Residential Mortgage Group, in Mortgage Lending & HMDA Data, 2007
In 2007, Residential Mortgage Group, in of Minnetonka, MN reported 618 mortgage applications totaling $144.8 million, down 7% from 2006. The average application was for $234,372, and applicants reported an average income of $87,642. 85% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (540), St. Cloud, MN (3) and Duluth, MN-WI (2) (applications in parentheses).
| Mortgage Company & Address | Residential Mortgage Group, in 11100 Wayzata Blvd, Suite 570 Minnetonka, MN 55305 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 618 |
| Total Mortgage Loan Application Amount | $144,842,000 |
| Average Mortgage Loan Application Amount | $234,372 |
| Highest Mortgage Loan Application Amount | $1,650,000 |
| Average Applicant Income | $87,642 |
| Highest Applicant Income | $863,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Residential Mortgage Group, in filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 255 | $ 68,174,000 | $ 267,349 | $ 99,000 |
| Ramsey, Minnesota | 73 | $ 16,809,000 | $ 230,260 | $ 89,000 |
| Anoka, Minnesota | 55 | $ 10,673,000 | $ 194,054 | $ 69,000 |
| Dakota, Minnesota | 48 | $ 10,749,000 | $ 223,937 | $ 71,000 |
| Washington, Minnesota | 26 | $ 5,484,000 | $ 210,923 | $ 79,000 |
| Wright, Minnesota | 21 | $ 4,293,000 | $ 204,428 | $ 78,000 |
| Scott, Minnesota | 19 | $ 4,056,000 | $ 213,473 | $ 72,000 |
| Carver, Minnesota | 18 | $ 4,461,000 | $ 247,833 | $ 83,000 |
| Goodhue, Minnesota | 18 | $ 2,611,000 | $ 145,055 | $ 57,000 |
| Isanti, Minnesota | 8 | $ 1,744,000 | $ 218,000 | $ 68,000 |
| Sherburne, Minnesota | 8 | $ 1,543,000 | $ 192,875 | $ 74,000 |
| Chisago, Minnesota | 7 | $ 1,786,000 | $ 255,142 | $ 86,000 |
| McLeod, Minnesota | 3 | $ 364,000 | $ 121,333 | $ 47,000 |
| Aitkin, Minnesota | 2 | $ 577,000 | $ 288,500 | $ 159,000 |
| St. Louis, Minnesota | 2 | $ 208,000 | $ 104,000 | $ 56,000 |
| Stearns, Minnesota | 2 | $ 345,000 | $ 172,500 | $ 47,000 |
| Polk, Wisconsin | 2 | $ 696,000 | $ 348,000 | $ 341,000 |
| St. Croix, Wisconsin | 2 | $ 207,000 | $ 103,500 | $ 71,000 |
| Broward, Florida | 1 | $ 298,000 | $ 298,000 | $ 75,000 |
| Collier, Florida | 1 | $ 340,000 | $ 340,000 | $ 140,000 |
| Beltrami, Minnesota | 1 | $ 104,000 | $ 104,000 | $ 137,000 |
| Benton, Minnesota | 1 | $ 141,000 | $ 141,000 | $ 48,000 |
| Blue Earth, Minnesota | 1 | $ 146,000 | $ 146,000 | $ 30,000 |
| Crow Wing, Minnesota | 1 | $ 676,000 | $ 676,000 | $ 863,000 |
| Hubbard, Minnesota | 1 | $ 201,000 | $ 201,000 | $ 0 |
| Itasca, Minnesota | 1 | $ 127,000 | $ 127,000 | $ 0 |
| Le Sueur, Minnesota | 1 | $ 219,000 | $ 219,000 | $ 0 |
| Mille Lacs, Minnesota | 1 | $ 177,000 | $ 177,000 | $ 46,000 |
| Morrison, Minnesota | 1 | $ 239,000 | $ 239,000 | $ 108,000 |
| Rice, Minnesota | 1 | $ 140,000 | $ 140,000 | $ 75,000 |
| Steele, Minnesota | 1 | $ 158,000 | $ 158,000 | $ 127,000 |
| Bayfield, Wisconsin | 1 | $ 324,000 | $ 324,000 | $ 192,000 |
| Burnett, Wisconsin | 1 | $ 165,000 | $ 165,000 | $ 34,000 |
| Dane, Wisconsin | 1 | $ 230,000 | $ 230,000 | $ 160,000 |
| Sawyer, Wisconsin | 1 | $ 180,000 | $ 180,000 | $ 374,000 |
Mortgage Loan Application Detail Totals for Residential Mortgage Group, in in 2007
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 415 | $94,941,000 | $228,000 | $1,280,000 | $86,000 | $863,000 |
| Refinancing | 203 | $49,901,000 | $245,000 | $1,650,000 | $91,000 | $482,000 |
| Home Improvement | 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 | 586 | $137,839,000 | $235,000 | $1,650,000 | $88,000 | $863,000 |
| Asian | 13 | $3,091,000 | $237,000 | $798,000 | $92,000 | $440,000 |
| Black or African American | 12 | $2,096,000 | $174,000 | $390,000 | $54,000 | $117,000 |
| Hispanic | 2 | $355,000 | $177,000 | $187,000 | $53,000 | $62,000 |
| American Indian or Alaskan Native | 2 | $636,000 | $318,000 | $416,000 | $217,000 | $300,000 |
| Not Provided | 2 | $415,000 | $207,000 | $230,000 | $64,000 | $85,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $410,000 | $410,000 | $410,000 | $250,000 | $250,000 |
| 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) | 610 | $143,228,000 | $234,000 | $1,650,000 | $88,000 | $863,000 |
| FHA-insured (Federal Housing Administration) | 7 | $1,397,000 | $199,000 | $262,000 | $81,000 | $200,000 |
| VA-guaranteed (Veterans Administration) | 1 | $217,000 | $217,000 | $217,000 | $49,000 | $49,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 525 | $125,669,000 | $239,000 | $1,650,000 | $91,000 | $863,000 |
| Application Withdrawn By Applicant | 52 | $11,106,000 | $213,000 | $504,000 | $78,000 | $432,000 |
| Preapproval Approved but not Accepted | 30 | $5,895,000 | $196,000 | $405,000 | $62,000 | $120,000 |
| Application Denied By Financial Institution | 10 | $2,028,000 | $202,000 | $356,000 | $41,000 | $84,000 |
| Preapproval Denied by Financial Institution | 1 | $144,000 | $144,000 | $144,000 | $41,000 | $41,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 | 3 | $619,000 | $206,000 | $272,000 | $53,000 | $84,000 |
| Debt-To-Income Ratio | 2 | $531,000 | $265,000 | $337,000 | $68,000 | $80,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $81,000 | $81,000 | $81,000 | $25,000 | $25,000 |
| Other | 1 | $241,000 | $241,000 | $241,000 | $0 | $0 |
| Unverifiable Information | 1 | $356,000 | $356,000 | $356,000 | $0 | $0 |
| Credit History | 1 | $140,000 | $140,000 | $140,000 | $56,000 | $56,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Residential Mortgage Group, in's 2007 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 Residential Mortgage Group, in'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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