Wings Financial Credit Union Mortgage Lending & HMDA Data, 2007
In 2007, Wings Financial Credit Union of Apple Valley, MN reported 681 mortgage applications totaling $153.0 million, up 36% from 2006. The average application was for $224,650, and applicants reported an average income of $85,292. 82% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (349), Detroit-Livonia-Dearborn, MI (21) and Seattle-Bellevue-Everett, WA (18) (applications in parentheses).
| Mortgage Company & Address | Wings Financial Credit Union 14985 Glazier Avenue Apple Valley, MN 55124 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 681 |
| Total Mortgage Loan Application Amount | $152,987,000 |
| Average Mortgage Loan Application Amount | $224,650 |
| Highest Mortgage Loan Application Amount | $1,075,000 |
| Average Applicant Income | $85,292 |
| Highest Applicant Income | $675,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Wings Financial Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | 349 | $ 75,215,000 | $ 215,515 | $ 81,638 |
| Detroit-Livonia-Dearborn, MI | 21 | $ 3,071,000 | $ 146,238 | $ 62,000 |
| Seattle-Bellevue-Everett, WA | 18 | $ 5,361,000 | $ 297,833 | $ 95,000 |
| Memphis, TN-MS-AR | 15 | $ 2,973,000 | $ 198,200 | $ 72,800 |
| Atlanta-Sandy Springs-Marietta, GA | 14 | $ 3,164,000 | $ 226,000 | $ 92,000 |
| Duluth, MN-WI | 7 | $ 1,348,000 | $ 192,571 | $ 67,000 |
| Honolulu, HI | 3 | $ 625,000 | $ 208,333 | $ 64,000 |
| Los Angeles-Long Beach-Glendale, CA | 2 | $ 653,000 | $ 326,500 | $ 123,000 |
Mortgage Loan Application Detail Totals for Wings Financial Credit Union in 2007
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 | 407 | $90,612,000 | $222,000 | $900,000 | $82,000 | $660,000 |
| Home Purchase | 266 | $60,936,000 | $229,000 | $1,075,000 | $91,000 | $675,000 |
| Home Improvement | 8 | $1,439,000 | $179,000 | $653,000 | $63,000 | $133,000 |
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 | 500 | $114,449,000 | $228,000 | $1,075,000 | $88,000 | $675,000 |
| Not Provided | 138 | $30,057,000 | $217,000 | $650,000 | $82,000 | $193,000 |
| Black or African American | 19 | $3,801,000 | $200,000 | $438,000 | $52,000 | $138,000 |
| Hispanic | 15 | $2,922,000 | $194,000 | $333,000 | $67,000 | $162,000 |
| Asian | 6 | $1,103,000 | $183,000 | $324,000 | $58,000 | $89,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $517,000 | $258,000 | $364,000 | $88,000 | $145,000 |
| American Indian or Alaskan Native | 1 | $138,000 | $138,000 | $138,000 | $92,000 | $92,000 |
| 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) | 681 | $152,987,000 | $224,000 | $1,075,000 | $85,000 | $675,000 |
| 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 | 557 | $124,116,000 | $222,000 | $1,075,000 | $88,000 | $675,000 |
| Application Denied By Financial Institution | 77 | $17,650,000 | $229,000 | $650,000 | $65,000 | $135,000 |
| Application Approved But Not Accepted | 27 | $6,437,000 | $238,000 | $484,000 | $94,000 | $495,000 |
| Preapproval Denied by Financial Institution | 20 | $4,784,000 | $239,000 | $560,000 | $70,000 | $165,000 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
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 | 45 | $9,203,000 | $204,000 | $490,000 | $69,000 | $138,000 |
| Debt-To-Income Ratio | 30 | $7,989,000 | $266,000 | $650,000 | $59,000 | $135,000 |
| Collateral | 14 | $3,087,000 | $220,000 | $560,000 | $75,000 | $165,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $746,000 | $248,000 | $280,000 | $65,000 | $85,000 |
| Other | 1 | $278,000 | $278,000 | $278,000 | $83,000 | $83,000 |
| Unverifiable Information | 1 | $417,000 | $417,000 | $417,000 | $36,000 | $36,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Wings Financial Credit Union's 2007 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 Wings Financial Credit Union'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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