Lakestone Bank & Trust Mortgage Lending & HMDA Data, 2007
In 2007, Lakestone Bank & Trust of Lapeer, MI reported 118 mortgage applications totaling $13.6 million, down 14% from 2006. The average application was for $114,838, and applicants reported an average income of $66,542. 69% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Warren-Troy-Farmington Hills, MI (106), Flint, MI (6) and Kokomo, IN (1) (applications in parentheses).
| Mortgage Company & Address | Lakestone Bank & Trust 83 W Nepessing St Lapeer, MI 48446 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 118 |
| Total Mortgage Loan Application Amount | $13,551,000 |
| Average Mortgage Loan Application Amount | $114,838 |
| Highest Mortgage Loan Application Amount | $420,000 |
| Average Applicant Income | $66,542 |
| Highest Applicant Income | $381,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Lakestone Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 106 | $ 12,362,000 | $ 116,622 | $ 67,000 |
| Flint, MI | 6 | $ 575,000 | $ 95,833 | $ 51,000 |
| Kokomo, IN | 1 | $ 124,000 | $ 124,000 | $ 67,000 |
Mortgage Loan Application Detail Totals for Lakestone Bank & Trust in 2007
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 | 78 | $9,614,000 | $123,000 | $420,000 | $69,000 | $381,000 |
| Home Purchase | 30 | $3,463,000 | $115,000 | $350,000 | $66,000 | $159,000 |
| Home Improvement | 10 | $474,000 | $47,000 | $125,000 | $49,000 | $104,000 |
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 | 112 | $13,196,000 | $117,000 | $420,000 | $68,000 | $381,000 |
| Hispanic | 3 | $150,000 | $50,000 | $105,000 | $49,000 | $54,000 |
| American Indian or Alaskan Native | 1 | $116,000 | $116,000 | $116,000 | $27,000 | $27,000 |
| Asian | 1 | $86,000 | $86,000 | $86,000 | $54,000 | $54,000 |
| Not Provided | 1 | $3,000 | $3,000 | $3,000 | $47,000 | $47,000 |
| Black or African American | 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 |
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) | 115 | $13,172,000 | $114,000 | $420,000 | $67,000 | $381,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $379,000 | $126,000 | $160,000 | $51,000 | $63,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 82 | $9,095,000 | $110,000 | $420,000 | $68,000 | $249,000 |
| Application Denied By Financial Institution | 21 | $2,670,000 | $127,000 | $241,000 | $76,000 | $381,000 |
| Application Withdrawn By Applicant | 8 | $871,000 | $108,000 | $417,000 | $60,000 | $118,000 |
| Application Approved But Not Accepted | 6 | $659,000 | $109,000 | $150,000 | $38,000 | $71,000 |
| File Closed For Incompleteness | 1 | $256,000 | $256,000 | $256,000 | $55,000 | $55,000 |
| 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 |
|---|---|---|---|---|---|---|
| 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 Lakestone Bank & Trust's 2007 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 Lakestone Bank & Trust'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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