Towne Mortgage Company Mortgage Lending & HMDA Data, 2006
In 2006, Towne Mortgage Company of Sterling Heights, MI reported 2,354 mortgage applications totaling $311.3 million, down 3% from 2005. The average application was for $132,257, and applicants reported an average income of $71,598. 62% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Warren-Troy-Farmington Hills, MI (830), Detroit-Livonia-Dearborn, MI (336) and Rochester, MN (181) (applications in parentheses).
| Mortgage Company & Address | Towne Mortgage Company 13325 E 14 Mile Rd Sterling Heights, MI 48312 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 2,354 |
| Total Mortgage Loan Application Amount | $311,333,000 |
| Average Mortgage Loan Application Amount | $132,257 |
| Highest Mortgage Loan Application Amount | $1,800,000 |
| Average Applicant Income | $71,598 |
| Highest Applicant Income | $9,999,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Towne Mortgage Company filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Warren-Troy-Farmington Hills, MI | 830 | $ 110,458,000 | $ 133,081 | $ 67,000 |
| Detroit-Livonia-Dearborn, MI | 336 | $ 36,378,000 | $ 108,267 | $ 77,000 |
| Rochester, MN | 181 | $ 28,710,000 | $ 158,618 | $ 76,000 |
| Lansing-East Lansing, MI | 126 | $ 13,442,000 | $ 106,682 | $ 50,000 |
| Flint, MI | 121 | $ 12,845,000 | $ 106,157 | $ 60,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 119 | $ 22,098,000 | $ 185,697 | $ 68,000 |
| Monroe, MI | 74 | $ 9,358,000 | $ 126,459 | $ 63,000 |
| Muskegon-Norton Shores, MI | 53 | $ 4,916,000 | $ 92,754 | $ 42,000 |
| Atlanta-Sandy Springs-Marietta, GA | 41 | $ 5,291,000 | $ 129,048 | $ 69,000 |
| Ann Arbor, MI | 33 | $ 5,502,000 | $ 166,727 | $ 86,000 |
| Cincinnati-Middletown, OH-KY-IN | 32 | $ 4,130,000 | $ 129,062 | $ 57,500 |
| Columbus, OH | 25 | $ 3,018,000 | $ 120,720 | $ 56,000 |
| Grand Rapids-Wyoming, MI | 25 | $ 2,613,000 | $ 104,520 | $ 46,000 |
| Jackson, MI | 21 | $ 2,437,000 | $ 116,047 | $ 47,000 |
| Phoenix-Mesa-Scottsdale, AZ | 21 | $ 5,864,000 | $ 279,238 | $ 101,000 |
| Kansas City, MO-KS | 11 | $ 1,398,000 | $ 127,090 | $ 69,818 |
| Holland-Grand Haven, MI | 10 | $ 1,430,000 | $ 143,000 | $ 46,000 |
| Saginaw-Saginaw Township North, MI | 8 | $ 649,000 | $ 81,125 | $ 53,000 |
| Dayton, OH | 7 | $ 452,000 | $ 64,571 | $ 56,000 |
| Kalamazoo-Portage, MI | 7 | $ 839,000 | $ 119,857 | $ 56,000 |
| Bay City, MI | 6 | $ 529,000 | $ 88,166 | $ 71,000 |
| Louisville-Jefferson County, KY-IN | 6 | $ 829,000 | $ 138,166 | $ 63,666 |
| Savannah, GA | 6 | $ 658,000 | $ 109,666 | $ 36,000 |
| Jacksonville, FL | 5 | $ 1,351,000 | $ 270,200 | $ 115,000 |
| Toledo, OH | 5 | $ 365,000 | $ 73,000 | $ 57,000 |
| Lafayette, IN | 4 | $ 431,000 | $ 107,750 | $ 55,000 |
| Nashville-Davidson--Murfreesboro, TN | 4 | $ 701,000 | $ 175,250 | $ 81,000 |
| Niles-Benton Harbor, MI | 4 | $ 438,000 | $ 109,500 | $ 86,000 |
| Augusta-Richmond County, GA-SC | 3 | $ 279,000 | $ 93,000 | $ 28,000 |
| Duluth, MN-WI | 3 | $ 439,000 | $ 146,333 | $ 60,000 |
| Indianapolis-Carmel, IN | 3 | $ 297,000 | $ 99,000 | $ 59,000 |
| Battle Creek, MI | 2 | $ 216,000 | $ 108,000 | $ 142,000 |
| Dallas-Plano-Irving, TX | 2 | $ 444,000 | $ 222,000 | $ 108,000 |
| Eau Claire, WI | 2 | $ 468,000 | $ 234,000 | $ 41,000 |
| Las Vegas-Paradise, NV | 2 | $ 440,000 | $ 220,000 | $ 117,000 |
| Lawrence, KS | 2 | $ 546,000 | $ 273,000 | $ 96,000 |
| Macon, GA | 2 | $ 445,000 | $ 222,500 | $ 146,000 |
| Memphis, TN-MS-AR | 2 | $ 250,000 | $ 125,000 | $ 101,000 |
| Raleigh-Cary, NC | 2 | $ 334,000 | $ 167,000 | $ 133,000 |
| Valdosta, GA | 2 | $ 100,000 | $ 50,000 | $ 38,000 |
| Akron, OH | 1 | $ 94,000 | $ 94,000 | $ 37,000 |
| Albany, GA | 1 | $ 142,000 | $ 142,000 | $ 48,000 |
| Albuquerque, NM | 1 | $ 120,000 | $ 120,000 | $ 32,000 |
| Charleston-North Charleston, SC | 1 | $ 117,000 | $ 117,000 | $ 45,000 |
| Charlotte-Gastonia-Concord, NC-SC | 1 | $ 508,000 | $ 508,000 | $ 0 |
