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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 MTG CO SOUTH MI
Mortgage Loans and Application Details
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| Mortgage Company Name |
INDEPENDENT MTG CO SOUTH 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 | 642 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $82,164,000 |
| Average Mortgage Loan Amount Applied For | $145,250 |
| Highest Mortgage Loan Amount Applied For | $585,000 |
| Average Applicant Income | $75,522 |
| Highest Applicant Income | $351,000 |
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| Home Improvement |
29 | $4,358,000 |
$150,000 | $451,000 |
$66,000 | $143,000 |
| Home Purchase |
294 | $33,090,000 |
$112,000 | $504,000 |
$59,000 | $351,000 |
| Refinancing |
319 | $44,716,000 |
$140,000 | $585,000 |
$64,000 | $351,000 |
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| American Indian or Alaskan Native |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Asian |
9 | $1,876,000 |
$208,000 | $417,000 |
$86,000 | $246,000 |
| Black or African American |
15 | $2,098,000 |
$139,000 | $410,000 |
$62,000 | $146,000 |
| Hispanic |
9 | $910,000 |
$101,000 | $175,000 |
$43,000 | $76,000 |
| Native Hawaiin or Other Pacific Islander |
1 | $90,000 |
$90,000 | $90,000 |
$42,000 | $42,000 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
3 | $351,000 |
$117,000 | $167,000 |
$58,000 | $88,000 |
| White |
605 | $76,839,000 |
$127,000 | $585,000 |
$62,000 | $351,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
611 | $78,601,000 |
$128,000 | $585,000 |
$63,000 | $351,000 |
| FHA-insured (Federal Housing Administration) |
19 | $2,014,000 |
$106,000 | $187,000 |
$48,000 | $95,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) |
6 | $684,000 |
$114,000 | $139,000 |
$37,000 | $56,000 |
| VA-guaranteed (Veterans Administration) |
6 | $865,000 |
$144,000 | $235,000 |
$60,000 | $110,000 |
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| Application Approved But Not Accepted |
13 | $1,629,000 |
$125,000 | $234,000 |
$79,000 | $281,000 |
| Application Denied By Financial Institution |
56 | $7,635,000 |
$136,000 | $287,000 |
$64,000 | $351,000 |
| Application Withdrawn By Applicant |
72 | $10,014,000 |
$139,000 | $304,000 |
$58,000 | $180,000 |
| File Closed For Incompleteness |
7 | $775,000 |
$110,000 | $161,000 |
$67,000 | $101,000 |
| Loan Originated |
494 | $62,111,000 |
$125,000 | $585,000 |
$62,000 | $351,000 |
| 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 |
8 | $940,000 |
$117,000 | $200,000 |
$60,000 | $143,000 |
| Credit Application Incomplete |
34 | $4,883,000 |
$143,000 | $287,000 |
$73,000 | $351,000 |
| Credit History |
5 | $527,000 |
$105,000 | $137,000 |
$45,000 | $73,000 |
| Debt-To-Income Ratio |
4 | $689,000 |
$172,000 | $219,000 |
$41,000 | $68,000 |
| Employment History |
2 | $233,000 |
$116,000 | $126,000 |
$27,000 | $28,000 |
| Insufficient Cash (Downpayment, Closing Cost) |
1 | $133,000 |
$133,000 | $133,000 |
$72,000 | $72,000 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Unverifiable Information |
1 | $175,000 |
$175,000 | $175,000 |
$48,000 | $48,000 |
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Mortgage Loan App Totals for INDEPENDENT MTG CO SOUTH MI by:
Metropolitan Area And
County
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