Independent Bank Mortgage Lending & HMDA Data, 2020

In 2020, Independent Bank of Grand Rapids, MI reported 10,505 mortgage applications totaling $2.3 billion, up 57% from 2019. The average application was for $223,128, and applicants reported an average income of $129,133. 78% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Grand Rapids-Wyoming, MI (2,378), Warren-Troy-Farmington Hills, MI (1,886) and Lansing-East Lansing, MI (718) (applications in parentheses).

Mortgage Company & Address Independent Bank
4200 East Beltline
Grand Rapids, MI 49525
Tel #: available with data download
Federal Regulator * available with data download
Years 2025  2024  2023  2022  2021  2020  2019  2018  2017  2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  
Total Number of Mortgage Applications 10,505
Total Mortgage Loan Application Amount $2,343,965,000
Average Mortgage Loan Application Amount $223,128
Highest Mortgage Loan Application Amount $2,485,000
Average Applicant Income $129,133
Highest Applicant Income $2,247,000

About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Independent Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.

Mortgage Loan Application Totals for Independent Bank by County in 2020

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loans Applications Average Mortgage Loan Application Amount Average Applicant Income
Kent, Michigan 1,587 $ 336,385,000 $ 211,962 $ 120,000
Oakland, Michigan 1,006 $ 326,970,000 $ 325,019 $ 178,000
Wayne, Michigan 682 $ 161,090,000 $ 236,202 $ 136,000
Livingston, Michigan 541 $ 139,165,000 $ 257,236 $ 125,000
Grand Traverse, Michigan 485 $ 102,835,000 $ 212,030 $ 116,000
Washtenaw, Michigan 379 $ 108,955,000 $ 287,480 $ 156,000
Ottawa, Michigan 344 $ 80,410,000 $ 233,750 $ 122,000
Ingham, Michigan 338 $ 51,570,000 $ 152,573 $ 101,000
Saginaw, Michigan 302 $ 41,500,000 $ 137,417 $ 85,000
Macomb, Michigan 276 $ 64,700,000 $ 234,420 $ 113,000
Ionia, Michigan 261 $ 38,085,000 $ 145,919 $ 76,000
Bay, Michigan 258 $ 31,090,000 $ 120,503 $ 84,000
Newaygo, Michigan 245 $ 35,835,000 $ 146,265 $ 89,000
Eaton, Michigan 241 $ 35,535,000 $ 147,448 $ 86,000
Muskegon, Michigan 219 $ 33,705,000 $ 153,904 $ 98,000
Summit, Ohio 203 $ 58,055,000 $ 285,985 $ 171,000
Montcalm, Michigan 186 $ 25,230,000 $ 135,645 $ 78,000
Leelanau, Michigan 154 $ 37,840,000 $ 245,714 $ 147,000
Franklin, Ohio 144 $ 47,220,000 $ 327,916 $ 182,000
Berrien, Michigan 137 $ 42,985,000 $ 313,759 $ 243,000
Genesee, Michigan 129 $ 22,585,000 $ 175,077 $ 112,000
Mecosta, Michigan 112 $ 17,020,000 $ 151,964 $ 103,000
Jackson, Michigan 98 $ 15,570,000 $ 158,877 $ 88,000
Kalamazoo, Michigan 97 $ 23,565,000 $ 242,938 $ 117,000
Delaware, Ohio 90 $ 46,020,000 $ 511,333 $ 254,000
Barry, Michigan 87 $ 20,685,000 $ 237,758 $ 134,000
Huron, Michigan 83 $ 7,975,000 $ 96,084 $ 82,000
Clinton, Michigan 82 $ 13,940,000 $ 170,000 $ 107,000
Midland, Michigan 79 $ 12,715,000 $ 160,949 $ 98,000
Wexford, Michigan 74 $ 11,740,000 $ 158,648 $ 106,000
Tuscola, Michigan 72 $ 8,090,000 $ 112,361 $ 70,000
Allegan, Michigan 71 $ 16,725,000 $ 235,563 $ 105,000
Antrim, Michigan 70 $ 16,830,000 $ 240,428 $ 140,000
Cuyahoga, Ohio 61 $ 18,465,000 $ 302,704 $ 151,000
