Northern Star Bank Mortgage Lending & HMDA Data, 2008
In 2008, Northern Star Bank of Mankato, MN reported 108 mortgage applications totaling $19.8 million, down 41% from 2007. The average application was for $183,083, and applicants reported an average income of $91,083. 44% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (55), St. Cloud, MN (4) and Duluth, MN-WI (3) (applications in parentheses).
| Mortgage Company & Address | Northern Star Bank 1650 Madison Ave Mankato, MN 56001 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 108 |
| Total Mortgage Loan Application Amount | $19,773,000 |
| Average Mortgage Loan Application Amount | $183,083 |
| Highest Mortgage Loan Application Amount | $1,040,000 |
| Average Applicant Income | $91,083 |
| Highest Applicant Income | $700,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Northern Star Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Northern Star 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 | 58 | $10,370,000 | $178,000 | $417,000 | $88,000 | $338,000 |
| Home Purchase | 47 | $8,843,000 | $188,000 | $1,040,000 | $97,000 | $700,000 |
| Home Improvement | 3 | $560,000 | $186,000 | $224,000 | $58,000 | $174,000 |
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 | 101 | $18,923,000 | $187,000 | $1,040,000 | $95,000 | $700,000 |
| Not applicable | 3 | $542,000 | $180,000 | $224,000 | $0 | $0 |
| Hispanic | 2 | $136,000 | $68,000 | $116,000 | $54,000 | $58,000 |
| Asian | 1 | $64,000 | $64,000 | $64,000 | $139,000 | $139,000 |
| Black or African American | 1 | $108,000 | $108,000 | $108,000 | $28,000 | $28,000 |
| 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 57 | $10,867,000 | $190,000 | $359,000 | $65,000 | $140,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 47 | $8,023,000 | $170,000 | $1,040,000 | $125,000 | $700,000 |
| VA-guaranteed (Veterans Administration) | 4 | $883,000 | $220,000 | $296,000 | $55,000 | $81,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 Purchased By The Institution | 50 | $9,462,000 | $189,000 | $590,000 | $86,000 | $600,000 |
| Loan Originated | 47 | $8,355,000 | $177,000 | $1,040,000 | $97,000 | $700,000 |
| Application Denied By Financial Institution | 6 | $687,000 | $114,000 | $209,000 | $43,000 | $60,000 |
| Application Withdrawn By Applicant | 4 | $489,000 | $122,000 | $175,000 | $91,000 | $166,000 |
| Application Approved But Not Accepted | 1 | $780,000 | $780,000 | $780,000 | $317,000 | $317,000 |
| File Closed For Incompleteness | 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 |
|---|---|---|---|---|---|---|
| Credit History | 3 | $358,000 | $119,000 | $195,000 | $45,000 | $60,000 |
| Debt-To-Income Ratio | 2 | $247,000 | $123,000 | $209,000 | $39,000 | $44,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $82,000 | $82,000 | $82,000 | $45,000 | $45,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Northern Star 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 Northern Star 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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