Lafcu Mortgage Lending & HMDA Data, 2010
In 2010, Lafcu of Lansing, MI reported 512 mortgage applications totaling $28.2 million, down 16% from 2009. The average application was for $54,996, and applicants reported an average income of $58,587. 72% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Lansing-East Lansing, MI (426), Grand Rapids-Wyoming, MI (16) and Jackson, MI (5) (applications in parentheses).
| Mortgage Company & Address | Lafcu 106 N Marketplace Blvd Lansing, MI 48917 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 512 |
| Total Mortgage Loan Application Amount | $28,158,000 |
| Average Mortgage Loan Application Amount | $54,996 |
| Highest Mortgage Loan Application Amount | $500,000 |
| Average Applicant Income | $58,587 |
| Highest Applicant Income | $500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Lafcu filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Lansing-East Lansing, MI | 426 | $ 23,624,000 | $ 55,455 | $ 59,000 |
| Grand Rapids-Wyoming, MI | 16 | $ 560,000 | $ 35,000 | $ 50,000 |
| Jackson, MI | 5 | $ 295,000 | $ 59,000 | $ 60,000 |
| Warren-Troy-Farmington Hills, MI | 3 | $ 234,000 | $ 78,000 | $ 80,000 |
| Battle Creek, MI | 2 | $ 169,000 | $ 84,500 | $ 53,000 |
| Detroit-Livonia-Dearborn, MI | 2 | $ 66,000 | $ 33,000 | $ 54,000 |
| Flint, MI | 1 | $ 50,000 | $ 50,000 | $ 17,000 |
| Kalamazoo-Portage, MI | 1 | $ 60,000 | $ 60,000 | $ 38,000 |
| Muskegon-Norton Shores, MI | 1 | $ 1,000 | $ 1,000 | $ 24,000 |
Mortgage Loan Application Detail Totals for Lafcu in 2010
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 | 297 | $21,483,000 | $72,000 | $252,000 | $61,000 | $233,000 |
| Home Improvement | 188 | $4,155,000 | $22,000 | $114,000 | $54,000 | $500,000 |
| Home Purchase | 27 | $2,520,000 | $93,000 | $500,000 | $64,000 | $398,000 |
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 | 425 | $24,980,000 | $58,000 | $500,000 | $60,000 | $500,000 |
| Not Provided | 40 | $825,000 | $20,000 | $97,000 | $55,000 | $138,000 |
| Black or African American | 23 | $743,000 | $32,000 | $100,000 | $48,000 | $120,000 |
| Hispanic | 15 | $946,000 | $63,000 | $179,000 | $62,000 | $127,000 |
| American Indian or Alaskan Native | 7 | $516,000 | $73,000 | $139,000 | $52,000 | $91,000 |
| Asian | 2 | $148,000 | $74,000 | $100,000 | $48,000 | $61,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 510 | $28,131,000 | $55,000 | $500,000 | $59,000 | $500,000 |
| FHA-insured (Federal Housing Administration) | 1 | $20,000 | $20,000 | $20,000 | $54,000 | $54,000 |
| VA-guaranteed (Veterans Administration) | 1 | $7,000 | $7,000 | $7,000 | $106,000 | $106,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 371 | $19,081,000 | $51,000 | $252,000 | $59,000 | $500,000 |
| Loan Purchased By The Institution | 54 | $5,857,000 | $108,000 | $500,000 | $62,000 | $398,000 |
| Application Denied By Financial Institution | 53 | $1,850,000 | $34,000 | $204,000 | $51,000 | $138,000 |
| Application Withdrawn By Applicant | 21 | $1,188,000 | $56,000 | $131,000 | $59,000 | $109,000 |
| File Closed For Incompleteness | 13 | $182,000 | $14,000 | $40,000 | $67,000 | $129,000 |
| Application Approved But Not Accepted | 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 19 | $712,000 | $37,000 | $204,000 | $44,000 | $96,000 |
| Credit History | 16 | $319,000 | $19,000 | $85,000 | $53,000 | $138,000 |
| Collateral | 11 | $594,000 | $54,000 | $114,000 | $48,000 | $134,000 |
| Other | 6 | $203,000 | $33,000 | $65,000 | $76,000 | $110,000 |
| Employment History | 1 | $22,000 | $22,000 | $22,000 | $23,000 | $23,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Lafcu's 2010 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 Lafcu'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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with aggregated HMDA statistics today.
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