Farmers & Merchants Savings Bank Mortgage Lending & HMDA Data, 2024
In 2024, Farmers & Merchants Savings Bank of Manchester, IA reported 114 mortgage applications totaling $28.3 million, up 1% from 2023. The average application was for $247,982, and applicants reported an average income of $156,280. 89% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Cedar Rapids, IA (44), Minneapolis-St. Paul-Bloomington, MN-WI (26) and Cape Coral-Fort Myers, FL (2) (applications in parentheses).
| Mortgage Company & Address | Farmers & Merchants Savings Bank Po Box 588 101 E Main St Manchester, IA 52057 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 2004 2003 |
| Total Number of Mortgage Applications | 114 |
| Total Mortgage Loan Application Amount | $28,270,000 |
| Average Mortgage Loan Application Amount | $247,982 |
| Highest Mortgage Loan Application Amount | $1,835,000 |
| Average Applicant Income | $156,280 |
| Highest Applicant Income | $1,248,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Merchants Savings Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Farmers & Merchants Savings Bank 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 66 | $19,040,000 | $288,000 | $1,835,000 | $186,000 | $1,248,000 |
| Cash-out Refinancing | 23 | $5,035,000 | $218,000 | $615,000 | $147,000 | $256,000 |
| Refinancing | 18 | $3,780,000 | $210,000 | $405,000 | $102,000 | $200,000 |
| Home Improvement | 5 | $205,000 | $41,000 | $65,000 | $27,000 | $28,000 |
| Other Purpose | 2 | $210,000 | $105,000 | $155,000 | $94,000 | $156,000 |
| Not Applicable | 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 | 85 | $20,095,000 | $236,000 | $905,000 | $158,000 | $1,248,000 |
| Not applicable | 22 | $6,200,000 | $281,000 | $1,835,000 | $0 | $0 |
| Not Provided | 5 | $1,415,000 | $283,000 | $465,000 | $167,000 | $204,000 |
| Asian | 1 | $245,000 | $245,000 | $245,000 | $73,000 | $73,000 |
| Black or African American | 1 | $315,000 | $315,000 | $315,000 | $72,000 | $72,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 113 | $27,895,000 | $246,000 | $1,835,000 | $157,000 | $1,248,000 |
| VA-guaranteed (Veterans Administration) | 1 | $375,000 | $375,000 | $375,000 | $162,000 | $162,000 |
| 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 |
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 | 101 | $23,235,000 | $230,000 | $905,000 | $157,000 | $1,248,000 |
| Application Withdrawn By Applicant | 8 | $4,060,000 | $507,000 | $1,835,000 | $154,000 | $341,000 |
| Application Denied By Financial Institution | 3 | $665,000 | $221,000 | $405,000 | $187,000 | $480,000 |
| Application Approved But Not Accepted | 1 | $275,000 | $275,000 | $275,000 | $204,000 | $204,000 |
| File Closed For Incompleteness | 1 | $35,000 | $35,000 | $35,000 | $26,000 | $26,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 114 | $28,270,000 | $247,000 | $1,835,000 | $157,000 | $1,248,000 |
| 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 |
| Not applicable | 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 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Merchants Savings Bank'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 Farmers & Merchants Savings 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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