Paramount Bank Mortgage Lending & HMDA Data, 2005
In 2005, Paramount Bank of Farmington Hills, MI reported 919 mortgage applications totaling $193.5 million, down 18% from 2004. The average application was for $210,505, and applicants reported an average income of $119,525. 85% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Warren-Farmington Hills-Troy, MI (559), Detroit-Livonia-Dearborn, MI (207) and Chicago-Naperville-Joliet, IL (22) (applications in parentheses).
| Mortgage Company & Address | Paramount Bank 31000 Northwestern Hwy., #200 Farmington Hills, MI 48334 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 | 919 |
| Total Mortgage Loan Application Amount | $193,455,000 |
| Average Mortgage Loan Application Amount | $210,505 |
| Highest Mortgage Loan Application Amount | $2,000,000 |
| Average Applicant Income | $119,525 |
| Highest Applicant Income | $1,500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Paramount Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Warren-Farmington Hills-Troy, MI | 559 | $ 126,901,000 | $ 227,014 | $ 86,000 |
| Detroit-Livonia-Dearborn, MI | 207 | $ 28,839,000 | $ 139,318 | $ 82,000 |
| Chicago-Naperville-Joliet, IL | 22 | $ 6,384,000 | $ 290,181 | $ 259,000 |
| Ann Arbor, MI | 13 | $ 2,764,000 | $ 212,615 | $ 120,000 |
| Flint, MI | 8 | $ 1,274,000 | $ 159,250 | $ 70,000 |
| Phoenix-Mesa-Scottsdale, AZ | 7 | $ 1,773,000 | $ 253,285 | $ 570,000 |
| Lansing-East Lansing, MI | 5 | $ 673,000 | $ 134,600 | $ 101,000 |
| Miami-Miami Beach-Kendall, FL | 5 | $ 1,939,000 | $ 387,800 | $ 214,000 |
| Jackson, MI | 4 | $ 761,000 | $ 190,250 | $ 135,000 |
| Monroe, MI | 4 | $ 717,000 | $ 179,250 | $ 67,000 |
| Naples-Marco Island, FL | 4 | $ 1,528,000 | $ 382,000 | $ 563,000 |
| Cape Coral-Fort Myers, FL | 3 | $ 767,000 | $ 255,666 | $ 125,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 3 | $ 853,000 | $ 284,333 | $ 239,000 |
| Tampa-St. Petersburg-Clearwater, FL | 3 | $ 766,000 | $ 255,333 | $ 161,000 |
| Atlanta-Sandy Springs-Marietta, GA | 2 | $ 583,000 | $ 291,500 | $ 207,000 |
| Buffalo-Niagara Falls, NY | 2 | $ 234,000 | $ 117,000 | $ 95,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 2 | $ 568,000 | $ 284,000 | $ 113,000 |
| Holland-Grand Haven, MI | 2 | $ 828,000 | $ 414,000 | $ 365,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 960,000 | $ 480,000 | $ 262,000 |
| Toledo, OH | 2 | $ 518,000 | $ 259,000 | $ 124,000 |
| Camden, NJ | 1 | $ 232,000 | $ 232,000 | $ 0 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 440,000 | $ 440,000 | $ 255,000 |
| Indianapolis, IN | 1 | $ 151,000 | $ 151,000 | $ 66,000 |
| Lake County-Kenosha County, IL-WI | 1 | $ 312,000 | $ 312,000 | $ 223,000 |
| Las Vegas-Paradise, NV | 1 | $ 99,000 | $ 99,000 | $ 220,000 |
| Louisville, KY-IN | 1 | $ 348,000 | $ 348,000 | $ 300,000 |
| Memphis, TN-MS-AR | 1 | $ 80,000 | $ 80,000 | $ 55,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 1 | $ 338,000 | $ 338,000 | $ 300,000 |
| New Orleans-Metairie-Kenner, LA | 1 | $ 105,000 | $ 105,000 | $ 120,000 |
| New York-Wayne-White Plains, NY-NJ | 1 | $ 615,000 | $ 615,000 | $ 375,000 |
| Oakland-Fremont-Hayward, CA | 1 | $ 450,000 | $ 450,000 | $ 147,000 |
