Minnesota
Mortgage Loan Application
Totals and Details
in 2016

Years 2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 308,571
Total Mortgage Loan Application Amount $64,755,178,000
Average Mortgage Loan Application Amount $209,000
Highest Mortgage Loan Application Amount $99,999,000
Average Applicant Income $88,000
Highest Applicant Income $9,999,000
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Mortgage Loan Application Detail Totals for Minnesota in 2016

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 145,524 $32,103,803,000 $220,000 $99,999,000 $81,000 $6,900,000
Refinancing 145,092 $30,660,889,000 $211,000 $99,999,000 $93,000 $9,999,000
Home Improvement 17,955 $1,990,486,000 $110,000 $18,000,000 $97,000 $5,957,000

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 221,441 $44,885,068,000 $202,000 $99,999,000 $99,000 $8,833,000
Not applicable 35,615 $9,630,628,000 $270,000 $99,750,000 $12,000 $3,192,000
Not Provided 24,660 $4,914,651,000 $199,000 $13,952,000 $103,000 $6,000,000
Asian 11,239 $2,518,897,000 $224,000 $99,999,000 $93,000 $9,999,000
Hispanic 7,032 $1,165,265,000 $165,000 $2,700,000 $73,000 $3,329,000
Black or African American 6,893 $1,345,516,000 $195,000 $99,999,000 $72,000 $6,900,000
American Indian or Alaskan Native 1,256 $207,767,000 $165,000 $745,000 $95,000 $1,207,000
Native Hawaiin or Other Pacific Islander 435 $87,386,000 $200,000 $984,000 $91,000 $761,000

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) 231,541 $49,946,040,000 $215,000 $99,999,000 $102,000 $9,999,000
FHA-insured (Federal Housing Administration) 50,083 $9,293,995,000 $185,000 $99,999,000 $44,000 $1,920,000
VA-guaranteed (Veterans Administration) 20,239 $4,564,135,000 $225,000 $1,550,000 $53,000 $1,110,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 6,708 $951,008,000 $141,000 $1,350,000 $37,000 $1,248,000

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 176,922 $37,554,376,000 $212,000 $65,421,000 $98,000 $8,360,000
Loan Purchased By The Institution 52,402 $11,238,187,000 $214,000 $99,750,000 $48,000 $2,488,000
Application Denied By Financial Institution 37,587 $7,326,167,000 $194,000 $99,999,000 $83,000 $9,999,000
Application Withdrawn By Applicant 26,247 $5,706,794,000 $217,000 $99,999,000 $98,000 $6,000,000
File Closed For Incompleteness 8,125 $1,536,277,000 $189,000 $4,650,000 $83,000 $8,833,000
Application Approved But Not Accepted 7,282 $1,391,138,000 $191,000 $10,560,000 $101,000 $3,641,000
Preapproval Denied by Financial Institution 5 $2,199,000 $439,000 $1,000,000 $53,000 $122,000
Preapproval Approved but not Accepted 1 $40,000 $40,000 $40,000 $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 6,120 $805,915,000 $131,000 $2,940,000 $83,000 $9,999,000
Debt-To-Income Ratio 5,591 $1,042,606,000 $186,000 $10,000,000 $64,000 $4,924,000
Collateral 4,920 $1,039,691,000 $211,000 $19,000,000 $105,000 $1,891,000
Credit Application Incomplete 2,346 $485,256,000 $206,000 $1,804,000 $97,000 $6,900,000
Other 1,953 $529,429,000 $271,000 $65,000,000 $96,000 $3,471,000
Unverifiable Information 999 $200,279,000 $200,000 $2,408,000 $93,000 $1,580,000
Insufficient Cash (Downpayment, Closing Cost) 573 $134,270,000 $234,000 $2,663,000 $93,000 $704,000
Employment History 445 $81,995,000 $184,000 $1,470,000 $62,000 $563,000
Mortgage Insurance Denied 12 $2,974,000 $247,000 $636,000 $89,000 $243,000
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Mortgage Loan Application Totals in 2016 by Minnesota Metropolitan Area

Metro Area Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
DULUTH, MN-WI 10,826 $ 1,688,408,000 $ 155,000 $ 76,000
MANKATO-NORTH MANKATO, MN 4,088 $ 698,499,000 $ 170,000 $ 75,000
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 218,727 $ 49,998,774,000 $ 228,000 $ 91,000
ROCHESTER, MN 11,595 $ 2,192,072,000 $ 189,000 $ 93,000
ST. CLOUD, MN 8,825 $ 1,454,463,000 $ 164,000 $ 75,000
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Mortgage Loan Application Totals in 2016 by Minnesota County

