Central Co-Operative Bank Mortgage Lending & HMDA Data, 2012
In 2012, Central Co-Operative Bank of Somerville, MA reported 399 mortgage applications totaling $181.8 million, down 12% from 2011. The average application was for $455,701, and applicants reported an average income of $203,300. 76% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (233), Boston-Quincy, MA (99) and Peabody, MA (38) (applications in parentheses).
| Mortgage Company & Address | Central Co-Operative Bank 399 Highland Avenue Somerville, MA 02144 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 399 |
| Total Mortgage Loan Application Amount | $181,825,000 |
| Average Mortgage Loan Application Amount | $455,701 |
| Highest Mortgage Loan Application Amount | $1,700,000 |
| Average Applicant Income | $203,300 |
| Highest Applicant Income | $3,155,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Middlesex, Massachusetts | 233 | $ 97,208,000 | $ 417,201 | $ 180,000 |
| Norfolk, Massachusetts | 60 | $ 38,260,000 | $ 637,666 | $ 309,000 |
| Essex, Massachusetts | 38 | $ 16,698,000 | $ 439,421 | $ 187,000 |
| Suffolk, Massachusetts | 28 | $ 9,819,000 | $ 350,678 | $ 178,000 |
| Plymouth, Massachusetts | 11 | $ 5,951,000 | $ 541,000 | $ 197,000 |
| Worcester, Massachusetts | 10 | $ 5,216,000 | $ 521,600 | $ 210,000 |
| Barnstable, Massachusetts | 6 | $ 3,700,000 | $ 616,666 | $ 414,000 |
| Bristol, Massachusetts | 5 | $ 2,498,000 | $ 499,600 | $ 208,000 |
| Hillsborough, New Hampshire | 2 | $ 348,000 | $ 174,000 | $ 36,000 |
| Rockingham, New Hampshire | 2 | $ 512,000 | $ 256,000 | $ 178,000 |
| Dukes, Massachusetts | 1 | $ 265,000 | $ 265,000 | $ 67,000 |
Mortgage Loan Application Detail Totals for Central Co-Operative Bank in 2012
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 | 315 | $143,975,000 | $457,000 | $1,675,000 | $209,000 | $3,155,000 |
| Home Purchase | 66 | $33,471,000 | $507,000 | $1,700,000 | $186,000 | $945,000 |
| Home Improvement | 18 | $4,379,000 | $243,000 | $747,000 | $167,000 | $1,200,000 |
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 | 307 | $133,504,000 | $434,000 | $1,700,000 | $189,000 | $1,328,000 |
| Not Provided | 50 | $27,535,000 | $550,000 | $1,675,000 | $317,000 | $3,155,000 |
| Asian | 25 | $14,486,000 | $579,000 | $1,020,000 | $223,000 | $417,000 |
| Hispanic | 8 | $3,242,000 | $405,000 | $575,000 | $146,000 | $343,000 |
| Black or African American | 5 | $1,699,000 | $339,000 | $424,000 | $129,000 | $181,000 |
| Not applicable | 4 | $1,359,000 | $339,000 | $464,000 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 399 | $181,825,000 | $455,000 | $1,700,000 | $203,000 | $3,155,000 |
| 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 | 305 | $137,634,000 | $451,000 | $1,323,000 | $205,000 | $3,155,000 |
| Application Denied By Financial Institution | 31 | $15,367,000 | $495,000 | $1,675,000 | $157,000 | $485,000 |
| Application Withdrawn By Applicant | 23 | $9,854,000 | $428,000 | $1,000,000 | $206,000 | $945,000 |
| File Closed For Incompleteness | 20 | $8,209,000 | $410,000 | $1,250,000 | $244,000 | $865,000 |
| Application Approved But Not Accepted | 17 | $9,411,000 | $553,000 | $1,700,000 | $225,000 | $451,000 |
| Preapproval Denied by Financial Institution | 3 | $1,350,000 | $450,000 | $675,000 | $89,000 | $107,000 |
| 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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank's 2012 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 Central Co-Operative Bank'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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