Central Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Central Co-Operative Bank of Somerville, MA reported 405 mortgage applications totaling $142.5 million, down 19% from 2005. The average application was for $351,812, and applicants reported an average income of $115,629. 43% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (193), Boston-Quincy, MA (62) and Essex County, MA (23) (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 | 405 |
| Total Mortgage Loan Application Amount | $142,484,000 |
| Average Mortgage Loan Application Amount | $351,812 |
| Highest Mortgage Loan Application Amount | $6,375,000 |
| Average Applicant Income | $115,629 |
| Highest Applicant Income | $6,230,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 268 | $95,995,000 | $358,000 | $6,375,000 | $95,000 | $1,723,000 |
| Refinancing | 105 | $41,227,000 | $392,000 | $3,500,000 | $170,000 | $6,230,000 |
| Home Improvement | 32 | $5,262,000 | $164,000 | $762,000 | $110,000 | $276,000 |
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 | 289 | $80,104,000 | $277,000 | $4,500,000 | $90,000 | $885,000 |
| Not applicable | 42 | $44,407,000 | $1,057,000 | $6,375,000 | $299,000 | $6,230,000 |
| Not Provided | 22 | $5,954,000 | $270,000 | $498,000 | $119,000 | $900,000 |
| Asian | 21 | $5,392,000 | $256,000 | $738,000 | $117,000 | $231,000 |
| Black or African American | 20 | $4,988,000 | $249,000 | $695,000 | $128,000 | $902,000 |
| Hispanic | 9 | $1,314,000 | $146,000 | $487,000 | $66,000 | $140,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $325,000 | $162,000 | $280,000 | $84,000 | $84,000 |
| 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) | 405 | $142,484,000 | $351,000 | $6,375,000 | $116,000 | $6,230,000 |
| 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 | 174 | $71,398,000 | $410,000 | $6,375,000 | $146,000 | $6,230,000 |
| Preapproval Approved but not Accepted | 95 | $20,488,000 | $215,000 | $738,000 | $75,000 | $900,000 |
| Loan Purchased By The Institution | 36 | $14,201,000 | $394,000 | $1,166,000 | $130,000 | $374,000 |
| Application Withdrawn By Applicant | 35 | $7,740,000 | $221,000 | $554,000 | $124,000 | $885,000 |
| Application Denied By Financial Institution | 33 | $9,938,000 | $301,000 | $1,500,000 | $71,000 | $230,000 |
| Application Approved But Not Accepted | 14 | $13,006,000 | $929,000 | $4,500,000 | $104,000 | $561,000 |
| Preapproval Denied by Financial Institution | 11 | $3,018,000 | $274,000 | $582,000 | $64,000 | $104,000 |
| File Closed For Incompleteness | 7 | $2,695,000 | $385,000 | $900,000 | $114,000 | $224,000 |
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 | 23 | $6,591,000 | $286,000 | $582,000 | $57,000 | $111,000 |
| Credit History | 12 | $3,171,000 | $264,000 | $510,000 | $88,000 | $230,000 |
| Collateral | 6 | $1,419,000 | $236,000 | $740,000 | $80,000 | $157,000 |
| Other | 3 | $1,775,000 | $591,000 | $1,500,000 | $72,000 | $131,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank'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 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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