Farmers & Mechanics Bank Mortgage Lending & HMDA Data, 2008
In 2008, Farmers & Mechanics Bank of Galesburg, IL reported 246 mortgage applications totaling $16.1 million, up 3% from 2007. The average application was for $65,630, and applicants reported an average income of $77,910. 80% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Peoria, IL (58), Davenport-Moline-Rock Island, IA-IL (6) and Allentown-Bethlehem-Easton, PA-NJ (1) (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 | 246 |
| Total Mortgage Loan Application Amount | $16,145,000 |
| Average Mortgage Loan Application Amount | $65,630 |
| Highest Mortgage Loan Application Amount | $1,328,000 |
| Average Applicant Income | $77,910 |
| Highest Applicant Income | $1,152,000 |
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(HMDA) records Farmers & Mechanics Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Peoria, IL | 58 | $ 6,825,000 | $ 117,672 | $ 117,000 |
| Davenport-Moline-Rock Island, IA-IL | 6 | $ 567,000 | $ 94,500 | $ 58,833 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 270,000 | $ 270,000 | $ 1,152,000 |
| Bloomington-Normal, IL | 1 | $ 80,000 | $ 80,000 | $ 38,000 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 100,000 | $ 100,000 | $ 82,000 |
Mortgage Loan Application Detail Totals for Farmers & Mechanics Bank 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 | 130 | $9,264,000 | $71,000 | $751,000 | $86,000 | $600,000 |
| Home Purchase | 78 | $5,961,000 | $76,000 | $1,328,000 | $79,000 | $1,152,000 |
| Home Improvement | 38 | $920,000 | $24,000 | $222,000 | $48,000 | $118,000 |
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 | 206 | $12,922,000 | $62,000 | $1,328,000 | $89,000 | $1,152,000 |
| Not applicable | 21 | $2,344,000 | $111,000 | $693,000 | $0 | $0 |
| Black or African American | 9 | $432,000 | $48,000 | $90,000 | $50,000 | $111,000 |
| Hispanic | 9 | $431,000 | $47,000 | $96,000 | $47,000 | $94,000 |
| American Indian or Alaskan Native | 1 | $16,000 | $16,000 | $16,000 | $19,000 | $19,000 |
| Asian | 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) | 246 | $16,145,000 | $65,000 | $1,328,000 | $78,000 | $1,152,000 |
| 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 | 197 | $14,034,000 | $71,000 | $1,328,000 | $87,000 | $1,152,000 |
| Application Denied By Financial Institution | 33 | $1,419,000 | $43,000 | $156,000 | $39,000 | $102,000 |
| Application Approved But Not Accepted | 14 | $631,000 | $45,000 | $133,000 | $47,000 | $84,000 |
| Application Withdrawn By Applicant | 2 | $61,000 | $30,000 | $52,000 | $48,000 | $73,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 14 | $626,000 | $44,000 | $86,000 | $29,000 | $82,000 |
| Debt-To-Income Ratio | 12 | $469,000 | $39,000 | $156,000 | $41,000 | $102,000 |
| Other | 3 | $167,000 | $55,000 | $82,000 | $67,000 | $80,000 |
| Collateral | 2 | $118,000 | $59,000 | $98,000 | $70,000 | $73,000 |
| Employment History | 2 | $39,000 | $19,000 | $25,000 | $24,000 | $36,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Mechanics Bank'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 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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