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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 WEST MI
Mortgage Loans and Application Details
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| Mortgage Company Name |
INDEPENDENT BANK WEST MI |
| Address | 230 WEST 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 | 948 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $44,476,000 |
| Average Mortgage Loan Amount Applied For | $84,139 |
| Highest Mortgage Loan Amount Applied For | $6,643,000 |
| Average Applicant Income | $71,511 |
| Highest Applicant Income | $936,000 |
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| Home Improvement |
282 | $5,210,000 |
$18,000 | $111,000 |
$54,000 | $936,000 |
| Home Purchase |
127 | $12,415,000 |
$97,000 | $5,712,000 |
$62,000 | $400,000 |
| Refinancing |
539 | $26,851,000 |
$49,000 | $6,643,000 |
$55,000 | $422,000 |
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| American Indian or Alaskan Native |
4 | $85,000 |
$21,000 | $36,000 |
$32,000 | $60,000 |
| Asian |
2 | $62,000 |
$31,000 | $44,000 |
$89,000 | $104,000 |
| Black or African American |
5 | $62,000 |
$12,000 | $25,000 |
$38,000 | $57,000 |
| Hispanic |
20 | $483,000 |
$24,000 | $73,000 |
$64,000 | $154,000 |
| Native Hawaiin or Other Pacific Islander |
1 | $3,000 |
$3,000 | $3,000 |
$59,000 | $59,000 |
| Not applicable |
22 | $15,810,000 |
$718,000 | $6,643,000 |
$0 | $0 |
| Not Provided |
14 | $563,000 |
$40,000 | $100,000 |
$65,000 | $203,000 |
| White |
880 | $27,408,000 |
$31,000 | $500,000 |
$57,000 | $936,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
948 | $44,476,000 |
$46,000 | $6,643,000 |
$56,000 | $936,000 |
| 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 |
46 | $1,801,000 |
$39,000 | $600,000 |
$45,000 | $109,000 |
| Application Denied By Financial Institution |
106 | $2,569,000 |
$24,000 | $150,000 |
$46,000 | $422,000 |
| Application Withdrawn By Applicant |
6 | $1,175,000 |
$195,000 | $865,000 |
$33,000 | $73,000 |
| File Closed For Incompleteness |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Loan Originated |
775 | $38,598,000 |
$49,000 | $6,643,000 |
$58,000 | $936,000 |
| Loan Purchased By The Institution |
15 | $333,000 |
$22,000 | $43,000 |
$54,000 | $124,000 |
| 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 |
4 | $79,000 |
$19,000 | $30,000 |
$50,000 | $78,000 |
| Credit Application Incomplete |
1 | $40,000 |
$40,000 | $40,000 |
$46,000 | $46,000 |
| Credit History |
34 | $625,000 |
$18,000 | $70,000 |
$48,000 | $150,000 |
| Debt-To-Income Ratio |
53 | $1,302,000 |
$24,000 | $75,000 |
$48,000 | $422,000 |
| Employment History |
9 | $203,000 |
$22,000 | $65,000 |
$34,000 | $56,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
1 | $150,000 |
$150,000 | $150,000 |
$50,000 | $50,000 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for INDEPENDENT BANK WEST MI by:
Metropolitan Area And
County
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