Founders Bank & Trust Mortgage Lending & HMDA Data, 2013
In 2013, Founders Bank & Trust of Grand Rapids, MI reported 1,011 mortgage applications totaling $202.2 million, down 16% from 2012. The average application was for $199,968, and applicants reported an average income of $122,177. 86% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Grand Rapids-Wyoming, MI (832), Holland-Grand Haven, MI (97) and Muskegon-Norton Shores, MI (10) (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 | 1,011 |
| Total Mortgage Loan Application Amount | $202,168,000 |
| Average Mortgage Loan Application Amount | $199,968 |
| Highest Mortgage Loan Application Amount | $1,212,000 |
| Average Applicant Income | $122,177 |
| Highest Applicant Income | $1,419,000 |
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(HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 798 | $ 160,271,000 | $ 200,840 | $ 119,000 |
| Ottawa, Michigan | 97 | $ 18,669,000 | $ 192,463 | $ 111,000 |
| Allegan, Michigan | 21 | $ 4,532,000 | $ 215,809 | $ 136,000 |
| Barry, Michigan | 16 | $ 3,826,000 | $ 239,125 | $ 222,000 |
| Montcalm, Michigan | 11 | $ 1,905,000 | $ 173,181 | $ 176,000 |
| Muskegon, Michigan | 10 | $ 2,589,000 | $ 258,900 | $ 185,000 |
| Newaygo, Michigan | 10 | $ 1,446,000 | $ 144,600 | $ 99,000 |
| Ionia, Michigan | 8 | $ 781,000 | $ 97,625 | $ 81,000 |
| Kalamazoo, Michigan | 4 | $ 1,465,000 | $ 366,250 | $ 196,000 |
| Van Buren, Michigan | 4 | $ 1,243,000 | $ 310,750 | $ 252,000 |
| Grand Traverse, Michigan | 3 | $ 732,000 | $ 244,000 | $ 101,000 |
| Ingham, Michigan | 3 | $ 495,000 | $ 165,000 | $ 136,000 |
| Lake, Michigan | 3 | $ 535,000 | $ 178,333 | $ 250,000 |
| Mason, Michigan | 3 | $ 360,000 | $ 120,000 | $ 128,000 |
| Mecosta, Michigan | 3 | $ 302,000 | $ 100,666 | $ 96,000 |
| Oakland, Michigan | 3 | $ 376,000 | $ 125,333 | $ 181,000 |
| Oceana, Michigan | 2 | $ 468,000 | $ 234,000 | $ 148,000 |
| Osceola, Michigan | 2 | $ 367,000 | $ 183,500 | $ 122,000 |
| Charlevoix, Michigan | 1 | $ 200,000 | $ 200,000 | $ 487,000 |
| Chippewa, Michigan | 1 | $ 169,000 | $ 169,000 | $ 165,000 |
| Clinton, Michigan | 1 | $ 199,000 | $ 199,000 | $ 104,000 |
| Emmet, Michigan | 1 | $ 165,000 | $ 165,000 | $ 146,000 |
| Kalkaska, Michigan | 1 | $ 73,000 | $ 73,000 | $ 88,000 |
| Leelanau, Michigan | 1 | $ 360,000 | $ 360,000 | $ 212,000 |
| Livingston, Michigan | 1 | $ 101,000 | $ 101,000 | $ 33,000 |
| Marquette, Michigan | 1 | $ 120,000 | $ 120,000 | $ 0 |
| St. Joseph, Michigan | 1 | $ 257,000 | $ 257,000 | $ 87,000 |
| Washtenaw, Michigan | 1 | $ 162,000 | $ 162,000 | $ 127,000 |
Mortgage Loan Application Detail Totals for Founders Bank & Trust in 2013
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 | 559 | $107,859,000 | $192,000 | $683,000 | $111,000 | $898,000 |
| Refinancing | 452 | $94,309,000 | $208,000 | $1,212,000 | $136,000 | $1,419,000 |
| 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 | 944 | $189,364,000 | $200,000 | $927,000 | $125,000 | $1,419,000 |
| Asian | 22 | $4,078,000 | $185,000 | $432,000 | $114,000 | $474,000 |
| Not applicable | 20 | $2,259,000 | $112,000 | $630,000 | $0 | $0 |
| Black or African American | 12 | $3,164,000 | $263,000 | $815,000 | $139,000 | $417,000 |
| Hispanic | 11 | $2,845,000 | $258,000 | $1,212,000 | $95,000 | $349,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $333,000 | $333,000 | $333,000 | $139,000 | $139,000 |
| Not Provided | 1 | $125,000 | $125,000 | $125,000 | $81,000 | $81,000 |
| 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) | 947 | $193,710,000 | $204,000 | $1,212,000 | $127,000 | $1,419,000 |
| FHA-insured (Federal Housing Administration) | 56 | $7,363,000 | $131,000 | $273,000 | $54,000 | $129,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 8 | $1,095,000 | $136,000 | $178,000 | $50,000 | $70,000 |
| 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 | 866 | $174,452,000 | $201,000 | $1,212,000 | $124,000 | $1,419,000 |
| Application Withdrawn By Applicant | 89 | $17,470,000 | $196,000 | $801,000 | $129,000 | $668,000 |
| Application Denied By Financial Institution | 45 | $7,345,000 | $163,000 | $380,000 | $78,000 | $177,000 |
| File Closed For Incompleteness | 7 | $1,792,000 | $256,000 | $415,000 | $142,000 | $384,000 |
| Application Approved But Not Accepted | 4 | $1,109,000 | $277,000 | $680,000 | $163,000 | $400,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 13 | $2,345,000 | $180,000 | $380,000 | $97,000 | $172,000 |
| Debt-To-Income Ratio | 10 | $1,809,000 | $180,000 | $355,000 | $74,000 | $150,000 |
| Credit History | 9 | $1,360,000 | $151,000 | $216,000 | $62,000 | $130,000 |
| Other | 5 | $748,000 | $149,000 | $173,000 | $93,000 | $177,000 |
| Employment History | 3 | $357,000 | $119,000 | $173,000 | $57,000 | $65,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $389,000 | $129,000 | $193,000 | $69,000 | $117,000 |
| Mortgage Insurance Denied | 1 | $225,000 | $225,000 | $225,000 | $81,000 | $81,000 |
| Unverifiable Information | 1 | $112,000 | $112,000 | $112,000 | $35,000 | $35,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Founders Bank & Trust's 2013 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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