Rural American Bank - Foley Mortgage Lending & HMDA Data, 2005
In 2005, Rural American Bank - Foley of Foley, MN reported 42 mortgage applications totaling $3.7 million, up 8% from 2004. The average application was for $88,571, and applicants reported an average income of $65,666. 74% of its applications resulted in an originated loan and 14% were denied. Its largest markets were St. Cloud, MN (32) and Minneapolis-St. Paul-Bloomington, MN-WI (2).
| Mortgage Company & Address | Rural American Bank - Foley 341 Fourth Avenue Foley, MN 56329 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 42 |
| Total Mortgage Loan Application Amount | $3,720,000 |
| Average Mortgage Loan Application Amount | $88,571 |
| Highest Mortgage Loan Application Amount | $450,000 |
| Average Applicant Income | $65,666 |
| Highest Applicant Income | $308,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Rural American Bank - Foley filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Rural American Bank - Foley in 2005
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 | 18 | $2,299,000 | $127,000 | $450,000 | $79,000 | $308,000 |
| Home Purchase | 16 | $1,286,000 | $80,000 | $219,000 | $53,000 | $185,000 |
| Home Improvement | 8 | $135,000 | $16,000 | $94,000 | $61,000 | $137,000 |
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 | 41 | $3,561,000 | $86,000 | $450,000 | $69,000 | $308,000 |
| Not applicable | 1 | $159,000 | $159,000 | $159,000 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 42 | $3,720,000 | $88,000 | $450,000 | $65,000 | $308,000 |
| 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 | 31 | $2,539,000 | $81,000 | $440,000 | $64,000 | $185,000 |
| Application Denied By Financial Institution | 6 | $578,000 | $96,000 | $176,000 | $40,000 | $66,000 |
| Application Withdrawn By Applicant | 4 | $543,000 | $135,000 | $450,000 | $135,000 | $308,000 |
| File Closed For Incompleteness | 1 | $60,000 | $60,000 | $60,000 | $20,000 | $20,000 |
| Application Approved But Not Accepted | 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 |
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 |
|---|---|---|---|---|---|---|
| Credit History | 2 | $62,000 | $31,000 | $55,000 | $29,000 | $35,000 |
| Debt-To-Income Ratio | 1 | $155,000 | $155,000 | $155,000 | $66,000 | $66,000 |
| Collateral | 1 | $176,000 | $176,000 | $176,000 | $51,000 | $51,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $110,000 | $110,000 | $110,000 | $25,000 | $25,000 |
| Other | 1 | $75,000 | $75,000 | $75,000 | $41,000 | $41,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Rural American Bank - Foley's 2005 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 Rural American Bank - Foley'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 Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
Mortgage lenders & HMDA data by state: Alabama · Alaska · Arizona · Arkansas · California · Colorado · Connecticut · Delaware · District of Columbia · Florida · Georgia · Hawaii · Idaho · Illinois · Indiana · Iowa · Kansas · Kentucky · Louisiana · Maine · Maryland · Massachusetts · Michigan · Minnesota · Mississippi · Missouri · Montana · Nebraska · Nevada · New Hampshire · New Jersey · New Mexico · New York · North Carolina · North Dakota · Ohio · Oklahoma · Oregon · Pennsylvania · Puerto Rico · Rhode Island · South Carolina · South Dakota · Tennessee · Texas · Utah · Vermont · Virginia · Washington · West Virginia · Wisconsin · Wyoming
Home · Mortgage lenders A–Z · Data downloads · Blog · About