Gate City Bank Mortgage Lending & HMDA Data, 2005
In 2005, Gate City Bank of Fargo, ND reported 3,283 mortgage applications totaling $281.3 million, up 4% from 2004. The average application was for $85,689, and applicants reported an average income of $55,139. 81% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Fargo, ND-MN (933), Bismarck, ND (518) and Grand Forks, ND-MN (312) (applications in parentheses).
| Mortgage Company & Address | Gate City Bank 500 2nd Avenue North Fargo, ND 58102 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 3,283 |
| Total Mortgage Loan Application Amount | $281,317,000 |
| Average Mortgage Loan Application Amount | $85,689 |
| Highest Mortgage Loan Application Amount | $779,000 |
| Average Applicant Income | $55,139 |
| Highest Applicant Income | $853,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Gate City Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Fargo, ND-MN | 933 | $ 87,486,000 | $ 93,768 | $ 54,000 |
| Bismarck, ND | 518 | $ 50,967,000 | $ 98,391 | $ 63,000 |
| Grand Forks, ND-MN | 312 | $ 26,703,000 | $ 85,586 | $ 55,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 29 | $ 7,192,000 | $ 248,000 | $ 15,000 |
Mortgage Loan Application Detail Totals for Gate City Bank in 2005
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 | 1,711 | $199,757,000 | $117,000 | $580,000 | $49,333 | $621,000 |
| Home Improvement | 843 | $19,049,000 | $23,000 | $220,000 | $66,500 | $853,000 |
| Refinancing | 729 | $62,511,000 | $86,500 | $779,000 | $60,000 | $786,000 |
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 | 3,126 | $259,799,000 | $88,000 | $580,000 | $53,000 | $853,000 |
| Not applicable | 44 | $11,120,000 | $264,000 | $779,000 | $2,500 | $54,000 |
| Not Provided | 42 | $3,740,000 | $77,000 | $360,000 | $59,333 | $386,000 |
| Hispanic | 31 | $2,395,000 | $86,333 | $185,000 | $59,000 | $130,000 |
| American Indian or Alaskan Native | 16 | $1,567,000 | $87,000 | $164,000 | $53,333 | $161,000 |
| Asian | 15 | $1,504,000 | $98,333 | $272,000 | $38,333 | $73,000 |
| Native Hawaiian or Other Pacific Islander | 5 | $785,000 | $157,000 | $360,000 | $80,000 | $146,000 |
| Black or African American | 4 | $407,000 | $101,000 | $145,000 | $47,000 | $71,000 |
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) | 2,726 | $226,983,000 | $93,666 | $779,000 | $57,000 | $853,000 |
| FHA-insured (Federal Housing Administration) | 432 | $40,366,000 | $96,000 | $197,000 | $41,333 | $134,000 |
| VA-guaranteed (Veterans Administration) | 93 | $11,566,000 | $129,000 | $244,000 | $52,333 | $150,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 32 | $2,402,000 | $72,000 | $108,000 | $32,000 | $59,000 |
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 | 2,658 | $229,407,000 | $86,500 | $779,000 | $65,000 | $853,000 |
| Application Withdrawn By Applicant | 252 | $23,388,000 | $92,500 | $419,000 | $61,000 | $212,000 |
| Application Denied By Financial Institution | 195 | $9,678,000 | $49,333 | $238,000 | $41,000 | $333,000 |
| Preapproval Denied by Financial Institution | 88 | $8,733,000 | $99,000 | $265,000 | $46,000 | $140,000 |
| Loan Purchased By The Institution | 72 | $8,610,000 | $138,500 | $388,000 | $18,500 | $138,000 |
| File Closed For Incompleteness | 12 | $1,317,000 | $96,000 | $240,000 | $45,000 | $96,000 |
| Application Approved But Not Accepted | 5 | $130,000 | $24,500 | $46,000 | $67,500 | $107,000 |
| Preapproval Approved but not Accepted | 1 | $54,000 | $54,000 | $54,000 | $20,000 | $20,000 |
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 | 173 | $11,559,000 | $62,666 | $265,000 | $44,333 | $154,000 |
| Debt-To-Income Ratio | 73 | $4,149,000 | $59,666 | $197,000 | $41,000 | $333,000 |
| Collateral | 17 | $1,289,000 | $72,000 | $228,000 | $49,500 | $87,000 |
| Other | 14 | $1,018,000 | $71,500 | $200,000 | $54,000 | $179,000 |
| Unverifiable Information | 4 | $252,000 | $62,666 | $89,000 | $38,666 | $59,000 |
| Employment History | 2 | $144,000 | $72,000 | $78,000 | $26,500 | $38,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Gate City Bank's 2005 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 Gate City Bank'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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