First Farmers & Merchants National Bank Mortgage Lending & HMDA Data, 2011
In 2011, First Farmers & Merchants National Bank of Fairmont, MN reported 70 mortgage applications totaling $11.5 million, up 17% from 2010. The average application was for $163,771, and applicants reported an average income of $415,857. 80% of its applications resulted in an originated loan and 16% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (6) and Miami-Miami Beach-Kendall, FL (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 | 70 |
| Total Mortgage Loan Application Amount | $11,464,000 |
| Average Mortgage Loan Application Amount | $163,771 |
| Highest Mortgage Loan Application Amount | $3,000,000 |
| Average Applicant Income | $415,857 |
| Highest Applicant Income | $9,999,000 |
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First Farmers & Merchants National Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 61 | $ 6,693,000 | $ 109,721 | $ 84,000 |
| Ramsey, Minnesota | 4 | $ 1,556,000 | $ 389,000 | $ 3,424,000 |
| Miami-Dade, Florida | 1 | $ 3,000,000 | $ 3,000,000 | $ 9,999,000 |
| Faribault, Minnesota | 1 | $ 61,000 | $ 61,000 | $ 20,000 |
| Hennepin, Minnesota | 1 | $ 24,000 | $ 24,000 | $ 109,000 |
| Nobles, Minnesota | 1 | $ 20,000 | $ 20,000 | $ 8,000 |
| Washington, Minnesota | 1 | $ 110,000 | $ 110,000 | $ 144,000 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants National Bank in 2011
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 | 36 | $4,400,000 | $122,000 | $700,000 | $82,000 | $550,000 |
| Refinancing | 31 | $7,009,000 | $226,000 | $3,000,000 | $838,000 | $9,999,000 |
| Home Improvement | 3 | $55,000 | $18,000 | $42,000 | $60,000 | $94,000 |
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 | 67 | $10,448,000 | $155,000 | $3,000,000 | $400,000 | $9,999,000 |
| Not applicable | 3 | $1,016,000 | $338,000 | $700,000 | $761,000 | $1,718,000 |
| 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 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 61 | $10,924,000 | $179,000 | $3,000,000 | $472,000 | $9,999,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 9 | $540,000 | $60,000 | $83,000 | $37,000 | $55,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 56 | $10,004,000 | $178,000 | $3,000,000 | $480,000 | $9,999,000 |
| Application Denied By Financial Institution | 11 | $887,000 | $80,000 | $252,000 | $51,000 | $205,000 |
| Application Withdrawn By Applicant | 3 | $573,000 | $191,000 | $250,000 | $545,000 | $1,430,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 4 | $542,000 | $135,000 | $252,000 | $95,000 | $205,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $54,000 | $27,000 | $27,000 | $16,000 | $16,000 |
| Other | 1 | $98,000 | $98,000 | $98,000 | $48,000 | $48,000 |
| Unverifiable Information | 1 | $20,000 | $20,000 | $20,000 | $8,000 | $8,000 |
| Debt-To-Income Ratio | 1 | $56,000 | $56,000 | $56,000 | $37,000 | $37,000 |
| Employment History | 1 | $56,000 | $56,000 | $56,000 | $37,000 | $37,000 |
| Collateral | 1 | $61,000 | $61,000 | $61,000 | $20,000 | $20,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Farmers & Merchants National Bank's 2011 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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