Firstbank - Alma Mortgage Co Mortgage Lending & HMDA Data, 2004
In 2004, Firstbank - Alma Mortgage Co of Alma, MI reported 502 mortgage applications totaling $42.7 million, down 62% from 2003. The average application was for $85,039, and applicants reported an average income of $76,376. 78% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Saginaw-Saginaw Township North, MI (54), Bay City, MI (10) and Lansing-East Lansing, MI (9) (applications in parentheses).
| Mortgage Company & Address | Firstbank - Alma Mortgage Co 311 Woodworth Ave. Alma, MI 48801 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 502 |
| Total Mortgage Loan Application Amount | $42,690,000 |
| Average Mortgage Loan Application Amount | $85,039 |
| Highest Mortgage Loan Application Amount | $550,000 |
| Average Applicant Income | $76,376 |
| Highest Applicant Income | $441,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Firstbank - Alma Mortgage Co filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Firstbank - Alma Mortgage Co 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 |
|---|---|---|---|---|---|---|
| Refinancing | 321 | $25,627,000 | $79,000 | $466,000 | $78,000 | $441,000 |
| Home Purchase | 165 | $16,238,000 | $98,000 | $550,000 | $75,000 | $441,000 |
| Home Improvement | 16 | $825,000 | $51,000 | $112,000 | $58,000 | $153,000 |
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 | 482 | $40,907,000 | $84,000 | $550,000 | $75,000 | $441,000 |
| Hispanic | 12 | $863,000 | $71,000 | $200,000 | $61,000 | $198,000 |
| Not Provided | 5 | $266,000 | $53,000 | $96,000 | $55,000 | $117,000 |
| Asian | 2 | $519,000 | $259,000 | $333,000 | $240,000 | $395,000 |
| Black or African American | 1 | $135,000 | $135,000 | $135,000 | $47,000 | $47,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 488 | $41,633,000 | $85,000 | $550,000 | $76,000 | $441,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 14 | $1,057,000 | $75,000 | $107,000 | $36,000 | $47,000 |
| 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 | 394 | $33,033,000 | $83,000 | $469,000 | $86,000 | $441,000 |
| Application Denied By Financial Institution | 64 | $4,401,000 | $68,000 | $210,000 | $44,000 | $108,000 |
| Application Approved But Not Accepted | 42 | $4,662,000 | $111,000 | $466,000 | $85,000 | $319,000 |
| File Closed For Incompleteness | 2 | $594,000 | $297,000 | $550,000 | $69,000 | $138,000 |
| Application Withdrawn By Applicant | 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 | 38 | $2,213,000 | $58,000 | $119,000 | $37,000 | $76,000 |
| Debt-To-Income Ratio | 19 | $1,606,000 | $84,000 | $210,000 | $48,000 | $108,000 |
| Collateral | 5 | $430,000 | $86,000 | $121,000 | $54,000 | $82,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $65,000 | $65,000 | $65,000 | $27,000 | $27,000 |
| Other | 1 | $87,000 | $87,000 | $87,000 | $59,000 | $59,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Firstbank - Alma Mortgage Co'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 Firstbank - Alma Mortgage Co'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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