Boundary Waters Bank Mortgage Lending & HMDA Data, 2022
In 2022, Boundary Waters Bank of Blaine, MN reported 452 mortgage applications totaling $37.1 million. The average application was for $81,969, and applicants reported an average income of $159,137. 69% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (406), Duluth, MN-WI (10) and St. Cloud, MN (8) (applications in parentheses).
| Mortgage Company & Address | Boundary Waters Bank 11800 Aberdeen St Ne #120 Blaine, MN 55449 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2022 2019 |
| Total Number of Mortgage Applications | 452 |
| Total Mortgage Loan Application Amount | $37,050,000 |
| Average Mortgage Loan Application Amount | $81,969 |
| Highest Mortgage Loan Application Amount | $315,000 |
| Average Applicant Income | $159,137 |
| Highest Applicant Income | $842,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Boundary Waters Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Hennepin, Minnesota | 159 | $ 14,475,000 | $ 91,037 | $ 173,000 |
| Anoka, Minnesota | 53 | $ 3,035,000 | $ 57,264 | $ 136,000 |
| Dakota, Minnesota | 45 | $ 3,405,000 | $ 75,666 | $ 144,000 |
| Ramsey, Minnesota | 35 | $ 3,055,000 | $ 87,285 | $ 157,000 |
| Scott, Minnesota | 30 | $ 2,610,000 | $ 87,000 | $ 173,000 |
| Washington, Minnesota | 20 | $ 1,660,000 | $ 83,000 | $ 144,000 |
| Wright, Minnesota | 20 | $ 1,330,000 | $ 66,500 | $ 124,000 |
| Carver, Minnesota | 18 | $ 1,950,000 | $ 108,333 | $ 251,000 |
| St. Louis, Minnesota | 9 | $ 875,000 | $ 97,222 | $ 164,000 |
| Sherburne, Minnesota | 7 | $ 505,000 | $ 72,142 | $ 123,000 |
| Chisago, Minnesota | 6 | $ 850,000 | $ 141,666 | $ 118,000 |
| Rice, Minnesota | 6 | $ 410,000 | $ 68,333 | $ 110,000 |
| Stearns, Minnesota | 6 | $ 380,000 | $ 63,333 | $ 119,000 |
| St. Croix, Wisconsin | 6 | $ 270,000 | $ 45,000 | $ 172,000 |
| Crow Wing, Minnesota | 4 | $ 240,000 | $ 60,000 | $ 84,000 |
| Cass, Minnesota | 3 | $ 175,000 | $ 58,333 | $ 310,000 |
| Isanti, Minnesota | 3 | $ 205,000 | $ 68,333 | $ 128,000 |
| Pine, Minnesota | 3 | $ 145,000 | $ 48,333 | $ 106,000 |
| Benton, Minnesota | 2 | $ 140,000 | $ 70,000 | $ 144,000 |
| Le Sueur, Minnesota | 2 | $ 50,000 | $ 25,000 | $ 93,000 |
| Nicollet, Minnesota | 2 | $ 150,000 | $ 75,000 | $ 300,000 |
| Olmsted, Minnesota | 2 | $ 180,000 | $ 90,000 | $ 158,000 |
| Pierce, Wisconsin | 2 | $ 260,000 | $ 130,000 | $ 139,000 |
| Blue Earth, Minnesota | 1 | $ 75,000 | $ 75,000 | $ 72,000 |
| Cook, Minnesota | 1 | $ 105,000 | $ 105,000 | $ 196,000 |
| Goodhue, Minnesota | 1 | $ 55,000 | $ 55,000 | $ 190,000 |
| Itasca, Minnesota | 1 | $ 25,000 | $ 25,000 | $ 41,000 |
| McLeod, Minnesota | 1 | $ 105,000 | $ 105,000 | $ 93,000 |
| Meeker, Minnesota | 1 | $ 55,000 | $ 55,000 | $ 59,000 |
| Rock, Minnesota | 1 | $ 125,000 | $ 125,000 | $ 85,000 |
| Douglas, Wisconsin | 1 | $ 85,000 | $ 85,000 | $ 157,000 |
| Polk, Wisconsin | 1 | $ 65,000 | $ 65,000 | $ 169,000 |
Mortgage Loan Application Detail Totals for Boundary Waters Bank in 2022
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 |
|---|---|---|---|---|---|---|
| Other Purpose | 230 | $16,600,000 | $72,000 | $315,000 | $139,000 | $842,000 |
| Home Improvement | 192 | $16,880,000 | $87,000 | $295,000 | $168,000 | $628,000 |
| Home Purchase | 15 | $1,465,000 | $97,000 | $255,000 | $253,000 | $672,000 |
| Refinancing | 11 | $1,615,000 | $146,000 | $305,000 | $287,000 | $726,000 |
| Cash-out Refinancing | 4 | $490,000 | $122,000 | $175,000 | $188,000 | $271,000 |
| Not Applicable | 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 | 353 | $29,275,000 | $82,000 | $315,000 | $160,000 | $842,000 |
| Not Provided | 67 | $5,825,000 | $86,000 | $295,000 | $173,000 | $550,000 |
| Black or African American | 14 | $850,000 | $60,000 | $175,000 | $107,000 | $220,000 |
| Hispanic | 4 | $250,000 | $62,000 | $95,000 | $89,000 | $221,000 |
| Asian | 4 | $280,000 | $70,000 | $125,000 | $120,000 | $173,000 |
| American Indian or Alaskan Native | 1 | $105,000 | $105,000 | $105,000 | $672,000 | $672,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 452 | $37,050,000 | $81,000 | $315,000 | $159,000 | $842,000 |
| 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 |
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 | 314 | $27,730,000 | $88,000 | $315,000 | $178,000 | $842,000 |
| Application Denied By Financial Institution | 78 | $4,890,000 | $62,000 | $255,000 | $104,000 | $336,000 |
| Application Approved But Not Accepted | 59 | $4,395,000 | $74,000 | $175,000 | $133,000 | $492,000 |
| Application Withdrawn By Applicant | 1 | $35,000 | $35,000 | $35,000 | $96,000 | $96,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 374 | $32,160,000 | $85,000 | $315,000 | $171,000 | $842,000 |
| Credit History | 46 | $2,620,000 | $56,000 | $175,000 | $108,000 | $271,000 |
| Debt-To-Income Ratio | 27 | $2,035,000 | $75,000 | $255,000 | $105,000 | $336,000 |
| Collateral | 3 | $185,000 | $61,000 | $105,000 | $78,000 | $140,000 |
| Employment History | 2 | $50,000 | $25,000 | $25,000 | $31,000 | $37,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Boundary Waters Bank's 2022 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 Boundary Waters Bank'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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