Shiawassee, Michigan 57 $ 8,065,000 $ 141,491 $ 78,000
Charlevoix, Michigan 55 $ 18,275,000 $ 332,272 $ 328,000
Medina, Ohio 53 $ 24,015,000 $ 453,113 $ 288,000
Benzie, Michigan 52 $ 9,930,000 $ 190,961 $ 114,000
Calhoun, Michigan 51 $ 7,335,000 $ 143,823 $ 80,000
Kalkaska, Michigan 50 $ 8,570,000 $ 171,400 $ 114,000
Lapeer, Michigan 48 $ 7,120,000 $ 148,333 $ 79,000
Isabella, Michigan 40 $ 5,120,000 $ 128,000 $ 75,000
Van Buren, Michigan 39 $ 7,995,000 $ 205,000 $ 119,000
Missaukee, Michigan 38 $ 5,370,000 $ 141,315 $ 65,000
Oceana, Michigan 38 $ 4,950,000 $ 130,263 $ 84,000
Union, Ohio 38 $ 16,510,000 $ 434,473 $ 228,000
Osceola, Michigan 36 $ 4,770,000 $ 132,500 $ 82,000
Sanilac, Michigan 34 $ 4,260,000 $ 125,294 $ 94,000
Gladwin, Michigan 31 $ 3,875,000 $ 125,000 $ 98,000
Monroe, Michigan 26 $ 4,960,000 $ 190,769 $ 88,000
Arenac, Michigan 24 $ 2,870,000 $ 119,583 $ 95,000
Clare, Michigan 24 $ 2,500,000 $ 104,166 $ 79,000
Stark, Ohio 24 $ 7,980,000 $ 332,500 $ 202,000
Manistee, Michigan 23 $ 4,345,000 $ 188,913 $ 162,000
Lake, Michigan 22 $ 3,480,000 $ 158,181 $ 129,000
Portage, Ohio 22 $ 5,630,000 $ 255,909 $ 120,000
Cook, Illinois 20 $ 6,600,000 $ 330,000 $ 204,000
Gratiot, Michigan 20 $ 2,390,000 $ 119,500 $ 65,000
Roscommon, Michigan 20 $ 2,950,000 $ 147,500 $ 165,000
Lee, Florida 17 $ 5,965,000 $ 350,882 $ 208,000
Mason, Michigan 17 $ 2,765,000 $ 162,647 $ 170,000
Lenawee, Michigan 16 $ 2,880,000 $ 180,000 $ 141,000
Licking, Ohio 16 $ 6,420,000 $ 401,250 $ 189,000
Emmet, Michigan 15 $ 3,665,000 $ 244,333 $ 190,000
Otsego, Michigan 15 $ 1,855,000 $ 123,666 $ 96,000
St. Clair, Michigan 15 $ 3,255,000 $ 217,000 $ 115,000
Fairfield, Ohio 14 $ 3,670,000 $ 262,142 $ 155,000
Lucas, Ohio 14 $ 2,060,000 $ 147,142 $ 76,000
Cheboygan, Michigan 13 $ 3,725,000 $ 286,538 $ 193,000
Iosco, Michigan 13 $ 1,705,000 $ 131,153 $ 122,000
Wayne, Ohio 12 $ 3,440,000 $ 286,666 $ 126,000
Alcona, Michigan 11 $ 2,595,000 $ 235,909 $ 155,000
Collier, Florida 10 $ 7,860,000 $ 786,000 $ 530,000
Cass, Michigan 10 $ 1,920,000 $ 192,000 $ 63,000
Montmorency, Michigan 10 $ 1,090,000 $ 109,000 $ 101,000
Ogemaw, Michigan 9 $ 1,635,000 $ 181,666 $ 136,000
Hamilton, Ohio 9 $ 1,925,000 $ 213,888 $ 223,000
Lorain, Ohio 8 $ 2,100,000 $ 262,500 $ 184,000
Alpena, Michigan 7 $ 925,000 $ 132,142 $ 60,000
Charlotte, Florida 6 $ 1,440,000 $ 240,000 $ 220,000
Hillsdale, Michigan 6 $ 1,030,000 $ 171,666 $ 98,000
Mackinac, Michigan 6 $ 1,040,000 $ 173,333 $ 191,000
Geauga, Ohio 6 $ 3,520,000 $ 586,666 $ 236,000
Sarasota, Florida 5 $ 1,805,000 $ 361,000 $ 127,000
DuPage, Illinois 5 $ 1,985,000 $ 397,000 $ 228,000
St. Joseph, Michigan 5 $ 925,000 $ 185,000 $ 112,000
Madison, Ohio 5 $ 1,605,000 $ 321,000 $ 92,000
Miami-Dade, Florida 4 $ 3,150,000 $ 787,500 $ 443,000
Pinellas, Florida 4 $ 1,150,000 $ 287,500 $ 242,000
St. Lucie, Florida 4 $ 1,070,000 $ 267,500 $ 966,000
Will, Illinois 4 $ 1,910,000 $ 477,500 $ 391,000
Marion, Indiana 4 $ 570,000 $ 142,500 $ 73,000
St. Joseph, Indiana 4 $ 1,090,000 $ 272,500 $ 119,000
Pickaway, Ohio 4 $ 1,210,000 $ 302,500 $ 178,000
Lake, Illinois 3 $ 1,555,000 $ 518,333 $ 179,000
Wake, North Carolina 3 $ 835,000 $ 278,333 $ 147,000
