First Farmers & Merchants National Bank Mortgage Lending & HMDA Data, 2004
In 2004, First Farmers & Merchants National Bank of Fairmont, MN reported 106 mortgage applications totaling $13.2 million. The average application was for $124,820, and applicants reported an average income of $85,396. 59% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (5), Denver-Aurora, CO (2) and Duluth, MN-WI (1) (applications in parentheses).
| Mortgage Company & Address | First Farmers & Merchants National Bank 114 South Park Street Fairmont, MN 56031 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 106 |
| Total Mortgage Loan Application Amount | $13,231,000 |
| Average Mortgage Loan Application Amount | $124,820 |
| Highest Mortgage Loan Application Amount | $855,000 |
| Average Applicant Income | $85,396 |
| Highest Applicant Income | $475,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First Farmers & Merchants National Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Martin, Minnesota | 70 | $ 6,764,000 | $ 96,628 | $ 61,000 |
| Park, Colorado | 2 | $ 82,000 | $ 41,000 | $ 159,000 |
| Hennepin, Minnesota | 2 | $ 431,000 | $ 215,500 | $ 117,000 |
| Barron, Wisconsin | 2 | $ 1,485,000 | $ 742,500 | $ 291,000 |
| Anoka, Minnesota | 1 | $ 95,000 | $ 95,000 | $ 40,000 |
| Carlton, Minnesota | 1 | $ 40,000 | $ 40,000 | $ 28,000 |
| Dakota, Minnesota | 1 | $ 416,000 | $ 416,000 | $ 217,000 |
| Stearns, Minnesota | 1 | $ 285,000 | $ 285,000 | $ 66,000 |
| Washington, Minnesota | 1 | $ 855,000 | $ 855,000 | $ 475,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants National Bank in 2004
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 | 69 | $6,976,000 | $83,333 | $334,000 | $94,333 | $350,000 |
| Refinancing | 33 | $6,080,000 | $445,000 | $855,000 | $205,000 | $475,000 |
| Home Improvement | 4 | $175,000 | $56,500 | $83,000 | $40,500 | $43,000 |
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 | 99 | $12,304,000 | $250,250 | $855,000 | $146,750 | $475,000 |
| Hispanic | 4 | $438,000 | $109,000 | $240,000 | $56,000 | $127,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $334,000 | $334,000 | $334,000 | $78,000 | $78,000 |
| Asian | 1 | $85,000 | $85,000 | $85,000 | $61,000 | $61,000 |
| Black or African American | 1 | $70,000 | $70,000 | $70,000 | $105,000 | $105,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 106 | $13,231,000 | $252,250 | $855,000 | $146,750 | $475,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 63 | $7,190,000 | $323,333 | $825,000 | $173,333 | $350,000 |
| Application Withdrawn By Applicant | 20 | $3,173,000 | $177,500 | $855,000 | $106,000 | $475,000 |
| Application Denied By Financial Institution | 13 | $1,425,000 | $261,000 | $660,000 | $121,000 | $291,000 |
| Application Approved But Not Accepted | 4 | $584,000 | $146,500 | $240,000 | $78,500 | $127,000 |
| Preapproval Denied by Financial Institution | 3 | $335,000 | $111,000 | $130,000 | $48,000 | $56,000 |
| Preapproval Approved but not Accepted | 2 | $228,000 | $114,000 | $150,000 | $46,000 | $53,000 |
| File Closed For Incompleteness | 1 | $296,000 | $296,000 | $296,000 | $244,000 | $244,000 |
| Loan Purchased By The 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 |
|---|---|---|---|---|---|---|
| Credit History | 8 | $571,000 | $74,000 | $175,000 | $38,500 | $64,000 |
| Debt-To-Income Ratio | 4 | $308,000 | $93,000 | $125,000 | $36,500 | $43,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $81,000 | $40,500 | $70,000 | $26,000 | $26,000 |
| Other | 1 | $660,000 | $660,000 | $660,000 | $291,000 | $291,000 |
| Unverifiable Information | 1 | $140,000 | $140,000 | $140,000 | $68,000 | $68,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Farmers & Merchants National Bank's 2004 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 National 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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