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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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MERCANTILE BANK MORTGAGE CO
Mortgage Loans and Application Details
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| Mortgage Company Name |
MERCANTILE BANK MORTGAGE CO |
| Address | 216 N DIVISION
GRAND RAPIDS, MI 49503 |
| Agency | Federal Deposit Insurance Corporation (FDIC) |
| Year | 2003 |
| All Data Years | 2003 |
| Total Number of Mortgage Loan Applications Processed | 205 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $23,653,000 |
| Average Mortgage Loan Amount Applied For | $138,090 |
| Highest Mortgage Loan Amount Applied For | $804,000 |
| Average Applicant Income | $152,636 |
| Highest Applicant Income | $900,000 |
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| Home Improvement (one-to-four family) |
1 | $105,000 |
$105,000 | $105,000 |
$403,000 | $403,000 |
| Home Purchase (one-to-four family) |
110 | $12,148,000 |
$110,000 | $804,000 |
$102,000 | $900,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) |
2 | $350,000 |
$175,000 | $200,000 |
$0 | $0 |
| Refinancing (home purchase or home improvement, one-to-four family) |
92 | $11,050,000 |
$120,000 | $513,000 |
$148,000 | $900,000 |
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| American Indian or Alaskan Native |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Asian or Pacific Islander |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Black |
17 | $1,295,000 |
$76,000 | $185,000 |
$61,000 | $242,000 |
| Hispanic |
31 | $2,061,000 |
$66,000 | $119,000 |
$36,000 | $120,000 |
| Information not provided by applicant in mail or telephone application |
1 | $30,000 |
$30,000 | $30,000 |
$129,000 | $129,000 |
| Not applicable |
79 | $8,266,000 |
$104,000 | $400,000 |
$311,000 | $900,000 |
| Other |
0 | $0 |
$0 | $0 |
$0 | $0 |
| White |
77 | $12,001,000 |
$155,000 | $804,000 |
$119,000 | $734,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
205 | $23,653,000 |
$115,000 | $804,000 |
$129,000 | $900,000 |
| 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 |
4 | $463,000 |
$115,000 | $170,000 |
$52,000 | $106,000 |
| Application Denied By Financial Institution |
17 | $1,689,000 |
$99,000 | $238,000 |
$39,000 | $150,000 |
| Application Withdrawn By Applicant |
7 | $810,000 |
$115,000 | $210,000 |
$85,000 | $137,000 |
| File Closed For Incompleteness |
3 | $437,000 |
$145,000 | $200,000 |
$76,000 | $150,000 |
| Loan Originated |
174 | $20,254,000 |
$116,000 | $804,000 |
$179,000 | $900,000 |
| Loan Purchased By The Institution |
0 | $0 |
$0 | $0 |
$0 | $0 |
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| Collateral |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
11 | $1,147,000 |
$104,000 | $238,000 |
$44,000 | $150,000 |
| Debt-To-Income Ratio |
5 | $436,000 |
$87,000 | $130,000 |
$30,000 | $57,000 |
| Employment History |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Mortgage Insurance Denied |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Other |
1 | $106,000 |
$106,000 | $106,000 |
$42,000 | $42,000 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for MERCANTILE BANK MORTGAGE CO by:
Metropolitan Area And
County
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