Gate City Bank Mortgage Lending & HMDA Data, 2007
In 2007, Gate City Bank of Fargo, ND reported 3,231 mortgage applications totaling $287.6 million, about the same as 2006. The average application was for $89,004, and applicants reported an average income of $71,385. 79% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Fargo, ND-MN (1,187), Bismarck, ND (550) and Grand Forks, ND-MN (404) (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 | 3,231 |
| Total Mortgage Loan Application Amount | $287,573,000 |
| Average Mortgage Loan Application Amount | $89,004 |
| Highest Mortgage Loan Application Amount | $800,000 |
| Average Applicant Income | $71,385 |
| Highest Applicant Income | $8,786,000 |
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Act (HMDA) records Gate City Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 1,187 | $ 102,333,000 | $ 86,211 | $ 71,734 |
| Bismarck, ND | 550 | $ 55,637,000 | $ 101,158 | $ 73,000 |
| Grand Forks, ND-MN | 404 | $ 40,671,000 | $ 100,670 | $ 71,695 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 6 | $ 1,437,000 | $ 239,500 | $ 60,000 |
| Phoenix-Mesa-Scottsdale, AZ | 1 | $ 800,000 | $ 800,000 | $ 8,786,000 |
| Rochester, MN | 1 | $ 100,000 | $ 100,000 | $ 50,000 |
Mortgage Loan Application Detail Totals for Gate City Bank in 2007
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 | 1,715 | $207,165,000 | $120,000 | $750,000 | $69,000 | $450,000 |
| Home Improvement | 897 | $21,469,000 | $23,000 | $156,000 | $70,000 | $2,000,000 |
| Refinancing | 619 | $58,939,000 | $95,000 | $800,000 | $80,000 | $8,786,000 |
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 | 3,005 | $262,374,000 | $87,000 | $800,000 | $72,000 | $8,786,000 |
| Not Provided | 137 | $15,691,000 | $114,000 | $363,000 | $62,000 | $182,000 |
| Hispanic | 30 | $2,153,000 | $71,000 | $180,000 | $61,000 | $307,000 |
| American Indian or Alaskan Native | 20 | $1,798,000 | $89,000 | $292,000 | $58,000 | $133,000 |
| Asian | 18 | $2,332,000 | $129,000 | $420,000 | $48,000 | $87,000 |
| Black or African American | 10 | $968,000 | $96,000 | $245,000 | $72,000 | $116,000 |
| Not applicable | 7 | $1,999,000 | $285,000 | $750,000 | $298,000 | $2,000,000 |
| Native Hawaiian or Other Pacific Islander | 4 | $258,000 | $64,000 | $182,000 | $79,000 | $119,000 |
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) | 2,681 | $228,693,000 | $85,000 | $800,000 | $76,000 | $8,786,000 |
| FHA-insured (Federal Housing Administration) | 409 | $43,137,000 | $105,000 | $199,000 | $48,000 | $230,000 |
| VA-guaranteed (Veterans Administration) | 102 | $12,906,000 | $126,000 | $283,000 | $54,000 | $106,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 39 | $2,837,000 | $72,000 | $134,000 | $35,000 | $63,000 |
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 | 2,540 | $230,402,000 | $90,000 | $800,000 | $76,000 | $8,786,000 |
| Application Withdrawn By Applicant | 296 | $26,459,000 | $89,000 | $750,000 | $65,000 | $370,000 |
| Application Denied By Financial Institution | 240 | $13,661,000 | $56,000 | $256,000 | $46,000 | $151,000 |
| Preapproval Denied by Financial Institution | 123 | $13,503,000 | $109,000 | $417,000 | $42,000 | $124,000 |
| File Closed For Incompleteness | 16 | $2,151,000 | $134,000 | $299,000 | $63,000 | $90,000 |
| Application Approved But Not Accepted | 13 | $816,000 | $62,000 | $208,000 | $54,000 | $87,000 |
| Loan Purchased By The Institution | 3 | $581,000 | $193,000 | $255,000 | $30,000 | $90,000 |
| 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 | 190 | $14,411,000 | $75,000 | $315,000 | $45,000 | $125,000 |
| Debt-To-Income Ratio | 139 | $10,192,000 | $73,000 | $417,000 | $43,000 | $124,000 |
| Collateral | 11 | $842,000 | $76,000 | $230,000 | $61,000 | $151,000 |
| Other | 10 | $602,000 | $60,000 | $151,000 | $37,000 | $76,000 |
| Employment History | 6 | $506,000 | $84,000 | $122,000 | $46,000 | $88,000 |
| Unverifiable Information | 4 | $495,000 | $123,000 | $133,000 | $43,000 | $70,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $97,000 | $48,000 | $66,000 | $45,000 | $49,000 |
| Credit Application Incomplete | 1 | $19,000 | $19,000 | $19,000 | $36,000 | $36,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Gate City Bank's 2007 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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