First Choice Bank Mortgage Lending & HMDA Data, 2007
In 2007, First Choice Bank of Geneva, IL reported 121 mortgage applications totaling $23.7 million, down 45% from 2006. The average application was for $196,140, and applicants reported an average income of $51,867. 70% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Chicago-Naperville-Joliet, IL (112), Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (2) and Gary, IN (2) (applications in parentheses).
| Mortgage Company & Address | First Choice Bank 1900 West State Street Geneva, IL 60134 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 121 |
| Total Mortgage Loan Application Amount | $23,733,000 |
| Average Mortgage Loan Application Amount | $196,140 |
| Highest Mortgage Loan Application Amount | $1,978,000 |
| Average Applicant Income | $51,867 |
| Highest Applicant Income | $1,020,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Choice Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Kane, Illinois | 53 | $ 7,573,000 | $ 142,886 | $ 29,000 |
| Cook, Illinois | 21 | $ 2,691,000 | $ 128,142 | $ 54,000 |
| Will, Illinois | 15 | $ 1,492,000 | $ 99,466 | $ 30,000 |
| DuPage, Illinois | 11 | $ 8,316,000 | $ 756,000 | $ 155,000 |
| DeKalb, Illinois | 5 | $ 530,000 | $ 106,000 | $ 8,000 |
| Kendall, Illinois | 5 | $ 747,000 | $ 149,400 | $ 13,000 |
| Broward, Florida | 2 | $ 744,000 | $ 372,000 | $ 200,000 |
| Lake, Indiana | 2 | $ 218,000 | $ 109,000 | $ 120,000 |
| Lee, Florida | 1 | $ 800,000 | $ 800,000 | $ 98,000 |
| Grundy, Illinois | 1 | $ 104,000 | $ 104,000 | $ 0 |
| McHenry, Illinois | 1 | $ 16,000 | $ 16,000 | $ 76,000 |
| Penobscot, Maine | 1 | $ 74,000 | $ 74,000 | $ 56,000 |
Mortgage Loan Application Detail Totals for First Choice 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 | 93 | $15,371,000 | $165,000 | $1,718,000 | $18,000 | $354,000 |
| Refinancing | 27 | $8,297,000 | $307,000 | $1,978,000 | $163,000 | $1,020,000 |
| Home Improvement | 1 | $65,000 | $65,000 | $65,000 | $201,000 | $201,000 |
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 |
|---|---|---|---|---|---|---|
| Not applicable | 81 | $13,272,000 | $163,000 | $1,718,000 | $0 | $0 |
| White | 32 | $8,063,000 | $251,000 | $1,978,000 | $163,000 | $1,020,000 |
| Not Provided | 4 | $1,183,000 | $295,000 | $749,000 | $164,000 | $216,000 |
| Hispanic | 3 | $983,000 | $327,000 | $800,000 | $103,000 | $150,000 |
| Asian | 1 | $232,000 | $232,000 | $232,000 | $168,000 | $168,000 |
| Black or African American | 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) | 120 | $23,593,000 | $196,000 | $1,978,000 | $52,000 | $1,020,000 |
| FHA-insured (Federal Housing Administration) | 1 | $140,000 | $140,000 | $140,000 | $62,000 | $62,000 |
| 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 | 85 | $14,388,000 | $169,000 | $1,718,000 | $11,000 | $216,000 |
| Application Withdrawn By Applicant | 19 | $4,397,000 | $231,000 | $749,000 | $124,000 | $354,000 |
| Application Denied By Financial Institution | 11 | $3,862,000 | $351,000 | $1,978,000 | $196,000 | $1,020,000 |
| File Closed For Incompleteness | 6 | $1,086,000 | $181,000 | $417,000 | $144,000 | $296,000 |
| 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 | 2 | $136,000 | $68,000 | $98,000 | $74,000 | $76,000 |
| Unverifiable Information | 2 | $880,000 | $440,000 | $800,000 | $124,000 | $150,000 |
| Collateral | 1 | $74,000 | $74,000 | $74,000 | $56,000 | $56,000 |
| Credit Application Incomplete | 1 | $232,000 | $232,000 | $232,000 | $65,000 | $65,000 |
| Credit History | 1 | $1,978,000 | $1,978,000 | $1,978,000 | $1,020,000 | $1,020,000 |
| Employment History | 1 | $261,000 | $261,000 | $261,000 | $72,000 | $72,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Choice 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 First Choice 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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