First Farmers & Merchants National Bank Mortgage Lending & HMDA Data, 2005
In 2005, First Farmers & Merchants National Bank of Fairmont, MN reported 82 mortgage applications totaling $6.9 million, down 23% from 2004. The average application was for $84,378, and applicants reported an average income of $53,743. 63% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (1) and Spartanburg, SC (1).
| 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 | 82 |
| Total Mortgage Loan Application Amount | $6,919,000 |
| Average Mortgage Loan Application Amount | $84,378 |
| Highest Mortgage Loan Application Amount | $325,000 |
| Average Applicant Income | $53,743 |
| Highest Applicant Income | $160,000 |
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First Farmers & Merchants National Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 69 | $ 5,526,000 | $ 80,086 | $ 52,000 |
| Brown, Minnesota | 2 | $ 121,000 | $ 60,500 | $ 51,000 |
| Steele, Minnesota | 2 | $ 169,000 | $ 84,500 | $ 81,000 |
| Emmet, Iowa | 1 | $ 57,000 | $ 57,000 | $ 24,000 |
| Franklin, Iowa | 1 | $ 95,000 | $ 95,000 | $ 41,000 |
| Blue Earth, Minnesota | 1 | $ 27,000 | $ 27,000 | $ 31,000 |
| Faribault, Minnesota | 1 | $ 71,000 | $ 71,000 | $ 12,000 |
| Hubbard, Minnesota | 1 | $ 250,000 | $ 250,000 | $ 110,000 |
| Polk, Minnesota | 1 | $ 104,000 | $ 104,000 | $ 72,000 |
| Washington, Minnesota | 1 | $ 50,000 | $ 50,000 | $ 38,000 |
| Spartanburg, South Carolina | 1 | $ 124,000 | $ 124,000 | $ 64,000 |
| Burnett, Wisconsin | 1 | $ 325,000 | $ 325,000 | $ 160,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants National Bank in 2005
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 | 55 | $4,773,000 | $151,500 | $325,000 | $76,250 | $160,000 |
| Refinancing | 18 | $1,955,000 | $108,000 | $257,000 | $63,000 | $105,000 |
| Home Improvement | 9 | $191,000 | $21,000 | $60,000 | $54,000 | $83,000 |
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 | 81 | $6,819,000 | $151,250 | $325,000 | $77,250 | $160,000 |
| Hispanic | 1 | $100,000 | $100,000 | $100,000 | $42,000 | $42,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 80 | $6,786,000 | $151,500 | $325,000 | $77,250 | $160,000 |
| VA-guaranteed (Veterans Administration) | 2 | $133,000 | $66,000 | $75,000 | $40,000 | $51,000 |
| 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 |
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 | 52 | $4,515,000 | $146,750 | $325,000 | $76,500 | $160,000 |
| Application Withdrawn By Applicant | 19 | $1,637,000 | $90,000 | $200,000 | $45,500 | $104,000 |
| Application Denied By Financial Institution | 9 | $497,000 | $55,000 | $75,000 | $38,000 | $51,000 |
| Application Approved But Not Accepted | 2 | $270,000 | $135,000 | $175,000 | $43,000 | $48,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 8 | $447,000 | $55,000 | $75,000 | $38,000 | $51,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $50,000 | $50,000 | $50,000 | $38,000 | $38,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 2005 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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