Security Mortgage Corporation Mortgage Lending & HMDA Data, 2005
In 2005, Security Mortgage Corporation of Sioux Falls, SD reported 1,413 mortgage applications totaling $169.9 million. The average application was for $120,264, and applicants reported an average income of $56,187. 58% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Sioux Falls, SD (844), Rapid City, SD (55) and Minneapolis-St. Paul-Bloomington, MN-WI (5) (applications in parentheses).
| Mortgage Company & Address | Security Mortgage Corporation 5000 Pennbrook Avenue Sioux Falls, SD 57108 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 |
| Total Number of Mortgage Applications | 1,413 |
| Total Mortgage Loan Application Amount | $169,934,000 |
| Average Mortgage Loan Application Amount | $120,264 |
| Highest Mortgage Loan Application Amount | $932,000 |
| Average Applicant Income | $56,187 |
| Highest Applicant Income | $737,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Security Mortgage Corporation filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Security Mortgage Corporation 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 937 | $119,245,000 | $137,200 | $932,000 | $71,600 | $737,000 |
| Refinancing | 476 | $50,689,000 | $133,250 | $623,000 | $69,000 | $300,000 |
| 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 | 1,379 | $166,043,000 | $121,400 | $932,000 | $69,800 | $737,000 |
| Asian | 13 | $1,495,000 | $113,500 | $164,000 | $46,500 | $89,000 |
| Hispanic | 11 | $1,040,000 | $98,500 | $132,000 | $51,500 | $173,000 |
| American Indian or Alaskan Native | 5 | $383,000 | $76,000 | $109,000 | $49,000 | $86,000 |
| Black or African American | 4 | $545,000 | $136,000 | $230,000 | $42,000 | $57,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $428,000 | $428,000 | $428,000 | $196,000 | $196,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 1,266 | $153,028,000 | $127,400 | $932,000 | $72,800 | $737,000 |
| FHA-insured (Federal Housing Administration) | 81 | $9,030,000 | $109,500 | $175,000 | $45,000 | $152,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 34 | $3,479,000 | $99,500 | $175,000 | $39,500 | $57,000 |
| VA-guaranteed (Veterans Administration) | 32 | $4,397,000 | $137,500 | $245,000 | $46,500 | $113,000 |
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 |
|---|---|---|---|---|---|---|
| Loan Originated | 824 | $96,575,000 | $116,500 | $932,000 | $81,250 | $428,000 |
| Preapproval Approved but not Accepted | 292 | $38,694,000 | $132,000 | $556,000 | $47,000 | $737,000 |
| Application Approved But Not Accepted | 150 | $19,850,000 | $158,000 | $623,000 | $65,500 | $196,000 |
| Preapproval Denied by Financial Institution | 72 | $7,045,000 | $97,000 | $200,000 | $43,000 | $96,000 |
| Application Denied By Financial Institution | 47 | $4,310,000 | $94,500 | $234,000 | $34,500 | $192,000 |
| File Closed For Incompleteness | 11 | $1,347,000 | $109,500 | $525,000 | $52,500 | $144,000 |
| Application Withdrawn By Applicant | 9 | $1,195,000 | $141,500 | $274,000 | $47,000 | $82,000 |
| Loan Purchased By The Institution | 8 | $918,000 | $114,000 | $156,000 | $51,000 | $88,000 |
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 | 1 | $234,000 | $234,000 | $234,000 | $90,000 | $90,000 |
| Debt-To-Income Ratio | 1 | $100,000 | $100,000 | $100,000 | $28,000 | $28,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Security Mortgage Corporation'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 Security Mortgage Corporation'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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