Service 1 Federal Credit Union Mortgage Lending & HMDA Data, 2008
In 2008, Service 1 Federal Credit Union of Muskegon, MI reported 55 mortgage applications totaling $2.4 million, up 83% from 2007. The average application was for $44,290, and applicants reported an average income of $69,236. 87% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Muskegon-Norton Shores, MI (50), Holland-Grand Haven, MI (2) and Mobile, AL (2) (applications in parentheses).
| Mortgage Company & Address | Service 1 Federal Credit Union 1075 E Sherman Blvd Muskegon, MI 49444 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 55 |
| Total Mortgage Loan Application Amount | $2,436,000 |
| Average Mortgage Loan Application Amount | $44,290 |
| Highest Mortgage Loan Application Amount | $130,000 |
| Average Applicant Income | $69,236 |
| Highest Applicant Income | $191,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Service 1 Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Muskegon, Michigan | 50 | $ 2,191,000 | $ 43,820 | $ 67,000 |
| Mobile, Alabama | 2 | $ 80,000 | $ 40,000 | $ 116,000 |
| Ottawa, Michigan | 2 | $ 140,000 | $ 70,000 | $ 96,000 |
| Oceana, Michigan | 1 | $ 25,000 | $ 25,000 | $ 47,000 |
Mortgage Loan Application Detail Totals for Service 1 Federal Credit Union 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 |
|---|---|---|---|---|---|---|
| Refinancing | 40 | $1,915,000 | $47,000 | $130,000 | $70,000 | $191,000 |
| Home Improvement | 13 | $375,000 | $28,000 | $71,000 | $66,000 | $98,000 |
| Home Purchase | 2 | $146,000 | $73,000 | $101,000 | $75,000 | $80,000 |
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 | 54 | $2,419,000 | $44,000 | $130,000 | $70,000 | $191,000 |
| Black or African American | 1 | $17,000 | $17,000 | $17,000 | $43,000 | $43,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $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 |
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) | 55 | $2,436,000 | $44,000 | $130,000 | $69,000 | $191,000 |
| 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 | 48 | $2,206,000 | $45,000 | $130,000 | $71,000 | $191,000 |
| Application Denied By Financial Institution | 5 | $163,000 | $32,000 | $45,000 | $65,000 | $110,000 |
| Application Withdrawn By Applicant | 1 | $17,000 | $17,000 | $17,000 | $43,000 | $43,000 |
| Application Approved But Not Accepted | 1 | $50,000 | $50,000 | $50,000 | $20,000 | $20,000 |
| 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 | 5 | $163,000 | $32,000 | $45,000 | $65,000 | $110,000 |
| 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 Service 1 Federal Credit Union'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 Service 1 Federal Credit Union'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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