Central Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Central Co-Operative Bank of Somerville, MA reported 501 mortgage applications totaling $157.4 million, down 12% from 2004. The average application was for $314,223, and applicants reported an average income of $77,832. 55% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (247), Boston-Quincy, MA (56) and Essex County, MA (48) (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 | 501 |
| Total Mortgage Loan Application Amount | $157,426,000 |
| Average Mortgage Loan Application Amount | $314,223 |
| Highest Mortgage Loan Application Amount | $5,600,000 |
| Average Applicant Income | $77,832 |
| Highest Applicant Income | $672,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2005
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 | 318 | $119,319,000 | $500,500 | $5,600,000 | $73,750 | $644,000 |
| Refinancing | 119 | $29,181,000 | $196,000 | $3,800,000 | $82,500 | $672,000 |
| Home Improvement | 64 | $8,926,000 | $139,000 | $1,014,000 | $79,000 | $231,000 |
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 | 400 | $95,890,000 | $226,250 | $3,650,000 | $71,500 | $584,000 |
| Not applicable | 39 | $46,613,000 | $1,482,500 | $5,600,000 | $43,000 | $672,000 |
| Asian | 21 | $5,663,000 | $273,000 | $660,000 | $121,500 | $247,000 |
| Not Provided | 17 | $4,574,000 | $370,666 | $865,000 | $118,000 | $217,000 |
| Black or African American | 12 | $2,243,000 | $186,500 | $487,000 | $70,000 | $132,000 |
| Hispanic | 11 | $2,175,000 | $214,666 | $388,000 | $83,000 | $120,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $268,000 | $268,000 | $268,000 | $51,000 | $51,000 |
| 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) | 500 | $157,221,000 | $397,500 | $5,600,000 | $74,250 | $672,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $205,000 | $205,000 | $205,000 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 274 | $83,067,000 | $459,666 | $3,600,000 | $76,000 | $644,000 |
| Preapproval Approved but not Accepted | 99 | $24,943,000 | $251,000 | $670,000 | $71,000 | $200,000 |
| Application Withdrawn By Applicant | 56 | $16,021,000 | $327,333 | $3,000,000 | $117,666 | $235,000 |
| Application Denied By Financial Institution | 29 | $10,177,000 | $210,500 | $3,650,000 | $36,500 | $165,000 |
| Preapproval Denied by Financial Institution | 22 | $4,899,000 | $222,000 | $480,000 | $62,000 | $121,000 |
| Application Approved But Not Accepted | 17 | $13,195,000 | $776,000 | $5,600,000 | $149,000 | $672,000 |
| File Closed For Incompleteness | 4 | $5,124,000 | $1,281,000 | $3,800,000 | $27,000 | $76,000 |
| 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 | 25 | $6,398,000 | $194,666 | $940,000 | $40,333 | $121,000 |
| Credit History | 16 | $2,814,000 | $178,000 | $423,000 | $62,000 | $107,000 |
| Collateral | 4 | $414,000 | $77,500 | $323,000 | $65,500 | $165,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $935,000 | $212,500 | $327,000 | $81,000 | $96,000 |
| Other | 2 | $4,515,000 | $2,257,000 | $3,650,000 | $36,000 | $72,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 2005 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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