Wyandotte Federal Credit Union Mortgage Lending & HMDA Data, 2006
In 2006, Wyandotte Federal Credit Union of Wyandotte, MI reported 101 mortgage applications totaling $8.7 million, down 31% from 2005. The average application was for $85,861, and applicants reported an average income of $56,069. 67% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Detroit-Livonia-Dearborn, MI (54), Holland-Grand Haven, MI (23) and Warren-Troy-Farmington Hills, MI (3) (applications in parentheses).
| Mortgage Company & Address | Wyandotte Federal Credit Union 1280 Biddle Ave Wyandotte, MI 48192 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 101 |
| Total Mortgage Loan Application Amount | $8,672,000 |
| Average Mortgage Loan Application Amount | $85,861 |
| Highest Mortgage Loan Application Amount | $300,000 |
| Average Applicant Income | $56,069 |
| Highest Applicant Income | $224,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Wyandotte Federal Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Wayne, Michigan | 54 | $ 3,756,000 | $ 69,555 | $ 55,000 |
| Ottawa, Michigan | 23 | $ 2,304,000 | $ 100,173 | $ 50,000 |
| Allegan, Michigan | 7 | $ 562,000 | $ 80,285 | $ 44,000 |
| Oakland, Michigan | 2 | $ 345,000 | $ 172,500 | $ 83,000 |
| Iosco, Michigan | 1 | $ 40,000 | $ 40,000 | $ 19,000 |
| Livingston, Michigan | 1 | $ 13,000 | $ 13,000 | $ 97,000 |
| Monroe, Michigan | 1 | $ 224,000 | $ 224,000 | $ 87,000 |
| Van Buren, Michigan | 1 | $ 167,000 | $ 167,000 | $ 16,000 |
| Sussex, New Jersey | 1 | $ 300,000 | $ 300,000 | $ 144,000 |
| Warren, New Jersey | 1 | $ 75,000 | $ 75,000 | $ 173,000 |
| Northampton, Pennsylvania | 1 | $ 14,000 | $ 14,000 | $ 103,000 |
Mortgage Loan Application Detail Totals for Wyandotte Federal Credit Union 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 |
|---|---|---|---|---|---|---|
| Refinancing | 59 | $5,162,000 | $87,000 | $196,000 | $53,000 | $224,000 |
| Home Improvement | 22 | $734,000 | $33,000 | $90,000 | $58,000 | $118,000 |
| Home Purchase | 20 | $2,776,000 | $138,000 | $300,000 | $63,000 | $144,000 |
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 | 82 | $6,565,000 | $80,000 | $300,000 | $58,000 | $224,000 |
| Hispanic | 8 | $922,000 | $115,000 | $177,000 | $34,000 | $51,000 |
| Not Provided | 6 | $587,000 | $97,000 | $196,000 | $49,000 | $88,000 |
| Black or African American | 3 | $430,000 | $143,000 | $220,000 | $70,000 | $79,000 |
| American Indian or Alaskan Native | 1 | $124,000 | $124,000 | $124,000 | $45,000 | $45,000 |
| Asian | 1 | $44,000 | $44,000 | $44,000 | $39,000 | $39,000 |
| 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) | 101 | $8,672,000 | $85,000 | $300,000 | $56,000 | $224,000 |
| 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 | 68 | $5,146,000 | $75,000 | $300,000 | $61,000 | $224,000 |
| Application Withdrawn By Applicant | 16 | $1,744,000 | $109,000 | $220,000 | $50,000 | $108,000 |
| Application Denied By Financial Institution | 11 | $1,222,000 | $111,000 | $167,000 | $35,000 | $66,000 |
| File Closed For Incompleteness | 5 | $428,000 | $85,000 | $140,000 | $49,000 | $88,000 |
| Application Approved But Not Accepted | 1 | $132,000 | $132,000 | $132,000 | $103,000 | $103,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 4 | $511,000 | $127,000 | $167,000 | $29,000 | $57,000 |
| Credit History | 3 | $421,000 | $140,000 | $150,000 | $47,000 | $66,000 |
| Collateral | 2 | $90,000 | $45,000 | $50,000 | $32,000 | $45,000 |
| Unverifiable Information | 1 | $97,000 | $97,000 | $97,000 | $31,000 | $31,000 |
| Mortgage Insurance Denied | 1 | $103,000 | $103,000 | $103,000 | $43,000 | $43,000 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Wyandotte Federal Credit Union'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 Wyandotte Federal 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.
For a list of all lenders in Michigan, download the full spreadsheet
with aggregated HMDA statistics today.
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