Firstbank - West Michigan Mortgage Lending & HMDA Data, 2009
In 2009, Firstbank - West Michigan of Ionia, MI reported 372 mortgage applications totaling $38.6 million, up 55% from 2008. The average application was for $103,682, and applicants reported an average income of $59,247. 76% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Grand Rapids-Wyoming, MI (315), Lansing-East Lansing, MI (8) and Holland-Grand Haven, MI (3) (applications in parentheses).
| Mortgage Company & Address | Firstbank - West Michigan 302 W Main St Ionia, MI 48846 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2012 2011 2010 2009 2008 2007 |
| Total Number of Mortgage Applications | 372 |
| Total Mortgage Loan Application Amount | $38,570,000 |
| Average Mortgage Loan Application Amount | $103,682 |
| Highest Mortgage Loan Application Amount | $996,000 |
| Average Applicant Income | $59,247 |
| Highest Applicant Income | $365,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Firstbank - West Michigan filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Ionia, Michigan | 214 | $ 19,453,000 | $ 90,901 | $ 55,000 |
| Kent, Michigan | 76 | $ 9,970,000 | $ 131,184 | $ 72,000 |
| Barry, Michigan | 25 | $ 2,760,000 | $ 110,400 | $ 51,000 |
| Montcalm, Michigan | 25 | $ 1,787,000 | $ 71,480 | $ 62,000 |
| Eaton, Michigan | 7 | $ 813,000 | $ 116,142 | $ 57,000 |
| Allegan, Michigan | 4 | $ 1,025,000 | $ 256,250 | $ 58,000 |
| Ottawa, Michigan | 3 | $ 1,382,000 | $ 460,666 | $ 81,000 |
| Lake, Michigan | 2 | $ 173,000 | $ 86,500 | $ 50,000 |
| Benzie, Michigan | 1 | $ 84,000 | $ 84,000 | $ 118,000 |
| Grand Traverse, Michigan | 1 | $ 170,000 | $ 170,000 | $ 109,000 |
| Gratiot, Michigan | 1 | $ 29,000 | $ 29,000 | $ 28,000 |
| Ingham, Michigan | 1 | $ 43,000 | $ 43,000 | $ 47,000 |
| Oceana, Michigan | 1 | $ 119,000 | $ 119,000 | $ 156,000 |
| Van Buren, Michigan | 1 | $ 118,000 | $ 118,000 | $ 50,000 |
| Wexford, Michigan | 1 | $ 133,000 | $ 133,000 | $ 136,000 |
Mortgage Loan Application Detail Totals for Firstbank - West Michigan in 2009
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 | 308 | $34,667,000 | $112,000 | $996,000 | $62,000 | $277,000 |
| Home Purchase | 56 | $3,587,000 | $64,000 | $309,000 | $43,000 | $365,000 |
| Home Improvement | 8 | $316,000 | $39,000 | $92,000 | $67,000 | $112,000 |
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 | 347 | $36,558,000 | $105,000 | $996,000 | $61,000 | $365,000 |
| Hispanic | 12 | $1,281,000 | $106,000 | $325,000 | $54,000 | $110,000 |
| Not applicable | 9 | $489,000 | $54,000 | $85,000 | $0 | $0 |
| Not Provided | 3 | $180,000 | $60,000 | $115,000 | $38,000 | $61,000 |
| Asian | 1 | $62,000 | $62,000 | $62,000 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 359 | $37,771,000 | $105,000 | $996,000 | $60,000 | $365,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 13 | $799,000 | $61,000 | $95,000 | $28,000 | $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 | 284 | $29,793,000 | $104,000 | $996,000 | $62,000 | $365,000 |
| Application Denied By Financial Institution | 42 | $4,837,000 | $115,000 | $328,000 | $51,000 | $131,000 |
| Application Approved But Not Accepted | 26 | $2,054,000 | $79,000 | $232,000 | $48,000 | $107,000 |
| Preapproval Denied by Financial Institution | 9 | $511,000 | $56,000 | $180,000 | $24,000 | $36,000 |
| Application Withdrawn By Applicant | 9 | $1,127,000 | $125,000 | $309,000 | $69,000 | $134,000 |
| File Closed For Incompleteness | 2 | $248,000 | $124,000 | $162,000 | $116,000 | $150,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Firstbank - West Michigan's 2009 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 - West Michigan'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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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