Farmers & Mechanics Bank Mortgage Lending & HMDA Data, 2004
In 2004, Farmers & Mechanics Bank of Galesburg, IL reported 209 mortgage applications totaling $12.7 million, down 16% from 2003. The average application was for $60,775, and applicants reported an average income of $55,210. 80% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Peoria, IL (35), Chicago-Naperville-Joliet, IL (2) and Decatur, IL (2) (applications in parentheses).
| Mortgage Company & Address | Farmers & Mechanics Bank 21 E Main St Galesburg, IL 61401 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 209 |
| Total Mortgage Loan Application Amount | $12,702,000 |
| Average Mortgage Loan Application Amount | $60,775 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $55,210 |
| Highest Applicant Income | $783,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Mechanics Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Knox, Illinois | 146 | $ 6,599,000 | $ 45,198 | $ 38,000 |
| Peoria, Illinois | 31 | $ 2,943,000 | $ 94,935 | $ 60,000 |
| Warren, Illinois | 8 | $ 446,000 | $ 55,750 | $ 34,000 |
| Mercer, Illinois | 5 | $ 217,000 | $ 43,400 | $ 31,000 |
| Henry, Illinois | 4 | $ 180,000 | $ 45,000 | $ 44,000 |
| Tazewell, Illinois | 4 | $ 262,000 | $ 65,500 | $ 83,000 |
| Fulton, Illinois | 3 | $ 83,000 | $ 27,666 | $ 34,000 |
| Cook, Illinois | 2 | $ 1,248,000 | $ 624,000 | $ 424,000 |
| Macon, Illinois | 2 | $ 251,000 | $ 125,500 | $ 96,000 |
| Bureau, Illinois | 1 | $ 25,000 | $ 25,000 | $ 158,000 |
| De Witt, Illinois | 1 | $ 64,000 | $ 64,000 | $ 41,000 |
| Rock Island, Illinois | 1 | $ 47,000 | $ 47,000 | $ 42,000 |
| Northampton, Pennsylvania | 1 | $ 337,000 | $ 337,000 | $ 783,000 |
Mortgage Loan Application Detail Totals for Farmers & Mechanics Bank 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 | 110 | $6,065,000 | $55,000 | $585,000 | $43,000 | $515,000 |
| Home Purchase | 79 | $6,278,000 | $206,500 | $1,000,000 | $420,000 | $783,000 |
| Home Improvement | 20 | $359,000 | $17,000 | $65,000 | $79,000 | $250,000 |
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 | 187 | $11,464,000 | $198,000 | $1,000,000 | $425,500 | $783,000 |
| Hispanic | 8 | $219,000 | $27,000 | $44,000 | $37,000 | $341,000 |
| Not applicable | 7 | $762,000 | $108,000 | $431,000 | $0 | $0 |
| Black or African American | 6 | $199,000 | $33,000 | $86,000 | $31,000 | $49,000 |
| Asian | 1 | $58,000 | $58,000 | $58,000 | $16,000 | $16,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 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) | 209 | $12,702,000 | $198,000 | $1,000,000 | $419,000 | $783,000 |
| 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 | 168 | $10,578,000 | $199,000 | $1,000,000 | $422,500 | $783,000 |
| Application Denied By Financial Institution | 27 | $1,438,000 | $53,000 | $260,000 | $45,000 | $158,000 |
| Application Approved But Not Accepted | 10 | $274,000 | $27,000 | $58,000 | $68,000 | $250,000 |
| Application Withdrawn By Applicant | 2 | $204,000 | $102,000 | $190,000 | $15,000 | $31,000 |
| Loan Purchased By The Institution | 2 | $208,000 | $104,000 | $145,000 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 | 22 | $852,000 | $38,000 | $113,000 | $49,000 | $158,000 |
| Debt-To-Income Ratio | 4 | $542,000 | $135,000 | $260,000 | $36,000 | $71,000 |
| Employment History | 1 | $44,000 | $44,000 | $44,000 | $15,000 | $15,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Mechanics Bank'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 Farmers & Mechanics Bank'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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