Central Co-Operative Bank Mortgage Lending & HMDA Data, 2004
In 2004, Central Co-Operative Bank of Somerville, MA reported 572 mortgage applications totaling $152.1 million, down 38% from 2003. The average application was for $265,930, and applicants reported an average income of $82,893. 54% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (279), Boston-Quincy, MA (88) and Essex County, MA (47) (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 | 572 |
| Total Mortgage Loan Application Amount | $152,112,000 |
| Average Mortgage Loan Application Amount | $265,930 |
| Highest Mortgage Loan Application Amount | $4,320,000 |
| Average Applicant Income | $82,893 |
| Highest Applicant Income | $1,953,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Central Co-Operative Bank in 2004
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 | 296 | $76,913,000 | $251,800 | $3,150,000 | $334,800 | $1,337,000 |
| Refinancing | 167 | $63,449,000 | $571,000 | $4,320,000 | $584,000 | $1,953,000 |
| Home Improvement | 109 | $11,750,000 | $69,000 | $1,000,000 | $102,500 | $311,000 |
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 | 408 | $87,011,000 | $246,000 | $1,487,000 | $323,166 | $1,337,000 |
| Asian | 54 | $11,799,000 | $172,333 | $656,000 | $69,333 | $432,000 |
| Not Provided | 46 | $11,657,000 | $227,333 | $750,000 | $113,333 | $399,000 |
| Not applicable | 30 | $33,432,000 | $1,114,000 | $4,320,000 | $40,000 | $462,000 |
| Black or African American | 22 | $4,502,000 | $190,500 | $464,000 | $68,500 | $151,000 |
| Hispanic | 11 | $3,611,000 | $640,333 | $1,500,000 | $705,666 | $1,953,000 |
| American Indian or Alaskan Native | 1 | $100,000 | $100,000 | $100,000 | $64,000 | $64,000 |
| 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) | 572 | $152,112,000 | $423,714 | $4,320,000 | $550,000 | $1,953,000 |
| 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 | 310 | $84,363,000 | $263,800 | $3,150,000 | $373,800 | $1,337,000 |
| Preapproval Approved but not Accepted | 104 | $21,314,000 | $204,000 | $560,000 | $59,000 | $1,185,000 |
| Application Denied By Financial Institution | 60 | $15,615,000 | $245,500 | $1,125,000 | $50,000 | $376,000 |
| Application Withdrawn By Applicant | 46 | $9,869,000 | $173,000 | $1,100,000 | $80,500 | $531,000 |
| Application Approved But Not Accepted | 21 | $6,378,000 | $515,500 | $1,500,000 | $578,000 | $1,953,000 |
| File Closed For Incompleteness | 17 | $11,768,000 | $555,000 | $4,320,000 | $99,000 | $560,000 |
| Preapproval Denied by Financial Institution | 14 | $2,805,000 | $200,000 | $302,000 | $46,000 | $93,000 |
| Loan Purchased By The 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 | 42 | $9,249,000 | $223,000 | $585,000 | $44,333 | $376,000 |
| Credit History | 15 | $3,779,000 | $230,500 | $1,125,000 | $59,500 | $176,000 |
| Other | 9 | $3,436,000 | $381,000 | $940,000 | $77,000 | $124,000 |
| Collateral | 5 | $1,033,000 | $206,000 | $416,000 | $138,000 | $146,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $803,000 | $401,000 | $603,000 | $130,000 | $161,000 |
| Unverifiable Information | 1 | $120,000 | $120,000 | $120,000 | $42,000 | $42,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank's 2004 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.
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