Choiceone Mortgage Co of Mi Mortgage Lending & HMDA Data, 2008
In 2008, Choiceone Mortgage Co of Mi of Kent City, MI reported 246 mortgage applications totaling $30.1 million, down 14% from 2007. The average application was for $122,207, and applicants reported an average income of $68,821. 59% of its applications resulted in an originated loan and 24% were denied. Its largest markets were Grand Rapids-Wyoming, MI (158), Muskegon-Norton Shores, MI (31) and Holland-Grand Haven, MI (20) (applications in parentheses).
| Mortgage Company & Address | Choiceone Mortgage Co of Mi 450 W Muskegon Po Box 248 Kent City, MI 49330 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 246 |
| Total Mortgage Loan Application Amount | $30,063,000 |
| Average Mortgage Loan Application Amount | $122,207 |
| Highest Mortgage Loan Application Amount | $700,000 |
| Average Applicant Income | $68,821 |
| Highest Applicant Income | $475,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Choiceone Mortgage Co of Mi filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Grand Rapids-Wyoming, MI | 158 | $ 19,542,000 | $ 123,683 | $ 72,000 |
| Muskegon-Norton Shores, MI | 31 | $ 3,699,000 | $ 119,322 | $ 56,000 |
| Holland-Grand Haven, MI | 20 | $ 2,498,000 | $ 124,900 | $ 67,000 |
| Kalamazoo-Portage, MI | 2 | $ 120,000 | $ 60,000 | $ 47,000 |
Mortgage Loan Application Detail Totals for Choiceone Mortgage Co of Mi in 2008
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 | 148 | $19,523,000 | $131,000 | $509,000 | $74,000 | $475,000 |
| Home Purchase | 98 | $10,540,000 | $107,000 | $700,000 | $61,000 | $288,000 |
| 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 | 227 | $28,376,000 | $125,000 | $700,000 | $70,000 | $475,000 |
| Hispanic | 10 | $810,000 | $81,000 | $184,000 | $35,000 | $67,000 |
| Not Provided | 8 | $854,000 | $106,000 | $282,000 | $60,000 | $163,000 |
| American Indian or Alaskan Native | 1 | $23,000 | $23,000 | $23,000 | $27,000 | $27,000 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 232 | $28,367,000 | $122,000 | $700,000 | $69,000 | $475,000 |
| FHA-insured (Federal Housing Administration) | 14 | $1,696,000 | $121,000 | $248,000 | $53,000 | $136,000 |
| 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 | 144 | $17,543,000 | $121,000 | $700,000 | $73,000 | $372,000 |
| Application Denied By Financial Institution | 59 | $7,976,000 | $135,000 | $360,000 | $67,000 | $475,000 |
| Application Approved But Not Accepted | 16 | $1,401,000 | $87,000 | $190,000 | $64,000 | $186,000 |
| File Closed For Incompleteness | 13 | $1,918,000 | $147,000 | $282,000 | $60,000 | $163,000 |
| Preapproval Denied by Financial Institution | 10 | $941,000 | $94,000 | $133,000 | $36,000 | $62,000 |
| Application Withdrawn By Applicant | 4 | $284,000 | $71,000 | $156,000 | $49,000 | $114,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Choiceone Mortgage Co of Mi's 2008 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 Choiceone Mortgage Co of Mi'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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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