Sterling Bank & Trust, FSB Mortgage Lending & HMDA Data, 2007
In 2007, Sterling Bank & Trust, FSB of Southfield, MI reported 509 mortgage applications totaling $201.2 million, up 33% from 2006. The average application was for $395,365, and applicants reported an average income of $147,477. 58% of its applications resulted in an originated loan and 7% were denied. Its largest markets were San Francisco-San Mateo-Redwood City, CA (317), Warren-Troy-Farmington Hills, MI (60) and Detroit-Livonia-Dearborn, MI (30) (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 | 509 |
| Total Mortgage Loan Application Amount | $201,241,000 |
| Average Mortgage Loan Application Amount | $395,365 |
| Highest Mortgage Loan Application Amount | $5,160,000 |
| Average Applicant Income | $147,477 |
| Highest Applicant Income | $3,021,000 |
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records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 317 | $ 151,256,000 | $ 477,148 | $ 157,000 |
| Warren-Troy-Farmington Hills, MI | 60 | $ 14,644,000 | $ 244,066 | $ 191,000 |
| Detroit-Livonia-Dearborn, MI | 30 | $ 2,751,000 | $ 91,700 | $ 69,000 |
| Oakland-Fremont-Hayward, CA | 11 | $ 3,625,000 | $ 329,545 | $ 118,000 |
| Flint, MI | 4 | $ 485,000 | $ 121,250 | $ 95,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 4 | $ 1,520,000 | $ 380,000 | $ 168,000 |
| Lafayette, IN | 2 | $ 193,000 | $ 96,500 | $ 82,000 |
| Las Vegas-Paradise, NV | 2 | $ 273,000 | $ 136,500 | $ 225,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 357,000 | $ 178,500 | $ 51,000 |
| Memphis, TN-MS-AR | 2 | $ 190,000 | $ 95,000 | $ 28,000 |
| Phoenix-Mesa-Scottsdale, AZ | 2 | $ 3,633,000 | $ 1,816,500 | $ 36,000 |
| Riverside-San Bernardino-Ontario, CA | 2 | $ 5,360,000 | $ 2,680,000 | $ 87,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 2 | $ 787,000 | $ 393,500 | $ 44,000 |
| Vallejo-Fairfield, CA | 2 | $ 948,000 | $ 474,000 | $ 173,000 |
| Asheville, NC | 1 | $ 315,000 | $ 315,000 | $ 150,000 |
| Atlanta-Sandy Springs-Marietta, GA | 1 | $ 147,000 | $ 147,000 | $ 73,000 |
| Chattanooga, TN-GA | 1 | $ 30,000 | $ 30,000 | $ 10,000 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 60,000 | $ 60,000 | $ 57,000 |
| Columbus, OH | 1 | $ 31,000 | $ 31,000 | $ 41,000 |
| Dayton, OH | 1 | $ 71,000 | $ 71,000 | $ 50,000 |
| Denver-Aurora, CO | 1 | $ 230,000 | $ 230,000 | $ 96,000 |
| Edison, NJ | 1 | $ 417,000 | $ 417,000 | $ 121,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 1 | $ 75,000 | $ 75,000 | $ 36,000 |
| Indianapolis-Carmel, IN | 1 | $ 88,000 | $ 88,000 | $ 67,000 |
| Kalamazoo-Portage, MI | 1 | $ 150,000 | $ 150,000 | $ 504,000 |
| Lansing-East Lansing, MI | 1 | $ 310,000 | $ 310,000 | $ 191,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 1 | $ 157,000 | $ 157,000 | $ 124,000 |
| Muncie, IN | 1 | $ 65,000 | $ 65,000 | $ 61,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 1 | $ 235,000 | $ 235,000 | $ 72,000 |
| New York-White Plains-Wayne, NY-NJ | 1 | $ 1,000,000 | $ 1,000,000 | $ 240,000 |
| San Luis Obispo-Paso Robles, CA | 1 | $ 267,000 | $ 267,000 | $ 0 |
| Tacoma, WA | 1 | $ 480,000 | $ 480,000 | $ 156,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 1 | $ 445,000 | $ 445,000 | $ 103,000 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 1 | $ 90,000 | $ 90,000 | $ 40,000 |
Mortgage Loan Application Detail Totals for Sterling Bank & Trust, FSB in 2007
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 | 364 | $154,410,000 | $424,000 | $5,160,000 | $139,000 | $3,021,000 |
| Refinancing | 137 | $40,781,000 | $297,000 | $1,885,000 | $174,000 | $1,800,000 |
| Home Improvement | 8 | $6,050,000 | $756,000 | $2,500,000 | $79,000 | $234,000 |
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 | 341 | $133,315,000 | $390,000 | $2,000,000 | $175,000 | $3,021,000 |
| Black or African American | 55 | $6,752,000 | $122,000 | $1,000,000 | $70,000 | $240,000 |
| Asian | 50 | $19,545,000 | $390,000 | $1,936,000 | $116,000 | $398,000 |
| Not Provided | 42 | $20,156,000 | $479,000 | $3,724,000 | $103,000 | $234,000 |
| Hispanic | 10 | $3,297,000 | $329,000 | $623,000 | $117,000 | $280,000 |
| Not applicable | 7 | $16,649,000 | $2,378,000 | $5,160,000 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 3 | $1,086,000 | $362,000 | $424,000 | $71,000 | $111,000 |
| American Indian or Alaskan Native | 1 | $441,000 | $441,000 | $441,000 | $123,000 | $123,000 |
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) | 507 | $201,093,000 | $396,000 | $5,160,000 | $148,000 | $3,021,000 |
| FHA-insured (Federal Housing Administration) | 2 | $148,000 | $74,000 | $82,000 | $48,000 | $62,000 |
| 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 | 295 | $133,818,000 | $453,000 | $5,160,000 | $151,000 | $3,021,000 |
| Application Approved But Not Accepted | 100 | $36,049,000 | $360,000 | $2,000,000 | $162,000 | $1,800,000 |
| Application Denied By Financial Institution | 38 | $11,056,000 | $290,000 | $1,284,000 | $87,000 | $559,000 |
| Preapproval Approved but not Accepted | 37 | $8,229,000 | $222,000 | $998,000 | $88,000 | $398,000 |
| Application Withdrawn By Applicant | 20 | $7,340,000 | $367,000 | $1,885,000 | $276,000 | $1,800,000 |
| File Closed For Incompleteness | 15 | $4,328,000 | $288,000 | $1,498,000 | $139,000 | $599,000 |
| Preapproval Denied by Financial Institution | 4 | $421,000 | $105,000 | $175,000 | $37,000 | $52,000 |
| 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 | 17 | $4,574,000 | $269,000 | $1,284,000 | $90,000 | $559,000 |
| Debt-To-Income Ratio | 15 | $5,292,000 | $352,000 | $1,020,000 | $79,000 | $299,000 |
| Collateral | 7 | $611,000 | $87,000 | $144,000 | $51,000 | $65,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $695,000 | $347,000 | $629,000 | $147,000 | $260,000 |
| Employment History | 1 | $305,000 | $305,000 | $305,000 | $104,000 | $104,000 |
| Credit Application Incomplete | 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 Sterling Bank & Trust, FSB's 2007 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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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