Smw Financial Credit Union Mortgage Lending & HMDA Data, 2018
In 2018, Smw Financial Credit Union of Lino Lakes, MN reported 50 mortgage applications totaling $2.3 million, up 11% from 2017. The average application was for $46,600, and applicants reported an average income of $112,420. 84% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (44) and St. Cloud, MN (1).
| Mortgage Company & Address | Smw Financial Credit Union 700 Apollo Drive Lino Lakes, MN 55014 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2019 2018 2017 |
| Total Number of Mortgage Applications | 50 |
| Total Mortgage Loan Application Amount | $2,330,000 |
| Average Mortgage Loan Application Amount | $46,600 |
| Highest Mortgage Loan Application Amount | $165,000 |
| Average Applicant Income | $112,420 |
| Highest Applicant Income | $483,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Smw Financial Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Smw Financial Credit Union in 2018
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 |
|---|---|---|---|---|---|---|
| Other Purpose | 19 | $795,000 | $41,000 | $95,000 | $114,000 | $316,000 |
| Home Improvement | 18 | $550,000 | $30,000 | $85,000 | $106,000 | $247,000 |
| Cash-out Refinancing | 9 | $675,000 | $75,000 | $155,000 | $138,000 | $483,000 |
| Refinancing | 3 | $285,000 | $95,000 | $165,000 | $74,000 | $133,000 |
| Home Purchase | 1 | $25,000 | $25,000 | $25,000 | $83,000 | $83,000 |
| Not Applicable | 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 | 49 | $2,315,000 | $47,000 | $165,000 | $113,000 | $483,000 |
| Hispanic | 1 | $15,000 | $15,000 | $15,000 | $46,000 | $46,000 |
| 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 |
| Black or African American | 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) | 50 | $2,330,000 | $46,000 | $165,000 | $112,000 | $483,000 |
| 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 | 42 | $2,010,000 | $47,000 | $165,000 | $117,000 | $483,000 |
| Application Denied By Financial Institution | 5 | $225,000 | $45,000 | $85,000 | $82,000 | $165,000 |
| Application Withdrawn By Applicant | 3 | $95,000 | $31,000 | $35,000 | $74,000 | $119,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Not applicable | 45 | $2,105,000 | $46,000 | $165,000 | $114,000 | $483,000 |
| Other | 2 | $120,000 | $60,000 | $85,000 | $114,000 | $165,000 |
| Credit History | 2 | $90,000 | $45,000 | $55,000 | $56,000 | $56,000 |
| Employment History | 1 | $15,000 | $15,000 | $15,000 | $46,000 | $46,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 Smw Financial Credit Union's 2018 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 Smw Financial 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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