Merchants & Farmers Bank Mortgage Lending & HMDA Data, 2003
In 2003, Merchants & Farmers Bank of Millport, AL reported 480 mortgage applications totaling $55.7 million. The average application was for $116,052, and applicants reported an average income of $57,137. 94% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Tuscaloosa, AL (317), Birmingham, AL (20) and Atlanta, GA (7) (applications in parentheses).
| Mortgage Company & Address | Merchants & Farmers Bank Po Box 189 30330 Hwy 17 Millport, AL 35576 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 480 |
| Total Mortgage Loan Application Amount | $55,705,000 |
| Average Mortgage Loan Application Amount | $116,052 |
| Highest Mortgage Loan Application Amount | $440,000 |
| Average Applicant Income | $57,137 |
| Highest Applicant Income | $445,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Merchants & Farmers Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Merchants & Farmers Bank in 2003
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 (home purchase or home improvement, one-to-four family) | 252 | $31,695,000 | $147,600 | $440,000 | $90,000 | $277,000 |
| Home Purchase (one-to-four family) | 201 | $21,367,000 | $133,333 | $323,000 | $70,000 | $445,000 |
| Home Improvement (one-to-four family) | 27 | $2,643,000 | $97,000 | $194,000 | $56,000 | $194,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 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 | 417 | $49,341,000 | $166,200 | $440,000 | $98,800 | $445,000 |
| Black | 43 | $3,793,000 | $88,000 | $218,000 | $41,000 | $92,000 |
| Information not provided by applicant in mail or telephone application | 17 | $2,213,000 | $107,666 | $240,000 | $44,000 | $112,000 |
| Hispanic | 3 | $358,000 | $119,000 | $132,000 | $56,000 | $78,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian or Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 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) | 381 | $45,601,000 | $147,333 | $440,000 | $85,500 | $277,000 |
| FHA-insured (Federal Housing Administration) | 77 | $7,704,000 | $100,000 | $155,000 | $45,000 | $149,000 |
| VA-guaranteed (Veterans Administration) | 21 | $2,347,000 | $111,000 | $240,000 | $67,000 | $445,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $53,000 | $53,000 | $53,000 | $24,000 | $24,000 |
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 | 449 | $53,092,000 | $147,166 | $440,000 | $85,000 | $277,000 |
| Application Withdrawn By Applicant | 19 | $1,661,000 | $87,000 | $148,000 | $71,000 | $445,000 |
| Application Denied By Financial Institution | 11 | $905,000 | $82,000 | $145,000 | $41,000 | $55,000 |
| File Closed For Incompleteness | 1 | $47,000 | $47,000 | $47,000 | $31,000 | $31,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The 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 Merchants & Farmers Bank's 2003 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 Merchants & Farmers Bank'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 Alabama, download the full spreadsheet
with aggregated HMDA statistics today.
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