Sterling Bank & Trust, FSB Mortgage Lending & HMDA Data, 2008
In 2008, Sterling Bank & Trust, FSB of Southfield, MI reported 358 mortgage applications totaling $153.8 million, down 30% from 2007. The average application was for $429,675, and applicants reported an average income of $148,178. 48% of its applications resulted in an originated loan and 10% were denied. Its largest markets were San Francisco-San Mateo-Redwood City, CA (258), Warren-Troy-Farmington Hills, MI (31) and Detroit-Livonia-Dearborn, MI (17) (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 | 358 |
| Total Mortgage Loan Application Amount | $153,824,000 |
| Average Mortgage Loan Application Amount | $429,675 |
| Highest Mortgage Loan Application Amount | $2,670,000 |
| Average Applicant Income | $148,178 |
| Highest Applicant Income | $885,000 |
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records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 258 | $ 126,220,000 | $ 489,224 | $ 159,000 |
| Warren-Troy-Farmington Hills, MI | 31 | $ 6,249,000 | $ 201,580 | $ 100,000 |
| Detroit-Livonia-Dearborn, MI | 17 | $ 1,674,000 | $ 98,470 | $ 79,000 |
| Oakland-Fremont-Hayward, CA | 8 | $ 2,902,000 | $ 362,750 | $ 116,000 |
| Santa Rosa-Petaluma, CA | 4 | $ 1,358,000 | $ 339,500 | $ 364,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 2,872,000 | $ 1,436,000 | $ 20,000 |
| Sacramento--Arden-Arcade--Roseville, CA | 2 | $ 732,000 | $ 366,000 | $ 405,000 |
| San Jose-Sunnyvale-Santa Clara, CA | 2 | $ 668,000 | $ 334,000 | $ 88,000 |
| Santa Cruz-Watsonville, CA | 2 | $ 815,000 | $ 407,500 | $ 101,000 |
| Vallejo-Fairfield, CA | 2 | $ 643,000 | $ 321,500 | $ 87,000 |
| Ann Arbor, MI | 1 | $ 60,000 | $ 60,000 | $ 36,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 259,000 | $ 259,000 | $ 166,000 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 51,000 | $ 51,000 | $ 60,000 |
| Flint, MI | 1 | $ 84,000 | $ 84,000 | $ 31,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 1 | $ 64,000 | $ 64,000 | $ 40,000 |
| Fresno, CA | 1 | $ 336,000 | $ 336,000 | $ 215,000 |
| Kalamazoo-Portage, MI | 1 | $ 117,000 | $ 117,000 | $ 136,000 |
| Memphis, TN-MS-AR | 1 | $ 53,000 | $ 53,000 | $ 29,000 |
| Merced, CA | 1 | $ 188,000 | $ 188,000 | $ 90,000 |
| Myrtle Beach-North Myrtle Beach-Conway, SC | 1 | $ 137,000 | $ 137,000 | $ 213,000 |
| Napa, CA | 1 | $ 372,000 | $ 372,000 | $ 101,000 |
| Riverside-San Bernardino-Ontario, CA | 1 | $ 150,000 | $ 150,000 | $ 50,000 |
Mortgage Loan Application Detail Totals for Sterling Bank & Trust, FSB in 2008
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 | $110,649,000 | $498,000 | $2,670,000 | $162,000 | $885,000 |
| Refinancing | 132 | $39,757,000 | $301,000 | $1,300,000 | $124,000 | $811,000 |
| Home Improvement | 4 | $3,418,000 | $854,000 | $1,987,000 | $179,000 | $441,000 |
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 | 181 | $75,277,000 | $415,000 | $2,483,000 | $154,000 | $811,000 |
| Not Provided | 115 | $52,433,000 | $455,000 | $1,508,000 | $163,000 | $885,000 |
| Asian | 28 | $12,552,000 | $448,000 | $773,000 | $140,000 | $322,000 |
| Black or African American | 20 | $2,338,000 | $116,000 | $431,000 | $82,000 | $300,000 |
| Hispanic | 6 | $1,841,000 | $306,000 | $400,000 | $100,000 | $138,000 |
| Not applicable | 6 | $8,941,000 | $1,490,000 | $2,670,000 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 2 | $442,000 | $221,000 | $342,000 | $101,000 | $122,000 |
| 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) | 347 | $150,473,000 | $433,000 | $2,670,000 | $149,000 | $885,000 |
| FHA-insured (Federal Housing Administration) | 11 | $3,351,000 | $304,000 | $784,000 | $107,000 | $207,000 |
| 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 | 172 | $81,931,000 | $476,000 | $2,670,000 | $146,000 | $811,000 |
| Application Approved But Not Accepted | 70 | $27,587,000 | $394,000 | $1,000,000 | $172,000 | $787,000 |
| File Closed For Incompleteness | 51 | $19,625,000 | $384,000 | $1,088,000 | $151,000 | $885,000 |
| Application Denied By Financial Institution | 37 | $12,775,000 | $345,000 | $1,088,000 | $128,000 | $445,000 |
| Application Withdrawn By Applicant | 14 | $6,236,000 | $445,000 | $1,300,000 | $115,000 | $248,000 |
| Preapproval Approved but not Accepted | 14 | $5,670,000 | $405,000 | $760,000 | $126,000 | $262,000 |
| Preapproval Denied by Financial Institution | 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 15 | $6,803,000 | $453,000 | $1,088,000 | $92,000 | $212,000 |
| Collateral | 11 | $1,906,000 | $173,000 | $629,000 | $117,000 | $300,000 |
| Other | 4 | $2,103,000 | $525,000 | $690,000 | $298,000 | $445,000 |
| Credit History | 4 | $972,000 | $243,000 | $545,000 | $98,000 | $210,000 |
| Employment History | 2 | $560,000 | $280,000 | $300,000 | $189,000 | $244,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $431,000 | $431,000 | $431,000 | $109,000 | $109,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 2008 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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