Sterling Bank & Trust, FSB Mortgage Lending & HMDA Data, 2006
In 2006, Sterling Bank & Trust, FSB of Southfield, MI reported 382 mortgage applications totaling $113.3 million, up 34% from 2005. The average application was for $296,719, and applicants reported an average income of $153,065. 41% of its applications resulted in an originated loan and 9% were denied. Its largest markets were San Francisco-San Mateo-Redwood City, CA (85), Warren-Troy-Farmington Hills, MI (84) and Detroit-Livonia-Dearborn, MI (53) (applications in parentheses).
| Mortgage Company & Address | Sterling Bank & Trust, FSB One Towne Square, 17th Floor Southfield, MI 48076 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 382 |
| Total Mortgage Loan Application Amount | $113,347,000 |
| Average Mortgage Loan Application Amount | $296,719 |
| Highest Mortgage Loan Application Amount | $2,730,000 |
| Average Applicant Income | $153,065 |
| Highest Applicant Income | $2,400,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| San Francisco-San Mateo-Redwood City, CA | 85 | $ 49,662,000 | $ 584,258 | $ 178,000 |
| Warren-Troy-Farmington Hills, MI | 84 | $ 15,224,000 | $ 181,238 | $ 230,000 |
| Detroit-Livonia-Dearborn, MI | 53 | $ 4,754,000 | $ 89,698 | $ 56,000 |
| Oakland-Fremont-Hayward, CA | 32 | $ 8,837,000 | $ 276,156 | $ 131,000 |
| Flint, MI | 10 | $ 1,459,000 | $ 145,900 | $ 74,000 |
| Saginaw-Saginaw Township North, MI | 6 | $ 513,000 | $ 85,500 | $ 36,000 |
| Gulfport-Biloxi, MS | 5 | $ 750,000 | $ 150,000 | $ 220,000 |
| Salinas, CA | 4 | $ 1,817,000 | $ 454,250 | $ 190,000 |
| Newark-Union, NJ-PA | 3 | $ 600,000 | $ 200,000 | $ 87,000 |
| Chico, CA | 2 | $ 678,000 | $ 339,000 | $ 0 |
| Edison, NJ | 2 | $ 476,000 | $ 238,000 | $ 96,000 |
| Portland-Vancouver-Beaverton, OR-WA | 2 | $ 452,000 | $ 226,000 | $ 183,000 |
| Racine, WI | 2 | $ 215,000 | $ 107,500 | $ 54,000 |
| Redding, CA | 2 | $ 2,070,000 | $ 1,035,000 | $ 0 |
| Santa Rosa-Petaluma, CA | 2 | $ 1,943,000 | $ 971,500 | $ 341,000 |
| Spokane, WA | 2 | $ 100,000 | $ 50,000 | $ 88,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 2 | $ 453,000 | $ 226,500 | $ 199,000 |
| Ann Arbor, MI | 1 | $ 157,000 | $ 157,000 | $ 46,000 |
| Bakersfield, CA | 1 | $ 1,715,000 | $ 1,715,000 | $ 0 |
| Barnstable Town, MA | 1 | $ 400,000 | $ 400,000 | $ 120,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 80,000 | $ 80,000 | $ 0 |
| Fort Walton Beach-Crestview-Destin, FL | 1 | $ 690,000 | $ 690,000 | $ 492,000 |
| Fresno, CA | 1 | $ 2,285,000 | $ 2,285,000 | $ 0 |
| Houston-Sugar Land-Baytown, TX | 1 | $ 50,000 | $ 50,000 | $ 36,000 |
| Jackson, MI | 1 | $ 52,000 | $ 52,000 | $ 42,000 |
| Lake County-Kenosha County, IL-WI | 1 | $ 77,000 | $ 77,000 | $ 74,000 |
| Lansing-East Lansing, MI | 1 | $ 120,000 | $ 120,000 | $ 45,000 |
| Las Cruces, NM | 1 | $ 68,000 | $ 68,000 | $ 57,000 |
| Las Vegas-Paradise, NV | 1 | $ 70,000 | $ 70,000 | $ 0 |
| Miami-Miami Beach-Kendall, FL | 1 | $ 225,000 | $ 225,000 | $ 0 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 1 | $ 100,000 | $ 100,000 | $ 178,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 1 | $ 137,000 | $ 137,000 | $ 228,000 |
