Formation Federal Credit Union Mortgage Lending & HMDA Data, 2021
In 2021, Formation Federal Credit Union of Baton Rouge, LA reported 128 mortgage applications totaling $26.0 million. The average application was for $203,125, and applicants reported an average income of $102,296. 50% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Baton Rouge, LA (100), New Orleans-Metairie, LA (13) and Lafayette, LA (5) (applications in parentheses).
| Mortgage Company & Address | Formation Federal Credit Union 10289 Airline Hwy Baton Rouge, LA 70816 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 |
| Total Number of Mortgage Applications | 128 |
| Total Mortgage Loan Application Amount | $26,000,000 |
| Average Mortgage Loan Application Amount | $203,125 |
| Highest Mortgage Loan Application Amount | $545,000 |
| Average Applicant Income | $102,296 |
| Highest Applicant Income | $675,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Formation Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Baton Rouge, LA | 100 | $ 21,080,000 | $ 210,800 | $ 104,000 |
| New Orleans-Metairie, LA | 13 | $ 2,295,000 | $ 176,538 | $ 105,000 |
| Outside any metro area | 7 | $ 1,035,000 | $ 147,857 | $ 80,714 |
| Lafayette, LA | 5 | $ 1,065,000 | $ 213,000 | $ 102,000 |
| Hammond, LA | 1 | $ 185,000 | $ 185,000 | $ 53,000 |
| Houma-Thibodaux, LA | 1 | $ 125,000 | $ 125,000 | $ 103,000 |
| Monroe, LA | 1 | $ 215,000 | $ 215,000 | $ 43,000 |
Mortgage Loan Application Detail Totals for Formation Federal Credit Union in 2021
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 Purchase | 57 | $11,635,000 | $204,000 | $465,000 | $94,000 | $430,000 |
| Refinancing | 37 | $8,095,000 | $218,000 | $545,000 | $121,000 | $675,000 |
| Cash-out Refinancing | 31 | $5,835,000 | $188,000 | $375,000 | $94,000 | $294,000 |
| Other Purpose | 3 | $435,000 | $145,000 | $195,000 | $115,000 | $154,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 0 | $0 | $0 | $0 | $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 | 96 | $20,450,000 | $213,000 | $545,000 | $110,000 | $675,000 |
| Black or African American | 29 | $4,635,000 | $159,000 | $395,000 | $75,000 | $294,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $125,000 | $125,000 | $125,000 | $57,000 | $57,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 128 | $26,000,000 | $203,000 | $545,000 | $102,000 | $675,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans 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 | 64 | $13,060,000 | $204,000 | $505,000 | $114,000 | $675,000 |
| Preapproval Approved but not Accepted | 17 | $3,525,000 | $207,000 | $445,000 | $82,000 | $215,000 |
| Application Approved But Not Accepted | 17 | $4,385,000 | $257,000 | $545,000 | $130,000 | $480,000 |
| Application Denied By Financial Institution | 17 | $2,915,000 | $171,000 | $365,000 | $80,000 | $294,000 |
| Preapproval Denied by Financial Institution | 13 | $2,115,000 | $162,000 | $295,000 | $64,000 | $145,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 | 98 | $20,970,000 | $213,000 | $545,000 | $111,000 | $675,000 |
| Credit History | 21 | $3,885,000 | $185,000 | $365,000 | $80,000 | $294,000 |
| Debt-To-Income Ratio | 7 | $765,000 | $109,000 | $195,000 | $47,000 | $75,000 |
| Employment History | 1 | $135,000 | $135,000 | $135,000 | $42,000 | $42,000 |
| Collateral | 1 | $245,000 | $245,000 | $245,000 | $137,000 | $137,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Formation Federal Credit Union's 2021 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 Formation Federal 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 Louisiana, download the full spreadsheet
with aggregated HMDA statistics today.
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