Lakestone Bank & Trust Mortgage Lending & HMDA Data, 2009
In 2009, Lakestone Bank & Trust of Lapeer, MI reported 343 mortgage applications totaling $41.6 million, up 188% from 2008. The average application was for $121,425, and applicants reported an average income of $63,017. 79% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Warren-Troy-Farmington Hills, MI (306), Flint, MI (12) and Detroit-Livonia-Dearborn, MI (3) (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 | 343 |
| Total Mortgage Loan Application Amount | $41,649,000 |
| Average Mortgage Loan Application Amount | $121,425 |
| Highest Mortgage Loan Application Amount | $1,400,000 |
| Average Applicant Income | $63,017 |
| Highest Applicant Income | $726,000 |
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(HMDA) records Lakestone Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 306 | $ 37,496,000 | $ 122,535 | $ 62,000 |
| Flint, MI | 12 | $ 908,000 | $ 75,666 | $ 59,000 |
| Detroit-Livonia-Dearborn, MI | 3 | $ 303,000 | $ 101,000 | $ 259,000 |
| Ann Arbor, MI | 1 | $ 124,000 | $ 124,000 | $ 0 |
| Cape Coral-Fort Myers, FL | 1 | $ 235,000 | $ 235,000 | $ 125,000 |
| Kokomo, IN | 1 | $ 124,000 | $ 124,000 | $ 181,000 |
| Phoenix-Mesa-Scottsdale, AZ | 1 | $ 417,000 | $ 417,000 | $ 0 |
Mortgage Loan Application Detail Totals for Lakestone Bank & Trust in 2009
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 | 274 | $36,005,000 | $131,000 | $1,400,000 | $65,000 | $726,000 |
| Home Purchase | 59 | $4,577,000 | $77,000 | $415,000 | $55,000 | $184,000 |
| Home Improvement | 10 | $1,067,000 | $106,000 | $250,000 | $56,000 | $122,000 |
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 | 316 | $37,911,000 | $119,000 | $423,000 | $67,000 | $726,000 |
| Not applicable | 20 | $2,964,000 | $148,000 | $1,400,000 | $1,000 | $25,000 |
| Hispanic | 4 | $290,000 | $72,000 | $230,000 | $91,000 | $239,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $122,000 | $122,000 | $122,000 | $0 | $0 |
| American Indian or Alaskan Native | 1 | $192,000 | $192,000 | $192,000 | $103,000 | $103,000 |
| Black or African American | 1 | $170,000 | $170,000 | $170,000 | $40,000 | $40,000 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 341 | $41,444,000 | $121,000 | $1,400,000 | $63,000 | $726,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 2 | $205,000 | $102,000 | $128,000 | $39,000 | $55,000 |
| 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 | 270 | $31,134,000 | $115,000 | $1,400,000 | $64,000 | $726,000 |
| Application Denied By Financial Institution | 44 | $6,197,000 | $140,000 | $423,000 | $61,000 | $150,000 |
| Application Withdrawn By Applicant | 24 | $3,578,000 | $149,000 | $315,000 | $59,000 | $151,000 |
| Application Approved But Not Accepted | 4 | $497,000 | $124,000 | $181,000 | $70,000 | $109,000 |
| File Closed For Incompleteness | 1 | $243,000 | $243,000 | $243,000 | $64,000 | $64,000 |
| 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 2009 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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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