First Farmers & Merchants Bank Mortgage Lending & HMDA Data, 2014
In 2014, First Farmers & Merchants Bank of Cannon Falls, MN reported 269 mortgage applications totaling $35.9 million. The average application was for $133,527, and applicants reported an average income of $85,423. 87% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (59), Rochester, MN (11) and Mankato-North Mankato, MN (3) (applications in parentheses).
| Mortgage Company & Address | First Farmers & Merchants Bank 123 South Fourth Street Cannon Falls, MN 55009 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2019 2018 2017 2016 2015 2014 |
| Total Number of Mortgage Applications | 269 |
| Total Mortgage Loan Application Amount | $35,919,000 |
| Average Mortgage Loan Application Amount | $133,527 |
| Highest Mortgage Loan Application Amount | $720,000 |
| Average Applicant Income | $85,423 |
| Highest Applicant Income | $612,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Farmers & Merchants Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Goodhue, Minnesota | 159 | $ 20,399,000 | $ 128,295 | $ 82,000 |
| Le Sueur, Minnesota | 20 | $ 2,560,000 | $ 128,000 | $ 57,000 |
| Dakota, Minnesota | 15 | $ 2,365,000 | $ 157,666 | $ 84,000 |
| Rice, Minnesota | 10 | $ 797,000 | $ 79,700 | $ 79,000 |
| Martin, Minnesota | 7 | $ 626,000 | $ 89,428 | $ 58,000 |
| Mower, Minnesota | 7 | $ 913,000 | $ 130,428 | $ 74,000 |
| Pierce, Wisconsin | 7 | $ 226,000 | $ 32,285 | $ 70,000 |
| Hennepin, Minnesota | 6 | $ 1,745,000 | $ 290,833 | $ 100,000 |
| Wabasha, Minnesota | 6 | $ 668,000 | $ 111,333 | $ 109,000 |
| Olmsted, Minnesota | 4 | $ 607,000 | $ 151,750 | $ 63,000 |
| Sibley, Minnesota | 3 | $ 400,000 | $ 133,333 | $ 131,000 |
| Washington, Minnesota | 3 | $ 481,000 | $ 160,333 | $ 104,000 |
| Nicollet, Minnesota | 2 | $ 327,000 | $ 163,500 | $ 80,000 |
| Dunn, Wisconsin | 2 | $ 268,000 | $ 134,000 | $ 128,000 |
| Lake, Florida | 1 | $ 252,000 | $ 252,000 | $ 141,000 |
| Anoka, Minnesota | 1 | $ 140,000 | $ 140,000 | $ 118,000 |
| Blue Earth, Minnesota | 1 | $ 663,000 | $ 663,000 | $ 238,000 |
| Carver, Minnesota | 1 | $ 299,000 | $ 299,000 | $ 120,000 |
| Cass, Minnesota | 1 | $ 75,000 | $ 75,000 | $ 76,000 |
| Dodge, Minnesota | 1 | $ 219,000 | $ 219,000 | $ 67,000 |
| Hubbard, Minnesota | 1 | $ 94,000 | $ 94,000 | $ 121,000 |
| Isanti, Minnesota | 1 | $ 100,000 | $ 100,000 | $ 25,000 |
| Kandiyohi, Minnesota | 1 | $ 275,000 | $ 275,000 | $ 155,000 |
| Morrison, Minnesota | 1 | $ 122,000 | $ 122,000 | $ 61,000 |
| Ramsey, Minnesota | 1 | $ 44,000 | $ 44,000 | $ 97,000 |
| Wright, Minnesota | 1 | $ 24,000 | $ 24,000 | $ 22,000 |
| Douglas, Nebraska | 1 | $ 126,000 | $ 126,000 | $ 253,000 |
| Travis, Texas | 1 | $ 417,000 | $ 417,000 | $ 612,000 |
| Polk, Wisconsin | 1 | $ 26,000 | $ 26,000 | $ 125,000 |
| Washburn, Wisconsin | 1 | $ 164,000 | $ 164,000 | $ 235,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants Bank in 2014
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 | 128 | $21,524,000 | $168,000 | $720,000 | $88,000 | $612,000 |
| Refinancing | 87 | $12,790,000 | $147,000 | $462,000 | $85,000 | $292,000 |
| Home Improvement | 54 | $1,605,000 | $29,000 | $375,000 | $80,000 | $313,000 |
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 | 251 | $32,245,000 | $128,000 | $663,000 | $91,000 | $612,000 |
| Not applicable | 15 | $3,621,000 | $241,000 | $720,000 | $0 | $0 |
| Not Provided | 1 | $1,000 | $1,000 | $1,000 | $34,000 | $34,000 |
| Asian | 1 | $44,000 | $44,000 | $44,000 | $97,000 | $97,000 |
| Hispanic | 1 | $8,000 | $8,000 | $8,000 | $91,000 | $91,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 240 | $31,380,000 | $130,000 | $720,000 | $88,000 | $612,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 23 | $3,496,000 | $152,000 | $308,000 | $56,000 | $104,000 |
| VA-guaranteed (Veterans Administration) | 5 | $921,000 | $184,000 | $230,000 | $76,000 | $102,000 |
| FHA-insured (Federal Housing Administration) | 1 | $122,000 | $122,000 | $122,000 | $77,000 | $77,000 |
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 | 235 | $32,638,000 | $138,000 | $720,000 | $88,000 | $612,000 |
| Application Denied By Financial Institution | 21 | $2,028,000 | $96,000 | $300,000 | $54,000 | $133,000 |
| Application Withdrawn By Applicant | 12 | $1,238,000 | $103,000 | $261,000 | $98,000 | $176,000 |
| File Closed For Incompleteness | 1 | $15,000 | $15,000 | $15,000 | $30,000 | $30,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Farmers & Merchants Bank's 2014 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 Farmers & Merchants 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.
For a list of all lenders in Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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