Greene, Ohio 3 $ 1,385,000 $ 461,666 $ 249,000
Hancock, Ohio 3 $ 535,000 $ 178,333 $ 75,000
Knox, Ohio 3 $ 485,000 $ 161,666 $ 110,000
Lake, Ohio 3 $ 765,000 $ 255,000 $ 239,000
Tuscarawas, Ohio 3 $ 685,000 $ 228,333 $ 107,000
Wyandot, Ohio 3 $ 585,000 $ 195,000 $ 115,000
Broward, Florida 2 $ 910,000 $ 455,000 $ 381,000
Hillsborough, Florida 2 $ 960,000 $ 480,000 $ 204,000
Indian River, Florida 2 $ 610,000 $ 305,000 $ 251,000
Manatee, Florida 2 $ 770,000 $ 385,000 $ 416,000
Pasco, Florida 2 $ 310,000 $ 155,000 $ 71,000
Sumter, Florida 2 $ 300,000 $ 150,000 $ 107,000
Allen, Indiana 2 $ 390,000 $ 195,000 $ 139,000
Elkhart, Indiana 2 $ 530,000 $ 265,000 $ 174,000
Howard, Indiana 2 $ 250,000 $ 125,000 $ 48,000
Branch, Michigan 2 $ 330,000 $ 165,000 $ 97,000
Crawford, Michigan 2 $ 760,000 $ 380,000 $ 295,000
Schoolcraft, Michigan 2 $ 280,000 $ 140,000 $ 158,000
Union, North Carolina 2 $ 580,000 $ 290,000 $ 189,000
Erie, Ohio 2 $ 320,000 $ 160,000 $ 118,000
Holmes, Ohio 2 $ 710,000 $ 355,000 $ 164,000
Marion, Ohio 2 $ 470,000 $ 235,000 $ 99,000
Ottawa, Ohio 2 $ 930,000 $ 465,000 $ 150,000
Perry, Ohio 2 $ 820,000 $ 410,000 $ 381,000
Warren, Ohio 2 $ 880,000 $ 440,000 $ 710,000
Wood, Ohio 2 $ 260,000 $ 130,000 $ 43,000
Bay, Florida 1 $ 105,000 $ 105,000 $ 51,000
Citrus, Florida 1 $ 275,000 $ 275,000 $ 170,000
Escambia, Florida 1 $ 455,000 $ 455,000 $ 295,000
Lake, Florida 1 $ 385,000 $ 385,000 $ 560,000
Leon, Florida 1 $ 75,000 $ 75,000 $ 538,000
Monroe, Florida 1 $ 515,000 $ 515,000 $ 33,000
Okeechobee, Florida 1 $ 125,000 $ 125,000 $ 42,000
Osceola, Florida 1 $ 225,000 $ 225,000 $ 460,000
Palm Beach, Florida 1 $ 395,000 $ 395,000 $ 245,000
Polk, Florida 1 $ 135,000 $ 135,000 $ 84,000
Kankakee, Illinois 1 $ 65,000 $ 65,000 $ 49,000
Tazewell, Illinois 1 $ 95,000 $ 95,000 $ 59,000
Hendricks, Indiana 1 $ 255,000 $ 255,000 $ 120,000
Kosciusko, Indiana 1 $ 205,000 $ 205,000 $ 149,000
Lake, Indiana 1 $ 495,000 $ 495,000 $ 486,000
LaPorte, Indiana 1 $ 345,000 $ 345,000 $ 172,000
Porter, Indiana 1 $ 395,000 $ 395,000 $ 154,000
Steuben, Indiana 1 $ 185,000 $ 185,000 $ 149,000
Jefferson, Kentucky 1 $ 235,000 $ 235,000 $ 140,000
Alger, Michigan 1 $ 85,000 $ 85,000 $ 102,000
Gogebic, Michigan 1 $ 75,000 $ 75,000 $ 161,000
Houghton, Michigan 1 $ 235,000 $ 235,000 $ 90,000
Oscoda, Michigan 1 $ 65,000 $ 65,000 $ 143,000
Presque Isle, Michigan 1 $ 65,000 $ 65,000 $ 55,000
Carteret, North Carolina 1 $ 475,000 $ 475,000 $ 192,000
Dare, North Carolina 1 $ 305,000 $ 305,000 $ 119,000
Davidson, North Carolina 1 $ 185,000 $ 185,000 $ 69,000
Franklin, North Carolina 1 $ 115,000 $ 115,000 $ 68,000
Guilford, North Carolina 1 $ 175,000 $ 175,000 $ 53,000
Butler, Ohio 1 $ 385,000 $ 385,000 $ 165,000
Clermont, Ohio 1 $ 195,000 $ 195,000 $ 62,000
Fayette, Ohio 1 $ 305,000 $ 305,000 $ 109,000
Guernsey, Ohio 1 $ 305,000 $ 305,000 $ 98,000
Huron, Ohio 1 $ 225,000 $ 225,000 $ 110,000
Mahoning, Ohio 1 $ 425,000 $ 425,000 $ 250,000
Miami, Ohio 1 $ 185,000 $ 185,000 $ 152,000
Montgomery, Ohio 1 $ 75,000 $ 75,000 $ 39,000
Muskingum, Ohio 1 $ 595,000 $ 595,000 $ 180,000
Richland, Ohio 1 $ 165,000 $ 165,000 $ 70,000
Shelby, Ohio 1 $ 255,000 $ 255,000 $ 117,000

