Compass Credit Union Mortgage Lending & HMDA Data, 2024
In 2024, Compass Credit Union of Sparta, MI reported 25 mortgage applications totaling $1.6 million, up 127% from 2023. The average application was for $64,200, and applicants reported an average income of $87,000. 56% of its applications resulted in an originated loan and 28% were denied. Its largest markets were Grand Rapids-Wyoming, MI (11) and Muskegon, MI (2).
| Mortgage Company & Address | Compass Credit Union 485 S State St Sparta, MI 49345 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 |
| Total Number of Mortgage Applications | 25 |
| Total Mortgage Loan Application Amount | $1,605,000 |
| Average Mortgage Loan Application Amount | $64,200 |
| Highest Mortgage Loan Application Amount | $175,000 |
| Average Applicant Income | $87,000 |
| Highest Applicant Income | $177,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Compass Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Compass Credit Union in 2024
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 | 20 | $1,270,000 | $63,000 | $175,000 | $93,000 | $177,000 |
| Home Improvement | 4 | $210,000 | $52,000 | $85,000 | $57,000 | $95,000 |
| Cash-out Refinancing | 1 | $125,000 | $125,000 | $125,000 | $0 | $0 |
| Home Purchase | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Refinancing | 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 | 19 | $1,295,000 | $68,000 | $175,000 | $86,000 | $166,000 |
| Not Provided | 4 | $250,000 | $62,000 | $105,000 | $88,000 | $177,000 |
| American Indian or Alaskan Native | 1 | $25,000 | $25,000 | $25,000 | $107,000 | $107,000 |
| Hispanic | 1 | $35,000 | $35,000 | $35,000 | $80,000 | $80,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 25 | $1,605,000 | $64,000 | $175,000 | $87,000 | $177,000 |
| 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 | 14 | $920,000 | $65,000 | $175,000 | $89,000 | $166,000 |
| Application Denied By Financial Institution | 7 | $495,000 | $70,000 | $105,000 | $84,000 | $177,000 |
| Application Withdrawn By Applicant | 4 | $190,000 | $47,000 | $125,000 | $83,000 | $89,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 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 | 18 | $1,110,000 | $61,000 | $175,000 | $88,000 | $166,000 |
| Debt-To-Income Ratio | 6 | $440,000 | $73,000 | $105,000 | $72,000 | $177,000 |
| Credit History | 1 | $55,000 | $55,000 | $55,000 | $158,000 | $158,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Compass Credit Union's 2024 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 Compass Credit Union'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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with aggregated HMDA statistics today.
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