Founders Bank & Trust Mortgage Lending & HMDA Data, 2008
In 2008, Founders Bank & Trust of Grand Rapids, MI reported 382 mortgage applications totaling $53.7 million, up 158% from 2007. The average application was for $140,547, and applicants reported an average income of $125,520. 81% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Grand Rapids-Wyoming, MI (312), Holland-Grand Haven, MI (27) and Kalamazoo-Portage, MI (4) (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 | 382 |
| Total Mortgage Loan Application Amount | $53,689,000 |
| Average Mortgage Loan Application Amount | $140,547 |
| Highest Mortgage Loan Application Amount | $592,000 |
| Average Applicant Income | $125,520 |
| Highest Applicant Income | $7,372,000 |
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(HMDA) records Founders Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2008
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 | 229 | $33,677,000 | $147,000 | $592,000 | $104,000 | $426,000 |
| Refinancing | 152 | $19,982,000 | $131,000 | $417,000 | $158,000 | $7,372,000 |
| Home Improvement | 1 | $30,000 | $30,000 | $30,000 | $117,000 | $117,000 |
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 | 358 | $49,833,000 | $139,000 | $592,000 | $128,000 | $7,372,000 |
| Not Provided | 11 | $1,407,000 | $127,000 | $280,000 | $53,000 | $95,000 |
| Asian | 5 | $1,129,000 | $225,000 | $336,000 | $137,000 | $170,000 |
| Hispanic | 4 | $615,000 | $153,000 | $344,000 | $109,000 | $170,000 |
| Black or African American | 2 | $195,000 | $97,000 | $134,000 | $5,000 | $10,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $417,000 | $417,000 | $417,000 | $214,000 | $214,000 |
| Not applicable | 1 | $93,000 | $93,000 | $93,000 | $24,000 | $24,000 |
| 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) | 382 | $53,689,000 | $140,000 | $592,000 | $125,000 | $7,372,000 |
| 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 | 308 | $42,215,000 | $137,000 | $500,000 | $136,000 | $7,372,000 |
| Application Withdrawn By Applicant | 36 | $6,455,000 | $179,000 | $592,000 | $87,000 | $314,000 |
| Application Approved But Not Accepted | 14 | $1,934,000 | $138,000 | $354,000 | $108,000 | $397,000 |
| File Closed For Incompleteness | 11 | $1,767,000 | $160,000 | $280,000 | $62,000 | $158,000 |
| Preapproval Denied by Financial Institution | 7 | $629,000 | $89,000 | $145,000 | $36,000 | $47,000 |
| Application Denied By Financial Institution | 6 | $689,000 | $114,000 | $280,000 | $75,000 | $137,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 7 | $557,000 | $79,000 | $112,000 | $40,000 | $65,000 |
| Debt-To-Income Ratio | 5 | $724,000 | $144,000 | $280,000 | $67,000 | $137,000 |
| Collateral | 1 | $37,000 | $37,000 | $37,000 | $82,000 | $82,000 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Founders Bank & Trust's 2008 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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