Frandsen Bank & Trust Mortgage Lending & HMDA Data, 2014
In 2014, Frandsen Bank & Trust of Lonsdale, MN reported 1,144 mortgage applications totaling $157.4 million, down 31% from 2013. The average application was for $137,581, and applicants reported an average income of $79,691. 75% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (229), Duluth, MN-WI (184) and Grand Forks, ND-MN (151) (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 | 1,144 |
| Total Mortgage Loan Application Amount | $157,393,000 |
| Average Mortgage Loan Application Amount | $137,581 |
| Highest Mortgage Loan Application Amount | $2,750,000 |
| Average Applicant Income | $79,691 |
| Highest Applicant Income | $761,000 |
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(HMDA) records Frandsen Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2014
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 | 687 | $100,501,000 | $146,000 | $1,495,000 | $83,000 | $761,000 |
| Refinancing | 375 | $51,221,000 | $136,000 | $2,750,000 | $74,000 | $400,000 |
| Home Improvement | 82 | $5,671,000 | $69,000 | $381,000 | $78,000 | $367,000 |
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 | 999 | $133,878,000 | $134,000 | $1,500,000 | $83,000 | $761,000 |
| Not Provided | 86 | $10,718,000 | $124,000 | $500,000 | $82,000 | $370,000 |
| Not applicable | 41 | $11,052,000 | $269,000 | $2,750,000 | $0 | $0 |
| Hispanic | 9 | $672,000 | $74,000 | $130,000 | $40,000 | $86,000 |
| Asian | 5 | $424,000 | $84,000 | $182,000 | $69,000 | $80,000 |
| American Indian or Alaskan Native | 2 | $198,000 | $99,000 | $101,000 | $35,000 | $41,000 |
| Black or African American | 1 | $211,000 | $211,000 | $211,000 | $57,000 | $57,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $240,000 | $240,000 | $240,000 | $127,000 | $127,000 |
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) | 1,058 | $147,542,000 | $139,000 | $2,750,000 | $82,000 | $761,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 74 | $7,712,000 | $104,000 | $204,000 | $44,000 | $78,000 |
| VA-guaranteed (Veterans Administration) | 7 | $1,248,000 | $178,000 | $240,000 | $72,000 | $147,000 |
| FHA-insured (Federal Housing Administration) | 5 | $891,000 | $178,000 | $300,000 | $65,000 | $91,000 |
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 | 859 | $117,498,000 | $136,000 | $1,500,000 | $85,000 | $761,000 |
| Application Denied By Financial Institution | 129 | $14,561,000 | $112,000 | $417,000 | $59,000 | $327,000 |
| Application Withdrawn By Applicant | 79 | $14,924,000 | $188,000 | $2,750,000 | $68,000 | $207,000 |
| Application Approved But Not Accepted | 50 | $6,904,000 | $138,000 | $500,000 | $76,000 | $238,000 |
| Preapproval Denied by Financial Institution | 21 | $2,434,000 | $115,000 | $300,000 | $46,000 | $118,000 |
| Loan Purchased By The Institution | 5 | $622,000 | $124,000 | $275,000 | $0 | $0 |
| File Closed For Incompleteness | 1 | $450,000 | $450,000 | $450,000 | $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 | 67 | $6,126,000 | $91,000 | $220,000 | $51,000 | $125,000 |
| Debt-To-Income Ratio | 48 | $6,517,000 | $135,000 | $417,000 | $56,000 | $233,000 |
| Collateral | 20 | $2,399,000 | $119,000 | $322,000 | $80,000 | $327,000 |
| Employment History | 10 | $1,481,000 | $148,000 | $250,000 | $54,000 | $118,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $167,000 | $83,000 | $124,000 | $44,000 | $59,000 |
| Other | 2 | $155,000 | $77,000 | $95,000 | $91,000 | $92,000 |
| Credit Application Incomplete | 1 | $150,000 | $150,000 | $150,000 | $72,000 | $72,000 |
| Unverifiable Information | 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 2014 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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