General Mortgage Finance Corp Mortgage Lending & HMDA Data, 2007
In 2007, General Mortgage Finance Corp of St Louis Park, MN reported 328 mortgage applications totaling $55.4 million, down 9% from 2006. The average application was for $168,823, and applicants reported an average income of $98,000. 43% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (257), St. Cloud, MN (14) and Duluth, MN-WI (10) (applications in parentheses).
| Mortgage Company & Address | General Mortgage Finance Corp 5775 Wayzata Boulevare Suite 845 St Louis Park, MN 55416 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 |
| Total Number of Mortgage Applications | 328 |
| Total Mortgage Loan Application Amount | $55,374,000 |
| Average Mortgage Loan Application Amount | $168,823 |
| Highest Mortgage Loan Application Amount | $960,000 |
| Average Applicant Income | $98,000 |
| Highest Applicant Income | $720,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records General Mortgage Finance Corp filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 General Mortgage Finance Corp 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 |
|---|---|---|---|---|---|---|
| Refinancing | 220 | $39,791,000 | $180,000 | $960,000 | $98,000 | $658,000 |
| Home Purchase | 108 | $15,583,000 | $144,000 | $556,000 | $98,000 | $720,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 250 | $42,348,000 | $169,000 | $960,000 | $105,000 | $720,000 |
| Black or African American | 25 | $4,541,000 | $181,000 | $365,000 | $82,000 | $182,000 |
| Not Provided | 24 | $3,868,000 | $161,000 | $438,000 | $67,000 | $180,000 |
| Hispanic | 18 | $3,026,000 | $168,000 | $262,000 | $75,000 | $415,000 |
| Asian | 8 | $1,310,000 | $163,000 | $456,000 | $94,000 | $167,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $281,000 | $93,000 | $162,000 | $55,000 | $65,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 328 | $55,374,000 | $168,000 | $960,000 | $98,000 | $720,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans 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 | 142 | $23,062,000 | $162,000 | $417,000 | $92,000 | $420,000 |
| Application Withdrawn By Applicant | 105 | $19,560,000 | $186,000 | $960,000 | $102,000 | $720,000 |
| Application Denied By Financial Institution | 45 | $7,511,000 | $166,000 | $712,000 | $95,000 | $366,000 |
| Application Approved But Not Accepted | 36 | $5,241,000 | $145,000 | $556,000 | $112,000 | $468,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 |
|---|---|---|---|---|---|---|
| Other | 21 | $3,174,000 | $151,000 | $468,000 | $99,000 | $312,000 |
| Collateral | 15 | $1,896,000 | $126,000 | $404,000 | $75,000 | $180,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 5 | $1,123,000 | $224,000 | $292,000 | $80,000 | $131,000 |
| Employment History | 2 | $882,000 | $441,000 | $712,000 | $122,000 | $210,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into General Mortgage Finance Corp'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 General Mortgage Finance Corp'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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