Mill City Credit Union Mortgage Lending & HMDA Data, 2006
In 2006, Mill City Credit Union of Minnetonka, MN reported 397 mortgage applications totaling $57.6 million, up 23% from 2005. The average application was for $145,158, and applicants reported an average income of $81,894. 52% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (165), Cedar Rapids, IA (15) and Atlanta-Sandy Springs-Marietta, GA (11) (applications in parentheses).
| Mortgage Company & Address | Mill City Credit Union 9999 Wayzata Boulevard Minnetonka, MN 55305 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 397 |
| Total Mortgage Loan Application Amount | $57,628,000 |
| Average Mortgage Loan Application Amount | $145,158 |
| Highest Mortgage Loan Application Amount | $560,000 |
| Average Applicant Income | $81,894 |
| Highest Applicant Income | $420,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Mill City Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | 165 | $ 21,048,000 | $ 127,563 | $ 92,000 |
| Cedar Rapids, IA | 15 | $ 1,452,000 | $ 96,800 | $ 93,000 |
| Atlanta-Sandy Springs-Marietta, GA | 11 | $ 1,170,000 | $ 106,363 | $ 67,000 |
| Phoenix-Mesa-Scottsdale, AZ | 9 | $ 1,890,000 | $ 210,000 | $ 72,000 |
| Albuquerque, NM | 7 | $ 1,295,000 | $ 185,000 | $ 84,000 |
| Milwaukee-Waukesha-West Allis, WI | 6 | $ 919,000 | $ 153,166 | $ 77,000 |
| Cincinnati-Middletown, OH-KY-IN | 4 | $ 455,000 | $ 113,750 | $ 58,000 |
| Chicago-Naperville-Joliet, IL | 3 | $ 817,000 | $ 272,333 | $ 88,000 |
| Fayetteville-Springdale-Rogers, AR-MO | 3 | $ 658,000 | $ 219,333 | $ 88,000 |
| Miami-Miami Beach-Kendall, FL | 3 | $ 638,000 | $ 212,666 | $ 82,000 |
| Nashville-Davidson--Murfreesboro, TN | 3 | $ 117,000 | $ 39,000 | $ 113,000 |
| Rockford, IL | 3 | $ 267,000 | $ 89,000 | $ 72,000 |
| Des Moines-West Des Moines, IA | 2 | $ 310,000 | $ 155,000 | $ 50,000 |
| Houston-Sugar Land-Baytown, TX | 2 | $ 303,000 | $ 151,500 | $ 76,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 442,000 | $ 221,000 | $ 76,000 |
| Philadelphia, PA | 2 | $ 595,000 | $ 297,500 | $ 79,000 |
| Baltimore-Towson, MD | 1 | $ 200,000 | $ 200,000 | $ 78,000 |
| Boston-Quincy, MA | 1 | $ 437,000 | $ 437,000 | $ 88,000 |
| Buffalo-Niagara Falls, NY | 1 | $ 136,000 | $ 136,000 | $ 73,000 |
| Cambridge-Newton-Framingham, MA | 1 | $ 200,000 | $ 200,000 | $ 110,000 |
| Columbus, OH | 1 | $ 135,000 | $ 135,000 | $ 54,000 |
| Essex County, MA | 1 | $ 300,000 | $ 300,000 | $ 66,000 |
| Great Falls, MT | 1 | $ 57,000 | $ 57,000 | $ 64,000 |
| Kansas City, MO-KS | 1 | $ 176,000 | $ 176,000 | $ 86,000 |
| Manchester-Nashua, NH | 1 | $ 115,000 | $ 115,000 | $ 41,000 |
| Mount Vernon-Anacortes, WA | 1 | $ 83,000 | $ 83,000 | $ 102,000 |
| Omaha-Council Bluffs, NE-IA | 1 | $ 216,000 | $ 216,000 | $ 62,000 |
| Palm Bay-Melbourne-Titusville, FL | 1 | $ 228,000 | $ 228,000 | $ 59,000 |
| Portland-Vancouver-Beaverton, OR-WA | 1 | $ 275,000 | $ 275,000 | $ 59,000 |
| Rockingham County-Strafford County, NH | 1 | $ 373,000 | $ 373,000 | $ 76,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 1 | $ 370,000 | $ 370,000 | $ 108,000 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 42,000 | $ 42,000 | $ 92,000 |
| Santa Ana-Anaheim-Irvine, CA | 1 | $ 350,000 | $ 350,000 | $ 85,000 |
| St. Cloud, MN | 1 | $ 360,000 | $ 360,000 | $ 420,000 |
| St. Louis, MO-IL | 1 | $ 140,000 | $ 140,000 | $ 43,000 |
| Syracuse, NY | 1 | $ 94,000 | $ 94,000 | $ 42,000 |
| Tacoma, WA | 1 | $ 74,000 | $ 74,000 | $ 123,000 |
| Vineland-Millville-Bridgeton, NJ | 1 | $ 180,000 | $ 180,000 | $ 58,000 |
Mortgage Loan Application Detail Totals for Mill City Credit Union in 2006
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 | 198 | $40,709,000 | $205,000 | $545,000 | $81,000 | $420,000 |
| Refinancing | 131 | $14,518,000 | $110,000 | $560,000 | $78,000 | $215,000 |
| Home Improvement | 68 | $2,401,000 | $35,000 | $210,000 | $92,000 | $236,000 |
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 |
|---|---|---|---|---|---|---|
| Not Provided | 312 | $50,129,000 | $160,000 | $560,000 | $80,000 | $420,000 |
| White | 57 | $2,473,000 | $43,000 | $210,000 | $89,000 | $236,000 |
| Hispanic | 25 | $4,964,000 | $198,000 | $480,000 | $82,000 | $178,000 |
| Black or African American | 3 | $62,000 | $20,000 | $30,000 | $105,000 | $127,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 396 | $57,408,000 | $144,000 | $560,000 | $81,000 | $420,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $220,000 | $220,000 | $220,000 | $157,000 | $157,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 208 | $21,091,000 | $101,000 | $545,000 | $88,000 | $248,000 |
| Preapproval Approved but not Accepted | 59 | $12,452,000 | $211,000 | $520,000 | $77,000 | $208,000 |
| Application Approved But Not Accepted | 35 | $6,782,000 | $193,000 | $385,000 | $85,000 | $420,000 |
| Application Denied By Financial Institution | 29 | $4,288,000 | $147,000 | $437,000 | $56,000 | $105,000 |
| File Closed For Incompleteness | 29 | $5,877,000 | $202,000 | $480,000 | $86,000 | $385,000 |
| Preapproval Denied by Financial Institution | 19 | $2,655,000 | $139,000 | $280,000 | $53,000 | $101,000 |
| Application Withdrawn By Applicant | 18 | $4,483,000 | $249,000 | $560,000 | $83,000 | $162,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 27 | $3,573,000 | $132,000 | $280,000 | $56,000 | $105,000 |
| Debt-To-Income Ratio | 6 | $884,000 | $147,000 | $254,000 | $38,000 | $105,000 |
| Collateral | 5 | $1,058,000 | $211,000 | $437,000 | $65,000 | $101,000 |
| Employment History | 2 | $310,000 | $155,000 | $232,000 | $70,000 | $75,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $175,000 | $175,000 | $175,000 | $4,000 | $4,000 |
| Other | 1 | $142,000 | $142,000 | $142,000 | $47,000 | $47,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Mill City Credit Union's 2006 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 Mill City Credit Union'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.
For a list of all lenders in Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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