Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2012
In 2012, Frandsen Bank & Trust of Lonsdale, MN reported 1,922 mortgage applications totaling $263.6 million, up 95% from 2011. The average application was for $137,122, and applicants reported an average income of $92,232. 82% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Grand Forks, ND-MN (356), Duluth, MN-WI (244) and Minneapolis-St. Paul-Bloomington, MN-WI (180) (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 | 1,922 |
| Total Mortgage Loan Application Amount | $263,550,000 |
| Average Mortgage Loan Application Amount | $137,122 |
| Highest Mortgage Loan Application Amount | $1,507,000 |
| Average Applicant Income | $92,232 |
| Highest Applicant Income | $3,600,000 |
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(HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2012
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 | 1,335 | $191,179,000 | $143,000 | $1,507,000 | $90,000 | $3,600,000 |
| Home Purchase | 508 | $66,341,000 | $130,000 | $700,000 | $100,000 | $1,238,000 |
| Home Improvement | 79 | $6,030,000 | $76,000 | $400,000 | $80,000 | $428,000 |
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 | 1,834 | $249,021,000 | $135,000 | $1,507,000 | $92,000 | $3,600,000 |
| Not Provided | 46 | $6,262,000 | $136,000 | $615,000 | $163,000 | $1,238,000 |
| Not applicable | 22 | $5,805,000 | $263,000 | $1,188,000 | $0 | $0 |
| Hispanic | 9 | $1,252,000 | $139,000 | $650,000 | $84,000 | $352,000 |
| American Indian or Alaskan Native | 6 | $643,000 | $107,000 | $327,000 | $54,000 | $92,000 |
| Asian | 4 | $367,000 | $91,000 | $184,000 | $110,000 | $167,000 |
| Black or African American | 1 | $200,000 | $200,000 | $200,000 | $72,000 | $72,000 |
| 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) | 1,866 | $257,026,000 | $137,000 | $1,507,000 | $94,000 | $3,600,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 49 | $5,670,000 | $115,000 | $233,000 | $45,000 | $108,000 |
| VA-guaranteed (Veterans Administration) | 4 | $519,000 | $129,000 | $250,000 | $34,000 | $100,000 |
| FHA-insured (Federal Housing Administration) | 3 | $335,000 | $111,000 | $141,000 | $53,000 | $62,000 |
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 | 1,571 | $215,400,000 | $137,000 | $1,507,000 | $96,000 | $3,600,000 |
| Application Denied By Financial Institution | 178 | $22,061,000 | $123,000 | $650,000 | $63,000 | $352,000 |
| Application Withdrawn By Applicant | 101 | $14,515,000 | $143,000 | $615,000 | $84,000 | $517,000 |
| Application Approved But Not Accepted | 63 | $10,554,000 | $167,000 | $905,000 | $102,000 | $329,000 |
| Preapproval Denied by Financial Institution | 8 | $723,000 | $90,000 | $149,000 | $24,000 | $41,000 |
| File Closed For Incompleteness | 1 | $297,000 | $297,000 | $297,000 | $180,000 | $180,000 |
| 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 | 65 | $6,712,000 | $103,000 | $417,000 | $57,000 | $327,000 |
| Debt-To-Income Ratio | 65 | $8,024,000 | $123,000 | $324,000 | $50,000 | $144,000 |
| Collateral | 36 | $5,762,000 | $160,000 | $650,000 | $93,000 | $352,000 |
| Employment History | 8 | $711,000 | $88,000 | $160,000 | $43,000 | $65,000 |
| Other | 5 | $700,000 | $140,000 | $168,000 | $66,000 | $111,000 |
| Unverifiable Information | 1 | $25,000 | $25,000 | $25,000 | $42,000 | $42,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $99,000 | $99,000 | $99,000 | $34,000 | $34,000 |
| Mortgage Insurance Denied | 1 | $192,000 | $192,000 | $192,000 | $180,000 | $180,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Frandsen Bank & Trust's 2012 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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