First American Credit Union Mortgage Lending & HMDA Data, 2008
In 2008, First American Credit Union of Beloit, WI reported 601 mortgage applications totaling $50.7 million, up 9% from 2007. The average application was for $84,372, and applicants reported an average income of $74,096. 86% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Janesville, WI (425), Rockford, IL (155) and Chicago-Naperville-Joliet, IL (2) (applications in parentheses).
| Mortgage Company & Address | First American Credit Union 655 Third St., Ste. 101 Beloit, WI 53511 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 601 |
| Total Mortgage Loan Application Amount | $50,708,000 |
| Average Mortgage Loan Application Amount | $84,372 |
| Highest Mortgage Loan Application Amount | $417,000 |
| Average Applicant Income | $74,096 |
| Highest Applicant Income | $5,680,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First American Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for First American Credit Union in 2008
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 | 368 | $34,818,000 | $94,000 | $417,000 | $83,000 | $5,680,000 |
| Home Purchase | 132 | $13,655,000 | $103,000 | $350,000 | $57,000 | $480,000 |
| Home Improvement | 101 | $2,235,000 | $22,000 | $103,000 | $64,000 | $198,000 |
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 | 553 | $47,758,000 | $86,000 | $417,000 | $76,000 | $5,680,000 |
| Hispanic | 18 | $981,000 | $54,000 | $123,000 | $42,000 | $82,000 |
| Not Provided | 15 | $957,000 | $63,000 | $293,000 | $46,000 | $80,000 |
| Black or African American | 11 | $791,000 | $71,000 | $169,000 | $86,000 | $480,000 |
| American Indian or Alaskan Native | 2 | $57,000 | $28,000 | $52,000 | $57,000 | $60,000 |
| Asian | 2 | $164,000 | $82,000 | $122,000 | $62,000 | $91,000 |
| 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) | 599 | $50,380,000 | $84,000 | $417,000 | $74,000 | $5,680,000 |
| VA-guaranteed (Veterans Administration) | 2 | $328,000 | $164,000 | $193,000 | $69,000 | $90,000 |
| 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 | 517 | $40,479,000 | $78,000 | $360,000 | $76,000 | $5,680,000 |
| Application Denied By Financial Institution | 42 | $4,446,000 | $105,000 | $338,000 | $49,000 | $139,000 |
| Application Withdrawn By Applicant | 21 | $2,915,000 | $138,000 | $293,000 | $62,000 | $193,000 |
| File Closed For Incompleteness | 21 | $2,868,000 | $136,000 | $417,000 | $80,000 | $200,000 |
| Application Approved But Not Accepted | 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 | 13 | $1,508,000 | $116,000 | $338,000 | $48,000 | $139,000 |
| Collateral | 10 | $1,113,000 | $111,000 | $200,000 | $59,000 | $107,000 |
| Credit History | 8 | $699,000 | $87,000 | $142,000 | $41,000 | $70,000 |
| Unverifiable Information | 2 | $216,000 | $108,000 | $120,000 | $70,000 | $91,000 |
| Employment History | 2 | $160,000 | $80,000 | $88,000 | $30,000 | $43,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $269,000 | $134,000 | $137,000 | $66,000 | $97,000 |
| Mortgage Insurance Denied | 1 | $75,000 | $75,000 | $75,000 | $26,000 | $26,000 |
| Other | 1 | $12,000 | $12,000 | $12,000 | $25,000 | $25,000 |
| Credit Application Incomplete | 1 | $120,000 | $120,000 | $120,000 | $43,000 | $43,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First American Credit Union's 2008 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 First American 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.
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