Wells Federal Bank Mortgage Lending & HMDA Data, 2011
In 2011, Wells Federal Bank of Wells, MN reported 947 mortgage applications totaling $108.7 million. The average application was for $114,819, and applicants reported an average income of $62,985. 53% of its applications resulted in an originated loan and 21% were denied. Its largest markets were Mankato-North Mankato, MN (222), Minneapolis-St. Paul-Bloomington, MN-WI (72) and Rochester, MN (25) (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 | 2011 |
| Total Number of Mortgage Applications | 947 |
| Total Mortgage Loan Application Amount | $108,734,000 |
| Average Mortgage Loan Application Amount | $114,819 |
| Highest Mortgage Loan Application Amount | $417,000 |
| Average Applicant Income | $62,985 |
| Highest Applicant Income | $392,000 |
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Act (HMDA) records Wells Federal Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Blue Earth, Minnesota | 166 | $ 21,668,000 | $ 130,530 | $ 60,000 |
| Faribault, Minnesota | 114 | $ 10,696,000 | $ 93,824 | $ 58,000 |
| Freeborn, Minnesota | 110 | $ 10,944,000 | $ 99,490 | $ 62,000 |
| Martin, Minnesota | 107 | $ 9,641,000 | $ 90,102 | $ 55,000 |
| Nicollet, Minnesota | 56 | $ 6,929,000 | $ 123,732 | $ 61,000 |
| Steele, Minnesota | 42 | $ 4,725,000 | $ 112,500 | $ 70,000 |
| Dakota, Minnesota | 41 | $ 7,558,000 | $ 184,341 | $ 93,000 |
| Brown, Minnesota | 36 | $ 3,816,000 | $ 106,000 | $ 73,000 |
| Mower, Minnesota | 33 | $ 3,324,000 | $ 100,727 | $ 63,000 |
| Watonwan, Minnesota | 32 | $ 3,000,000 | $ 93,750 | $ 63,000 |
| Goodhue, Minnesota | 24 | $ 2,405,000 | $ 100,208 | $ 66,000 |
| Le Sueur, Minnesota | 20 | $ 2,788,000 | $ 139,400 | $ 69,000 |
| Wabasha, Minnesota | 16 | $ 1,906,000 | $ 119,125 | $ 56,000 |
| Waseca, Minnesota | 15 | $ 1,583,000 | $ 105,533 | $ 56,000 |
| Fillmore, Minnesota | 12 | $ 977,000 | $ 81,416 | $ 31,000 |
| Hennepin, Minnesota | 11 | $ 1,792,000 | $ 162,909 | $ 70,000 |
| Redwood, Minnesota | 11 | $ 770,000 | $ 70,000 | $ 45,000 |
| Aitkin, Minnesota | 8 | $ 1,163,000 | $ 145,375 | $ 69,000 |
| Olmsted, Minnesota | 8 | $ 1,182,000 | $ 147,750 | $ 68,000 |
| Ramsey, Minnesota | 8 | $ 940,000 | $ 117,500 | $ 58,000 |
| Rice, Minnesota | 8 | $ 772,000 | $ 96,500 | $ 55,000 |
| Cass, Minnesota | 5 | $ 1,227,000 | $ 245,400 | $ 157,000 |
| Mille Lacs, Minnesota | 4 | $ 432,000 | $ 108,000 | $ 58,000 |
| Renville, Minnesota | 4 | $ 344,000 | $ 86,000 | $ 50,000 |
| Scott, Minnesota | 4 | $ 886,000 | $ 221,500 | $ 104,000 |
| Howard, Iowa | 3 | $ 286,000 | $ 95,333 | $ 47,000 |
| Cottonwood, Minnesota | 3 | $ 251,000 | $ 83,666 | $ 59,000 |
| Kandiyohi, Minnesota | 3 | $ 545,000 | $ 181,666 | $ 44,000 |
| Nobles, Minnesota | 3 | $ 332,000 | $ 110,666 | $ 60,000 |
| Sibley, Minnesota | 3 | $ 356,000 | $ 118,666 | $ 49,000 |
| Dickinson, Iowa | 2 | $ 276,000 | $ 138,000 | $ 182,000 |
| Winneshiek, Iowa | 2 | $ 304,000 | $ 152,000 | $ 75,000 |
| Anoka, Minnesota | 2 | $ 256,000 | $ 128,000 | $ 51,000 |
| Cook, Minnesota | 2 | $ 350,000 | $ 175,000 | $ 60,000 |
| Hubbard, Minnesota | 2 | $ 392,000 | $ 196,000 | $ 104,000 |
| St. Louis, Minnesota | 2 | $ 237,000 | $ 118,500 | $ 80,000 |
| Stearns, Minnesota | 2 | $ 452,000 | $ 226,000 | $ 123,000 |
| Washington, Minnesota | 2 | $ 603,000 | $ 301,500 | $ 163,000 |
| Wright, Minnesota | 2 | $ 320,000 | $ 160,000 | $ 46,000 |
