Sallie Mae Home Loans Mortgage Lending & HMDA Data, 2004
In 2004, Sallie Mae Home Loans of Novi, MI reported 3,568 mortgage applications totaling $549.9 million, down 33% from 2003. The average application was for $154,108, and applicants reported an average income of $81,894. 97% of its applications resulted in an originated loan and 1% were denied. Its largest markets were Warren-Farmington Hills-Troy, MI (1,174), Detroit-Livonia-Dearborn, MI (806) and Phoenix-Mesa-Scottsdale, AZ (542) (applications in parentheses).
| Mortgage Company & Address | Sallie Mae Home Loans 28175 Cabot Dr Novi, MI 48377 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 3,568 |
| Total Mortgage Loan Application Amount | $549,858,000 |
| Average Mortgage Loan Application Amount | $154,108 |
| Highest Mortgage Loan Application Amount | $1,300,000 |
| Average Applicant Income | $81,894 |
| Highest Applicant Income | $3,396,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Sallie Mae Home Loans filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Warren-Farmington Hills-Troy, MI | 1,174 | $ 206,849,000 | $ 176,191 | $ 75,000 |
| Detroit-Livonia-Dearborn, MI | 806 | $ 119,001,000 | $ 147,643 | $ 76,000 |
| Phoenix-Mesa-Scottsdale, AZ | 542 | $ 71,115,000 | $ 131,208 | $ 73,000 |
| Ann Arbor, MI | 361 | $ 61,010,000 | $ 169,002 | $ 108,000 |
| Indianapolis, IN | 64 | $ 8,121,000 | $ 126,890 | $ 71,000 |
| Tucson, AZ | 51 | $ 6,984,000 | $ 136,941 | $ 89,000 |
| Flint, MI | 36 | $ 4,849,000 | $ 134,694 | $ 67,000 |
| Grand Rapids-Wyoming, MI | 31 | $ 4,640,000 | $ 149,677 | $ 85,000 |
| Lansing-East Lansing, MI | 29 | $ 2,822,000 | $ 97,310 | $ 58,000 |
| Jackson, MI | 27 | $ 3,141,000 | $ 116,333 | $ 57,000 |
| Kalamazoo-Portage, MI | 22 | $ 2,591,000 | $ 117,772 | $ 107,000 |
| Monroe, MI | 21 | $ 3,347,000 | $ 159,380 | $ 68,000 |
| Denver-Aurora, CO | 17 | $ 2,858,000 | $ 168,117 | $ 85,000 |
| Flagstaff, AZ | 16 | $ 2,574,000 | $ 160,875 | $ 88,000 |
| Prescott, AZ | 16 | $ 2,113,000 | $ 132,062 | $ 77,000 |
| St. Louis, MO-IL | 15 | $ 1,515,000 | $ 101,000 | $ 61,000 |
| Kansas City, MO-KS | 12 | $ 1,171,000 | $ 97,583 | $ 68,000 |
| Anderson, IN | 9 | $ 951,000 | $ 105,666 | $ 52,000 |
| Killeen-Temple-Fort Hood, TX | 9 | $ 661,000 | $ 73,444 | $ 64,000 |
| Chicago-Naperville-Joliet, IL | 8 | $ 1,885,000 | $ 235,625 | $ 99,000 |
| South Bend-Mishawaka, IN-MI | 8 | $ 898,000 | $ 112,250 | $ 77,000 |
| Houston-Baytown-Sugar Land, TX | 7 | $ 875,000 | $ 125,000 | $ 68,000 |
| Yuma, AZ | 7 | $ 917,000 | $ 131,000 | $ 53,000 |
| Fort Worth-Arlington, TX | 6 | $ 953,000 | $ 158,833 | $ 97,000 |
| Holland-Grand Haven, MI | 6 | $ 1,082,000 | $ 180,333 | $ 87,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 6 | $ 1,128,000 | $ 188,000 | $ 111,000 |
| Battle Creek, MI | 5 | $ 730,000 | $ 146,000 | $ 63,000 |
| Gary, IN | 5 | $ 491,000 | $ 98,200 | $ 65,000 |
| Bloomington, IN | 4 | $ 428,000 | $ 107,000 | $ 70,000 |
| Missoula, MT | 4 | $ 458,000 | $ 114,500 | $ 40,000 |
| Colorado Springs, CO | 3 | $ 311,000 | $ 103,666 | $ 45,000 |
| Dallas-Plano-Irving, TX | 3 | $ 365,000 | $ 121,666 | $ 110,000 |
| Lafayette, IN | 3 | $ 359,000 | $ 119,666 | $ 64,000 |
| Saginaw-Saginaw Township North, MI | 3 | $ 439,000 | $ 146,333 | $ 32,000 |
| San Antonio, TX | 3 | $ 411,000 | $ 137,000 | $ 56,000 |
| Atlanta-Sandy Springs-Marietta, GA | 2 | $ 257,000 | $ 128,500 | $ 130,000 |
| Dayton, OH | 2 | $ 381,000 | $ 190,500 | $ 70,000 |
| El Paso, TX | 2 | $ 475,000 | $ 237,500 | $ 612,000 |
| Fort Wayne, IN | 2 | $ 280,000 | $ 140,000 | $ 132,000 |
| Lubbock, TX | 2 | $ 353,000 | $ 176,500 | $ 88,000 |
| Milwaukee-Waukesha-West Allis, WI | 2 | $ 198,000 | $ 99,000 | $ 93,000 |
| Muskegon-Norton Shores, MI | 2 | $ 325,000 | $ 162,500 | $ 88,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 2 | $ 247,000 | $ 123,500 | $ 31,000 |
| Niles-Benton Harbor, MI | 2 | $ 121,000 | $ 60,500 | $ 29,000 |
| Oakland-Fremont-Hayward, CA | 2 | $ 380,000 | $ 190,000 | $ 81,000 |
| Portland-Vancouver-Beaverton, OR-WA | 2 | $ 267,000 | $ 133,500 | $ 45,000 |
