Optimum Mortgage Services, Inc Mortgage Lending & HMDA Data, 2006
In 2006, Optimum Mortgage Services, Inc of Eagan, MN reported 1,042 mortgage applications totaling $192.8 million, down 25% from 2005. The average application was for $185,000, and applicants reported an average income of $75,708. 31% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (692), St. Cloud, MN (63) and Rochester, MN (10) (applications in parentheses).
| Mortgage Company & Address | Optimum Mortgage Services, Inc 1915 Plaza Drive Suite 202 Eagan, MN 55122 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 |
| Total Number of Mortgage Applications | 1,042 |
| Total Mortgage Loan Application Amount | $192,771,000 |
| Average Mortgage Loan Application Amount | $185,000 |
| Highest Mortgage Loan Application Amount | $728,000 |
| Average Applicant Income | $75,708 |
| Highest Applicant Income | $4,500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Optimum Mortgage Services, Inc filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Hennepin, Minnesota | 161 | $ 33,430,000 | $ 207,639 | $ 86,000 |
| Washington, Minnesota | 101 | $ 20,927,000 | $ 207,198 | $ 75,000 |
| Dakota, Minnesota | 100 | $ 20,617,000 | $ 206,170 | $ 59,000 |
| Ramsey, Minnesota | 99 | $ 18,450,000 | $ 186,363 | $ 71,000 |
| Pine, Minnesota | 52 | $ 7,137,000 | $ 137,250 | $ 49,000 |
| Anoka, Minnesota | 50 | $ 10,496,000 | $ 209,920 | $ 64,000 |
| Crow Wing, Minnesota | 43 | $ 6,516,000 | $ 151,534 | $ 53,000 |
| Stearns, Minnesota | 40 | $ 7,031,000 | $ 175,775 | $ 71,000 |
| Wright, Minnesota | 35 | $ 5,885,000 | $ 168,142 | $ 67,000 |
| St. Croix, Wisconsin | 32 | $ 6,598,000 | $ 206,187 | $ 68,000 |
| Scott, Minnesota | 28 | $ 5,513,000 | $ 196,892 | $ 70,000 |
| Morrison, Minnesota | 27 | $ 4,225,000 | $ 156,481 | $ 42,000 |
| Benton, Minnesota | 23 | $ 4,228,000 | $ 183,826 | $ 66,000 |
| Chisago, Minnesota | 23 | $ 4,128,000 | $ 179,478 | $ 56,000 |
| Sherburne, Minnesota | 22 | $ 4,509,000 | $ 204,954 | $ 71,000 |
| Carver, Minnesota | 21 | $ 5,355,000 | $ 255,000 | $ 67,000 |
| Cass, Minnesota | 12 | $ 1,989,000 | $ 165,750 | $ 26,000 |
| Kanabec, Minnesota | 12 | $ 1,240,000 | $ 103,333 | $ 36,000 |
| Isanti, Minnesota | 11 | $ 1,743,000 | $ 158,454 | $ 51,000 |
| Olmsted, Minnesota | 9 | $ 1,421,000 | $ 157,888 | $ 69,000 |
| Pierce, Wisconsin | 9 | $ 1,512,000 | $ 168,000 | $ 65,000 |
| Polk, Wisconsin | 9 | $ 1,273,000 | $ 141,444 | $ 60,000 |
| Mille Lacs, Minnesota | 6 | $ 1,118,000 | $ 186,333 | $ 39,000 |
| Burnett, Wisconsin | 6 | $ 983,000 | $ 163,833 | $ 123,000 |
| Maricopa, Arizona | 5 | $ 1,241,000 | $ 248,200 | $ 41,000 |
| Becker, Minnesota | 5 | $ 434,000 | $ 86,800 | $ 61,000 |
| Le Sueur, Minnesota | 5 | $ 618,000 | $ 123,600 | $ 53,000 |
| Beltrami, Minnesota | 4 | $ 837,000 | $ 209,250 | $ 36,000 |
| Clay, Minnesota | 4 | $ 377,000 | $ 94,250 | $ 64,000 |
| Rice, Minnesota | 4 | $ 788,000 | $ 197,000 | $ 49,000 |
| St. Louis, Minnesota | 4 | $ 653,000 | $ 163,250 | $ 70,000 |
| Steele, Minnesota | 4 | $ 601,000 | $ 150,250 | $ 64,000 |
