First Farmers & Merchants Bank Mortgage Lending & HMDA Data, 2018
In 2018, First Farmers & Merchants Bank of Cannon Falls, MN reported 269 mortgage applications totaling $46.0 million, down 3% from 2017. The average application was for $171,133, and applicants reported an average income of $100,661. 88% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (36), Rochester, MN (15) and Mankato-North Mankato, MN (2) (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 | $46,035,000 |
| Average Mortgage Loan Application Amount | $171,133 |
| Highest Mortgage Loan Application Amount | $725,000 |
| Average Applicant Income | $100,661 |
| Highest Applicant Income | $1,399,000 |
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records First Farmers & Merchants Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for First Farmers & Merchants Bank in 2018
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 | 173 | $34,635,000 | $200,000 | $515,000 | $101,000 | $1,399,000 |
| Refinancing | 42 | $6,990,000 | $166,000 | $725,000 | $99,000 | $324,000 |
| Home Improvement | 27 | $855,000 | $31,000 | $95,000 | $110,000 | $249,000 |
| Cash-out Refinancing | 17 | $2,985,000 | $175,000 | $425,000 | $91,000 | $236,000 |
| Other Purpose | 10 | $570,000 | $57,000 | $205,000 | $93,000 | $173,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
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 | $44,685,000 | $171,000 | $725,000 | $100,000 | $1,399,000 |
| Not applicable | 6 | $1,150,000 | $191,000 | $685,000 | $0 | $0 |
| Not Provided | 1 | $15,000 | $15,000 | $15,000 | $163,000 | $163,000 |
| Asian | 1 | $185,000 | $185,000 | $185,000 | $98,000 | $98,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 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) | 232 | $39,130,000 | $168,000 | $725,000 | $106,000 | $1,399,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 23 | $3,545,000 | $154,000 | $265,000 | $52,000 | $76,000 |
| VA-guaranteed (Veterans Administration) | 11 | $2,855,000 | $259,000 | $405,000 | $105,000 | $189,000 |
| FHA-insured (Federal Housing Administration) | 3 | $505,000 | $168,000 | $255,000 | $61,000 | $78,000 |
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 | 237 | $40,465,000 | $170,000 | $725,000 | $101,000 | $1,399,000 |
| Application Withdrawn By Applicant | 21 | $4,145,000 | $197,000 | $385,000 | $107,000 | $276,000 |
| Application Denied By Financial Institution | 6 | $830,000 | $138,000 | $255,000 | $73,000 | $121,000 |
| Application Approved But Not Accepted | 5 | $595,000 | $119,000 | $175,000 | $88,000 | $154,000 |
| File Closed For Incompleteness | 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 | 269 | $46,035,000 | $171,000 | $725,000 | $100,000 | $1,399,000 |
| 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 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Farmers & Merchants Bank's 2018 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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