Lake State Credit Union Mortgage Lending & HMDA Data, 2014
In 2014, Lake State Credit Union of Moose Lake, MN reported 364 mortgage applications totaling $27.2 million. The average application was for $74,846, and applicants reported an average income of $66,293. 58% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Duluth, MN-WI (98) and Minneapolis-St. Paul-Bloomington, MN-WI (97).
| Mortgage Company & Address | Lake State Credit Union Po Box 330 Moose Lake, MN 55767 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2014 |
| Total Number of Mortgage Applications | 364 |
| Total Mortgage Loan Application Amount | $27,244,000 |
| Average Mortgage Loan Application Amount | $74,846 |
| Highest Mortgage Loan Application Amount | $947,000 |
| Average Applicant Income | $66,293 |
| Highest Applicant Income | $1,090,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Lake State Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Lake State Credit Union in 2014
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 |
|---|---|---|---|---|---|---|
| Home Improvement | 245 | $13,404,000 | $54,000 | $320,000 | $63,000 | $212,000 |
| Refinancing | 67 | $8,501,000 | $126,000 | $947,000 | $84,000 | $1,090,000 |
| Home Purchase | 52 | $5,339,000 | $102,000 | $256,000 | $59,000 | $155,000 |
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 | 330 | $24,484,000 | $74,000 | $947,000 | $69,000 | $1,090,000 |
| Not Provided | 22 | $1,674,000 | $76,000 | $177,000 | $48,000 | $125,000 |
| Not applicable | 7 | $675,000 | $96,000 | $240,000 | $0 | $0 |
| American Indian or Alaskan Native | 3 | $256,000 | $85,000 | $120,000 | $65,000 | $94,000 |
| Hispanic | 2 | $155,000 | $77,000 | $148,000 | $62,000 | $75,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 351 | $25,670,000 | $73,000 | $947,000 | $67,000 | $1,090,000 |
| FHA-insured (Federal Housing Administration) | 10 | $1,192,000 | $119,000 | $192,000 | $50,000 | $86,000 |
| VA-guaranteed (Veterans Administration) | 3 | $382,000 | $127,000 | $204,000 | $44,000 | $53,000 |
| 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 | 211 | $11,402,000 | $54,000 | $320,000 | $68,000 | $212,000 |
| Application Denied By Financial Institution | 65 | $5,707,000 | $87,000 | $285,000 | $43,000 | $158,000 |
| Application Withdrawn By Applicant | 62 | $6,843,000 | $110,000 | $947,000 | $65,000 | $676,000 |
| File Closed For Incompleteness | 21 | $2,663,000 | $126,000 | $297,000 | $124,000 | $1,090,000 |
| Application Approved But Not Accepted | 5 | $629,000 | $125,000 | $170,000 | $62,000 | $89,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 25 | $2,142,000 | $85,000 | $235,000 | $46,000 | $158,000 |
| Debt-To-Income Ratio | 22 | $1,907,000 | $86,000 | $285,000 | $34,000 | $112,000 |
| Collateral | 15 | $1,396,000 | $93,000 | $189,000 | $47,000 | $123,000 |
| Credit Application Incomplete | 1 | $140,000 | $140,000 | $140,000 | $135,000 | $135,000 |
| Unverifiable Information | 1 | $82,000 | $82,000 | $82,000 | $54,000 | $54,000 |
| Employment History | 1 | $40,000 | $40,000 | $40,000 | $14,000 | $14,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Lake State Credit Union's 2014 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 Lake State Credit Union'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 Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
Mortgage lenders & HMDA data by state: Alabama · Alaska · Arizona · Arkansas · California · Colorado · Connecticut · Delaware · District of Columbia · Florida · Georgia · Hawaii · Idaho · Illinois · Indiana · Iowa · Kansas · Kentucky · Louisiana · Maine · Maryland · Massachusetts · Michigan · Minnesota · Mississippi · Missouri · Montana · Nebraska · Nevada · New Hampshire · New Jersey · New Mexico · New York · North Carolina · North Dakota · Ohio · Oklahoma · Oregon · Pennsylvania · Puerto Rico · Rhode Island · South Carolina · South Dakota · Tennessee · Texas · Utah · Vermont · Virginia · Washington · West Virginia · Wisconsin · Wyoming
Home · Mortgage lenders A–Z · Data downloads · Blog · About