 | $120,000 |
| Employment History |
17 | $445,000 |
$26,000 | $50,000 |
$32,000 | $54,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
1 | $80,000 |
$80,000 | $80,000 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
3 | $48,000 |
$16,000 | $23,000 |
$26,000 | $36,000 |
| Unverifiable Information |
1 | $65,000 |
$65,000 | $65,000 |
$60,000 | $60,000 |
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Mortgage Loan App Totals for INDEPENDENT BANK by:
Metropolitan Area And
County
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