Central Co-Operative Bank Mortgage Lending & HMDA Data, 2009
In 2009, Central Co-Operative Bank of Somerville, MA reported 631 mortgage applications totaling $240.6 million, up 111% from 2008. The average application was for $381,302, and applicants reported an average income of $165,152. 56% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (406), Boston-Quincy, MA (113) and Peabody, MA (36) (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 | 631 |
| Total Mortgage Loan Application Amount | $240,602,000 |
| Average Mortgage Loan Application Amount | $381,302 |
| Highest Mortgage Loan Application Amount | $3,500,000 |
| Average Applicant Income | $165,152 |
| Highest Applicant Income | $1,723,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2009
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 | 446 | $196,082,000 | $439,000 | $3,500,000 | $184,000 | $1,723,000 |
| Home Purchase | 112 | $37,566,000 | $335,000 | $1,500,000 | $128,000 | $960,000 |
| Home Improvement | 73 | $6,954,000 | $95,000 | $456,000 | $107,000 | $477,000 |
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 | 479 | $180,317,000 | $376,000 | $3,500,000 | $167,000 | $1,723,000 |
| Not Provided | 85 | $31,728,000 | $373,000 | $1,500,000 | $189,000 | $1,104,000 |
| Asian | 30 | $10,152,000 | $338,000 | $850,000 | $161,000 | $454,000 |
| Not applicable | 16 | $10,205,000 | $637,000 | $1,950,000 | $0 | $0 |
| Hispanic | 10 | $4,554,000 | $455,000 | $975,000 | $208,000 | $477,000 |
| Black or African American | 8 | $2,740,000 | $342,000 | $675,000 | $113,000 | $216,000 |
| American Indian or Alaskan Native | 3 | $906,000 | $302,000 | $650,000 | $130,000 | $335,000 |
| 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) | 631 | $240,602,000 | $381,000 | $3,500,000 | $165,000 | $1,723,000 |
| 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 | 356 | $131,205,000 | $368,000 | $3,500,000 | $171,000 | $1,723,000 |
| Application Denied By Financial Institution | 85 | $40,467,000 | $476,000 | $2,156,000 | $161,000 | $1,063,000 |
| Application Withdrawn By Applicant | 64 | $20,913,000 | $326,000 | $1,000,000 | $156,000 | $720,000 |
| Application Approved But Not Accepted | 55 | $19,277,000 | $350,000 | $1,750,000 | $162,000 | $960,000 |
| Preapproval Approved but not Accepted | 39 | $10,916,000 | $279,000 | $1,000,000 | $93,000 | $322,000 |
| File Closed For Incompleteness | 14 | $5,262,000 | $375,000 | $1,500,000 | $116,000 | $419,000 |
| Loan Purchased By The Institution | 12 | $11,067,000 | $922,000 | $1,410,000 | $418,000 | $1,612,000 |
| Preapproval Denied by Financial Institution | 6 | $1,495,000 | $249,000 | $400,000 | $71,000 | $115,000 |
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 | 32 | $14,985,000 | $468,000 | $1,380,000 | $95,000 | $320,000 |
| Credit History | 26 | $9,003,000 | $346,000 | $900,000 | $141,000 | $406,000 |
| Collateral | 15 | $7,441,000 | $496,000 | $1,050,000 | $235,000 | $792,000 |
| Other | 9 | $6,569,000 | $729,000 | $2,156,000 | $315,000 | $1,063,000 |
| Credit Application Incomplete | 3 | $716,000 | $238,000 | $416,000 | $148,000 | $419,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $665,000 | $332,000 | $417,000 | $97,000 | $115,000 |
| Mortgage Insurance Denied | 2 | $695,000 | $347,000 | $402,000 | $161,000 | $172,000 |
| Unverifiable Information | 1 | $288,000 | $288,000 | $288,000 | $84,000 | $84,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank's 2009 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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