Centennial Mortgage & Funding Mortgage Lending & HMDA Data, 2006
In 2006, Centennial Mortgage & Funding of Bloomington, MN reported 2,985 mortgage applications totaling $422.2 million, up 18% from 2005. The average application was for $141,432, and applicants reported an average income of $73,702. 68% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (1,409), Grand Rapids-Wyoming, MI (199) and Duluth, MN-WI (188) (applications in parentheses).
| Mortgage Company & Address | Centennial Mortgage & Funding 5001 American Blvd West, Ste 1000 Bloomington, MN 55437 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2003 |
| Total Number of Mortgage Applications | 2,985 |
| Total Mortgage Loan Application Amount | $422,177,000 |
| Average Mortgage Loan Application Amount | $141,432 |
| Highest Mortgage Loan Application Amount | $3,400,000 |
| Average Applicant Income | $73,702 |
| Highest Applicant Income | $1,200,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Centennial Mortgage & Funding filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Centennial Mortgage & Funding in 2006
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 1,977 | $255,250,000 | $129,000 | $1,950,000 | $70,000 | $1,200,000 |
| Refinancing | 1,005 | $166,754,000 | $165,000 | $3,400,000 | $81,000 | $686,000 |
| Home Improvement | 3 | $173,000 | $57,000 | $69,000 | $69,000 | $121,000 |
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 | 2,386 | $332,767,000 | $139,000 | $1,950,000 | $73,000 | $1,200,000 |
| Black or African American | 253 | $33,736,000 | $133,000 | $1,000,000 | $78,000 | $483,000 |
| Hispanic | 126 | $17,767,000 | $141,000 | $329,000 | $69,000 | $713,000 |
| Asian | 105 | $18,046,000 | $171,000 | $760,000 | $72,000 | $278,000 |
| Not Provided | 97 | $17,843,000 | $183,000 | $3,400,000 | $91,000 | $686,000 |
| American Indian or Alaskan Native | 13 | $1,126,000 | $86,000 | $210,000 | $48,000 | $67,000 |
| Not applicable | 3 | $396,000 | $132,000 | $232,000 | $42,000 | $64,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $496,000 | $248,000 | $279,000 | $64,000 | $65,000 |
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) | 2,801 | $400,077,000 | $142,000 | $3,400,000 | $76,000 | $1,200,000 |
| FHA-insured (Federal Housing Administration) | 174 | $20,294,000 | $116,000 | $269,000 | $45,000 | $207,000 |
| VA-guaranteed (Veterans Administration) | 10 | $1,806,000 | $180,000 | $287,000 | $52,000 | $71,000 |
| 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 | 2,021 | $283,206,000 | $140,000 | $1,950,000 | $68,000 | $1,200,000 |
| Application Approved But Not Accepted | 378 | $50,810,000 | $134,000 | $720,000 | $85,000 | $558,000 |
| Application Withdrawn By Applicant | 226 | $36,762,000 | $162,000 | $3,400,000 | $75,000 | $483,000 |
| Application Denied By Financial Institution | 188 | $27,642,000 | $147,000 | $551,000 | $89,000 | $713,000 |
| File Closed For Incompleteness | 172 | $23,757,000 | $138,000 | $1,125,000 | $93,000 | $526,000 |
| 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 |
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 | 21 | $2,737,000 | $130,000 | $500,000 | $157,000 | $713,000 |
| Credit History | 18 | $2,397,000 | $133,000 | $290,000 | $76,000 | $204,000 |
| Collateral | 11 | $2,017,000 | $183,000 | $411,000 | $49,000 | $136,000 |
| Employment History | 8 | $1,426,000 | $178,000 | $440,000 | $73,000 | $167,000 |
| Unverifiable Information | 5 | $266,000 | $53,000 | $134,000 | $149,000 | $175,000 |
| Debt-To-Income Ratio | 5 | $1,026,000 | $205,000 | $270,000 | $51,000 | $89,000 |
| Credit Application Incomplete | 3 | $400,000 | $133,000 | $248,000 | $155,000 | $189,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Centennial Mortgage & Funding's 2006 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 Centennial Mortgage & Funding'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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