First Farmers & Merchants National Bank Mortgage Lending & HMDA Data, 2018
In 2018, First Farmers & Merchants National Bank of Fairmont, MN reported 42 mortgage applications totaling $6.5 million, down 26% from 2017. The average application was for $154,047, and applicants reported an average income of $179,023. 88% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (10), Boston, MA (1) and Chicago-Naperville-Arlington Heights, IL (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 | 42 |
| Total Mortgage Loan Application Amount | $6,470,000 |
| Average Mortgage Loan Application Amount | $154,047 |
| Highest Mortgage Loan Application Amount | $805,000 |
| Average Applicant Income | $179,023 |
| Highest Applicant Income | $1,273,000 |
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First Farmers & Merchants National Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 16 | $ 1,390,000 | $ 86,875 | $ 78,000 |
| Dakota, Minnesota | 3 | $ 435,000 | $ 145,000 | $ 195,000 |
| Ramsey, Minnesota | 3 | $ 1,235,000 | $ 411,666 | $ 126,000 |
| Hennepin, Minnesota | 2 | $ 400,000 | $ 200,000 | $ 1,273,000 |
| Pima, Arizona | 1 | $ 185,000 | $ 185,000 | $ 93,000 |
| Cook, Illinois | 1 | $ 145,000 | $ 145,000 | $ 0 |
| Norfolk, Massachusetts | 1 | $ 805,000 | $ 805,000 | $ 187,000 |
| Blue Earth, Minnesota | 1 | $ 145,000 | $ 145,000 | $ 37,000 |
| Crow Wing, Minnesota | 1 | $ 315,000 | $ 315,000 | $ 319,000 |
| Meeker, Minnesota | 1 | $ 65,000 | $ 65,000 | $ 39,000 |
| Scott, Minnesota | 1 | $ 145,000 | $ 145,000 | $ 1,273,000 |
| Washington, Minnesota | 1 | $ 205,000 | $ 205,000 | $ 0 |
| Athens, Ohio | 1 | $ 245,000 | $ 245,000 | $ 0 |
Mortgage Loan Application Detail Totals for First Farmers & Merchants National 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 |
|---|---|---|---|---|---|---|
| Refinancing | 19 | $2,945,000 | $155,000 | $805,000 | $291,000 | $1,273,000 |
| Home Purchase | 17 | $2,935,000 | $172,000 | $755,000 | $89,000 | $319,000 |
| Cash-out Refinancing | 3 | $505,000 | $168,000 | $195,000 | $93,000 | $115,000 |
| Home Improvement | 2 | $50,000 | $25,000 | $45,000 | $71,000 | $96,000 |
| Other Purpose | 1 | $35,000 | $35,000 | $35,000 | $56,000 | $56,000 |
| 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 | 33 | $5,025,000 | $152,000 | $805,000 | $173,000 | $1,273,000 |
| Not applicable | 9 | $1,445,000 | $160,000 | $275,000 | $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 |
| 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) | 40 | $6,360,000 | $159,000 | $805,000 | $182,000 | $1,273,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 2 | $110,000 | $55,000 | $55,000 | $37,000 | $46,000 |
| 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 | 37 | $6,085,000 | $164,000 | $805,000 | $195,000 | $1,273,000 |
| Application Denied By Financial Institution | 4 | $200,000 | $50,000 | $55,000 | $41,000 | $46,000 |
| Application Approved But Not Accepted | 1 | $185,000 | $185,000 | $185,000 | $86,000 | $86,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 38 | $6,270,000 | $165,000 | $805,000 | $191,000 | $1,273,000 |
| Credit History | 2 | $90,000 | $45,000 | $45,000 | $46,000 | $46,000 |
| Debt-To-Income Ratio | 1 | $55,000 | $55,000 | $55,000 | $29,000 | $29,000 |
| Other | 1 | $55,000 | $55,000 | $55,000 | $46,000 | $46,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First Farmers & Merchants National 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 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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