Merchants State Bank Mortgage Lending & HMDA Data, 2009
In 2009, Merchants State Bank of Freeman, SD reported 37 mortgage applications totaling $3.1 million, down 27% from 2008. The average application was for $82,702, and applicants reported an average income of $45,324. 78% of its applications resulted in an originated loan and 22% were denied. Its largest market was Sioux Falls, SD (22).
| Mortgage Company & Address | Merchants State Bank 305 S Main St Po Box 399 Freeman, SD 57029 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 37 |
| Total Mortgage Loan Application Amount | $3,060,000 |
| Average Mortgage Loan Application Amount | $82,702 |
| Highest Mortgage Loan Application Amount | $490,000 |
| Average Applicant Income | $45,324 |
| Highest Applicant Income | $251,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Merchants State Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Turner, South Dakota | 22 | $ 1,471,000 | $ 66,863 | $ 31,000 |
| Hutchinson, South Dakota | 11 | $ 1,427,000 | $ 129,727 | $ 72,000 |
| Yankton, South Dakota | 3 | $ 154,000 | $ 51,333 | $ 38,000 |
| Clay, South Dakota | 1 | $ 8,000 | $ 8,000 | $ 89,000 |
Mortgage Loan Application Detail Totals for Merchants State Bank 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 | 24 | $2,266,000 | $94,000 | $490,000 | $52,000 | $251,000 |
| Home Purchase | 10 | $724,000 | $72,000 | $300,000 | $24,000 | $57,000 |
| Home Improvement | 3 | $70,000 | $23,000 | $46,000 | $63,000 | $102,000 |
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 | 37 | $3,060,000 | $82,000 | $490,000 | $46,000 | $251,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 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 |
| Not Provided | 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) | 37 | $3,060,000 | $82,000 | $490,000 | $46,000 | $251,000 |
| 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 | 29 | $2,369,000 | $81,000 | $490,000 | $50,000 | $251,000 |
| Application Denied By Financial Institution | 8 | $691,000 | $86,000 | $300,000 | $30,000 | $85,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 3 | $196,000 | $65,000 | $75,000 | $16,000 | $27,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $315,000 | $157,000 | $300,000 | $42,000 | $85,000 |
| Employment History | 1 | $35,000 | $35,000 | $35,000 | $25,000 | $25,000 |
| Collateral | 1 | $45,000 | $45,000 | $45,000 | $28,000 | $28,000 |
| Credit History | 1 | $100,000 | $100,000 | $100,000 | $57,000 | $57,000 |
| Credit Application Incomplete | 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 State Bank'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 Merchants State 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 South Dakota, download the full spreadsheet
with aggregated HMDA statistics today.
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