Founders Bank & Trust Mortgage Lending & HMDA Data, 2004
In 2004, Founders Bank & Trust of Grand Rapids, MI reported 142 mortgage applications totaling $4.7 million, down 23% from 2003. The average application was for $33,281, and applicants reported an average income of $91,746. 97% of its applications resulted in an originated loan and 1% were denied. Its largest markets were Grand Rapids-Wyoming, MI (115), Holland-Grand Haven, MI (16) and Muskegon-Norton Shores, MI (2) (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 | 142 |
| Total Mortgage Loan Application Amount | $4,726,000 |
| Average Mortgage Loan Application Amount | $33,281 |
| Highest Mortgage Loan Application Amount | $307,000 |
| Average Applicant Income | $91,746 |
| Highest Applicant Income | $2,097,000 |
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(HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Grand Rapids-Wyoming, MI | 115 | $ 3,901,000 | $ 33,921 | $ 83,000 |
| Holland-Grand Haven, MI | 16 | $ 347,000 | $ 21,687 | $ 85,000 |
| Muskegon-Norton Shores, MI | 2 | $ 82,000 | $ 41,000 | $ 109,000 |
| Kalamazoo-Portage, MI | 1 | $ 102,000 | $ 102,000 | $ 155,000 |
| Lansing-East Lansing, MI | 1 | $ 20,000 | $ 20,000 | $ 85,000 |
| Toledo, OH | 1 | $ 13,000 | $ 13,000 | $ 39,000 |
Mortgage Loan Application Detail Totals for Founders Bank & Trust in 2004
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 | 80 | $2,107,000 | $19,500 | $102,000 | $64,000 | $580,000 |
| Refinancing | 43 | $1,872,000 | $43,000 | $307,000 | $82,000 | $408,000 |
| Home Improvement | 19 | $747,000 | $39,000 | $170,000 | $128,000 | $2,097,000 |
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 | 133 | $4,326,000 | $22,500 | $307,000 | $74,500 | $2,097,000 |
| Not applicable | 2 | $235,000 | $117,000 | $157,000 | $0 | $0 |
| Not Provided | 2 | $34,000 | $17,000 | $27,000 | $61,000 | $62,000 |
| Asian | 2 | $53,000 | $26,000 | $27,000 | $84,000 | $96,000 |
| Black or African American | 1 | $18,000 | $18,000 | $18,000 | $68,000 | $68,000 |
| Hispanic | 1 | $38,000 | $38,000 | $38,000 | $63,000 | $63,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $22,000 | $22,000 | $22,000 | $90,000 | $90,000 |
| 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) | 142 | $4,726,000 | $23,000 | $307,000 | $67,000 | $2,097,000 |
| 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 | 138 | $4,634,000 | $23,000 | $307,000 | $68,500 | $2,097,000 |
| Application Withdrawn By Applicant | 3 | $84,000 | $28,000 | $34,000 | $71,000 | $75,000 |
| Application Denied By Financial Institution | 1 | $8,000 | $8,000 | $8,000 | $60,000 | $60,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 1 | $8,000 | $8,000 | $8,000 | $60,000 | $60,000 |
| 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 |
| Collateral | 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 2004 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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