Cornerstone State Bank Mortgage Lending & HMDA Data, 2013
In 2013, Cornerstone State Bank of Montgomery, MN reported 142 mortgage applications totaling $17.9 million, down 35% from 2012. The average application was for $126,112, and applicants reported an average income of $77,521. 75% of its applications resulted in an originated loan and 15% were denied. Its largest markets were Duluth, MN-WI (44), Minneapolis-St. Paul-Bloomington, MN-WI (31) and Mankato-North Mankato, MN (7) (applications in parentheses).
| Mortgage Company & Address | Cornerstone State Bank 401 4th St N W Montgomery, MN 56069 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 |
| Total Number of Mortgage Applications | 142 |
| Total Mortgage Loan Application Amount | $17,908,000 |
| Average Mortgage Loan Application Amount | $126,112 |
| Highest Mortgage Loan Application Amount | $417,000 |
| Average Applicant Income | $77,521 |
| Highest Applicant Income | $382,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Cornerstone State Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Cornerstone State Bank in 2013
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 | 78 | $11,428,000 | $146,000 | $417,000 | $86,000 | $324,000 |
| Home Purchase | 50 | $5,474,000 | $109,000 | $340,000 | $65,000 | $141,000 |
| Home Improvement | 14 | $1,006,000 | $71,000 | $144,000 | $75,000 | $382,000 |
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 | 126 | $15,910,000 | $126,000 | $417,000 | $80,000 | $382,000 |
| Not applicable | 6 | $505,000 | $84,000 | $144,000 | $0 | $0 |
| Not Provided | 5 | $603,000 | $120,000 | $295,000 | $70,000 | $137,000 |
| American Indian or Alaskan Native | 5 | $890,000 | $178,000 | $340,000 | $121,000 | $141,000 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 133 | $16,600,000 | $124,000 | $417,000 | $79,000 | $382,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 9 | $1,308,000 | $145,000 | $296,000 | $54,000 | $91,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 107 | $13,708,000 | $128,000 | $417,000 | $82,000 | $382,000 |
| Application Denied By Financial Institution | 22 | $2,316,000 | $105,000 | $296,000 | $53,000 | $101,000 |
| Application Withdrawn By Applicant | 10 | $1,541,000 | $154,000 | $295,000 | $98,000 | $192,000 |
| Application Approved But Not Accepted | 2 | $238,000 | $119,000 | $144,000 | $20,000 | $41,000 |
| File Closed For Incompleteness | 1 | $105,000 | $105,000 | $105,000 | $68,000 | $68,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 7 | $292,000 | $41,000 | $114,000 | $35,000 | $85,000 |
| Debt-To-Income Ratio | 7 | $773,000 | $110,000 | $207,000 | $43,000 | $101,000 |
| Collateral | 4 | $624,000 | $156,000 | $296,000 | $76,000 | $95,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $105,000 | $105,000 | $105,000 | $84,000 | $84,000 |
| Other | 1 | $200,000 | $200,000 | $200,000 | $60,000 | $60,000 |
| Unverifiable Information | 1 | $173,000 | $173,000 | $173,000 | $93,000 | $93,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Cornerstone State Bank's 2013 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 Cornerstone State 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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