Sterling Bank & Trust, FSB Mortgage Lending & HMDA Data, 2004
In 2004, Sterling Bank & Trust, FSB of Southfield, MI reported 299 mortgage applications totaling $74.3 million, down 64% from 2003. The average application was for $248,391, and applicants reported an average income of $94,882. 37% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Warren-Farmington Hills-Troy, MI (82), Detroit-Livonia-Dearborn, MI (57) and San Francisco-San Mateo-Redwood City, CA (45) (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 | 299 |
| Total Mortgage Loan Application Amount | $74,269,000 |
| Average Mortgage Loan Application Amount | $248,391 |
| Highest Mortgage Loan Application Amount | $1,806,000 |
| Average Applicant Income | $94,882 |
| Highest Applicant Income | $2,542,000 |
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records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Sterling Bank & Trust, FSB in 2004
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 |
|---|---|---|---|---|---|---|
| Refinancing | 226 | $48,722,000 | $223,000 | $1,540,000 | $91,500 | $2,542,000 |
| Home Purchase | 73 | $25,547,000 | $326,666 | $1,806,000 | $102,666 | $664,000 |
| Home Improvement | 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 | 178 | $43,644,000 | $301,666 | $1,806,000 | $96,666 | $605,000 |
| Black or African American | 41 | $4,657,000 | $165,666 | $479,000 | $68,666 | $130,000 |
| Asian | 35 | $10,944,000 | $268,000 | $1,400,000 | $77,333 | $283,000 |
| Not Provided | 19 | $5,857,000 | $239,000 | $1,170,000 | $92,000 | $664,000 |
| Hispanic | 15 | $3,025,000 | $177,666 | $349,000 | $59,000 | $88,000 |
| Not applicable | 8 | $5,371,000 | $626,000 | $1,540,000 | $317,500 | $2,542,000 |
| American Indian or Alaskan Native | 2 | $630,000 | $315,000 | $500,000 | $122,000 | $217,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $141,000 | $141,000 | $141,000 | $122,000 | $122,000 |
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) | 293 | $73,463,000 | $266,000 | $1,806,000 | $90,333 | $2,542,000 |
| FHA-insured (Federal Housing Administration) | 5 | $615,000 | $152,000 | $201,000 | $52,500 | $73,000 |
| VA-guaranteed (Veterans Administration) | 1 | $191,000 | $191,000 | $191,000 | $55,000 | $55,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 Purchased By The Institution | 112 | $22,945,000 | $171,000 | $349,000 | $58,500 | $372,000 |
| Loan Originated | 110 | $33,602,000 | $400,000 | $1,806,000 | $139,000 | $2,542,000 |
| Application Denied By Financial Institution | 25 | $5,588,000 | $387,000 | $1,400,000 | $83,000 | $283,000 |
| Application Withdrawn By Applicant | 20 | $3,612,000 | $352,333 | $991,000 | $85,000 | $300,000 |
| Application Approved But Not Accepted | 18 | $4,569,000 | $479,000 | $1,170,000 | $243,000 | $664,000 |
| Preapproval Approved but not Accepted | 10 | $3,144,000 | $314,000 | $1,210,000 | $84,000 | $593,000 |
| Preapproval Denied by Financial Institution | 2 | $629,000 | $314,000 | $479,000 | $73,000 | $83,000 |
| File Closed For Incompleteness | 2 | $180,000 | $90,000 | $140,000 | $43,000 | $44,000 |
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 |
|---|---|---|---|---|---|---|
| Collateral | 9 | $2,251,000 | $753,000 | $1,400,000 | $167,500 | $283,000 |
| Credit History | 8 | $1,417,000 | $177,000 | $525,000 | $16,000 | $39,000 |
| Debt-To-Income Ratio | 4 | $1,279,000 | $321,333 | $525,000 | $52,000 | $83,000 |
| Employment History | 3 | $177,000 | $64,500 | $81,000 | $36,000 | $42,000 |
| Unverifiable Information | 2 | $1,005,000 | $502,500 | $941,000 | $162,500 | $204,000 |
| Other | 1 | $88,000 | $88,000 | $88,000 | $85,000 | $85,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Sterling Bank & Trust, FSB's 2004 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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