Mutual Bank Mortgage Lending & HMDA Data, 2008
In 2008, Mutual Bank of Harvey, IL reported 55 mortgage applications totaling $28.0 million, up 57% from 2007. The average application was for $508,927, and applicants reported an average income of $377,036. 33% of its applications resulted in an originated loan and 42% were denied. Its largest markets were Chicago-Naperville-Joliet, IL (47), Houston-Sugar Land-Baytown, TX (2) and Allentown-Bethlehem-Easton, PA-NJ (1) (applications in parentheses).
| Mortgage Company & Address | Mutual Bank 16540 S. Halsted Street Harvey, IL 60426 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 55 |
| Total Mortgage Loan Application Amount | $27,991,000 |
| Average Mortgage Loan Application Amount | $508,927 |
| Highest Mortgage Loan Application Amount | $4,300,000 |
| Average Applicant Income | $377,036 |
| Highest Applicant Income | $7,636,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Mutual Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Chicago-Naperville-Joliet, IL | 47 | $ 24,192,000 | $ 514,723 | $ 408,000 |
| Houston-Sugar Land-Baytown, TX | 2 | $ 343,000 | $ 171,500 | $ 58,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 208,000 | $ 208,000 | $ 108,000 |
| Bloomington, IN | 1 | $ 880,000 | $ 880,000 | $ 611,000 |
| Edison-New Brunswick, NJ | 1 | $ 520,000 | $ 520,000 | $ 183,000 |
| Gary, IN | 1 | $ 500,000 | $ 500,000 | $ 74,000 |
| Peabody, MA | 1 | $ 808,000 | $ 808,000 | $ 374,000 |
Mortgage Loan Application Detail Totals for Mutual Bank in 2008
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 | 28 | $17,005,000 | $607,000 | $4,300,000 | $304,000 | $4,200,000 |
| Home Purchase | 24 | $9,781,000 | $407,000 | $1,320,000 | $498,000 | $7,636,000 |
| Home Improvement | 3 | $1,205,000 | $401,000 | $1,082,000 | $91,000 | $172,000 |
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 | 20 | $7,656,000 | $382,000 | $1,320,000 | $538,000 | $7,636,000 |
| Asian | 14 | $6,839,000 | $488,000 | $1,520,000 | $182,000 | $611,000 |
| Not Provided | 10 | $6,316,000 | $631,000 | $3,430,000 | $605,000 | $4,200,000 |
| Black or African American | 8 | $2,390,000 | $298,000 | $565,000 | $167,000 | $313,000 |
| Not applicable | 2 | $4,610,000 | $2,305,000 | $4,300,000 | $0 | $0 |
| Hispanic | 1 | $180,000 | $180,000 | $180,000 | $26,000 | $26,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 53 | $27,594,000 | $520,000 | $4,300,000 | $389,000 | $7,636,000 |
| FHA-insured (Federal Housing Administration) | 2 | $397,000 | $198,000 | $201,000 | $55,000 | $68,000 |
| 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 |
|---|---|---|---|---|---|---|
| Application Denied By Financial Institution | 23 | $10,504,000 | $456,000 | $3,430,000 | $283,000 | $4,200,000 |
| Loan Originated | 18 | $11,974,000 | $665,000 | $4,300,000 | $185,000 | $484,000 |
| Application Approved But Not Accepted | 8 | $3,481,000 | $435,000 | $880,000 | $324,000 | $1,100,000 |
| Application Withdrawn By Applicant | 6 | $2,032,000 | $338,000 | $565,000 | $1,382,000 | $7,636,000 |
| File Closed For Incompleteness | 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 | 7 | $2,278,000 | $325,000 | $1,082,000 | $44,000 | $88,000 |
| Credit History | 5 | $1,376,000 | $275,000 | $600,000 | $46,000 | $150,000 |
| Other | 5 | $4,880,000 | $976,000 | $3,430,000 | $1,080,000 | $4,200,000 |
| Unverifiable Information | 2 | $878,000 | $439,000 | $520,000 | $151,000 | $183,000 |
| Mortgage Insurance Denied | 2 | $468,000 | $234,000 | $234,000 | $70,000 | $72,000 |
| Collateral | 1 | $390,000 | $390,000 | $390,000 | $38,000 | $38,000 |
| Credit Application Incomplete | 1 | $234,000 | $234,000 | $234,000 | $96,000 | $96,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Mutual Bank's 2008 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 Mutual 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.
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