First Farmers & Merchants Bank Mortgage Lending & HMDA Data, 2016
In 2016, First Farmers & Merchants Bank of Cannon Falls, MN reported 298 mortgage applications totaling $49.2 million, down 11% from 2015. The average application was for $165,114, and applicants reported an average income of $98,476. 86% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (55), Rochester, MN (12) and Coeur D'Alene, ID (1) (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 | 298 |
| Total Mortgage Loan Application Amount | $49,204,000 |
| Average Mortgage Loan Application Amount | $165,114 |
| Highest Mortgage Loan Application Amount | $1,775,000 |
| Average Applicant Income | $98,476 |
| Highest Applicant Income | $1,000,000 |
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records First Farmers & Merchants Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 206 | $ 33,929,000 | $ 164,703 | $ 93,000 |
| Dakota, Minnesota | 24 | $ 4,816,000 | $ 200,666 | $ 141,000 |
| Le Sueur, Minnesota | 11 | $ 1,488,000 | $ 135,272 | $ 112,000 |
| Wabasha, Minnesota | 8 | $ 2,038,000 | $ 254,750 | $ 149,000 |
| Mower, Minnesota | 6 | $ 682,000 | $ 113,666 | $ 48,000 |
| Hennepin, Minnesota | 5 | $ 1,231,000 | $ 246,200 | $ 103,000 |
| Dunn, Wisconsin | 5 | $ 557,000 | $ 111,400 | $ 164,000 |
| Pierce, Wisconsin | 5 | $ 633,000 | $ 126,600 | $ 67,000 |
| Rice, Minnesota | 4 | $ 269,000 | $ 67,250 | $ 71,000 |
| Sibley, Minnesota | 3 | $ 488,000 | $ 162,666 | $ 85,000 |
| Washington, Minnesota | 3 | $ 583,000 | $ 194,333 | $ 88,000 |
| Fillmore, Minnesota | 2 | $ 294,000 | $ 147,000 | $ 53,000 |
| Olmsted, Minnesota | 2 | $ 206,000 | $ 103,000 | $ 25,000 |
| Polk, Wisconsin | 2 | $ 240,000 | $ 120,000 | $ 67,000 |
| Maricopa, Arizona | 1 | $ 256,000 | $ 256,000 | $ 209,000 |
| Kootenai, Idaho | 1 | $ 160,000 | $ 160,000 | $ 60,000 |
| Brown, Minnesota | 1 | $ 52,000 | $ 52,000 | $ 35,000 |
| Carver, Minnesota | 1 | $ 399,000 | $ 399,000 | $ 65,000 |
| Cass, Minnesota | 1 | $ 144,000 | $ 144,000 | $ 330,000 |
| Martin, Minnesota | 1 | $ 117,000 | $ 117,000 | $ 111,000 |
| Nicollet, Minnesota | 1 | $ 109,000 | $ 109,000 | $ 43,000 |
| Ramsey, Minnesota | 1 | $ 138,000 | $ 138,000 | $ 69,000 |
| Roseau, Minnesota | 1 | $ 100,000 | $ 100,000 | $ 47,000 |
| Scott, Minnesota | 1 | $ 3,000 | $ 3,000 | $ 90,000 |
| Winona, Minnesota | 1 | $ 132,000 | $ 132,000 | $ 48,000 |
| St. Croix, Wisconsin | 1 | $ 140,000 | $ 140,000 | $ 113,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants Bank in 2016
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 | 136 | $24,815,000 | $182,000 | $477,000 | $94,000 | $493,000 |
| Refinancing | 101 | $20,417,000 | $202,000 | $1,775,000 | $106,000 | $1,000,000 |
| Home Improvement | 61 | $3,972,000 | $65,000 | $417,000 | $96,000 | $318,000 |
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 | 285 | $45,954,000 | $161,000 | $1,775,000 | $100,000 | $1,000,000 |
| Not applicable | 7 | $2,192,000 | $313,000 | $1,203,000 | $0 | $0 |
| American Indian or Alaskan Native | 3 | $531,000 | $177,000 | $295,000 | $161,000 | $238,000 |
| Hispanic | 2 | $447,000 | $223,000 | $328,000 | $84,000 | $96,000 |
| Not Provided | 1 | $80,000 | $80,000 | $80,000 | $67,000 | $67,000 |
| Native Hawaiin or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 273 | $44,844,000 | $164,000 | $1,775,000 | $102,000 | $1,000,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 14 | $2,069,000 | $147,000 | $297,000 | $42,000 | $88,000 |
| VA-guaranteed (Veterans Administration) | 8 | $1,671,000 | $208,000 | $477,000 | $76,000 | $115,000 |
| FHA-insured (Federal Housing Administration) | 3 | $620,000 | $206,000 | $276,000 | $82,000 | $180,000 |
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 | 256 | $43,418,000 | $169,000 | $1,775,000 | $105,000 | $1,000,000 |
| Application Denied By Financial Institution | 22 | $3,485,000 | $158,000 | $394,000 | $63,000 | $256,000 |
| Application Withdrawn By Applicant | 18 | $2,183,000 | $121,000 | $318,000 | $54,000 | $180,000 |
| File Closed For Incompleteness | 1 | $80,000 | $80,000 | $80,000 | $67,000 | $67,000 |
| Application Approved But Not Accepted | 1 | $38,000 | $38,000 | $38,000 | $81,000 | $81,000 |
| 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 |
|---|---|---|---|---|---|---|
| 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 2016 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.
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