Progressive Mortgage Company Mortgage Lending & HMDA Data, 2008
In 2008, Progressive Mortgage Company of Ann Arbor, MI reported 2,204 mortgage applications totaling $450.6 million, up 14% from 2007. The average application was for $204,430, and applicants reported an average income of $97,291. 44% of its applications resulted in an originated loan and 25% were denied. Its largest markets were Chicago-Naperville-Joliet, IL (439), Detroit-Livonia-Dearborn, MI (330) and Warren-Troy-Farmington Hills, MI (314) (applications in parentheses).
| Mortgage Company & Address | Progressive Mortgage Company 125 S. Fifth Ave. Ann Arbor, MI 48104 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 2,204 |
| Total Mortgage Loan Application Amount | $450,564,000 |
| Average Mortgage Loan Application Amount | $204,430 |
| Highest Mortgage Loan Application Amount | $2,080,000 |
| Average Applicant Income | $97,291 |
| Highest Applicant Income | $1,250,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Progressive Mortgage Company filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Chicago-Naperville-Joliet, IL | 439 | $ 112,933,000 | $ 257,250 | $ 102,000 |
| Detroit-Livonia-Dearborn, MI | 330 | $ 37,259,000 | $ 112,906 | $ 78,000 |
| Warren-Troy-Farmington Hills, MI | 314 | $ 61,968,000 | $ 197,350 | $ 105,000 |
| Salt Lake City, UT | 114 | $ 28,979,000 | $ 254,201 | $ 110,000 |
| Lake County-Kenosha County, IL-WI | 90 | $ 26,464,000 | $ 294,044 | $ 113,000 |
| Lansing-East Lansing, MI | 86 | $ 12,794,000 | $ 148,767 | $ 78,000 |
| Grand Rapids-Wyoming, MI | 56 | $ 8,826,000 | $ 157,607 | $ 86,000 |
| Cleveland-Elyria-Mentor, OH | 53 | $ 6,922,000 | $ 130,603 | $ 86,000 |
| Provo-Orem, UT | 50 | $ 15,992,000 | $ 319,840 | $ 105,000 |
| Flint, MI | 39 | $ 5,795,000 | $ 148,589 | $ 103,000 |
| Ann Arbor, MI | 33 | $ 7,444,000 | $ 225,575 | $ 102,000 |
| Muskegon-Norton Shores, MI | 28 | $ 3,716,000 | $ 132,714 | $ 50,000 |
| Ogden-Clearfield, UT | 27 | $ 7,183,000 | $ 266,037 | $ 102,000 |
| Knoxville, TN | 25 | $ 3,055,000 | $ 122,200 | $ 46,000 |
| Milwaukee-Waukesha-West Allis, WI | 22 | $ 2,648,000 | $ 120,363 | $ 66,000 |
| Holland-Grand Haven, MI | 19 | $ 3,478,000 | $ 183,052 | $ 87,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 17 | $ 4,587,000 | $ 269,823 | $ 124,000 |
| St. George, UT | 16 | $ 5,483,000 | $ 342,687 | $ 105,000 |
| Atlanta-Sandy Springs-Marietta, GA | 14 | $ 2,789,000 | $ 199,214 | $ 130,000 |
| Kalamazoo-Portage, MI | 12 | $ 3,109,000 | $ 259,083 | $ 96,000 |
| Greenville-Mauldin-Easley, SC | 10 | $ 2,218,000 | $ 221,800 | $ 114,000 |
| Gary, IN | 9 | $ 1,121,000 | $ 124,555 | $ 83,000 |
| Battle Creek, MI | 8 | $ 1,253,000 | $ 156,625 | $ 110,000 |
| St. Louis, MO-IL | 8 | $ 1,551,000 | $ 193,875 | $ 99,000 |
| Akron, OH | 7 | $ 693,000 | $ 99,000 | $ 54,000 |
| Saginaw-Saginaw Township North, MI | 7 | $ 1,486,000 | $ 212,285 | $ 114,000 |
