Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2023
In 2023, Frandsen Bank & Trust of Lonsdale, MN reported 1,479 mortgage applications totaling $328.6 million, down 6% from 2022. The average application was for $222,146, and applicants reported an average income of $166,728. 80% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Duluth, MN-WI (335), Minneapolis-St. Paul-Bloomington, MN-WI (318) and Grand Forks, ND-MN (94) (applications in parentheses).
| Mortgage Company & Address | Frandsen Bank & Trust 116 Central Street West Lonsdale, MN 55046 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 |
| Total Number of Mortgage Applications | 1,479 |
| Total Mortgage Loan Application Amount | $328,555,000 |
| Average Mortgage Loan Application Amount | $222,146 |
| Highest Mortgage Loan Application Amount | $8,825,000 |
| Average Applicant Income | $166,728 |
| Highest Applicant Income | $5,282,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Outside any metro area | 495 | $ 90,495,000 | $ 182,818 | $ 151,507 |
| Duluth, MN-WI | 335 | $ 64,245,000 | $ 191,776 | $ 150,820 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 318 | $ 87,660,000 | $ 275,660 | $ 190,355 |
| Grand Forks, ND-MN | 94 | $ 15,670,000 | $ 166,702 | $ 123,872 |
| Mankato-North Mankato, MN | 69 | $ 11,375,000 | $ 164,855 | $ 144,000 |
| Rochester, MN | 59 | $ 16,845,000 | $ 285,508 | $ 163,000 |
| Eau Claire, WI | 39 | $ 21,575,000 | $ 553,205 | $ 237,000 |
| St. Cloud, MN | 31 | $ 5,695,000 | $ 183,709 | $ 136,000 |
| Phoenix-Mesa-Scottsdale, AZ | 7 | $ 4,605,000 | $ 657,857 | $ 1,311,000 |
| Cape Coral-Fort Myers, FL | 5 | $ 1,785,000 | $ 357,000 | $ 214,000 |
| Fargo, ND-MN | 5 | $ 1,075,000 | $ 215,000 | $ 136,000 |
| Madison, WI | 4 | $ 1,890,000 | $ 472,500 | $ 322,000 |
| Tucson, AZ | 3 | $ 1,245,000 | $ 415,000 | $ 101,000 |
| La Crosse-Onalaska, WI-MN | 2 | $ 1,670,000 | $ 835,000 | $ 474,000 |
| Milwaukee-Waukesha-West Allis, WI | 2 | $ 790,000 | $ 395,000 | $ 294,000 |
| Naples-Immokalee-Marco Island, FL | 2 | $ 450,000 | $ 225,000 | $ 181,000 |
| Bismarck, ND | 1 | $ 5,000 | $ 5,000 | $ 101,000 |
| Denver-Aurora-Lakewood, CO | 1 | $ 145,000 | $ 145,000 | $ 185,000 |
| Green Bay, WI | 1 | $ 245,000 | $ 245,000 | $ 122,000 |
| Homosassa Springs, FL | 1 | $ 295,000 | $ 295,000 | $ 92,000 |
| Lake Havasu City-Kingman, AZ | 1 | $ 105,000 | $ 105,000 | $ 157,000 |
| Omaha-Council Bluffs, NE-IA | 1 | $ 165,000 | $ 165,000 | $ 0 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 325,000 | $ 325,000 | $ 206,000 |
| Wausau, WI | 1 | $ 195,000 | $ 195,000 | $ 85,000 |
| Williamsport, PA | 1 | $ 5,000 | $ 5,000 | $ 25,000 |
Mortgage Loan Application Detail Totals for Frandsen Bank & Trust in 2023
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 | 770 | $237,520,000 | $308,000 | $8,825,000 | $186,000 | $5,282,000 |
| Home Improvement | 314 | $27,200,000 | $86,000 | $805,000 | $164,000 | $3,421,000 |
| Other Purpose | 206 | $19,200,000 | $93,000 | $555,000 | $136,000 | $862,000 |
| Refinancing | 159 | $39,215,000 | $246,000 | $4,075,000 | $131,000 | $816,000 |
| Cash-out Refinancing | 30 | $5,420,000 | $180,000 | $455,000 | $101,000 | $240,000 |
| Not Applicable | 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 | 1,241 | $254,815,000 | $205,000 | $2,545,000 | $167,000 | $5,282,000 |
| Not applicable | 111 | $48,035,000 | $432,000 | $8,825,000 | $0 | $0 |
| Not Provided | 97 | $19,415,000 | $200,000 | $1,105,000 | $169,000 | $1,900,000 |
| Hispanic | 9 | $1,215,000 | $135,000 | $285,000 | $107,000 | $204,000 |
| Black or African American | 8 | $1,800,000 | $225,000 | $605,000 | $106,000 | $235,000 |
| American Indian or Alaskan Native | 7 | $1,415,000 | $202,000 | $445,000 | $115,000 | $308,000 |
| Asian | 5 | $1,355,000 | $271,000 | $505,000 | $314,000 | $634,000 |
| 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) | 1,476 | $328,180,000 | $222,000 | $8,825,000 | $166,000 | $5,282,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $375,000 | $125,000 | $225,000 | $51,000 | $76,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 1,181 | $272,625,000 | $230,000 | $8,825,000 | $174,000 | $5,282,000 |
| Application Withdrawn By Applicant | 190 | $44,660,000 | $235,000 | $2,385,000 | $161,000 | $912,000 |
| Application Denied By Financial Institution | 95 | $8,885,000 | $93,000 | $505,000 | $90,000 | $418,000 |
| Loan Purchased By The Institution | 6 | $1,190,000 | $198,000 | $265,000 | $0 | $0 |
| Application Approved But Not Accepted | 5 | $585,000 | $117,000 | $185,000 | $132,000 | $222,000 |
| File Closed For Incompleteness | 2 | $610,000 | $305,000 | $405,000 | $256,000 | $325,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 1,048 | $289,850,000 | $276,000 | $8,825,000 | $172,000 | $5,282,000 |
| Debt-To-Income Ratio | 407 | $35,795,000 | $87,000 | $605,000 | $158,000 | $3,421,000 |
| Credit History | 21 | $2,425,000 | $115,000 | $455,000 | $83,000 | $194,000 |
| Other | 2 | $460,000 | $230,000 | $395,000 | $132,000 | $224,000 |
| Collateral | 1 | $25,000 | $25,000 | $25,000 | $65,000 | $65,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Frandsen Bank & Trust's 2023 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 Frandsen 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 Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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