Access Mortgage & Financial Mortgage Lending & HMDA Data, 2005
In 2005, Access Mortgage & Financial of Grand Rapids, MI reported 1,711 mortgage applications totaling $226.7 million. The average application was for $132,490, and applicants reported an average income of $65,601. 57% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Lansing-East Lansing, MI (210), Grand Rapids-Wyoming, MI (197) and Warren-Farmington Hills-Troy, MI (71) (applications in parentheses).
| Mortgage Company & Address | Access Mortgage & Financial 3040 Charlevoix Dr Se Grand Rapids, MI 49546 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 |
| Total Number of Mortgage Applications | 1,711 |
| Total Mortgage Loan Application Amount | $226,692,000 |
| Average Mortgage Loan Application Amount | $132,490 |
| Highest Mortgage Loan Application Amount | $1,509,000 |
| Average Applicant Income | $65,601 |
| Highest Applicant Income | $708,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Access Mortgage & Financial filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
Mortgage Loan Application Detail Totals for Access Mortgage & Financial in 2005
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Refinancing | 1,247 | $167,912,000 | $143,500 | $730,000 | $68,166 | $600,000 |
| Home Purchase | 464 | $58,780,000 | $143,500 | $1,509,000 | $70,750 | $708,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 1,398 | $182,908,000 | $139,800 | $1,509,000 | $70,133 | $708,000 |
| Not Provided | 153 | $21,276,000 | $174,818 | $600,000 | $69,363 | $384,000 |
| Black or African American | 79 | $9,395,000 | $137,125 | $361,000 | $75,625 | $208,000 |
| Hispanic | 53 | $9,415,000 | $166,000 | $730,000 | $69,875 | $596,000 |
| Asian | 25 | $3,482,000 | $163,250 | $310,000 | $93,500 | $275,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $216,000 | $72,000 | $79,000 | $66,333 | $110,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 1,710 | $226,569,000 | $151,666 | $1,509,000 | $71,933 | $708,000 |
| VA-guaranteed (Veterans Administration) | 1 | $123,000 | $123,000 | $123,000 | $37,000 | $37,000 |
| 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 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 969 | $126,636,000 | $129,666 | $514,000 | $65,416 | $287,000 |
| Application Withdrawn By Applicant | 436 | $59,426,000 | $156,500 | $1,509,000 | $74,357 | $708,000 |
| Application Denied By Financial Institution | 303 | $39,597,000 | $134,166 | $730,000 | $64,500 | $600,000 |
| Application Approved But Not Accepted | 3 | $1,033,000 | $303,000 | $720,000 | $220,000 | $600,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Other | 100 | $11,535,000 | $118,250 | $418,000 | $66,583 | $600,000 |
| Debt-To-Income Ratio | 39 | $5,391,000 | $133,600 | $560,000 | $69,800 | $140,000 |
| Collateral | 36 | $4,346,000 | $161,333 | $515,000 | $57,111 | $116,000 |
| Credit History | 26 | $3,198,000 | $122,375 | $730,000 | $93,125 | $596,000 |
| Employment History | 9 | $1,230,000 | $125,000 | $359,000 | $63,000 | $180,000 |
| Credit Application Incomplete | 5 | $557,000 | $114,500 | $209,000 | $49,000 | $110,000 |
| Unverifiable Information | 4 | $743,000 | $185,000 | $415,000 | $76,000 | $102,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $218,000 | $109,000 | $110,000 | $53,500 | $54,000 |
| Mortgage Insurance Denied | 1 | $129,000 | $129,000 | $129,000 | $600,000 | $600,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Access Mortgage & Financial's 2005 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Access Mortgage & Financial's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
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