South Metro Federal Credit Uni Mortgage Lending & HMDA Data, 2023
In 2023, South Metro Federal Credit Uni of Prior Lake, MN reported 145 mortgage applications totaling $19.4 million, down 1% from 2022. The average application was for $133,827, and applicants reported an average income of $131,282. 52% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (78), Ann Arbor, MI (32) and Omaha-Council Bluffs, NE-IA (31) (applications in parentheses).
| Mortgage Company & Address | South Metro Federal Credit Uni 2573 Credit Union Drive Prior Lake, MN 55372 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 |
| Total Number of Mortgage Applications | 145 |
| Total Mortgage Loan Application Amount | $19,405,000 |
| Average Mortgage Loan Application Amount | $133,827 |
| Highest Mortgage Loan Application Amount | $625,000 |
| Average Applicant Income | $131,282 |
| Highest Applicant Income | $1,111,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records South Metro Federal Credit Uni filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 South Metro Federal Credit Uni in 2023
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 | 107 | $14,245,000 | $133,000 | $445,000 | $136,000 | $1,111,000 |
| Other Purpose | 20 | $2,250,000 | $112,000 | $625,000 | $131,000 | $395,000 |
| Cash-out Refinancing | 16 | $2,750,000 | $171,000 | $455,000 | $107,000 | $264,000 |
| Refinancing | 2 | $160,000 | $80,000 | $85,000 | $76,000 | $83,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 113 | $14,495,000 | $128,000 | $625,000 | $123,000 | $1,111,000 |
| Not Provided | 16 | $1,860,000 | $116,000 | $175,000 | $120,000 | $296,000 |
| Black or African American | 4 | $510,000 | $127,000 | $245,000 | $48,000 | $60,000 |
| American Indian or Alaskan Native | 3 | $1,045,000 | $348,000 | $405,000 | $541,000 | $779,000 |
| Asian | 3 | $245,000 | $81,000 | $125,000 | $75,000 | $154,000 |
| Hispanic | 2 | $200,000 | $100,000 | $105,000 | $50,000 | $51,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $365,000 | $365,000 | $365,000 | $672,000 | $672,000 |
| Not applicable | 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) | 145 | $19,405,000 | $133,000 | $625,000 | $131,000 | $1,111,000 |
| 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 | 75 | $8,585,000 | $114,000 | $455,000 | $139,000 | $1,111,000 |
| Preapproval Approved but not Accepted | 31 | $5,025,000 | $162,000 | $405,000 | $147,000 | $779,000 |
| Application Withdrawn By Applicant | 14 | $1,680,000 | $120,000 | $405,000 | $129,000 | $705,000 |
| Preapproval Denied by Financial Institution | 11 | $1,635,000 | $148,000 | $345,000 | $68,000 | $172,000 |
| Application Denied By Financial Institution | 9 | $1,015,000 | $112,000 | $455,000 | $65,000 | $136,000 |
| Application Approved But Not Accepted | 5 | $1,465,000 | $293,000 | $625,000 | $177,000 | $270,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The 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 | 125 | $16,755,000 | $134,000 | $625,000 | $141,000 | $1,111,000 |
| Debt-To-Income Ratio | 16 | $2,180,000 | $136,000 | $455,000 | $60,000 | $136,000 |
| Other | 1 | $75,000 | $75,000 | $75,000 | $83,000 | $83,000 |
| Unverifiable Information | 1 | $115,000 | $115,000 | $115,000 | $172,000 | $172,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $85,000 | $85,000 | $85,000 | $45,000 | $45,000 |
| Credit History | 1 | $195,000 | $195,000 | $195,000 | $75,000 | $75,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 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 South Metro Federal Credit Uni's 2023 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 South Metro Federal Credit Uni'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 Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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