Service 1 Federal Credit Union Mortgage Lending & HMDA Data, 2006
In 2006, Service 1 Federal Credit Union of Muskegon, MI reported 92 mortgage applications totaling $3.4 million, up 820% from 2005. The average application was for $37,391, and applicants reported an average income of $58,913. 87% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Muskegon-Norton Shores, MI (75), Holland-Grand Haven, MI (2) and Grand Rapids-Wyoming, MI (1) (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 | 92 |
| Total Mortgage Loan Application Amount | $3,440,000 |
| Average Mortgage Loan Application Amount | $37,391 |
| Highest Mortgage Loan Application Amount | $155,000 |
| Average Applicant Income | $58,913 |
| Highest Applicant Income | $168,000 |
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records Service 1 Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Service 1 Federal Credit Union in 2006
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 | 64 | $2,478,000 | $38,000 | $155,000 | $57,000 | $130,000 |
| Home Improvement | 24 | $587,000 | $24,000 | $90,000 | $62,000 | $168,000 |
| Home Purchase | 4 | $375,000 | $93,000 | $143,000 | $71,000 | $128,000 |
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 | 84 | $3,150,000 | $37,000 | $155,000 | $59,000 | $168,000 |
| Hispanic | 6 | $252,000 | $42,000 | $125,000 | $66,000 | $125,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $3,000 | $3,000 | $3,000 | $14,000 | $14,000 |
| Black or African American | 1 | $35,000 | $35,000 | $35,000 | $27,000 | $27,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 92 | $3,440,000 | $37,000 | $155,000 | $59,000 | $168,000 |
| 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 | 80 | $3,034,000 | $37,000 | $155,000 | $61,000 | $168,000 |
| Application Denied By Financial Institution | 9 | $281,000 | $31,000 | $125,000 | $42,000 | $68,000 |
| Application Withdrawn By Applicant | 2 | $110,000 | $55,000 | $82,000 | $49,000 | $65,000 |
| File Closed For Incompleteness | 1 | $15,000 | $15,000 | $15,000 | $94,000 | $94,000 |
| 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 | 3 | $195,000 | $65,000 | $125,000 | $45,000 | $68,000 |
| Collateral | 2 | $35,000 | $17,000 | $20,000 | $48,000 | $51,000 |
| Other | 2 | $34,000 | $17,000 | $19,000 | $55,000 | $60,000 |
| Unverifiable Information | 1 | $5,000 | $5,000 | $5,000 | $13,000 | $13,000 |
| Debt-To-Income Ratio | 1 | $12,000 | $12,000 | $12,000 | $24,000 | $24,000 |
| 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 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Service 1 Federal Credit Union's 2006 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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