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records Sterling Bank & Trust, FSB filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
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.
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with aggregated HMDA statistics today.
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