Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2009
In 2009, Frandsen Bank & Trust of Lonsdale, MN reported 527 mortgage applications totaling $65.3 million, up 86% from 2008. The average application was for $123,821, and applicants reported an average income of $70,669. 90% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Mankato-North Mankato, MN (47), Minneapolis-St. Paul-Bloomington, MN-WI (44) and St. Cloud, MN (37) (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 | 2014 2013 2012 2011 2010 2009 2008 2007 2006 |
| Total Number of Mortgage Applications | 527 |
| Total Mortgage Loan Application Amount | $65,254,000 |
| Average Mortgage Loan Application Amount | $123,821 |
| Highest Mortgage Loan Application Amount | $620,000 |
| Average Applicant Income | $70,669 |
| Highest Applicant Income | $914,000 |
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(HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2009
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 | 345 | $47,787,000 | $138,000 | $620,000 | $75,000 | $433,000 |
| Home Purchase | 142 | $15,517,000 | $109,000 | $400,000 | $64,000 | $914,000 |
| Home Improvement | 40 | $1,950,000 | $48,000 | $188,000 | $57,000 | $173,000 |
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 | 499 | $62,114,000 | $124,000 | $450,000 | $68,000 | $408,000 |
| Not applicable | 12 | $1,427,000 | $118,000 | $620,000 | $0 | $0 |
| Not Provided | 10 | $799,000 | $79,000 | $242,000 | $161,000 | $433,000 |
| Hispanic | 3 | $299,000 | $99,000 | $137,000 | $95,000 | $211,000 |
| American Indian or Alaskan Native | 2 | $215,000 | $107,000 | $188,000 | $477,000 | $914,000 |
| Asian | 1 | $400,000 | $400,000 | $400,000 | $267,000 | $267,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 502 | $62,658,000 | $124,000 | $620,000 | $72,000 | $914,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 25 | $2,596,000 | $103,000 | $157,000 | $37,000 | $53,000 |
| 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 | 473 | $57,863,000 | $122,000 | $620,000 | $71,000 | $914,000 |
| Application Denied By Financial Institution | 31 | $3,804,000 | $122,000 | $419,000 | $65,000 | $184,000 |
| Application Withdrawn By Applicant | 18 | $2,702,000 | $150,000 | $390,000 | $63,000 | $131,000 |
| Application Approved But Not Accepted | 4 | $699,000 | $174,000 | $247,000 | $79,000 | $114,000 |
| File Closed For Incompleteness | 1 | $186,000 | $186,000 | $186,000 | $87,000 | $87,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 15 | $2,385,000 | $159,000 | $419,000 | $63,000 | $183,000 |
| Credit History | 13 | $1,194,000 | $91,000 | $250,000 | $65,000 | $184,000 |
| Collateral | 3 | $225,000 | $75,000 | $80,000 | $71,000 | $85,000 |
| 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 Frandsen Bank & Trust's 2009 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.
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