Sturgis Bank & Trust Mortgage Lending & HMDA Data, 2008
In 2008, Sturgis Bank & Trust of Sturgis, MI reported 129 mortgage applications totaling $7.8 million, down 5% from 2007. The average application was for $60,674, and applicants reported an average income of $62,705. 82% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Kalamazoo-Portage, MI (23) and South Bend-Mishawaka, IN-MI (1).
| Mortgage Company & Address | Sturgis Bank & Trust 113-125 E Chicago Rd Sturgis, MI 49091 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 129 |
| Total Mortgage Loan Application Amount | $7,827,000 |
| Average Mortgage Loan Application Amount | $60,674 |
| Highest Mortgage Loan Application Amount | $815,000 |
| Average Applicant Income | $62,705 |
| Highest Applicant Income | $298,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Sturgis Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Sturgis Bank & Trust 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 |
|---|---|---|---|---|---|---|
| Refinancing | 59 | $4,353,000 | $73,000 | $815,000 | $67,000 | $298,000 |
| Home Purchase | 36 | $2,729,000 | $75,000 | $366,000 | $62,000 | $276,000 |
| Home Improvement | 34 | $745,000 | $21,000 | $77,000 | $56,000 | $116,000 |
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 | 101 | $5,940,000 | $58,000 | $815,000 | $74,000 | $298,000 |
| Not applicable | 15 | $1,602,000 | $106,000 | $198,000 | $0 | $0 |
| Hispanic | 10 | $250,000 | $25,000 | $51,000 | $47,000 | $70,000 |
| Black or African American | 3 | $35,000 | $11,000 | $27,000 | $62,000 | $116,000 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 129 | $7,827,000 | $60,000 | $815,000 | $63,000 | $298,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 106 | $6,117,000 | $57,000 | $815,000 | $65,000 | $298,000 |
| Application Denied By Financial Institution | 16 | $1,454,000 | $90,000 | $270,000 | $27,000 | $214,000 |
| Application Approved But Not Accepted | 4 | $158,000 | $39,000 | $82,000 | $166,000 | $222,000 |
| Application Withdrawn By Applicant | 3 | $98,000 | $32,000 | $66,000 | $55,000 | $67,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 |
|---|---|---|---|---|---|---|
| Collateral | 9 | $1,370,000 | $152,000 | $270,000 | $23,000 | $214,000 |
| Credit History | 5 | $76,000 | $15,000 | $25,000 | $37,000 | $88,000 |
| Debt-To-Income Ratio | 2 | $8,000 | $4,000 | $6,000 | $19,000 | $21,000 |
| Employment History | 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 |
| Other | 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 Sturgis Bank & Trust'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 Sturgis Bank & Trust'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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