Founders Bank & Trust Mortgage Lending & HMDA Data, 2009
In 2009, Founders Bank & Trust of Grand Rapids, MI reported 1,147 mortgage applications totaling $201.3 million, up 200% from 2008. The average application was for $175,489, and applicants reported an average income of $134,297. 82% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Grand Rapids-Wyoming, MI (910), Holland-Grand Haven, MI (110) and Kalamazoo-Portage, MI (11) (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 | 1,147 |
| Total Mortgage Loan Application Amount | $201,286,000 |
| Average Mortgage Loan Application Amount | $175,489 |
| Highest Mortgage Loan Application Amount | $650,000 |
| Average Applicant Income | $134,297 |
| Highest Applicant Income | $2,917,000 |
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(HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Kent, Michigan | 877 | $ 155,895,000 | $ 177,759 | $ 133,000 |
| Ottawa, Michigan | 110 | $ 17,552,000 | $ 159,563 | $ 118,000 |
| Allegan, Michigan | 23 | $ 3,289,000 | $ 143,000 | $ 105,000 |
| Barry, Michigan | 13 | $ 2,236,000 | $ 172,000 | $ 137,000 |
| Ionia, Michigan | 10 | $ 1,157,000 | $ 115,700 | $ 98,000 |
| Newaygo, Michigan | 10 | $ 1,527,000 | $ 152,700 | $ 204,000 |
| Kalamazoo, Michigan | 8 | $ 1,304,000 | $ 163,000 | $ 188,000 |
| Leelanau, Michigan | 8 | $ 2,242,000 | $ 280,250 | $ 276,000 |
| Lake, Michigan | 7 | $ 1,472,000 | $ 210,285 | $ 208,000 |
| Montcalm, Michigan | 7 | $ 1,131,000 | $ 161,571 | $ 229,000 |
| Grand Traverse, Michigan | 6 | $ 1,478,000 | $ 246,333 | $ 173,000 |
| Muskegon, Michigan | 6 | $ 1,450,000 | $ 241,666 | $ 221,000 |
| Mason, Michigan | 5 | $ 1,183,000 | $ 236,600 | $ 263,000 |
| Benzie, Michigan | 4 | $ 1,309,000 | $ 327,250 | $ 148,000 |
| Mecosta, Michigan | 4 | $ 623,000 | $ 155,750 | $ 133,000 |
| Manistee, Michigan | 3 | $ 531,000 | $ 177,000 | $ 254,000 |
| Oceana, Michigan | 3 | $ 650,000 | $ 216,666 | $ 99,000 |
| Van Buren, Michigan | 3 | $ 357,000 | $ 119,000 | $ 193,000 |
| Antrim, Michigan | 2 | $ 726,000 | $ 363,000 | $ 135,000 |
| Charlevoix, Michigan | 2 | $ 378,000 | $ 189,000 | $ 94,000 |
| Eaton, Michigan | 2 | $ 435,000 | $ 217,500 | $ 94,000 |
| Emmet, Michigan | 2 | $ 632,000 | $ 316,000 | $ 511,000 |
| Oakland, Michigan | 2 | $ 175,000 | $ 87,500 | $ 53,000 |
| Roscommon, Michigan | 2 | $ 525,000 | $ 262,500 | $ 334,000 |
| Lee, Florida | 1 | $ 405,000 | $ 405,000 | $ 470,000 |
| Genesee, Michigan | 1 | $ 120,000 | $ 120,000 | $ 74,000 |
| Osceola, Michigan | 1 | $ 296,000 | $ 296,000 | $ 137,000 |
| Wayne, Michigan | 1 | $ 106,000 | $ 106,000 | $ 85,000 |
Mortgage Loan Application Detail Totals for Founders Bank & Trust 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 | 744 | $137,128,000 | $184,000 | $650,000 | $135,000 | $1,814,000 |
| Home Purchase | 403 | $64,158,000 | $159,000 | $584,000 | $133,000 | $2,917,000 |
| Home Improvement | 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 | 1,087 | $192,634,000 | $177,000 | $650,000 | $137,000 | $2,917,000 |
| Not Provided | 29 | $3,165,000 | $109,000 | $290,000 | $54,000 | $270,000 |
| Asian | 13 | $1,911,000 | $147,000 | $280,000 | $88,000 | $176,000 |
| Hispanic | 10 | $2,245,000 | $224,000 | $429,000 | $127,000 | $470,000 |
| Black or African American | 6 | $871,000 | $145,000 | $346,000 | $157,000 | $480,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $408,000 | $408,000 | $408,000 | $198,000 | $198,000 |
| American Indian or Alaskan Native | 1 | $52,000 | $52,000 | $52,000 | $66,000 | $66,000 |
| Not applicable | 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) | 1,147 | $201,286,000 | $175,000 | $650,000 | $134,000 | $2,917,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 941 | $163,748,000 | $174,000 | $584,000 | $142,000 | $2,917,000 |
| Application Withdrawn By Applicant | 83 | $17,453,000 | $210,000 | $650,000 | $121,000 | $470,000 |
| Application Denied By Financial Institution | 54 | $10,618,000 | $196,000 | $417,000 | $89,000 | $260,000 |
| File Closed For Incompleteness | 25 | $4,553,000 | $182,000 | $429,000 | $89,000 | $210,000 |
| Preapproval Denied by Financial Institution | 24 | $2,102,000 | $87,000 | $192,000 | $42,000 | $90,000 |
| Application Approved But Not Accepted | 20 | $2,812,000 | $140,000 | $504,000 | $136,000 | $512,000 |
| 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 | 38 | $8,102,000 | $213,000 | $417,000 | $104,000 | $260,000 |
| Credit History | 30 | $3,023,000 | $100,000 | $237,000 | $48,000 | $103,000 |
| Debt-To-Income Ratio | 10 | $1,595,000 | $159,000 | $417,000 | $39,000 | $81,000 |
| 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 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Founders Bank & Trust'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 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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
Mortgage lenders & HMDA data by state: Alabama · Alaska · Arizona · Arkansas · California · Colorado · Connecticut · Delaware · District of Columbia · Florida · Georgia · Hawaii · Idaho · Illinois · Indiana · Iowa · Kansas · Kentucky · Louisiana · Maine · Maryland · Massachusetts · Michigan · Minnesota · Mississippi · Missouri · Montana · Nebraska · Nevada · New Hampshire · New Jersey · New Mexico · New York · North Carolina · North Dakota · Ohio · Oklahoma · Oregon · Pennsylvania · Puerto Rico · Rhode Island · South Carolina · South Dakota · Tennessee · Texas · Utah · Vermont · Virginia · Washington · West Virginia · Wisconsin · Wyoming
Home · Mortgage lenders A–Z · Data downloads · Blog · About