Central Co-Operative Bank Mortgage Lending & HMDA Data, 2010
In 2010, Central Co-Operative Bank of Somerville, MA reported 272 mortgage applications totaling $88.7 million, down 57% from 2009. The average application was for $326,279, and applicants reported an average income of $142,459. 63% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (179), Boston-Quincy, MA (45) and Peabody, MA (21) (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 | 272 |
| Total Mortgage Loan Application Amount | $88,748,000 |
| Average Mortgage Loan Application Amount | $326,279 |
| Highest Mortgage Loan Application Amount | $1,250,000 |
| Average Applicant Income | $142,459 |
| Highest Applicant Income | $960,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2010
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 | 199 | $69,101,000 | $347,000 | $1,245,000 | $156,000 | $960,000 |
| Home Purchase | 52 | $14,707,000 | $282,000 | $1,250,000 | $109,000 | $338,000 |
| Home Improvement | 21 | $4,940,000 | $235,000 | $1,083,000 | $97,000 | $246,000 |
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 | 229 | $74,230,000 | $324,000 | $1,250,000 | $145,000 | $960,000 |
| Not Provided | 22 | $9,319,000 | $423,000 | $1,083,000 | $160,000 | $472,000 |
| Asian | 9 | $2,151,000 | $239,000 | $372,000 | $125,000 | $454,000 |
| Black or African American | 6 | $1,484,000 | $247,000 | $336,000 | $75,000 | $111,000 |
| Hispanic | 4 | $1,384,000 | $346,000 | $400,000 | $115,000 | $216,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $180,000 | $90,000 | $142,000 | $42,000 | $42,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 272 | $88,748,000 | $326,000 | $1,250,000 | $143,000 | $960,000 |
| 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 | 172 | $52,783,000 | $306,000 | $1,083,000 | $136,000 | $720,000 |
| Application Approved But Not Accepted | 33 | $10,374,000 | $314,000 | $1,245,000 | $156,000 | $960,000 |
| Application Denied By Financial Institution | 29 | $11,486,000 | $396,000 | $1,013,000 | $154,000 | $472,000 |
| Application Withdrawn By Applicant | 16 | $6,265,000 | $391,000 | $797,000 | $168,000 | $342,000 |
| File Closed For Incompleteness | 10 | $2,821,000 | $282,000 | $410,000 | $106,000 | $158,000 |
| Preapproval Denied by Financial Institution | 8 | $1,212,000 | $151,000 | $275,000 | $51,000 | $73,000 |
| Loan Purchased By The Institution | 4 | $3,807,000 | $951,000 | $1,250,000 | $401,000 | $469,000 |
| 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 | 13 | $6,121,000 | $470,000 | $1,013,000 | $228,000 | $472,000 |
| Credit History | 11 | $2,934,000 | $266,000 | $603,000 | $88,000 | $184,000 |
| Debt-To-Income Ratio | 10 | $3,211,000 | $321,000 | $920,000 | $80,000 | $167,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $377,000 | $188,000 | $240,000 | $47,000 | $59,000 |
| Unverifiable Information | 1 | $55,000 | $55,000 | $55,000 | $30,000 | $30,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank's 2010 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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