Ib&T Mortgage Company Mortgage Lending & HMDA Data, 2006
In 2006, Ib&T Mortgage Company of Mount Pleasant, MI reported 620 mortgage applications totaling $73.3 million, down 12% from 2005. The average application was for $118,154, and applicants reported an average income of $71,358. 72% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Grand Rapids-Wyoming, MI (6), Fort Lauderdale-Pompano Beach-Deerfield Beach, FL (2) and Holland-Grand Haven, MI (2) (applications in parentheses).
| Mortgage Company & Address | Ib&T Mortgage Company 139 East Broadway Mount Pleasant, MI 48858 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 620 |
| Total Mortgage Loan Application Amount | $73,256,000 |
| Average Mortgage Loan Application Amount | $118,154 |
| Highest Mortgage Loan Application Amount | $733,000 |
| Average Applicant Income | $71,358 |
| Highest Applicant Income | $718,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Ib&T Mortgage Company filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Ib&T Mortgage Company 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 | 366 | $44,534,000 | $121,000 | $733,000 | $66,000 | $500,000 |
| Home Purchase | 236 | $27,066,000 | $114,000 | $588,000 | $80,000 | $718,000 |
| Home Improvement | 18 | $1,656,000 | $92,000 | $408,000 | $67,000 | $185,000 |
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 | 591 | $69,973,000 | $118,000 | $733,000 | $71,000 | $718,000 |
| American Indian or Alaskan Native | 9 | $987,000 | $109,000 | $160,000 | $99,000 | $164,000 |
| Black or African American | 6 | $634,000 | $105,000 | $181,000 | $73,000 | $100,000 |
| Hispanic | 6 | $533,000 | $88,000 | $159,000 | $51,000 | $70,000 |
| Not Provided | 5 | $699,000 | $139,000 | $168,000 | $96,000 | $239,000 |
| Asian | 2 | $382,000 | $191,000 | $252,000 | $38,000 | $76,000 |
| Not applicable | 1 | $48,000 | $48,000 | $48,000 | $4,000 | $4,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 620 | $73,256,000 | $118,000 | $733,000 | $71,000 | $718,000 |
| 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 | 446 | $55,149,000 | $123,000 | $733,000 | $76,000 | $718,000 |
| Application Denied By Financial Institution | 84 | $7,900,000 | $94,000 | $380,000 | $50,000 | $198,000 |
| Application Withdrawn By Applicant | 80 | $8,961,000 | $112,000 | $315,000 | $70,000 | $300,000 |
| Application Approved But Not Accepted | 10 | $1,246,000 | $124,000 | $345,000 | $72,000 | $166,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 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 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 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 Ib&T Mortgage Company'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 Ib&T Mortgage Company'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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