Rivertrust Mortgage Mortgage Lending & HMDA Data, 2008
In 2008, Rivertrust Mortgage of Muskegon, MI reported 490 mortgage applications totaling $25.9 million, down 31% from 2007. The average application was for $52,924, and applicants reported an average income of $29,310. 0% of its applications resulted in an originated loan and 42% were denied. Its largest markets were Muskegon-Norton Shores, MI (125), Grand Rapids-Wyoming, MI (34) and Holland-Grand Haven, MI (21) (applications in parentheses).
| Mortgage Company & Address | Rivertrust Mortgage 6207 Harvey Street, Suite B Muskegon, MI 49444 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 |
| Total Number of Mortgage Applications | 490 |
| Total Mortgage Loan Application Amount | $25,933,000 |
| Average Mortgage Loan Application Amount | $52,924 |
| Highest Mortgage Loan Application Amount | $500,000 |
| Average Applicant Income | $29,310 |
| Highest Applicant Income | $1,500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Rivertrust Mortgage filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Muskegon-Norton Shores, MI | 125 | $ 10,337,000 | $ 82,696 | $ 49,000 |
| Grand Rapids-Wyoming, MI | 34 | $ 3,653,000 | $ 107,441 | $ 55,000 |
| Holland-Grand Haven, MI | 21 | $ 2,911,000 | $ 138,619 | $ 67,000 |
| Niles-Benton Harbor, MI | 1 | $ 94,000 | $ 94,000 | $ 30,000 |
| Saginaw-Saginaw Township North, MI | 1 | $ 1,000 | $ 1,000 | $ 154,000 |
Mortgage Loan Application Detail Totals for Rivertrust Mortgage 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 424 | $19,634,000 | $46,000 | $417,000 | $25,000 | $665,000 |
| Refinancing | 66 | $6,299,000 | $95,000 | $500,000 | $57,000 | $1,500,000 |
| 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 |
|---|---|---|---|---|---|---|
| Not Provided | 260 | $6,726,000 | $25,000 | $246,000 | $10,000 | $154,000 |
| White | 187 | $15,654,000 | $83,000 | $500,000 | $54,000 | $1,500,000 |
| Hispanic | 22 | $2,193,000 | $99,000 | $164,000 | $33,000 | $82,000 |
| Black or African American | 21 | $1,360,000 | $64,000 | $149,000 | $35,000 | $82,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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 |
|---|---|---|---|---|---|---|
| FHA-insured (Federal Housing Administration) | 290 | $13,621,000 | $46,000 | $274,000 | $21,000 | $154,000 |
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 169 | $10,136,000 | $59,000 | $500,000 | $43,000 | $1,500,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 21 | $1,415,000 | $67,000 | $176,000 | $26,000 | $57,000 |
| VA-guaranteed (Veterans Administration) | 10 | $761,000 | $76,000 | $128,000 | $30,000 | $54,000 |
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 |
|---|---|---|---|---|---|---|
| Application Withdrawn By Applicant | 275 | $17,403,000 | $63,000 | $500,000 | $37,000 | $1,500,000 |
| Application Denied By Financial Institution | 206 | $8,432,000 | $40,000 | $368,000 | $19,000 | $221,000 |
| File Closed For Incompleteness | 9 | $98,000 | $10,000 | $90,000 | $25,000 | $154,000 |
| Loan Originated | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
| Application Approved But Not Accepted | 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 | 1 | $79,000 | $79,000 | $79,000 | $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 Rivertrust Mortgage'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 Rivertrust Mortgage'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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