| Toledo, OH | 7 | $ 1,770,000 | $ 252,857 | $ 104,000 |
| Jackson, MI | 6 | $ 854,000 | $ 142,333 | $ 63,000 |
| Las Vegas-Paradise, NV | 6 | $ 1,458,000 | $ 243,000 | $ 70,000 |
| Logan, UT-ID | 6 | $ 949,000 | $ 158,166 | $ 88,500 |
| Deltona-Daytona Beach-Ormond Beach, FL | 5 | $ 733,000 | $ 146,600 | $ 208,000 |
| Monroe, MI | 5 | $ 731,000 | $ 146,200 | $ 53,000 |
| Albuquerque, NM | 4 | $ 850,000 | $ 212,500 | $ 113,000 |
| Gulfport-Biloxi, MS | 4 | $ 1,088,000 | $ 272,000 | $ 189,000 |
| Orlando-Kissimmee, FL | 4 | $ 875,000 | $ 218,750 | $ 143,000 |
| Santa Fe, NM | 4 | $ 1,084,000 | $ 271,000 | $ 73,000 |
| Tampa-St. Petersburg-Clearwater, FL | 4 | $ 598,000 | $ 149,500 | $ 96,000 |
| Bradenton-Sarasota-Venice, FL | 3 | $ 772,000 | $ 257,333 | $ 167,000 |
| Denver-Aurora, CO | 3 | $ 685,000 | $ 228,333 | $ 164,000 |
| Green Bay, WI | 3 | $ 576,000 | $ 192,000 | $ 90,000 |
| Miami-Miami Beach-Kendall, FL | 3 | $ 3,715,000 | $ 1,238,333 | $ 319,000 |
| New Orleans-Metairie-Kenner, LA | 3 | $ 704,000 | $ 234,666 | $ 240,000 |
| Portland-Vancouver-Beaverton, OR-WA | 3 | $ 741,000 | $ 247,000 | $ 52,666 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 3 | $ 1,085,000 | $ 361,666 | $ 130,000 |
| Cambridge-Newton-Framingham, MA | 2 | $ 452,000 | $ 226,000 | $ 122,000 |
| Coeur D'Alene, ID | 2 | $ 305,000 | $ 152,500 | $ 82,000 |
| Columbus, OH | 2 | $ 479,000 | $ 239,500 | $ 121,000 |
| Dallas-Plano-Irving, TX | 2 | $ 617,000 | $ 308,500 | $ 128,000 |
| Flagstaff, AZ | 2 | $ 422,000 | $ 211,000 | $ 68,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 2 | $ 1,626,000 | $ 813,000 | $ 245,000 |
| Jacksonville, FL | 2 | $ 371,000 | $ 185,500 | $ 235,000 |
| Louisville-Jefferson County, KY-IN | 2 | $ 463,000 | $ 231,500 | $ 135,000 |
| Mobile, AL | 2 | $ 502,000 | $ 251,000 | $ 114,000 |
| Phoenix-Mesa-Scottsdale, AZ | 2 | $ 480,000 | $ 240,000 | $ 108,000 |
| Richmond, VA | 2 | $ 204,000 | $ 102,000 | $ 203,000 |
| Rockford, IL | 2 | $ 235,000 | $ 117,500 | $ 69,000 |
| Sheboygan, WI | 2 | $ 304,000 | $ 152,000 | $ 55,000 |
| South Bend-Mishawaka, IN-MI | 2 | $ 118,000 | $ 59,000 | $ 84,000 |
| Springfield, IL | 2 | $ 393,000 | $ 196,500 | $ 77,000 |
| Topeka, KS | 2 | $ 128,000 | $ 64,000 | $ 74,000 |
| Tucson, AZ | 2 | $ 355,000 | $ 177,500 | $ 57,000 |
| Albany-Schenectady-Troy, NY | 1 | $ 252,000 | $ 252,000 | $ 58,000 |
| Anderson, SC | 1 | $ 400,000 | $ 400,000 | $ 180,000 |
| Atlantic City-Hammonton, NJ | 1 | $ 481,000 | $ 481,000 | $ 123,000 |
| Baltimore-Towson, MD | 1 | $ 352,000 | $ 352,000 | $ 90,000 |
| Bay City, MI | 1 | $ 206,000 | $ 206,000 | $ 211,000 |
| Beaumont-Port Arthur, TX | 1 | $ 135,000 | $ 135,000 | $ 72,000 |
| Billings, MT | 1 | $ 150,000 | $ 150,000 | $ 68,000 |
| Bloomington, IN | 1 | $ 130,000 | $ 130,000 | $ 68,000 |
| Boise City-Nampa, ID | 1 | $ 189,000 | $ 189,000 | $ 50,000 |
| Boston-Quincy, MA | 1 | $ 260,000 | $ 260,000 | $ 101,000 |