| Blue Earth, Minnesota | 3 | $ 286,000 | $ 95,333 | $ 56,000 |
| Todd, Minnesota | 3 | $ 250,000 | $ 83,333 | $ 35,000 |
| Pima, Arizona | 2 | $ 368,000 | $ 184,000 | $ 60,000 |
| Miami-Dade, Florida | 2 | $ 491,000 | $ 245,500 | $ 1,058,000 |
| Osceola, Florida | 2 | $ 400,000 | $ 200,000 | $ 98,000 |
| Palm Beach, Florida | 2 | $ 317,000 | $ 158,500 | $ 72,000 |
| Boone, Indiana | 2 | $ 272,000 | $ 136,000 | $ 1,780,000 |
| Goodhue, Minnesota | 2 | $ 520,000 | $ 260,000 | $ 113,000 |
| Itasca, Minnesota | 2 | $ 207,000 | $ 103,500 | $ 53,000 |
| McLeod, Minnesota | 2 | $ 498,000 | $ 249,000 | $ 58,000 |
| Meeker, Minnesota | 2 | $ 181,000 | $ 90,500 | $ 63,000 |
| Nicollet, Minnesota | 2 | $ 223,000 | $ 111,500 | $ 28,000 |
| Wadena, Minnesota | 2 | $ 110,000 | $ 55,000 | $ 63,000 |
| Cass, North Dakota | 2 | $ 240,000 | $ 120,000 | $ 18,000 |
| Barron, Wisconsin | 2 | $ 570,000 | $ 285,000 | $ 113,000 |
| Dunn, Wisconsin | 2 | $ 317,000 | $ 158,500 | $ 30,000 |
| Waukesha, Wisconsin | 2 | $ 229,000 | $ 114,500 | $ 131,000 |
| Gila, Arizona | 1 | $ 189,000 | $ 189,000 | $ 0 |
| Adams, Colorado | 1 | $ 191,000 | $ 191,000 | $ 32,000 |
| Broward, Florida | 1 | $ 200,000 | $ 200,000 | $ 0 |
| Cook, Illinois | 1 | $ 194,000 | $ 194,000 | $ 81,000 |
| Hamilton, Indiana | 1 | $ 585,000 | $ 585,000 | $ 4,500,000 |
| Howard, Iowa | 1 | $ 54,000 | $ 54,000 | $ 46,000 |
| Worth, Iowa | 1 | $ 160,000 | $ 160,000 | $ 45,000 |
| Allegan, Michigan | 1 | $ 140,000 | $ 140,000 | $ 0 |
| Aitkin, Minnesota | 1 | $ 131,000 | $ 131,000 | $ 0 |
| Carlton, Minnesota | 1 | $ 136,000 | $ 136,000 | $ 0 |
| Cook, Minnesota | 1 | $ 375,000 | $ 375,000 | $ 140,000 |
| Cottonwood, Minnesota | 1 | $ 104,000 | $ 104,000 | $ 43,000 |
| Douglas, Minnesota | 1 | $ 250,000 | $ 250,000 | $ 226,000 |
| Faribault, Minnesota | 1 | $ 95,000 | $ 95,000 | $ 61,000 |
| Fillmore, Minnesota | 1 | $ 85,000 | $ 85,000 | $ 112,000 |
| Houston, Minnesota | 1 | $ 21,000 | $ 21,000 | $ 57,000 |
| Hubbard, Minnesota | 1 | $ 145,000 | $ 145,000 | $ 49,000 |
| Kandiyohi, Minnesota | 1 | $ 148,000 | $ 148,000 | $ 37,000 |
| Koochiching, Minnesota | 1 | $ 125,000 | $ 125,000 | $ 49,000 |
| Mower, Minnesota | 1 | $ 93,000 | $ 93,000 | $ 42,000 |
| Norman, Minnesota | 1 | $ 75,000 | $ 75,000 | $ 39,000 |
| Polk, Minnesota | 1 | $ 85,000 | $ 85,000 | $ 44,000 |
| Red Lake, Minnesota | 1 | $ 62,000 | $ 62,000 | $ 31,000 |
| Sibley, Minnesota | 1 | $ 145,000 | $ 145,000 | $ 59,000 |
| Stevens, Minnesota | 1 | $ 103,000 | $ 103,000 | $ 36,000 |
| Swift, Minnesota | 1 | $ 74,000 | $ 74,000 | $ 54,000 |
| Wabasha, Minnesota | 1 | $ 172,000 | $ 172,000 | $ 91,000 |
| Winona, Minnesota | 1 | $ 128,000 | $ 128,000 | $ 55,000 |
| Burleigh, North Dakota | 1 | $ 34,000 | $ 34,000 | $ 74,000 |
| Grand Forks, North Dakota | 1 | $ 90,000 | $ 90,000 | $ 29,000 |
| Butler, Ohio | 1 | $ 150,000 | $ 150,000 | $ 42,000 |
| Yankton, South Dakota | 1 | $ 80,000 | $ 80,000 | $ 21,000 |
| Tarrant, Texas | 1 | $ 130,000 | $ 130,000 | $ 24,000 |
| Adams, Wisconsin | 1 | $ 85,000 | $ 85,000 | $ 30,000 |
