Founders Bank & Trust Mortgage Lending & HMDA Data, 2011
In 2011, Founders Bank & Trust of Grand Rapids, MI reported 1,054 mortgage applications totaling $195.5 million, down 22% from 2010. The average application was for $185,505, and applicants reported an average income of $128,047. 73% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Grand Rapids-Wyoming, MI (838), Holland-Grand Haven, MI (98) and Muskegon-Norton Shores, MI (9) (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 | 1,054 |
| Total Mortgage Loan Application Amount | $195,523,000 |
| Average Mortgage Loan Application Amount | $185,505 |
| Highest Mortgage Loan Application Amount | $1,700,000 |
| Average Applicant Income | $128,047 |
| Highest Applicant Income | $1,023,000 |
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(HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 806 | $ 155,018,000 | $ 192,330 | $ 133,000 |
| Ottawa, Michigan | 98 | $ 15,842,000 | $ 161,653 | $ 113,000 |
| Barry, Michigan | 15 | $ 3,060,000 | $ 204,000 | $ 117,000 |
| Allegan, Michigan | 14 | $ 2,386,000 | $ 170,428 | $ 105,000 |
| Newaygo, Michigan | 10 | $ 1,092,000 | $ 109,200 | $ 153,000 |
| Muskegon, Michigan | 9 | $ 3,896,000 | $ 432,888 | $ 283,000 |
| Ionia, Michigan | 7 | $ 870,000 | $ 124,285 | $ 76,000 |
| Oceana, Michigan | 6 | $ 1,454,000 | $ 242,333 | $ 185,000 |
| Montcalm, Michigan | 5 | $ 412,000 | $ 82,400 | $ 71,000 |
| Leelanau, Michigan | 3 | $ 842,000 | $ 280,666 | $ 264,000 |
| Antrim, Michigan | 2 | $ 485,000 | $ 242,500 | $ 181,000 |
| Ingham, Michigan | 2 | $ 238,000 | $ 119,000 | $ 86,000 |
| Mason, Michigan | 2 | $ 322,000 | $ 161,000 | $ 105,000 |
| Van Buren, Michigan | 2 | $ 500,000 | $ 250,000 | $ 221,000 |
| St. Joseph, Indiana | 1 | $ 84,000 | $ 84,000 | $ 337,000 |
| Berrien, Michigan | 1 | $ 176,000 | $ 176,000 | $ 154,000 |
| Calhoun, Michigan | 1 | $ 145,000 | $ 145,000 | $ 162,000 |
| Charlevoix, Michigan | 1 | $ 183,000 | $ 183,000 | $ 280,000 |
| Cheboygan, Michigan | 1 | $ 64,000 | $ 64,000 | $ 141,000 |
| Eaton, Michigan | 1 | $ 207,000 | $ 207,000 | $ 105,000 |
| Gladwin, Michigan | 1 | $ 146,000 | $ 146,000 | $ 119,000 |
| Grand Traverse, Michigan | 1 | $ 218,000 | $ 218,000 | $ 180,000 |
| Kalamazoo, Michigan | 1 | $ 417,000 | $ 417,000 | $ 231,000 |
| Lake, Michigan | 1 | $ 100,000 | $ 100,000 | $ 219,000 |
| Missaukee, Michigan | 1 | $ 73,000 | $ 73,000 | $ 72,000 |
| Wexford, Michigan | 1 | $ 133,000 | $ 133,000 | $ 87,000 |
Mortgage Loan Application Detail Totals for Founders Bank & Trust in 2011
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 | 573 | $111,077,000 | $193,000 | $936,000 | $139,000 | $929,000 |
| Home Purchase | 481 | $84,446,000 | $175,000 | $1,700,000 | $115,000 | $1,023,000 |
| 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 | 977 | $183,078,000 | $187,000 | $1,700,000 | $131,000 | $1,023,000 |
| Not Provided | 33 | $4,424,000 | $134,000 | $460,000 | $64,000 | $360,000 |
| Asian | 20 | $4,050,000 | $202,000 | $785,000 | $129,000 | $574,000 |
| Hispanic | 12 | $1,627,000 | $135,000 | $417,000 | $92,000 | $316,000 |
| Black or African American | 9 | $1,994,000 | $221,000 | $825,000 | $126,000 | $494,000 |
| Not applicable | 3 | $350,000 | $116,000 | $220,000 | $0 | $0 |
| 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) | 1,017 | $190,908,000 | $187,000 | $1,700,000 | $130,000 | $1,023,000 |
| FHA-insured (Federal Housing Administration) | 37 | $4,615,000 | $124,000 | $244,000 | $57,000 | $140,000 |
| 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 | 767 | $139,414,000 | $181,000 | $900,000 | $135,000 | $929,000 |
| Application Withdrawn By Applicant | 143 | $30,710,000 | $214,000 | $1,700,000 | $134,000 | $1,023,000 |
| Preapproval Denied by Financial Institution | 61 | $7,160,000 | $117,000 | $460,000 | $55,000 | $360,000 |
| Application Denied By Financial Institution | 51 | $10,794,000 | $211,000 | $910,000 | $102,000 | $675,000 |
| File Closed For Incompleteness | 29 | $7,110,000 | $245,000 | $672,000 | $114,000 | $603,000 |
| Application Approved But Not Accepted | 3 | $335,000 | $111,000 | $164,000 | $139,000 | $230,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 82 | $11,459,000 | $139,000 | $680,000 | $66,000 | $360,000 |
| Debt-To-Income Ratio | 13 | $2,406,000 | $185,000 | $363,000 | $48,000 | $63,000 |
| Collateral | 11 | $3,102,000 | $282,000 | $910,000 | $149,000 | $360,000 |
| Employment History | 4 | $777,000 | $194,000 | $567,000 | $190,000 | $675,000 |
| Other | 1 | $136,000 | $136,000 | $136,000 | $71,000 | $71,000 |
| Unverifiable Information | 1 | $74,000 | $74,000 | $74,000 | $31,000 | $31,000 |
| 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 2011 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.
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