| Canton-Massillon, OH | 1 | $ 46,000 | $ 46,000 | $ 52,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 337,000 | $ 337,000 | $ 142,000 |
| Carson City, NV | 1 | $ 154,000 | $ 154,000 | $ 62,000 |
| Charleston-North Charleston-Summerville, SC | 1 | $ 221,000 | $ 221,000 | $ 45,000 |
| Cincinnati-Middletown, OH-KY-IN | 1 | $ 103,000 | $ 103,000 | $ 68,000 |
| Colorado Springs, CO | 1 | $ 349,000 | $ 349,000 | $ 180,000 |
| Dayton, OH | 1 | $ 68,000 | $ 68,000 | $ 120,000 |
| Des Moines-West Des Moines, IA | 1 | $ 392,000 | $ 392,000 | $ 140,000 |
| Duluth, MN-WI | 1 | $ 104,000 | $ 104,000 | $ 50,000 |
| Fond Du Lac, WI | 1 | $ 184,000 | $ 184,000 | $ 31,000 |
| Hinesville-Fort Stewart, GA | 1 | $ 233,000 | $ 233,000 | $ 180,000 |
| Houston-Sugar Land-Baytown, TX | 1 | $ 81,000 | $ 81,000 | $ 66,000 |
| Huntington-Ashland, WV-KY-OH | 1 | $ 75,000 | $ 75,000 | $ 119,000 |
| Idaho Falls, ID | 1 | $ 356,000 | $ 356,000 | $ 129,000 |
| Lake Havasu City-Kingman, AZ | 1 | $ 281,000 | $ 281,000 | $ 70,000 |
| Lakeland-Winter Haven, FL | 1 | $ 212,000 | $ 212,000 | $ 309,000 |
| Las Cruces, NM | 1 | $ 190,000 | $ 190,000 | $ 73,000 |
| Lexington-Fayette, KY | 1 | $ 275,000 | $ 275,000 | $ 132,000 |
| Madison, WI | 1 | $ 330,000 | $ 330,000 | $ 159,000 |
| Michigan City-La Porte, IN | 1 | $ 134,000 | $ 134,000 | $ 52,000 |
| Morristown, TN | 1 | $ 293,000 | $ 293,000 | $ 83,000 |
| Naples-Marco Island, FL | 1 | $ 960,000 | $ 960,000 | $ 527,000 |
| Nashville-Davidson--Murfreesboro--Franklin, TN | 1 | $ 170,000 | $ 170,000 | $ 81,000 |
| New Haven-Milford, CT | 1 | $ 194,000 | $ 194,000 | $ 90,000 |
| Norwich-New London, CT | 1 | $ 975,000 | $ 975,000 | $ 1,250,000 |
| Ocala, FL | 1 | $ 266,000 | $ 266,000 | $ 68,000 |
| Panama City-Lynn Haven, FL | 1 | $ 98,000 | $ 98,000 | $ 33,000 |
| Peabody, MA | 1 | $ 415,000 | $ 415,000 | $ 151,000 |
| Philadelphia, PA | 1 | $ 904,000 | $ 904,000 | $ 504,000 |
| Pittsburgh, PA | 1 | $ 94,000 | $ 94,000 | $ 69,000 |
| Portland-South Portland-Biddeford, ME | 1 | $ 280,000 | $ 280,000 | $ 151,000 |
| Prescott, AZ | 1 | $ 175,000 | $ 175,000 | $ 80,000 |
| Raleigh-Cary, NC | 1 | $ 417,000 | $ 417,000 | $ 186,000 |
| Rochester, MN | 1 | $ 147,000 | $ 147,000 | $ 75,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 1 | $ 245,000 | $ 245,000 | $ 59,000 |
| Sandusky, OH | 1 | $ 45,000 | $ 45,000 | $ 24,000 |
| Savannah, GA | 1 | $ 333,000 | $ 333,000 | $ 113,000 |
| Spartanburg, SC | 1 | $ 147,000 | $ 147,000 | $ 38,000 |
| Spokane, WA | 1 | $ 333,000 | $ 333,000 | $ 160,000 |
| St. Cloud, MN | 1 | $ 103,000 | $ 103,000 | $ 104,000 |
| Virginia Beach-Norfolk-Newport News, VA-NC | 1 | $ 241,000 | $ 241,000 | $ 100,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 1 | $ 900,000 | $ 900,000 | $ 216,000 |
| Wilmington, DE-MD-NJ | 1 | $ 230,000 | $ 230,000 | $ 92,000 |