Mortgage Loan Application Detail Totals for Independent Bank in 2020

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 4,065 $932,445,000 $229,000 $1,895,000 $132,000 $1,913,000
Home Purchase 3,953 $999,705,000 $252,000 $2,485,000 $130,000 $2,247,000
Cash-out Refinancing 1,591 $323,705,000 $203,000 $1,755,000 $115,000 $1,806,000
Other Purpose 485 $44,065,000 $90,000 $1,755,000 $147,000 $1,913,000
Home Improvement 402 $42,930,000 $106,000 $1,575,000 $126,000 $954,000
Not Applicable 9 $1,115,000 $123,000 $345,000 $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 9,282 $2,045,050,000 $220,000 $2,485,000 $126,000 $2,247,000
Not Provided 617 $157,595,000 $255,000 $2,005,000 $169,000 $1,631,000
Black or African American 199 $40,195,000 $201,000 $935,000 $109,000 $972,000
Hispanic 158 $32,390,000 $205,000 $1,205,000 $112,000 $707,000
Asian 135 $40,275,000 $298,000 $1,395,000 $170,000 $749,000
Not applicable 65 $15,435,000 $237,000 $665,000 $0 $0
American Indian or Alaskan Native 24 $3,280,000 $136,000 $455,000 $70,000 $192,000
Native Hawaiian or Other Pacific Islander 1 $185,000 $185,000 $185,000 $152,000 $152,000

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) 9,995 $2,258,285,000 $225,000 $2,485,000 $132,000 $2,247,000
FHA-insured (Federal Housing Administration) 329 $51,345,000 $156,000 $415,000 $60,000 $206,000
VA-guaranteed (Veterans Administration) 97 $21,225,000 $218,000 $505,000 $83,000 $377,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 84 $13,110,000 $156,000 $325,000 $54,000 $107,000

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 8,185 $1,860,965,000 $227,000 $2,485,000 $130,000 $2,247,000
Application Withdrawn By Applicant 1,369 $302,495,000 $220,000 $1,705,000 $135,000 $1,913,000
Application Denied By Financial Institution 653 $109,275,000 $167,000 $1,755,000 $93,000 $1,108,000
File Closed For Incompleteness 181 $45,095,000 $249,000 $1,645,000 $130,000 $904,000
Application Approved But Not Accepted 63 $13,565,000 $215,000 $1,055,000 $169,000 $1,227,000
Loan Purchased By The Institution 54 $12,570,000 $232,000 $515,000 $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
Not applicable 9,852 $2,234,690,000 $226,000 $2,485,000 $131,000 $2,247,000
Debt-To-Income Ratio 274 $58,020,000 $211,000 $1,755,000 $66,000 $687,000
Credit History 174 $21,470,000 $123,000 $855,000 $106,000 $998,000
Collateral 97 $11,645,000 $120,000 $705,000 $132,000 $1,108,000
Other 67 $10,875,000 $162,000 $1,395,000 $96,000 $972,000
Credit Application Incomplete 20 $2,170,000 $108,000 $405,000 $121,000 $509,000
Insufficient Cash (Downpayment, Closing Cost) 9 $2,115,000 $235,000 $515,000 $100,000 $214,000
Employment History 8 $1,310,000 $163,000 $515,000 $89,000 $150,000
Mortgage Insurance Denied 3 $1,535,000 $511,000 $815,000 $171,000 $171,000
Unverifiable Information 1 $135,000 $135,000 $135,000 $94,000 $94,000

Our comprehensive HMDA mortgage statistics provide invaluable insights into Independent Bank's 2020 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 Independent 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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