Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2010
In 2010, Frandsen Bank & Trust of Lonsdale, MN reported 1,018 mortgage applications totaling $126.6 million, up 93% from 2009. The average application was for $124,379, and applicants reported an average income of $82,650. 86% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Grand Forks, ND-MN (233), Mankato-North Mankato, MN (140) and Minneapolis-St. Paul-Bloomington, MN-WI (68) (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 | 1,018 |
| Total Mortgage Loan Application Amount | $126,618,000 |
| Average Mortgage Loan Application Amount | $124,379 |
| Highest Mortgage Loan Application Amount | $2,634,000 |
| Average Applicant Income | $82,650 |
| Highest Applicant Income | $2,695,000 |
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(HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2010
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 | 614 | $87,549,000 | $142,000 | $2,634,000 | $89,000 | $2,695,000 |
| Home Purchase | 286 | $35,817,000 | $125,000 | $800,000 | $73,000 | $754,000 |
| Home Improvement | 118 | $3,252,000 | $27,000 | $308,000 | $73,000 | $924,000 |
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 | 964 | $115,669,000 | $119,000 | $1,900,000 | $83,000 | $2,695,000 |
| Not applicable | 20 | $4,921,000 | $246,000 | $2,600,000 | $0 | $0 |
| Not Provided | 19 | $4,966,000 | $261,000 | $2,634,000 | $187,000 | $931,000 |
| Hispanic | 9 | $448,000 | $49,000 | $147,000 | $47,000 | $163,000 |
| Asian | 4 | $498,000 | $124,000 | $188,000 | $77,000 | $152,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $105,000 | $105,000 | $105,000 | $39,000 | $39,000 |
| American Indian or Alaskan Native | 1 | $11,000 | $11,000 | $11,000 | $23,000 | $23,000 |
| Black or African American | 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) | 967 | $120,567,000 | $124,000 | $2,634,000 | $85,000 | $2,695,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 42 | $4,773,000 | $113,000 | $245,000 | $45,000 | $98,000 |
| FHA-insured (Federal Housing Administration) | 8 | $1,228,000 | $153,000 | $206,000 | $48,000 | $68,000 |
| VA-guaranteed (Veterans Administration) | 1 | $50,000 | $50,000 | $50,000 | $32,000 | $32,000 |
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 | 872 | $105,799,000 | $121,000 | $2,600,000 | $85,000 | $2,695,000 |
| Application Denied By Financial Institution | 84 | $9,442,000 | $112,000 | $390,000 | $53,000 | $309,000 |
| Application Approved But Not Accepted | 30 | $3,762,000 | $125,000 | $393,000 | $96,000 | $401,000 |
| Application Withdrawn By Applicant | 25 | $6,579,000 | $263,000 | $2,634,000 | $111,000 | $778,000 |
| Preapproval Approved but not Accepted | 4 | $582,000 | $145,000 | $206,000 | $49,000 | $68,000 |
| Preapproval Denied by Financial Institution | 2 | $256,000 | $128,000 | $206,000 | $41,000 | $50,000 |
| File Closed For Incompleteness | 1 | $198,000 | $198,000 | $198,000 | $50,000 | $50,000 |
| Loan Purchased By The 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 | 30 | $3,473,000 | $115,000 | $355,000 | $46,000 | $126,000 |
| Credit History | 27 | $2,111,000 | $78,000 | $284,000 | $40,000 | $92,000 |
| Collateral | 19 | $3,078,000 | $162,000 | $390,000 | $82,000 | $309,000 |
| Other | 4 | $246,000 | $61,000 | $180,000 | $63,000 | $104,000 |
| Unverifiable Information | 1 | $220,000 | $220,000 | $220,000 | $19,000 | $19,000 |
| Credit Application Incomplete | 1 | $175,000 | $175,000 | $175,000 | $80,000 | $80,000 |
| Employment History | 1 | $12,000 | $12,000 | $12,000 | $34,000 | $34,000 |
| 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 2010 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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