Mercantile Bank & Trust Co. Mortgage Lending & HMDA Data, 2004
In 2004, Mercantile Bank & Trust Co. of Boston, MA reported 15 mortgage applications totaling $7.4 million. The average application was for $490,933, and applicants reported an average income of $46,000. 53% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Boston-Quincy, MA (10) and Cambridge-Newton-Framingham, MA (5).
| Mortgage Company & Address | Mercantile Bank & Trust Co. 61 Brookline Avenue Boston, MA 02215 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2011 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 15 |
| Total Mortgage Loan Application Amount | $7,364,000 |
| Average Mortgage Loan Application Amount | $490,933 |
| Highest Mortgage Loan Application Amount | $1,350,000 |
| Average Applicant Income | $46,000 |
| Highest Applicant Income | $372,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Mercantile Bank & Trust Co. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Mercantile Bank & Trust Co. in 2004
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 | 8 | $4,774,000 | $596,000 | $1,350,000 | $0 | $0 |
| Home Purchase | 6 | $1,490,000 | $248,000 | $384,000 | $53,000 | $147,000 |
| Home Improvement | 1 | $1,100,000 | $1,100,000 | $1,100,000 | $372,000 | $372,000 |
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 | 8 | $2,798,000 | $349,000 | $1,100,000 | $91,000 | $372,000 |
| Not applicable | 4 | $3,625,000 | $906,000 | $1,350,000 | $0 | $0 |
| Asian | 2 | $645,000 | $322,000 | $450,000 | $0 | $0 |
| Black or African American | 1 | $296,000 | $296,000 | $296,000 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 15 | $7,364,000 | $490,000 | $1,350,000 | $53,000 | $372,000 |
| 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 | 8 | $4,506,000 | $563,000 | $1,350,000 | $35,000 | $147,000 |
| Application Withdrawn By Applicant | 3 | $954,000 | $318,000 | $450,000 | $0 | $0 |
| Application Denied By Financial Institution | 2 | $1,336,000 | $668,000 | $1,100,000 | $229,000 | $372,000 |
| Loan Purchased By The Institution | 2 | $568,000 | $284,000 | $384,000 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 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 |
|---|---|---|---|---|---|---|
| Collateral | 1 | $236,000 | $236,000 | $236,000 | $87,000 | $87,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $1,100,000 | $1,100,000 | $1,100,000 | $372,000 | $372,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Mercantile Bank & Trust Co.'s 2004 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 Mercantile Bank & Trust Co.'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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