Mortgage Loan Application Detail Totals for Progressive Mortgage Company 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 | 1,433 | $305,007,000 | $212,000 | $1,523,000 | $98,000 | $945,000 |
| Home Purchase | 770 | $145,200,000 | $188,000 | $2,080,000 | $96,000 | $1,250,000 |
| Home Improvement | 1 | $357,000 | $357,000 | $357,000 | $76,000 | $76,000 |
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 | 1,684 | $356,717,000 | $211,000 | $2,080,000 | $102,000 | $1,250,000 |
| Black or African American | 186 | $26,748,000 | $143,000 | $1,140,000 | $82,000 | $945,000 |
| Hispanic | 126 | $23,946,000 | $190,000 | $630,000 | $63,000 | $170,000 |
| Not Provided | 110 | $20,010,000 | $181,000 | $648,000 | $92,000 | $525,000 |
| Asian | 88 | $21,284,000 | $241,000 | $482,000 | $100,000 | $391,000 |
| Native Hawaiian or Other Pacific Islander | 6 | $1,319,000 | $219,000 | $413,000 | $82,000 | $132,000 |
| American Indian or Alaskan Native | 4 | $540,000 | $135,000 | $230,000 | $90,000 | $116,000 |
| 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) | 2,181 | $446,570,000 | $204,000 | $2,080,000 | $98,000 | $1,250,000 |
| FHA-insured (Federal Housing Administration) | 19 | $3,568,000 | $187,000 | $376,000 | $76,000 | $161,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 4 | $426,000 | $106,000 | $155,000 | $41,000 | $70,000 |
| 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 | 972 | $196,043,000 | $201,000 | $1,000,000 | $97,000 | $541,000 |
| Application Denied By Financial Institution | 553 | $113,746,000 | $205,000 | $2,080,000 | $95,000 | $945,000 |
| File Closed For Incompleteness | 479 | $99,330,000 | $207,000 | $1,523,000 | $100,000 | $1,250,000 |
| Application Withdrawn By Applicant | 177 | $37,270,000 | $210,000 | $1,140,000 | $104,000 | $690,000 |
| Application Approved But Not Accepted | 23 | $4,175,000 | $181,000 | $417,000 | $87,000 | $216,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 154 | $34,563,000 | $224,000 | $2,080,000 | $70,000 | $576,000 |
| Credit History | 114 | $19,463,000 | $170,000 | $1,125,000 | $74,000 | $624,000 |
| Collateral | 92 | $20,047,000 | $217,000 | $1,000,000 | $126,000 | $610,000 |
| Other | 91 | $17,441,000 | $191,000 | $948,000 | $125,000 | $591,000 |
| Mortgage Insurance Denied | 35 | $6,299,000 | $179,000 | $455,000 | $68,000 | $170,000 |
| Unverifiable Information | 18 | $3,123,000 | $173,000 | $334,000 | $80,000 | $180,000 |
| Employment History | 18 | $4,467,000 | $248,000 | $696,000 | $125,000 | $492,000 |
| Credit Application Incomplete | 15 | $4,001,000 | $266,000 | $482,000 | $121,000 | $391,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 5 | $1,366,000 | $273,000 | $530,000 | $115,000 | $225,000 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Progressive Mortgage Company'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 Progressive Mortgage Company'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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