Sterling Bank & Trust, FSB Mortgage Lending & HMDA Data, 2005
In 2005, Sterling Bank & Trust, FSB of Southfield, MI reported 286 mortgage applications totaling $153.9 million, down 4% from 2004. The average application was for $538,178, and applicants reported an average income of $185,412. 43% of its applications resulted in an originated loan and 10% were denied. Its largest markets were San Francisco-San Mateo-Redwood City, CA (102), Warren-Farmington Hills-Troy, MI (77) and Detroit-Livonia-Dearborn, MI (35) (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 | 286 |
| Total Mortgage Loan Application Amount | $153,919,000 |
| Average Mortgage Loan Application Amount | $538,178 |
| Highest Mortgage Loan Application Amount | $3,800,000 |
| Average Applicant Income | $185,412 |
| Highest Applicant Income | $6,235,000 |
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records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2005
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 | 157 | $99,367,000 | $420,000 | $2,800,000 | $173,571 | $4,831,000 |
| Refinancing | 118 | $46,193,000 | $374,333 | $3,800,000 | $156,000 | $6,235,000 |
| Home Improvement | 11 | $8,359,000 | $759,000 | $1,800,000 | $206,000 | $444,000 |
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 | 183 | $94,879,000 | $424,333 | $2,800,000 | $195,833 | $6,235,000 |
| Asian | 35 | $21,761,000 | $438,333 | $2,200,000 | $205,000 | $608,000 |
| Black or African American | 30 | $4,158,000 | $175,000 | $325,000 | $64,666 | $130,000 |
| Not Provided | 27 | $26,379,000 | $453,333 | $3,800,000 | $200,333 | $2,341,000 |
| Hispanic | 8 | $1,917,000 | $225,333 | $400,000 | $59,333 | $130,000 |
| Not applicable | 3 | $4,825,000 | $1,562,500 | $2,500,000 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 271 | $152,043,000 | $385,250 | $3,800,000 | $159,625 | $6,235,000 |
| FHA-insured (Federal Housing Administration) | 15 | $1,876,000 | $127,000 | $189,000 | $30,500 | $69,000 |
| 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 | 124 | $82,018,000 | $589,000 | $2,800,000 | $159,500 | $1,415,000 |
| Application Withdrawn By Applicant | 87 | $37,696,000 | $472,000 | $1,800,000 | $170,600 | $2,341,000 |
| Application Denied By Financial Institution | 30 | $22,121,000 | $538,000 | $3,800,000 | $351,000 | $6,235,000 |
| File Closed For Incompleteness | 17 | $3,210,000 | $435,500 | $1,068,000 | $225,000 | $750,000 |
| Application Approved But Not Accepted | 16 | $6,003,000 | $264,000 | $1,421,000 | $128,000 | $562,000 |
| Preapproval Denied by Financial Institution | 10 | $2,631,000 | $263,000 | $1,040,000 | $44,000 | $169,000 |
| Preapproval Approved but not Accepted | 2 | $240,000 | $120,000 | $140,000 | $42,000 | $56,000 |
| 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 | 16 | $5,710,000 | $750,666 | $3,800,000 | $89,333 | $744,000 |
| Debt-To-Income Ratio | 9 | $10,167,000 | $581,000 | $1,788,000 | $106,666 | $399,000 |
| Other | 7 | $6,172,000 | $717,333 | $1,820,000 | $1,498,666 | $6,235,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $577,000 | $192,333 | $324,000 | $41,333 | $48,000 |
| Collateral | 3 | $411,000 | $137,000 | $215,000 | $59,000 | $110,000 |
| Credit Application Incomplete | 1 | $1,575,000 | $1,575,000 | $1,575,000 | $64,000 | $64,000 |
| Unverifiable Information | 1 | $140,000 | $140,000 | $140,000 | $120,000 | $120,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Sterling Bank & Trust, FSB's 2005 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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