| Ocala, FL | 1 | $ 261,000 | $ 261,000 | $ 69,000 |
| Punta Gorda, FL | 1 | $ 116,000 | $ 116,000 | $ 202,000 |
| Riverside-San Bernardino-Ontario, CA | 1 | $ 522,000 | $ 522,000 | $ 132,000 |
| Saginaw-Saginaw Township North, MI | 1 | $ 352,000 | $ 352,000 | $ 714,000 |
| San Francisco-San Mateo-Redwood City, CA | 1 | $ 336,000 | $ 336,000 | $ 82,000 |
| Santa Ana-Anaheim-Irvine, CA | 1 | $ 718,000 | $ 718,000 | $ 208,000 |
| Sarasota-Bradenton-Venice, FL | 1 | $ 111,000 | $ 111,000 | $ 91,000 |
| South Bend-Mishawaka, IN-MI | 1 | $ 184,000 | $ 184,000 | $ 64,000 |
| Trenton-Ewing, NJ | 1 | $ 412,000 | $ 412,000 | $ 212,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 1 | $ 369,000 | $ 369,000 | $ 254,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 1 | $ 505,000 | $ 505,000 | $ 271,000 |
Mortgage Loan Application Detail Totals for Paramount Bank in 2005
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 | 430 | $103,871,000 | $310,533 | $1,350,000 | $214,666 | $1,500,000 |
| Home Purchase | 412 | $78,095,000 | $247,166 | $2,000,000 | $133,750 | $780,000 |
| Home Improvement | 77 | $11,489,000 | $180,500 | $630,000 | $135,500 | $360,000 |
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 | 760 | $170,640,000 | $278,631 | $2,000,000 | $191,736 | $1,500,000 |
| Black or African American | 80 | $8,073,000 | $94,000 | $448,000 | $81,500 | $290,000 |
| Not applicable | 45 | $6,797,000 | $151,000 | $1,622,000 | $0 | $0 |
| Not Provided | 11 | $2,630,000 | $356,500 | $500,000 | $271,500 | $455,000 |
| Hispanic | 11 | $1,838,000 | $235,500 | $320,000 | $96,000 | $125,000 |
| Asian | 11 | $3,254,000 | $284,500 | $765,000 | $105,500 | $212,000 |
| American Indian or Alaskan Native | 1 | $223,000 | $223,000 | $223,000 | $98,000 | $98,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 879 | $187,182,000 | $277,631 | $2,000,000 | $190,684 | $1,500,000 |
| FHA-insured (Federal Housing Administration) | 38 | $5,660,000 | $148,000 | $229,000 | $49,000 | $98,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $430,000 | $430,000 | $430,000 | $113,000 | $113,000 |
| VA-guaranteed (Veterans Administration) | 1 | $183,000 | $183,000 | $183,000 | $124,000 | $124,000 |
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 | 784 | $163,780,000 | $252,000 | $2,000,000 | $193,083 | $1,500,000 |
| Application Denied By Financial Institution | 75 | $17,395,000 | $332,900 | $765,000 | $215,700 | $780,000 |
| Application Withdrawn By Applicant | 39 | $7,939,000 | $360,333 | $781,000 | $457,000 | $1,500,000 |
| Application Approved But Not Accepted | 15 | $3,224,000 | $347,000 | $506,000 | $294,500 | $455,000 |
| File Closed For Incompleteness | 3 | $832,000 | $277,000 | $473,000 | $144,000 | $300,000 |
| Preapproval Denied by Financial Institution | 2 | $174,000 | $87,000 | $102,000 | $29,000 | $31,000 |
| Preapproval Approved but not Accepted | 1 | $111,000 | $111,000 | $111,000 | $27,000 | $27,000 |
| 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 Paramount Bank's 2005 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 Paramount 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 Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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