| Springfield, MO | 2 | $ 104,000 | $ 52,000 | $ 42,000 |
| Toledo, OH | 2 | $ 663,000 | $ 331,500 | $ 37,000 |
| Amarillo, TX | 1 | $ 158,000 | $ 158,000 | $ 80,000 |
| Bakersfield, CA | 1 | $ 120,000 | $ 120,000 | $ 42,000 |
| Bay City, MI | 1 | $ 236,000 | $ 236,000 | $ 54,000 |
| Columbus, IN | 1 | $ 139,000 | $ 139,000 | $ 55,000 |
| Columbus, OH | 1 | $ 214,000 | $ 214,000 | $ 113,000 |
| Elkhart-Goshen, IN | 1 | $ 150,000 | $ 150,000 | $ 58,000 |
| Evansville, IN-KY | 1 | $ 106,000 | $ 106,000 | $ 27,000 |
| Fort Collins-Loveland, CO | 1 | $ 334,000 | $ 334,000 | $ 102,000 |
| Janesville, WI | 1 | $ 126,000 | $ 126,000 | $ 45,000 |
| Johnson City, TN | 1 | $ 250,000 | $ 250,000 | $ 146,000 |
| Joplin, MO | 1 | $ 103,000 | $ 103,000 | $ 28,000 |
| Los Angeles-Long Beach-Glendale, CA | 1 | $ 53,000 | $ 53,000 | $ 73,000 |
| Madison, WI | 1 | $ 162,000 | $ 162,000 | $ 41,000 |
| Michigan City-La Porte, IN | 1 | $ 71,000 | $ 71,000 | $ 43,000 |
| Midland, TX | 1 | $ 156,000 | $ 156,000 | $ 82,000 |
| Oklahoma City, OK | 1 | $ 272,000 | $ 272,000 | $ 222,000 |
| Seattle-Bellevue-Everett, WA | 1 | $ 51,000 | $ 51,000 | $ 100,000 |
| St. Joseph, MO-KS | 1 | $ 189,000 | $ 189,000 | $ 72,000 |
| Tacoma, WA | 1 | $ 280,000 | $ 280,000 | $ 66,000 |
| Terre Haute, IN | 1 | $ 143,000 | $ 143,000 | $ 85,000 |
| Topeka, KS | 1 | $ 74,000 | $ 74,000 | $ 37,000 |
| Tyler, TX | 1 | $ 100,000 | $ 100,000 | $ 157,000 |
Mortgage Loan Application Detail Totals for Sallie Mae Home Loans in 2004
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 | 2,356 | $324,549,000 | $161,000 | $726,000 | $213,291 | $3,396,000 |
| Refinancing | 1,212 | $225,309,000 | $191,230 | $1,300,000 | $100,769 | $1,183,000 |
| 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 | 2,783 | $426,791,000 | $176,666 | $1,300,000 | $222,875 | $3,396,000 |
| Not Provided | 371 | $60,835,000 | $150,214 | $650,000 | $72,142 | $686,000 |
| Black or African American | 236 | $36,548,000 | $116,000 | $650,000 | $62,000 | $187,000 |
| Asian | 100 | $14,377,000 | $125,000 | $358,000 | $69,666 | $257,000 |
| Hispanic | 62 | $8,278,000 | $108,600 | $349,000 | $64,000 | $827,000 |
| Native Hawaiian or Other Pacific Islander | 10 | $2,067,000 | $197,000 | $440,000 | $80,666 | $136,000 |
| American Indian or Alaskan Native | 4 | $622,000 | $184,000 | $282,000 | $91,000 | $135,000 |
| Not applicable | 2 | $340,000 | $170,000 | $200,000 | $79,000 | $83,000 |
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) | 3,522 | $543,230,000 | $173,520 | $1,300,000 | $213,680 | $3,396,000 |
| FHA-insured (Federal Housing Administration) | 28 | $3,688,000 | $122,333 | $206,000 | $69,333 | $161,000 |
| VA-guaranteed (Veterans Administration) | 18 | $2,940,000 | $147,000 | $255,000 | $62,500 | $107,000 |
| 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 | 3,466 | $536,473,000 | $183,217 | $1,300,000 | $229,695 | $3,396,000 |
| Application Withdrawn By Applicant | 65 | $8,367,000 | $118,400 | $334,000 | $52,200 | $160,000 |
| Application Denied By Financial Institution | 35 | $4,671,000 | $112,000 | $278,000 | $59,000 | $136,000 |
| Application Approved But Not Accepted | 2 | $347,000 | $173,500 | $320,000 | $98,500 | $137,000 |
| File Closed For Incompleteness | 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 |
|---|---|---|---|---|---|---|
| Collateral | 11 | $1,414,000 | $126,333 | $248,000 | $64,000 | $136,000 |
| Credit History | 7 | $957,000 | $147,000 | $272,000 | $68,500 | $132,000 |
| Debt-To-Income Ratio | 7 | $1,034,000 | $154,666 | $274,000 | $56,000 | $105,000 |
| Other | 4 | $761,000 | $162,000 | $278,000 | $44,500 | $68,000 |
| Employment History | 3 | $307,000 | $82,000 | $249,000 | $71,000 | $90,000 |
| Unverifiable Information | 1 | $158,000 | $158,000 | $158,000 | $46,000 | $46,000 |
| Credit Application Incomplete | 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 Sallie Mae Home Loans's 2004 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 Sallie Mae Home Loans'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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