First Farmers & Merchants Bank Mortgage Lending & HMDA Data, 2017
In 2017, First Farmers & Merchants Bank of Cannon Falls, MN reported 278 mortgage applications totaling $46.0 million, down 7% from 2016. The average application was for $165,417, and applicants reported an average income of $89,787. 92% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (63), Rochester, MN (24) and Mankato-North Mankato, MN (4) (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 | 278 |
| Total Mortgage Loan Application Amount | $45,986,000 |
| Average Mortgage Loan Application Amount | $165,417 |
| Highest Mortgage Loan Application Amount | $2,555,000 |
| Average Applicant Income | $89,787 |
| Highest Applicant Income | $549,000 |
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records First Farmers & Merchants Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 171 | $ 23,183,000 | $ 135,573 | $ 89,000 |
| Dakota, Minnesota | 22 | $ 8,561,000 | $ 389,136 | $ 81,000 |
| Le Sueur, Minnesota | 20 | $ 3,726,000 | $ 186,300 | $ 123,000 |
| Wabasha, Minnesota | 10 | $ 1,278,000 | $ 127,800 | $ 87,000 |
| Pierce, Wisconsin | 9 | $ 1,616,000 | $ 179,555 | $ 94,000 |
| Olmsted, Minnesota | 8 | $ 1,408,000 | $ 176,000 | $ 94,000 |
| Dodge, Minnesota | 6 | $ 327,000 | $ 54,500 | $ 43,000 |
| Nicollet, Minnesota | 3 | $ 439,000 | $ 146,333 | $ 197,000 |
| Rice, Minnesota | 3 | $ 809,000 | $ 269,666 | $ 61,000 |
| Scott, Minnesota | 3 | $ 943,000 | $ 314,333 | $ 52,000 |
| Sibley, Minnesota | 3 | $ 311,000 | $ 103,666 | $ 111,000 |
| Steele, Minnesota | 3 | $ 676,000 | $ 225,333 | $ 27,000 |
| Hennepin, Minnesota | 2 | $ 235,000 | $ 117,500 | $ 19,000 |
| Ramsey, Minnesota | 2 | $ 270,000 | $ 135,000 | $ 59,000 |
| Anoka, Minnesota | 1 | $ 63,000 | $ 63,000 | $ 127,000 |
| Blue Earth, Minnesota | 1 | $ 73,000 | $ 73,000 | $ 31,000 |
| Cass, Minnesota | 1 | $ 150,000 | $ 150,000 | $ 333,000 |
| Crow Wing, Minnesota | 1 | $ 176,000 | $ 176,000 | $ 0 |
| Faribault, Minnesota | 1 | $ 99,000 | $ 99,000 | $ 45,000 |
| Hubbard, Minnesota | 1 | $ 180,000 | $ 180,000 | $ 175,000 |
| Lake, Minnesota | 1 | $ 72,000 | $ 72,000 | $ 71,000 |
| Mower, Minnesota | 1 | $ 176,000 | $ 176,000 | $ 62,000 |
| Renville, Minnesota | 1 | $ 210,000 | $ 210,000 | $ 145,000 |
| Polk, Wisconsin | 1 | $ 110,000 | $ 110,000 | $ 95,000 |
| Rusk, Wisconsin | 1 | $ 465,000 | $ 465,000 | $ 0 |
| Sawyer, Wisconsin | 1 | $ 270,000 | $ 270,000 | $ 152,000 |
| St. Croix, Wisconsin | 1 | $ 160,000 | $ 160,000 | $ 40,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants Bank in 2017
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 | 123 | $23,766,000 | $193,000 | $845,000 | $77,000 | $257,000 |
| Refinancing | 94 | $19,901,000 | $211,000 | $2,555,000 | $96,000 | $549,000 |
| Home Improvement | 61 | $2,319,000 | $38,000 | $244,000 | $106,000 | $367,000 |
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 | 261 | $38,952,000 | $149,000 | $650,000 | $93,000 | $549,000 |
| Not applicable | 12 | $6,432,000 | $536,000 | $2,555,000 | $0 | $0 |
| American Indian or Alaskan Native | 2 | $292,000 | $146,000 | $282,000 | $276,000 | $328,000 |
| Hispanic | 2 | $152,000 | $76,000 | $147,000 | $30,000 | $35,000 |
| Asian | 1 | $158,000 | $158,000 | $158,000 | $33,000 | $33,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 251 | $40,759,000 | $162,000 | $2,555,000 | $91,000 | $549,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 15 | $2,549,000 | $169,000 | $313,000 | $73,000 | $379,000 |
| VA-guaranteed (Veterans Administration) | 9 | $2,250,000 | $250,000 | $347,000 | $106,000 | $174,000 |
| FHA-insured (Federal Housing Administration) | 3 | $428,000 | $142,000 | $204,000 | $40,000 | $54,000 |
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 | 257 | $42,744,000 | $166,000 | $2,555,000 | $91,000 | $549,000 |
| Application Denied By Financial Institution | 11 | $1,343,000 | $122,000 | $335,000 | $83,000 | $251,000 |
| Application Withdrawn By Applicant | 10 | $1,899,000 | $189,000 | $404,000 | $76,000 | $174,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 2017 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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