Parkside Credit Union Mortgage Lending & HMDA Data, 2023
In 2023, Parkside Credit Union of Westland, MI reported 125 mortgage applications totaling $7.1 million, down 13% from 2022. The average application was for $56,680, and applicants reported an average income of $89,858. 52% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Detroit-Dearborn-Livonia, MI (99), Warren-Troy-Farmington Hills, MI (10) and Ann Arbor, MI (4) (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 | 125 |
| Total Mortgage Loan Application Amount | $7,085,000 |
| Average Mortgage Loan Application Amount | $56,680 |
| Highest Mortgage Loan Application Amount | $235,000 |
| Average Applicant Income | $89,858 |
| Highest Applicant Income | $375,000 |
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(HMDA) records Parkside Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Parkside Credit Union in 2023
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 | 59 | $2,745,000 | $46,000 | $125,000 | $94,000 | $375,000 |
| Home Improvement | 48 | $2,180,000 | $45,000 | $205,000 | $91,000 | $254,000 |
| Cash-out Refinancing | 12 | $1,340,000 | $111,000 | $225,000 | $0 | $0 |
| Home Purchase | 6 | $820,000 | $136,000 | $235,000 | $40,000 | $40,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Refinancing | 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 | 78 | $3,560,000 | $45,000 | $205,000 | $96,000 | $375,000 |
| Black or African American | 19 | $815,000 | $42,000 | $105,000 | $85,000 | $168,000 |
| Not applicable | 17 | $2,115,000 | $124,000 | $235,000 | $0 | $0 |
| Hispanic | 10 | $570,000 | $57,000 | $185,000 | $84,000 | $180,000 |
| Asian | 1 | $25,000 | $25,000 | $25,000 | $44,000 | $44,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 125 | $7,085,000 | $56,000 | $235,000 | $93,000 | $375,000 |
| 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 Originated | 65 | $3,165,000 | $48,000 | $205,000 | $101,000 | $375,000 |
| Application Withdrawn By Applicant | 18 | $830,000 | $46,000 | $185,000 | $90,000 | $212,000 |
| Loan Purchased By The Institution | 17 | $2,115,000 | $124,000 | $235,000 | $0 | $0 |
| Application Denied By Financial Institution | 14 | $680,000 | $48,000 | $95,000 | $67,000 | $148,000 |
| File Closed For Incompleteness | 11 | $295,000 | $26,000 | $65,000 | $82,000 | $168,000 |
| 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 | 111 | $6,405,000 | $57,000 | $235,000 | $96,000 | $375,000 |
| Debt-To-Income Ratio | 10 | $410,000 | $41,000 | $75,000 | $69,000 | $148,000 |
| Credit History | 3 | $175,000 | $58,000 | $65,000 | $47,000 | $55,000 |
| Collateral | 1 | $95,000 | $95,000 | $95,000 | $111,000 | $111,000 |
| Credit Application Incomplete | 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 |
| 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 2023 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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