Hometown Community Credit Unio Mortgage Lending & HMDA Data, 2006
In 2006, Hometown Community Credit Unio of Novi, MI reported 66 mortgage applications totaling $7.6 million, down 56% from 2005. The average application was for $114,924, and applicants reported an average income of $66,681. 55% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Warren-Troy-Farmington Hills, MI (28), Detroit-Livonia-Dearborn, MI (16) and Lansing-East Lansing, MI (2) (applications in parentheses).
| Mortgage Company & Address | Hometown Community Credit Unio P. O. Box 8000 Novi, MI 48376 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 66 |
| Total Mortgage Loan Application Amount | $7,585,000 |
| Average Mortgage Loan Application Amount | $114,924 |
| Highest Mortgage Loan Application Amount | $350,000 |
| Average Applicant Income | $66,681 |
| Highest Applicant Income | $156,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Hometown Community Credit Unio filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Warren-Troy-Farmington Hills, MI | 28 | $ 3,284,000 | $ 117,285 | $ 67,000 |
| Detroit-Livonia-Dearborn, MI | 16 | $ 1,558,000 | $ 97,375 | $ 76,000 |
| Lansing-East Lansing, MI | 2 | $ 145,000 | $ 72,500 | $ 56,000 |
| Saginaw-Saginaw Township North, MI | 2 | $ 161,000 | $ 80,500 | $ 67,000 |
| Ann Arbor, MI | 1 | $ 302,000 | $ 302,000 | $ 52,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 100,000 | $ 100,000 | $ 136,000 |
| Monroe, MI | 1 | $ 50,000 | $ 50,000 | $ 50,000 |
Mortgage Loan Application Detail Totals for Hometown Community Credit Unio 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 |
|---|---|---|---|---|---|---|
| Refinancing | 45 | $4,756,000 | $105,000 | $322,000 | $67,000 | $136,000 |
| Home Purchase | 20 | $2,814,000 | $140,000 | $350,000 | $67,000 | $156,000 |
| Home Improvement | 1 | $15,000 | $15,000 | $15,000 | $46,000 | $46,000 |
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 | 61 | $6,835,000 | $112,000 | $322,000 | $70,000 | $156,000 |
| Black or African American | 5 | $750,000 | $150,000 | $350,000 | $32,000 | $46,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 66 | $7,585,000 | $114,000 | $350,000 | $67,000 | $156,000 |
| 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 | 36 | $3,573,000 | $99,000 | $322,000 | $72,000 | $130,000 |
| Application Approved But Not Accepted | 11 | $1,646,000 | $149,000 | $249,000 | $71,000 | $99,000 |
| Application Denied By Financial Institution | 9 | $914,000 | $101,000 | $302,000 | $51,000 | $82,000 |
| Preapproval Denied by Financial Institution | 5 | $745,000 | $149,000 | $350,000 | $34,000 | $46,000 |
| Preapproval Approved but not Accepted | 4 | $607,000 | $151,000 | $190,000 | $71,000 | $156,000 |
| Application Withdrawn By Applicant | 1 | $100,000 | $100,000 | $100,000 | $136,000 | $136,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 7 | $830,000 | $118,000 | $302,000 | $41,000 | $82,000 |
| Credit History | 4 | $235,000 | $58,000 | $111,000 | $53,000 | $67,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $446,000 | $223,000 | $350,000 | $28,000 | $34,000 |
| Collateral | 1 | $148,000 | $148,000 | $148,000 | $71,000 | $71,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Hometown Community Credit Unio'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 Hometown Community Credit Unio'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 Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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