| Sauk, Wisconsin | 2 | $ 198,000 | $ 99,000 | $ 32,000 |
| Routt, Colorado | 1 | $ 211,000 | $ 211,000 | $ 0 |
| Fayette, Iowa | 1 | $ 130,000 | $ 130,000 | $ 36,000 |
| Floyd, Iowa | 1 | $ 168,000 | $ 168,000 | $ 101,000 |
| Winnebago, Iowa | 1 | $ 16,000 | $ 16,000 | $ 75,000 |
| Carver, Minnesota | 1 | $ 285,000 | $ 285,000 | $ 137,000 |
| Crow Wing, Minnesota | 1 | $ 132,000 | $ 132,000 | $ 124,000 |
| Dodge, Minnesota | 1 | $ 114,000 | $ 114,000 | $ 39,000 |
| Lyon, Minnesota | 1 | $ 87,000 | $ 87,000 | $ 68,000 |
| McLeod, Minnesota | 1 | $ 75,000 | $ 75,000 | $ 55,000 |
| Pipestone, Minnesota | 1 | $ 116,000 | $ 116,000 | $ 63,000 |
| Pope, Minnesota | 1 | $ 127,000 | $ 127,000 | $ 87,000 |
| Sherburne, Minnesota | 1 | $ 82,000 | $ 82,000 | $ 34,000 |
| Turner, South Dakota | 1 | $ 210,000 | $ 210,000 | $ 78,000 |
Mortgage Loan Application Detail Totals for Wells Federal Bank in 2011
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 | 479 | $60,052,000 | $125,000 | $417,000 | $68,000 | $363,000 |
| Home Purchase | 445 | $48,250,000 | $108,000 | $417,000 | $58,000 | $392,000 |
| Home Improvement | 23 | $432,000 | $18,000 | $49,000 | $55,000 | $113,000 |
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 | 909 | $103,798,000 | $114,000 | $417,000 | $63,000 | $392,000 |
| Hispanic | 17 | $1,671,000 | $98,000 | $192,000 | $49,000 | $136,000 |
| Not Provided | 7 | $890,000 | $127,000 | $405,000 | $103,000 | $286,000 |
| Black or African American | 6 | $1,186,000 | $197,000 | $350,000 | $72,000 | $118,000 |
| Asian | 5 | $679,000 | $135,000 | $220,000 | $92,000 | $201,000 |
| American Indian or Alaskan Native | 3 | $510,000 | $170,000 | $325,000 | $98,000 | $154,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 832 | $99,613,000 | $119,000 | $417,000 | $67,000 | $392,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 115 | $9,121,000 | $79,000 | $320,000 | $33,000 | $74,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 504 | $58,011,000 | $115,000 | $417,000 | $70,000 | $381,000 |
| Application Denied By Financial Institution | 202 | $18,953,000 | $93,000 | $356,000 | $44,000 | $141,000 |
| Application Withdrawn By Applicant | 198 | $25,801,000 | $130,000 | $417,000 | $65,000 | $392,000 |
| File Closed For Incompleteness | 39 | $5,614,000 | $143,000 | $325,000 | $63,000 | $175,000 |
| Preapproval Denied by Financial Institution | 4 | $355,000 | $88,000 | $150,000 | $31,000 | $40,000 |
| Application Approved But Not Accepted | 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 |
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 | 96 | $8,880,000 | $92,000 | $356,000 | $45,000 | $141,000 |
| Debt-To-Income Ratio | 60 | $6,228,000 | $103,000 | $324,000 | $39,000 | $120,000 |
| Other | 22 | $1,716,000 | $78,000 | $304,000 | $56,000 | $118,000 |
| Collateral | 12 | $1,538,000 | $128,000 | $296,000 | $59,000 | $130,000 |
| Employment History | 8 | $394,000 | $49,000 | $68,000 | $27,000 | $42,000 |
| Mortgage Insurance Denied | 6 | $428,000 | $71,000 | $129,000 | $47,000 | $133,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $92,000 | $92,000 | $92,000 | $39,000 | $39,000 |
| Unverifiable Information | 1 | $32,000 | $32,000 | $32,000 | $23,000 | $23,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Wells Federal Bank's 2011 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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