Edgewater Bank Mortgage Lending & HMDA Data, 2021
In 2021, Edgewater Bank of Saint Joseph, MI reported 107 mortgage applications totaling $22.9 million, down 68% from 2020. The average application was for $213,785, and applicants reported an average income of $140,757. 90% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Niles-Benton Harbor, MI (77), Grand Rapids-Wyoming, MI (9) and South Bend-Mishawaka, IN-MI (8) (applications in parentheses).
| Mortgage Company & Address | Edgewater Bank 321 Main Street Saint Joseph, MI 49085 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2021 2020 2019 2018 2017 |
| Total Number of Mortgage Applications | 107 |
| Total Mortgage Loan Application Amount | $22,875,000 |
| Average Mortgage Loan Application Amount | $213,785 |
| Highest Mortgage Loan Application Amount | $555,000 |
| Average Applicant Income | $140,757 |
| Highest Applicant Income | $1,450,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Edgewater Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Edgewater Bank in 2021
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 | 82 | $17,700,000 | $215,000 | $545,000 | $148,000 | $1,450,000 |
| Home Purchase | 25 | $5,175,000 | $207,000 | $555,000 | $117,000 | $301,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
| Cash-out Refinancing | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 92 | $19,530,000 | $212,000 | $545,000 | $144,000 | $1,450,000 |
| Not applicable | 9 | $2,125,000 | $236,000 | $555,000 | $0 | $0 |
| Asian | 3 | $795,000 | $265,000 | $335,000 | $57,000 | $85,000 |
| Hispanic | 2 | $260,000 | $130,000 | $135,000 | $115,000 | $204,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $165,000 | $165,000 | $165,000 | $180,000 | $180,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 107 | $22,875,000 | $213,000 | $555,000 | $142,000 | $1,450,000 |
| 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 | 96 | $21,040,000 | $219,000 | $555,000 | $146,000 | $1,450,000 |
| Application Approved But Not Accepted | 5 | $805,000 | $161,000 | $215,000 | $171,000 | $245,000 |
| Application Denied By Financial Institution | 5 | $905,000 | $181,000 | $335,000 | $31,000 | $36,000 |
| Application Withdrawn By Applicant | 1 | $125,000 | $125,000 | $125,000 | $55,000 | $55,000 |
| 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 | 100 | $21,480,000 | $214,000 | $555,000 | $146,000 | $1,450,000 |
| Debt-To-Income Ratio | 6 | $1,270,000 | $211,000 | $335,000 | $32,000 | $36,000 |
| Unverifiable Information | 1 | $125,000 | $125,000 | $125,000 | $27,000 | $27,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Edgewater Bank's 2021 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 Edgewater 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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