Farmers & Mechanics Bank Mortgage Lending & HMDA Data, 2017
In 2017, Farmers & Mechanics Bank of Galesburg, IL reported 443 mortgage applications totaling $43.4 million, down 4% from 2016. The average application was for $98,060, and applicants reported an average income of $73,731. 90% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Peoria, IL (93), Davenport-Moline-Rock Island, IA-IL (46) and Charleston-North Charleston, SC (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 | 443 |
| Total Mortgage Loan Application Amount | $43,441,000 |
| Average Mortgage Loan Application Amount | $98,060 |
| Highest Mortgage Loan Application Amount | $2,725,000 |
| Average Applicant Income | $73,731 |
| Highest Applicant Income | $629,000 |
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(HMDA) records Farmers & Mechanics Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 93 | $ 10,877,000 | $ 116,956 | $ 95,000 |
| Davenport-Moline-Rock Island, IA-IL | 46 | $ 4,557,000 | $ 99,065 | $ 67,869 |
| Charleston-North Charleston, SC | 1 | $ 2,725,000 | $ 2,725,000 | $ 0 |
| Chicago-Naperville-Arlington Heights, IL | 1 | $ 84,000 | $ 84,000 | $ 50,000 |
| Columbia, MO | 1 | $ 66,000 | $ 66,000 | $ 50,000 |
| Gulfport-Biloxi-Pascagoula, MS | 1 | $ 194,000 | $ 194,000 | $ 50,000 |
| Hammond, LA | 1 | $ 235,000 | $ 235,000 | $ 116,000 |
| Lake County-Kenosha County, IL-WI | 1 | $ 44,000 | $ 44,000 | $ 60,000 |
| Phoenix-Mesa-Scottsdale, AZ | 1 | $ 185,000 | $ 185,000 | $ 32,000 |
| Rockford, IL | 1 | $ 85,000 | $ 85,000 | $ 53,000 |
| Sebastian-Vero Beach, FL | 1 | $ 18,000 | $ 18,000 | $ 0 |
Mortgage Loan Application Detail Totals for Farmers & Mechanics Bank in 2017
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 | 271 | $27,764,000 | $102,000 | $2,725,000 | $69,000 | $592,000 |
| Refinancing | 148 | $14,405,000 | $97,000 | $780,000 | $83,000 | $629,000 |
| Home Improvement | 24 | $1,272,000 | $53,000 | $330,000 | $70,000 | $203,000 |
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 | 394 | $36,052,000 | $91,000 | $780,000 | $78,000 | $629,000 |
| Hispanic | 18 | $1,147,000 | $63,000 | $124,000 | $71,000 | $211,000 |
| Not applicable | 14 | $5,072,000 | $362,000 | $2,725,000 | $0 | $0 |
| Black or African American | 13 | $797,000 | $61,000 | $165,000 | $46,000 | $126,000 |
| Asian | 4 | $373,000 | $93,000 | $125,000 | $59,000 | $115,000 |
| 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) | 356 | $36,206,000 | $101,000 | $2,725,000 | $81,000 | $629,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 74 | $5,395,000 | $72,000 | $131,000 | $42,000 | $78,000 |
| VA-guaranteed (Veterans Administration) | 13 | $1,840,000 | $141,000 | $244,000 | $62,000 | $116,000 |
| FHA-insured (Federal Housing 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 | 399 | $39,840,000 | $99,000 | $2,725,000 | $74,000 | $629,000 |
| Application Denied By Financial Institution | 21 | $1,652,000 | $78,000 | $290,000 | $71,000 | $260,000 |
| Application Approved But Not Accepted | 17 | $1,494,000 | $87,000 | $227,000 | $65,000 | $141,000 |
| Application Withdrawn By Applicant | 6 | $455,000 | $75,000 | $215,000 | $130,000 | $286,000 |
| 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 | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Mechanics Bank's 2017 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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