| Cleveland, TN | 1 | $ 68,000 | $ 68,000 | $ 0 |
| Cleveland-Elyria-Mentor, OH | 1 | $ 132,000 | $ 132,000 | $ 50,000 |
| Gainesville, GA | 1 | $ 178,000 | $ 178,000 | $ 41,000 |
| Hinesville-Fort Stewart, GA | 1 | $ 47,000 | $ 47,000 | $ 0 |
| Huntington-Ashland, WV-KY-OH | 1 | $ 290,000 | $ 290,000 | $ 512,000 |
| Kokomo, IN | 1 | $ 133,000 | $ 133,000 | $ 78,000 |
| Lake Charles, LA | 1 | $ 34,000 | $ 34,000 | $ 68,000 |
| Lexington-Fayette, KY | 1 | $ 1,250,000 | $ 1,250,000 | $ 324,000 |
| New Orleans-Metairie-Kenner, LA | 1 | $ 180,000 | $ 180,000 | $ 118,000 |
| Orlando-Kissimmee, FL | 1 | $ 123,000 | $ 123,000 | $ 53,000 |
| Parkersburg-Marietta-Vienna, WV-OH | 1 | $ 126,000 | $ 126,000 | $ 62,000 |
| Rome, GA | 1 | $ 75,000 | $ 75,000 | $ 22,000 |
| Sarasota-Bradenton-Venice, FL | 1 | $ 417,000 | $ 417,000 | $ 244,000 |
| South Bend-Mishawaka, IN-MI | 1 | $ 65,000 | $ 65,000 | $ 29,000 |
| St. Cloud, MN | 1 | $ 374,000 | $ 374,000 | $ 119,000 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 270,000 | $ 270,000 | $ 77,000 |
| Terre Haute, IN | 1 | $ 68,000 | $ 68,000 | $ 82,000 |
| Topeka, KS | 1 | $ 92,000 | $ 92,000 | $ 0 |
| West Palm Beach-Boca Raton-Boynton Beach, FL | 1 | $ 118,000 | $ 118,000 | $ 0 |
| Wichita, KS | 1 | $ 263,000 | $ 263,000 | $ 108,000 |
| Youngstown-Warren-Boardman, OH-PA | 1 | $ 62,000 | $ 62,000 | $ 0 |
Mortgage Loan Application Detail Totals for Towne Mortgage Company in 2006
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 | 1,410 | $174,488,000 | $123,000 | $1,250,000 | $72,000 | $9,999,000 |
| Refinancing | 944 | $136,845,000 | $144,000 | $1,800,000 | $71,000 | $1,218,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 1,678 | $230,200,000 | $137,000 | $1,800,000 | $74,000 | $9,999,000 |
| Black or African American | 373 | $41,634,000 | $111,000 | $588,000 | $70,000 | $4,402,000 |
| Not applicable | 159 | $19,891,000 | $125,000 | $650,000 | $51,000 | $512,000 |
| Not Provided | 64 | $8,423,000 | $131,000 | $400,000 | $73,000 | $200,000 |
| Hispanic | 38 | $4,821,000 | $126,000 | $538,000 | $62,000 | $243,000 |
| Asian | 37 | $5,672,000 | $153,000 | $390,000 | $69,000 | $138,000 |
| American Indian or Alaskan Native | 4 | $518,000 | $129,000 | $308,000 | $71,000 | $136,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $174,000 | $174,000 | $174,000 | $70,000 | $70,000 |
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) | 1,579 | $215,977,000 | $136,000 | $1,800,000 | $82,000 | $9,999,000 |
| FHA-insured (Federal Housing Administration) | 714 | $86,654,000 | $121,000 | $266,000 | $49,000 | $183,000 |
| VA-guaranteed (Veterans Administration) | 61 | $8,702,000 | $142,000 | $310,000 | $54,000 | $123,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 1,458 | $203,406,000 | $139,000 | $976,000 | $68,000 | $1,218,000 |
| File Closed For Incompleteness | 456 | $54,469,000 | $119,000 | $1,250,000 | $72,000 | $4,402,000 |
| Application Denied By Financial Institution | 327 | $38,703,000 | $118,000 | $1,800,000 | $53,000 | $234,000 |
| Loan Purchased By The Institution | 113 | $14,755,000 | $130,000 | $417,000 | $165,000 | $9,999,000 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 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 | 116 | $12,194,000 | $105,000 | $229,000 | $50,000 | $234,000 |
| Other | 100 | $12,788,000 | $127,000 | $1,800,000 | $54,000 | $204,000 |
| Debt-To-Income Ratio | 73 | $9,276,000 | $127,000 | $588,000 | $54,000 | $228,000 |
| Employment History | 22 | $2,308,000 | $104,000 | $208,000 | $54,000 | $228,000 |
| Collateral | 16 | $2,137,000 | $133,000 | $462,000 | $64,000 | $133,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Towne Mortgage Company's 2006 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 Towne Mortgage Company'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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