Wells Federal Bank Mortgage Lending & HMDA Data, 2010
In 2010, Wells Federal Bank of Wells, MN reported 1,201 mortgage applications totaling $135.6 million, down 16% from 2009. The average application was for $112,905, and applicants reported an average income of $61,179. 58% of its applications resulted in an originated loan and 19% were denied. Its largest markets were Mankato-North Mankato, MN (272), Minneapolis-St. Paul-Bloomington, MN-WI (75) and Rochester, MN (41) (applications in parentheses).
| Mortgage Company & Address | Wells Federal Bank 53 1st St Sw Wells, MN 56097 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 |
| Total Number of Mortgage Applications | 1,201 |
| Total Mortgage Loan Application Amount | $135,599,000 |
| Average Mortgage Loan Application Amount | $112,905 |
| Highest Mortgage Loan Application Amount | $456,000 |
| Average Applicant Income | $61,179 |
| Highest Applicant Income | $407,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Wells Federal Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Mankato-North Mankato, MN | 272 | $ 35,659,000 | $ 131,099 | $ 61,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 75 | $ 10,219,000 | $ 136,253 | $ 78,680 |
| Rochester, MN | 41 | $ 5,513,000 | $ 134,463 | $ 62,000 |
| Omaha-Council Bluffs, NE-IA | 2 | $ 298,000 | $ 149,000 | $ 95,000 |
| Fond Du Lac, WI | 1 | $ 97,000 | $ 97,000 | $ 110,000 |
| Milwaukee-Waukesha-West Allis, WI | 1 | $ 100,000 | $ 100,000 | $ 40,000 |
| St. Cloud, MN | 1 | $ 180,000 | $ 180,000 | $ 45,000 |
Mortgage Loan Application Detail Totals for Wells Federal Bank in 2010
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 | 634 | $78,393,000 | $123,000 | $417,000 | $66,000 | $407,000 |
| Home Purchase | 503 | $56,245,000 | $111,000 | $456,000 | $55,000 | $406,000 |
| Home Improvement | 64 | $961,000 | $15,000 | $35,000 | $62,000 | $104,000 |
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 | 1,167 | $130,456,000 | $111,000 | $456,000 | $60,000 | $407,000 |
| Hispanic | 18 | $2,108,000 | $117,000 | $428,000 | $50,000 | $119,000 |
| Asian | 8 | $1,216,000 | $152,000 | $300,000 | $131,000 | $227,000 |
| Black or African American | 4 | $833,000 | $208,000 | $417,000 | $86,000 | $180,000 |
| Not applicable | 2 | $355,000 | $177,000 | $180,000 | $75,000 | $76,000 |
| Not Provided | 1 | $252,000 | $252,000 | $252,000 | $120,000 | $120,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $379,000 | $379,000 | $379,000 | $117,000 | $117,000 |
| American Indian or Alaskan Native | 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) | 1,145 | $130,969,000 | $114,000 | $456,000 | $62,000 | $407,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 53 | $4,348,000 | $82,000 | $202,000 | $36,000 | $94,000 |
| FHA-insured (Federal Housing Administration) | 3 | $282,000 | $94,000 | $158,000 | $26,000 | $30,000 |
| 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 | 692 | $78,735,000 | $113,000 | $456,000 | $67,000 | $400,000 |
| Application Withdrawn By Applicant | 243 | $29,369,000 | $120,000 | $417,000 | $58,000 | $261,000 |
| Application Denied By Financial Institution | 228 | $22,693,000 | $99,000 | $417,000 | $45,000 | $407,000 |
| File Closed For Incompleteness | 25 | $3,792,000 | $151,000 | $315,000 | $73,000 | $406,000 |
| Preapproval Denied by Financial Institution | 13 | $1,010,000 | $77,000 | $121,000 | $41,000 | $60,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 | 111 | $8,562,000 | $77,000 | $355,000 | $43,000 | $203,000 |
| Debt-To-Income Ratio | 76 | $9,575,000 | $125,000 | $417,000 | $40,000 | $117,000 |
| Other | 24 | $1,881,000 | $78,000 | $174,000 | $49,000 | $95,000 |
| Collateral | 12 | $1,506,000 | $125,000 | $417,000 | $78,000 | $407,000 |
| Mortgage Insurance Denied | 10 | $1,289,000 | $128,000 | $285,000 | $62,000 | $94,000 |
| Employment History | 7 | $605,000 | $86,000 | $140,000 | $36,000 | $52,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $285,000 | $285,000 | $285,000 | $30,000 | $30,000 |
| 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 Wells Federal Bank's 2010 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 Wells Federal 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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