First American Bank

Compiled by PlainLender Editorial, Mortgage Lending Editorial Team · May 16, 2026

Elk Grove Village, IL

First American Bank processed 4,755 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 2,598 loans with a 31.4% denial rate. Home Improvement was the primary loan purpose. Based in Elk Grove Village, IL. The approval rate of 54.6% reflects originated loans as a share of all applications.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% - HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. First American Bank's 54.6% origination rate tells you how often an application turned into funded money; the 31.4% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (4,722 applications).

How to read this page. These figures are aggregate HMDA disclosures, they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting, it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

4,755

Applications

2,598

Originated

31.4%

Denial Rate

$164,905

Avg Loan Amount

Avg Interest Rate: 8.030% Avg Applicant Income: $36,000

Lending Activity

Type	Applications	Originated	Denied	Avg Loan
Conventional	4,722	2,598	1,479	$164,428
FHA	29	0	16	$227,759
VA	4	0	0	$272,500

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for First American Bank (LEI: XC7Z0BA39TU7L1AKOJ12) · 2024 Accessed 2026-07-23 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio

1,078

Credit history

574

Collateral

178

Other

Insufficient cash

Unverifiable information

Employment history

Mortgage insurance denied

Loan Purpose Breakdown

Purpose	Applications	Originated	Avg Loan
Home Improvement	1,700	926	$137,659
Refinancing	1,209	743	$196,356
Other	1,103	554	$103,595
Home Purchase	497	278	$285,503
Cash-out Refinancing	246	97	$229,878

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race	Applications	Approval Rate	Denial Rate
White	3,431	57.3%	29.7%
Asian	240	43.3%	35.8%
Black or African American	206	32.5%	50.0%
Joint	74	50.0%	39.2%
American Indian or Alaska Native *	15	53.3%	26.7%
Native Hawaiian or Other Pacific Islander *	15	33.3%	60.0%
2 or more minority races *	13	30.8%	46.1%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity	Applications	Approval Rate	Denial Rate
Not Hispanic or Latino	3,067	58.5%	27.5%
Hispanic or Latino	933	40.9%	45.3%
Joint	123	62.6%	25.2%

Nearby Lenders in IL

Other HMDA-reporting lenders in IL with similar activity. Compare any two side-by-side.

Guaranteed Rate, INC.

CHICAGO, IL

124,492 apps 62,820 originated 5.1% denied

BMO Harris Bank NA

Chicago, IL

42,165 apps 18,166 originated 29.4% denied

Mutual of Omaha Mortgage

Lombard, IL

34,393 apps 19,951 originated 20.2% denied

Guaranteed Rate Affinity, LLC

CHICAGO, IL

21,826 apps 14,587 originated 6.0% denied

The Federal Savings Bank

CHICAGO, IL

20,656 apps 8,146 originated 9.3% denied

Compare First American Bank vs Guaranteed Rate, INC. →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did First American Bank process?

First American Bank processed 4,755 mortgage applications in the 2024 HMDA reporting year. Of these, 2,598 were originated (approved and funded), 341 were withdrawn by the applicant, and 1,495 were denied.

What is First American Bank's mortgage approval rate?

First American Bank has an approval (origination) rate of 54.6%, meaning 54.6% of all applications resulted in a funded mortgage. The denial rate is 31.4%.

What is the average loan amount at First American Bank?

The average mortgage loan amount at First American Bank is $164,905. The average interest rate is 8.030%. The average applicant income is $36,000.

What are the most common reasons for mortgage denial at First American Bank?

The most common reasons for mortgage denial at First American Bank are: Debt-to-income ratio, Credit history, Collateral. In total, 1,495 applications were denied out of 4,755 total applications.

What types of mortgage loans does First American Bank offer?

First American Bank processes Conventional, FHA, VA loans. The most common type is Conventional with 4,722 applications and an average loan amount of $164,428.

What loan purposes does First American Bank serve?

First American Bank serves the following loan purposes: Home Improvement (1,700 applications), Refinancing (1,209 applications), Other (1,103 applications), Home Purchase (497 applications), Cash-out Refinancing (246 applications). Home Improvement is the most common purpose.

Where is First American Bank located?

First American Bank is headquartered in Elk Grove Village, IL. The lender is identified by LEI XC7Z0BA39TU7L1AKOJ12 in HMDA data.

How does First American Bank compare in lending across racial demographics?

First American Bank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 57.3% and denial rate of 29.7%; Asian applicants have an approval rate of 43.3% and denial rate of 35.8%; Black or African American applicants have an approval rate of 32.5% and denial rate of 50.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology - how this data is sourced, computed, and verified.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.