Parkside Credit Union Mortgage Lending & HMDA Data, 2022
In 2022, Parkside Credit Union of Westland, MI reported 144 mortgage applications totaling $12.1 million. The average application was for $83,819, and applicants reported an average income of $74,391. 32% of its applications resulted in an originated loan and 16% were denied. Its largest markets were Detroit-Dearborn-Livonia, MI (118), Warren-Troy-Farmington Hills, MI (11) and Monroe, MI (8) (applications in parentheses).
| Mortgage Company & Address | Parkside Credit Union 1747 S Newburgh Rd Westland, MI 48186 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2023 2022 2020 2019 |
| Total Number of Mortgage Applications | 144 |
| Total Mortgage Loan Application Amount | $12,070,000 |
| Average Mortgage Loan Application Amount | $83,819 |
| Highest Mortgage Loan Application Amount | $485,000 |
| Average Applicant Income | $74,391 |
| Highest Applicant Income | $180,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Parkside Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Detroit-Dearborn-Livonia, MI | 118 | $ 8,600,000 | $ 72,881 | $ 74,000 |
| Warren-Troy-Farmington Hills, MI | 11 | $ 1,465,000 | $ 133,181 | $ 74,000 |
| Monroe, MI | 8 | $ 1,000,000 | $ 125,000 | $ 72,000 |
| Outside any metro area | 4 | $ 460,000 | $ 115,000 | $ 0 |
| Ann Arbor, MI | 3 | $ 545,000 | $ 181,666 | $ 79,000 |
Mortgage Loan Application Detail Totals for Parkside Credit Union in 2022
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 |
|---|---|---|---|---|---|---|
| Other Purpose | 52 | $2,360,000 | $45,000 | $205,000 | $67,000 | $144,000 |
| Home Improvement | 40 | $1,510,000 | $37,000 | $105,000 | $84,000 | $180,000 |
| Cash-out Refinancing | 34 | $4,900,000 | $144,000 | $415,000 | $0 | $0 |
| Home Purchase | 15 | $2,935,000 | $195,000 | $485,000 | $0 | $0 |
| Refinancing | 3 | $365,000 | $121,000 | $145,000 | $0 | $0 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 53 | $2,055,000 | $38,000 | $125,000 | $81,000 | $180,000 |
| Not applicable | 52 | $8,200,000 | $157,000 | $485,000 | $0 | $0 |
| Black or African American | 26 | $1,120,000 | $43,000 | $205,000 | $62,000 | $128,000 |
| Hispanic | 11 | $635,000 | $57,000 | $145,000 | $71,000 | $130,000 |
| Not Provided | 2 | $60,000 | $30,000 | $35,000 | $57,000 | $65,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 144 | $12,070,000 | $83,000 | $485,000 | $74,000 | $180,000 |
| 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 Purchased By The Institution | 52 | $8,200,000 | $157,000 | $485,000 | $0 | $0 |
| Loan Originated | 46 | $1,770,000 | $38,000 | $105,000 | $83,000 | $180,000 |
| Application Denied By Financial Institution | 23 | $1,195,000 | $51,000 | $205,000 | $68,000 | $106,000 |
| File Closed For Incompleteness | 14 | $650,000 | $46,000 | $125,000 | $63,000 | $122,000 |
| Application Withdrawn By Applicant | 9 | $255,000 | $28,000 | $45,000 | $62,000 | $96,000 |
| Application Approved But Not Accepted | 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 |
|---|---|---|---|---|---|---|
| Not applicable | 121 | $10,875,000 | $89,000 | $485,000 | $76,000 | $180,000 |
| Debt-To-Income Ratio | 16 | $880,000 | $55,000 | $205,000 | $63,000 | $103,000 |
| Credit History | 5 | $225,000 | $45,000 | $145,000 | $75,000 | $106,000 |
| Collateral | 1 | $65,000 | $65,000 | $65,000 | $83,000 | $83,000 |
| Credit Application Incomplete | 1 | $25,000 | $25,000 | $25,000 | $95,000 | $95,000 |
| Other | 0 | $0 | $0 | $0 | $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 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Parkside Credit Union's 2022 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 Parkside Credit Union'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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