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
Aitkin 986 $ 157,208,000 $ 159,000 $ 90,000
Anoka 24,872 $ 4,835,249,000 $ 194,000 $ 74,000
Becker 1,783 $ 346,430,000 $ 194,000 $ 88,000
Beltrami 1,091 $ 169,825,000 $ 155,000 $ 73,000
Benton 1,927 $ 308,812,000 $ 160,000 $ 71,000
Big Stone 156 $ 16,931,000 $ 108,000 $ 75,000
Blue Earth 2,641 $ 448,232,000 $ 169,000 $ 73,000
Brown 836 $ 105,585,000 $ 126,000 $ 66,000
Carlton 1,799 $ 269,383,000 $ 149,000 $ 69,000
Carver 7,777 $ 2,141,783,000 $ 275,000 $ 106,000
Cass 1,664 $ 316,944,000 $ 190,000 $ 106,000
Chippewa 320 $ 35,226,000 $ 110,000 $ 57,000
Chisago 3,822 $ 726,374,000 $ 190,000 $ 72,000
Clay 3,622 $ 645,119,000 $ 178,000 $ 65,000
Clearwater 282 $ 30,609,000 $ 108,000 $ 71,000
Cook 232 $ 48,442,000 $ 208,000 $ 141,000
Cottonwood 281 $ 27,610,000 $ 98,000 $ 55,000
Crow Wing 3,566 $ 794,950,000 $ 222,000 $ 102,000
Dakota 29,066 $ 6,455,096,000 $ 222,000 $ 87,000
Dodge 1,143 $ 175,191,000 $ 153,000 $ 79,000
Douglas 1,786 $ 331,209,000 $ 185,000 $ 85,000
Faribault 353 $ 38,065,000 $ 107,000 $ 63,000
Fillmore 946 $ 137,877,000 $ 145,000 $ 73,000
Freeborn 885 $ 99,867,000 $ 112,000 $ 63,000
Goodhue 2,479 $ 461,988,000 $ 186,000 $ 77,000
Grant 236 $ 28,390,000 $ 120,000 $ 78,000
Hennepin 74,445 $ 19,164,193,000 $ 257,000 $ 105,000
Houston 754 $ 114,160,000 $ 151,000 $ 80,000
Hubbard 926 $ 150,871,000 $ 162,000 $ 93,000
Isanti 2,857 $ 479,830,000 $ 167,000 $ 64,000
Itasca 1,991 $ 298,537,000 $ 149,000 $ 79,000
Jackson 266 $ 32,167,000 $ 120,000 $ 71,000
Kanabec 795 $ 101,835,000 $ 128,000 $ 67,000
Kandiyohi 1,529 $ 248,480,000 $ 162,000 $ 89,000
Kittson 80 $ 7,855,000 $ 98,000 $ 60,000
Koochiching 278 $ 31,997,000 $ 115,000 $ 70,000
Lac qui Parle 144 $ 16,124,000 $ 111,000 $ 67,000
Lake 443 $ 75,816,000 $ 171,000 $ 93,000
Lake of the Woods 148 $ 18,862,000 $ 127,000 $ 69,000
Le Sueur 1,565 $ 277,820,000 $ 177,000 $ 77,000
Lincoln 146 $ 26,575,000 $ 182,000 $ 82,000
Lyon 732 $ 101,592,000 $ 138,000 $ 66,000
Mahnomen 124 $ 12,370,000 $ 99,000 $ 57,000
Marshall 245 $ 26,289,000 $ 107,000 $ 54,000
Martin 596 $ 71,621,000 $ 120,000 $ 73,000
McLeod 1,641 $ 230,994,000 $ 140,000 $ 62,000
Meeker 979 $ 146,148,000 $ 149,000 $ 75,000
Mille Lacs 1,536 $ 214,768,000 $ 139,000 $ 62,000
Morrison 1,413 $ 207,534,000 $ 146,000 $ 81,000
Mower 1,470 $ 163,493,000 $ 111,000 $ 60,000
Murray 235 $ 30,087,000 $ 128,000 $ 80,000
Nicollet 1,450 $ 250,499,000 $ 172,000 $ 79,000
Nobles 318 $ 38,781,000 $ 121,000 $ 66,000
Norman 224 $ 22,240,000 $ 99,000 $ 49,000
Olmsted 8,411 $ 1,719,748,000 $ 204,000 $ 98,000
Otter Tail 2,869 $ 491,703,000 $ 171,000 $ 95,000
Pennington 452 $ 60,418,000 $ 133,000 $ 53,000
Pine 1,523 $ 216,791,000 $ 142,000 $ 70,000
Pipestone 132 $ 17,429,000 $ 132,000 $ 79,000
Polk 1,267 $ 188,805,000 $ 149,000 $ 67,000
Pope 423 $ 64,485,000 $ 152,000 $ 82,000
Ramsey 26,091 $ 5,165,480,000 $ 197,000 $ 82,000
Red Lake 93 $ 11,209,000 $ 120,000 $ 66,000
Redwood 468 $ 49,942,000 $ 106,000 $ 63,000
Renville 459 $ 50,463,000 $ 109,000 $ 59,000
Rice 2,852 $ 527,028,000 $ 184,000 $ 73,000
Rock 375 $ 52,602,000 $ 140,000 $ 66,000
Roseau 332 $ 39,221,000 $ 118,000 $ 52,000
Scott 10,723 $ 2,627,434,000 $ 245,000 $ 96,000
Sherburne 7,142 $ 1,340,916,000 $ 187,000 $ 73,000
Sibley 641 $ 87,504,000 $ 136,000 $ 60,000
St. Louis 9,034 $ 1,420,126,000 $ 157,000 $ 77,000
Stearns 6,900 $ 1,145,757,000 $ 166,000 $ 76,000
Steele 1,719 $ 264,456,000 $ 153,000 $ 69,000
Stevens 261 $ 38,646,000 $ 148,000 $ 64,000
Swift 206 $ 21,123,000 $ 102,000 $ 56,000
Todd 898 $ 136,064,000 $ 151,000 $ 71,000
Traverse 65 $ 8,495,000 $ 130,000 $ 76,000
Wabasha 1,099 $ 159,447,000 $ 145,000 $ 86,000
Wadena 365 $ 45,353,000 $ 124,000 $ 64,000
Waseca 634 $ 88,900,000 $ 140,000 $ 62,000
Washington 18,587 $ 4,556,878,000 $ 245,000 $ 98,000
Watonwan 301 $ 33,112,000 $ 110,000 $ 73,000
Wilkin 249 $ 28,111,000 $ 112,000 $ 60,000
Winona 1,527 $ 232,259,000 $ 152,000 $ 75,000
Wright 9,741 $ 1,941,455,000 $ 199,000 $ 80,000
Yellow Medicine 270 $ 31,138,000 $ 115,000 $ 58,000
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