Education Plus Credit Union Mortgage Lending & HMDA Data, 2016
In 2016, Education Plus Credit Union of Monroe, MI reported 92 mortgage applications totaling $9.4 million, down 19% from 2015. The average application was for $101,902, and applicants reported an average income of $79,673. 61% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Monroe, MI (85), Toledo, OH (5) and Ann Arbor, MI (1) (applications in parentheses).
| Mortgage Company & Address | Education Plus Credit Union 15470 S Telegraph Monroe, MI 48161 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2017 2016 2015 2014 2011 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 92 |
| Total Mortgage Loan Application Amount | $9,375,000 |
| Average Mortgage Loan Application Amount | $101,902 |
| Highest Mortgage Loan Application Amount | $440,000 |
| Average Applicant Income | $79,673 |
| Highest Applicant Income | $1,200,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Education Plus Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Monroe, MI | 85 | $ 8,585,000 | $ 101,000 | $ 80,000 |
| Toledo, OH | 5 | $ 578,000 | $ 115,600 | $ 61,000 |
| Ann Arbor, MI | 1 | $ 90,000 | $ 90,000 | $ 159,000 |
| Bay City, MI | 1 | $ 122,000 | $ 122,000 | $ 75,000 |
Mortgage Loan Application Detail Totals for Education Plus Credit Union in 2016
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 | 71 | $7,419,000 | $104,000 | $382,000 | $80,000 | $1,200,000 |
| Home Improvement | 12 | $349,000 | $29,000 | $85,000 | $64,000 | $95,000 |
| Home Purchase | 9 | $1,607,000 | $178,000 | $440,000 | $98,000 | $237,000 |
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 | 91 | $9,319,000 | $102,000 | $440,000 | $79,000 | $1,200,000 |
| Hispanic | 1 | $56,000 | $56,000 | $56,000 | $112,000 | $112,000 |
| Native Hawaiin or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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 |
| 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) | 92 | $9,375,000 | $101,000 | $440,000 | $80,000 | $1,200,000 |
| 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 | 56 | $6,344,000 | $113,000 | $440,000 | $94,000 | $1,200,000 |
| Application Withdrawn By Applicant | 19 | $1,395,000 | $73,000 | $200,000 | $67,000 | $146,000 |
| Application Denied By Financial Institution | 17 | $1,636,000 | $96,000 | $165,000 | $46,000 | $83,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 7 | $727,000 | $103,000 | $165,000 | $41,000 | $73,000 |
| Collateral | 7 | $704,000 | $100,000 | $150,000 | $51,000 | $83,000 |
| Credit History | 2 | $95,000 | $47,000 | $70,000 | $31,000 | $38,000 |
| Other | 1 | $110,000 | $110,000 | $110,000 | $83,000 | $83,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Education Plus Credit Union's 2016 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 Education Plus 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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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