Founders Bank & Trust Mortgage Lending & HMDA Data, 2014
In 2014, Founders Bank & Trust of Grand Rapids, MI reported 842 mortgage applications totaling $172.6 million, down 17% from 2013. The average application was for $204,976, and applicants reported an average income of $127,770. 85% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Grand Rapids-Wyoming, MI (778), Muskegon, MI (8) and Lansing-East Lansing, MI (5) (applications in parentheses).
| Mortgage Company & Address | Founders Bank & Trust 5200 Cascade Road Se Grand Rapids, MI 49546 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 842 |
| Total Mortgage Loan Application Amount | $172,590,000 |
| Average Mortgage Loan Application Amount | $204,976 |
| Highest Mortgage Loan Application Amount | $1,112,000 |
| Average Applicant Income | $127,770 |
| Highest Applicant Income | $1,520,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Founders Bank & Trust in 2014
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 | 558 | $112,997,000 | $202,000 | $1,056,000 | $123,000 | $1,108,000 |
| Refinancing | 281 | $59,112,000 | $210,000 | $1,112,000 | $138,000 | $1,520,000 |
| Home Improvement | 3 | $481,000 | $160,000 | $275,000 | $57,000 | $72,000 |
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 | 786 | $160,040,000 | $203,000 | $1,112,000 | $131,000 | $1,520,000 |
| Not applicable | 25 | $4,702,000 | $188,000 | $833,000 | $0 | $0 |
| Asian | 10 | $2,872,000 | $287,000 | $820,000 | $137,000 | $303,000 |
| Hispanic | 9 | $2,341,000 | $260,000 | $399,000 | $147,000 | $275,000 |
| Black or African American | 8 | $1,270,000 | $158,000 | $305,000 | $139,000 | $283,000 |
| Not Provided | 4 | $1,365,000 | $341,000 | $570,000 | $260,000 | $348,000 |
| American Indian or Alaskan Native | 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) | 799 | $166,752,000 | $208,000 | $1,112,000 | $131,000 | $1,520,000 |
| FHA-insured (Federal Housing Administration) | 39 | $5,285,000 | $135,000 | $265,000 | $63,000 | $173,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 4 | $553,000 | $138,000 | $184,000 | $52,000 | $65,000 |
| VA-guaranteed (Veterans 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 | 713 | $146,646,000 | $205,000 | $1,056,000 | $126,000 | $1,520,000 |
| Application Withdrawn By Applicant | 91 | $18,895,000 | $207,000 | $558,000 | $154,000 | $1,200,000 |
| Application Denied By Financial Institution | 30 | $5,878,000 | $195,000 | $1,112,000 | $100,000 | $400,000 |
| File Closed For Incompleteness | 5 | $831,000 | $166,000 | $399,000 | $120,000 | $317,000 |
| Application Approved But Not Accepted | 3 | $340,000 | $113,000 | $130,000 | $126,000 | $137,000 |
| 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 | 12 | $1,797,000 | $149,000 | $440,000 | $121,000 | $297,000 |
| Collateral | 7 | $2,302,000 | $328,000 | $1,112,000 | $144,000 | $400,000 |
| Other | 5 | $937,000 | $187,000 | $257,000 | $42,000 | $83,000 |
| Unverifiable Information | 3 | $424,000 | $141,000 | $280,000 | $67,000 | $124,000 |
| Employment History | 2 | $242,000 | $121,000 | $144,000 | $40,000 | $51,000 |
| Debt-To-Income Ratio | 1 | $176,000 | $176,000 | $176,000 | $41,000 | $41,000 |
| Credit Application Incomplete | 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 Founders Bank & Trust's 2014 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 Founders Bank & Trust'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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