| Chippewa, Wisconsin | 1 | $ 95,000 | $ 95,000 | $ 67,000 |
| Door, Wisconsin | 1 | $ 102,000 | $ 102,000 | $ 89,000 |
| La Crosse, Wisconsin | 1 | $ 158,000 | $ 158,000 | $ 95,000 |
| Outagamie, Wisconsin | 1 | $ 71,000 | $ 71,000 | $ 65,000 |
| Rock, Wisconsin | 1 | $ 14,000 | $ 14,000 | $ 43,000 |
| Rusk, Wisconsin | 1 | $ 145,000 | $ 145,000 | $ 40,000 |
Mortgage Loan Application Detail Totals for Optimum Mortgage Services, Inc in 2006
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 | 672 | $125,294,000 | $186,000 | $728,000 | $67,000 | $1,780,000 |
| Home Purchase | 362 | $66,128,000 | $182,000 | $680,000 | $92,000 | $4,500,000 |
| Home Improvement | 8 | $1,349,000 | $168,000 | $400,000 | $70,000 | $157,000 |
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 | 945 | $174,368,000 | $184,000 | $728,000 | $74,000 | $4,500,000 |
| Black or African American | 38 | $7,455,000 | $196,000 | $700,000 | $144,000 | $1,780,000 |
| Not Provided | 28 | $5,128,000 | $183,000 | $400,000 | $50,000 | $196,000 |
| Hispanic | 14 | $2,334,000 | $166,000 | $280,000 | $41,000 | $140,000 |
| Asian | 13 | $2,256,000 | $173,000 | $600,000 | $62,000 | $177,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $668,000 | $222,000 | $300,000 | $51,000 | $72,000 |
| American Indian or Alaskan Native | 1 | $562,000 | $562,000 | $562,000 | $0 | $0 |
| Not applicable | 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) | 930 | $175,067,000 | $188,000 | $728,000 | $79,000 | $4,500,000 |
| FHA-insured (Federal Housing Administration) | 106 | $16,867,000 | $159,000 | $246,000 | $51,000 | $146,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $337,000 | $112,000 | $125,000 | $32,000 | $40,000 |
| VA-guaranteed (Veterans Administration) | 3 | $500,000 | $166,000 | $195,000 | $45,000 | $49,000 |
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 |
|---|---|---|---|---|---|---|
| Application Withdrawn By Applicant | 573 | $102,676,000 | $179,000 | $728,000 | $82,000 | $4,500,000 |
| Loan Originated | 318 | $63,207,000 | $198,000 | $650,000 | $76,000 | $1,486,000 |
| Application Denied By Financial Institution | 131 | $23,781,000 | $181,000 | $700,000 | $50,000 | $240,000 |
| Application Approved But Not Accepted | 20 | $3,107,000 | $155,000 | $409,000 | $59,000 | $174,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 112 | $20,983,000 | $187,000 | $700,000 | $49,000 | $196,000 |
| Collateral | 10 | $1,437,000 | $143,000 | $347,000 | $76,000 | $240,000 |
| Debt-To-Income Ratio | 4 | $714,000 | $178,000 | $208,000 | $32,000 | $42,000 |
| Credit Application Incomplete | 2 | $326,000 | $163,000 | $226,000 | $27,000 | $54,000 |
| Mortgage Insurance Denied | 1 | $149,000 | $149,000 | $149,000 | $0 | $0 |
| Other | 1 | $118,000 | $118,000 | $118,000 | $0 | $0 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Optimum Mortgage Services, Inc's 2006 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 Optimum Mortgage Services, Inc'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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