| Naples-Marco Island, FL | 1 | $ 240,000 | $ 240,000 | $ 600,000 |
| Nashville-Davidson--Murfreesboro, TN | 1 | $ 99,000 | $ 99,000 | $ 180,000 |
| Phoenix-Mesa-Scottsdale, AZ | 1 | $ 160,000 | $ 160,000 | $ 70,000 |
| Rockford, IL | 1 | $ 150,000 | $ 150,000 | $ 103,000 |
| Santa Cruz-Watsonville, CA | 1 | $ 530,000 | $ 530,000 | $ 90,000 |
| Tucson, AZ | 1 | $ 245,000 | $ 245,000 | $ 64,000 |
Mortgage Loan Application Detail Totals for Sterling Bank & Trust, FSB 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 222 | $67,978,000 | $306,000 | $2,730,000 | $114,000 | $1,123,000 |
| Refinancing | 149 | $41,139,000 | $276,000 | $2,285,000 | $216,000 | $2,400,000 |
| Home Improvement | 11 | $4,230,000 | $384,000 | $1,715,000 | $89,000 | $279,000 |
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 | 266 | $79,852,000 | $300,000 | $2,730,000 | $181,000 | $2,400,000 |
| Black or African American | 67 | $7,475,000 | $111,000 | $940,000 | $56,000 | $304,000 |
| Asian | 20 | $8,491,000 | $424,000 | $1,400,000 | $145,000 | $1,123,000 |
| Not Provided | 19 | $14,796,000 | $778,000 | $2,285,000 | $131,000 | $600,000 |
| Hispanic | 8 | $1,670,000 | $208,000 | $320,000 | $85,000 | $120,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $1,063,000 | $531,000 | $839,000 | $259,000 | $380,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 370 | $110,677,000 | $299,000 | $2,730,000 | $157,000 | $2,400,000 |
| FHA-insured (Federal Housing Administration) | 12 | $2,670,000 | $222,000 | $1,400,000 | $38,000 | $77,000 |
| 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 | 155 | $54,174,000 | $349,000 | $2,730,000 | $147,000 | $2,400,000 |
| Application Withdrawn By Applicant | 83 | $27,204,000 | $327,000 | $1,500,000 | $192,000 | $2,400,000 |
| Application Approved But Not Accepted | 75 | $17,590,000 | $234,000 | $2,247,000 | $176,000 | $2,400,000 |
| Application Denied By Financial Institution | 34 | $7,041,000 | $207,000 | $750,000 | $131,000 | $2,400,000 |
| File Closed For Incompleteness | 15 | $4,422,000 | $294,000 | $938,000 | $82,000 | $492,000 |
| Preapproval Approved but not Accepted | 10 | $1,229,000 | $122,000 | $203,000 | $65,000 | $108,000 |
| Preapproval Denied by Financial Institution | 10 | $1,687,000 | $168,000 | $560,000 | $38,000 | $142,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 19 | $3,302,000 | $173,000 | $480,000 | $47,000 | $158,000 |
| Collateral | 12 | $2,224,000 | $185,000 | $750,000 | $261,000 | $2,400,000 |
| Debt-To-Income Ratio | 7 | $1,739,000 | $248,000 | $600,000 | $51,000 | $140,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $793,000 | $264,000 | $525,000 | $79,000 | $129,000 |
| Other | 2 | $110,000 | $55,000 | $85,000 | $27,000 | $55,000 |
| Unverifiable Information | 1 | $560,000 | $560,000 | $560,000 | $142,000 | $142,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Sterling Bank & Trust, FSB'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 Sterling Bank & Trust, FSB'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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