Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2020
In 2020, Frandsen Bank & Trust of Lonsdale, MN reported 2,700 mortgage applications totaling $566.4 million, up 90% from 2019. The average application was for $209,759, and applicants reported an average income of $117,455. 84% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (714), Duluth, MN-WI (514) and Grand Forks, ND-MN (230) (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 | 2,700 |
| Total Mortgage Loan Application Amount | $566,350,000 |
| Average Mortgage Loan Application Amount | $209,759 |
| Highest Mortgage Loan Application Amount | $4,505,000 |
| Average Applicant Income | $117,455 |
| Highest Applicant Income | $2,036,000 |
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(HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Frandsen Bank & Trust in 2020
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 | 1,219 | $265,485,000 | $217,000 | $4,505,000 | $123,000 | $1,632,000 |
| Home Purchase | 838 | $173,680,000 | $207,000 | $955,000 | $114,000 | $1,037,000 |
| Cash-out Refinancing | 562 | $116,370,000 | $207,000 | $515,000 | $107,000 | $660,000 |
| Other Purpose | 52 | $7,560,000 | $145,000 | $805,000 | $133,000 | $2,036,000 |
| Home Improvement | 29 | $3,255,000 | $112,000 | $565,000 | $159,000 | $1,037,000 |
| 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 | 2,445 | $500,845,000 | $204,000 | $1,105,000 | $115,000 | $2,036,000 |
| Not Provided | 144 | $32,780,000 | $227,000 | $715,000 | $130,000 | $1,020,000 |
| Not applicable | 59 | $23,205,000 | $393,000 | $4,505,000 | $0 | $0 |
| Hispanic | 23 | $3,465,000 | $150,000 | $375,000 | $164,000 | $777,000 |
| Asian | 13 | $2,745,000 | $211,000 | $425,000 | $163,000 | $438,000 |
| American Indian or Alaskan Native | 8 | $1,840,000 | $230,000 | $445,000 | $89,000 | $152,000 |
| Black or African American | 4 | $690,000 | $172,000 | $225,000 | $81,000 | $130,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $385,000 | $385,000 | $385,000 | $306,000 | $306,000 |
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) | 2,664 | $560,150,000 | $210,000 | $4,505,000 | $118,000 | $2,036,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 29 | $4,345,000 | $149,000 | $275,000 | $49,000 | $89,000 |
| VA-guaranteed (Veterans Administration) | 6 | $1,590,000 | $265,000 | $395,000 | $124,000 | $308,000 |
| FHA-insured (Federal Housing Administration) | 1 | $265,000 | $265,000 | $265,000 | $70,000 | $70,000 |
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 | 2,262 | $479,220,000 | $211,000 | $4,505,000 | $120,000 | $2,036,000 |
| Application Withdrawn By Applicant | 309 | $64,015,000 | $207,000 | $525,000 | $116,000 | $1,632,000 |
| Application Denied By Financial Institution | 107 | $19,385,000 | $181,000 | $515,000 | $83,000 | $363,000 |
| File Closed For Incompleteness | 11 | $1,905,000 | $173,000 | $265,000 | $84,000 | $183,000 |
| Application Approved But Not Accepted | 10 | $1,670,000 | $167,000 | $445,000 | $94,000 | $169,000 |
| Loan Purchased By The Institution | 1 | $155,000 | $155,000 | $155,000 | $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 |
|---|---|---|---|---|---|---|
| Not applicable | 2,593 | $546,965,000 | $210,000 | $4,505,000 | $119,000 | $2,036,000 |
| Debt-To-Income Ratio | 41 | $7,945,000 | $193,000 | $515,000 | $57,000 | $222,000 |
| Credit History | 34 | $4,520,000 | $132,000 | $385,000 | $74,000 | $187,000 |
| Collateral | 15 | $3,075,000 | $205,000 | $515,000 | $117,000 | $231,000 |
| Other | 13 | $3,275,000 | $251,000 | $415,000 | $157,000 | $363,000 |
| Employment History | 3 | $445,000 | $148,000 | $195,000 | $50,000 | $57,000 |
| Unverifiable Information | 1 | $125,000 | $125,000 | $125,000 | $46,000 | $46,000 |
| 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 Frandsen Bank & Trust's 2020 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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