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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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STERLING MORTGAGE & INVESTMENT
Mortgage Loans and Application Details
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| Mortgage Company Name |
STERLING MORTGAGE & INVESTMENT |
| Address | 31333 W. 13 MILE RD
FARMINGTON HILLS, MI 48334 |
| Agency | Department of Housing and Urban Development (HUD) |
| Year | 2005 |
| All Data Years | 2003 2004 2005 |
| Total Number of Mortgage Loan Applications Processed | 316 |
| Total Dollar Amount of Mortgage Loan Applications Processed | $30,423,000 |
| Average Mortgage Loan Amount Applied For | $94,038 |
| Highest Mortgage Loan Amount Applied For | $720,000 |
| Average Applicant Income | $42,961 |
| Highest Applicant Income | $350,000 |
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| Home Improvement |
2 | $239,000 |
$119,000 | $139,000 |
$96,000 | $144,000 |
| Home Purchase |
12 | $1,140,000 |
$95,000 | $165,000 |
$52,000 | $104,000 |
| Refinancing |
302 | $29,044,000 |
$70,500 | $720,000 |
$30,000 | $350,000 |
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| American Indian or Alaskan Native |
4 | $276,000 |
$69,000 | $75,000 |
$18,000 | $23,000 |
| Asian |
1 | $168,000 |
$168,000 | $168,000 |
$60,000 | $60,000 |
| Black or African American |
26 | $2,105,000 |
$80,000 | $228,000 |
$43,000 | $108,000 |
| Hispanic |
1 | $79,000 |
$79,000 | $79,000 |
$61,000 | $61,000 |
| Native Hawaiin or Other Pacific Islander |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not applicable |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Not Provided |
181 | $15,284,000 |
$84,000 | $320,000 |
$40,000 | $350,000 |
| White |
103 | $12,511,000 |
$83,500 | $720,000 |
$37,000 | $240,000 |
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| Conventional (any loan other than FHA, VA, FSA, or RHS loans) |
316 | $30,423,000 |
$70,500 | $720,000 |
$30,500 | $350,000 |
| 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 |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Application Denied By Financial Institution |
36 | $3,969,000 |
$78,500 | $264,000 |
$31,000 | $240,000 |
| Application Withdrawn By Applicant |
179 | $17,291,000 |
$96,000 | $720,000 |
$40,000 | $350,000 |
| File Closed For Incompleteness |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Loan Originated |
101 | $9,163,000 |
$90,000 | $315,000 |
$56,000 | $240,000 |
| 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 |
1 | $92,000 |
$92,000 | $92,000 |
$35,000 | $35,000 |
| Credit Application Incomplete |
0 | $0 |
$0 | $0 |
$0 | $0 |
| Credit History |
34 | $3,737,000 |
$78,000 | $264,000 |
$32,000 | $240,000 |
| Debt-To-Income Ratio |
0 | $0 |
$0 | $0 |
$0 | $0 |
| 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 | $140,000 |
$140,000 | $140,000 |
$20,000 | $20,000 |
| Unverifiable Information |
0 | $0 |
$0 | $0 |
$0 | $0 |
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Mortgage Loan App Totals for STERLING MORTGAGE & INVESTMENT by:
Metropolitan Area And
County
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