Farmers & Merchants State Bank Mortgage Lending & HMDA Data, 2007
In 2007, Farmers & Merchants State Bank of Virden, IL reported 116 mortgage applications totaling $7.5 million, down 11% from 2006. The average application was for $64,620, and applicants reported an average income of $36,000. 75% of its applications resulted in an originated loan and 12% were denied. Its largest markets were St. Louis, MO-IL (75) and Springfield, IL (22).
| Mortgage Company & Address | Farmers & Merchants State Bank 201 E Jackson, Po Box 470 Virden, IL 62690 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 116 |
| Total Mortgage Loan Application Amount | $7,496,000 |
| Average Mortgage Loan Application Amount | $64,620 |
| Highest Mortgage Loan Application Amount | $895,000 |
| Average Applicant Income | $36,000 |
| Highest Applicant Income | $142,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Merchants State Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Farmers & Merchants State Bank in 2007
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 | 76 | $5,736,000 | $75,000 | $895,000 | $38,000 | $142,000 |
| Refinancing | 32 | $1,643,000 | $51,000 | $240,000 | $30,000 | $129,000 |
| Home Improvement | 8 | $117,000 | $14,000 | $40,000 | $41,000 | $129,000 |
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 | 107 | $7,235,000 | $67,000 | $895,000 | $39,000 | $142,000 |
| Not Provided | 9 | $261,000 | $29,000 | $78,000 | $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 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 104 | $5,939,000 | $57,000 | $240,000 | $36,000 | $142,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 12 | $1,557,000 | $129,000 | $895,000 | $35,000 | $78,000 |
| 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 | 87 | $6,008,000 | $69,000 | $895,000 | $38,000 | $142,000 |
| Application Withdrawn By Applicant | 15 | $680,000 | $45,000 | $70,000 | $26,000 | $45,000 |
| Application Denied By Financial Institution | 14 | $808,000 | $57,000 | $139,000 | $31,000 | $59,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 7 | $357,000 | $51,000 | $84,000 | $30,000 | $59,000 |
| Debt-To-Income Ratio | 3 | $135,000 | $45,000 | $52,000 | $18,000 | $27,000 |
| Employment History | 2 | $209,000 | $104,000 | $139,000 | $45,000 | $51,000 |
| 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 Farmers & Merchants State Bank's 2007 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 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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