Bank of Western Massachusetts Mortgage Lending & HMDA Data, 2006
In 2006, Bank of Western Massachusetts of Springfield, MA reported 238 mortgage applications totaling $34.0 million, down 31% from 2005. The average application was for $142,928, and applicants reported an average income of $46,789. 60% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Springfield, MA (211), Hartford-West Hartford-East Hartford, CT (10) and Norwich-New London, CT (4) (applications in parentheses).
| Mortgage Company & Address | Bank of Western Massachusetts 1391 Main Street Springfield, MA 01103 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 238 |
| Total Mortgage Loan Application Amount | $34,017,000 |
| Average Mortgage Loan Application Amount | $142,928 |
| Highest Mortgage Loan Application Amount | $1,100,000 |
| Average Applicant Income | $46,789 |
| Highest Applicant Income | $345,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Bank of Western Massachusetts filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Bank of Western Massachusetts 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 | 95 | $15,214,000 | $160,000 | $1,100,000 | $41,000 | $345,000 |
| Home Improvement | 78 | $4,624,000 | $59,000 | $400,000 | $82,000 | $270,000 |
| Home Purchase | 65 | $14,179,000 | $218,000 | $850,000 | $13,000 | $244,000 |
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 | 130 | $8,810,000 | $67,000 | $650,000 | $76,000 | $345,000 |
| Not applicable | 96 | $24,140,000 | $251,000 | $1,100,000 | $0 | $0 |
| Not Provided | 10 | $1,003,000 | $100,000 | $250,000 | $124,000 | $270,000 |
| Asian | 1 | $44,000 | $44,000 | $44,000 | $35,000 | $35,000 |
| Black or African American | 1 | $20,000 | $20,000 | $20,000 | $19,000 | $19,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 238 | $34,017,000 | $142,000 | $1,100,000 | $47,000 | $345,000 |
| 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 | 143 | $13,467,000 | $94,000 | $850,000 | $68,000 | $345,000 |
| Loan Purchased By The Institution | 74 | $19,437,000 | $262,000 | $1,100,000 | $0 | $0 |
| Application Approved But Not Accepted | 7 | $349,000 | $49,000 | $140,000 | $70,000 | $200,000 |
| Application Withdrawn By Applicant | 7 | $470,000 | $67,000 | $188,000 | $82,000 | $118,000 |
| Application Denied By Financial Institution | 6 | $269,000 | $44,000 | $54,000 | $51,000 | $90,000 |
| File Closed For Incompleteness | 1 | $25,000 | $25,000 | $25,000 | $80,000 | $80,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 2 | $104,000 | $52,000 | $54,000 | $83,000 | $90,000 |
| Debt-To-Income Ratio | 2 | $95,000 | $47,000 | $50,000 | $39,000 | $60,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $20,000 | $20,000 | $20,000 | $19,000 | $19,000 |
| Credit History | 1 | $50,000 | $50,000 | $50,000 | $47,000 | $47,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Bank of Western Massachusetts'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 Bank of Western Massachusetts'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 Massachusetts, download the full spreadsheet
with aggregated HMDA statistics today.
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