Central Co-Operative Bank Mortgage Lending & HMDA Data, 2011
In 2011, Central Co-Operative Bank of Somerville, MA reported 451 mortgage applications totaling $185.0 million, up 66% from 2010. The average application was for $410,097, and applicants reported an average income of $178,270. 67% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (270), Boston-Quincy, MA (95) and Peabody, MA (45) (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 | 451 |
| Total Mortgage Loan Application Amount | $184,954,000 |
| Average Mortgage Loan Application Amount | $410,097 |
| Highest Mortgage Loan Application Amount | $3,450,000 |
| Average Applicant Income | $178,270 |
| Highest Applicant Income | $1,550,000 |
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records Central Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2011
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 | 303 | $127,966,000 | $422,000 | $3,450,000 | $191,000 | $1,550,000 |
| Home Purchase | 125 | $51,193,000 | $409,000 | $2,280,000 | $162,000 | $738,000 |
| Home Improvement | 23 | $5,795,000 | $251,000 | $650,000 | $99,000 | $204,000 |
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 | 354 | $144,745,000 | $408,000 | $3,450,000 | $187,000 | $1,550,000 |
| Asian | 42 | $16,369,000 | $389,000 | $1,020,000 | $186,000 | $523,000 |
| Not Provided | 32 | $9,617,000 | $300,000 | $850,000 | $147,000 | $414,000 |
| Not applicable | 12 | $10,767,000 | $897,000 | $3,350,000 | $7,000 | $85,000 |
| Black or African American | 6 | $1,765,000 | $294,000 | $555,000 | $105,000 | $221,000 |
| Hispanic | 5 | $1,691,000 | $338,000 | $698,000 | $159,000 | $435,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 451 | $184,954,000 | $410,000 | $3,450,000 | $178,000 | $1,550,000 |
| 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 | 304 | $123,659,000 | $406,000 | $3,450,000 | $189,000 | $1,550,000 |
| Application Denied By Financial Institution | 39 | $19,253,000 | $493,000 | $3,350,000 | $123,000 | $795,000 |
| Application Withdrawn By Applicant | 34 | $16,306,000 | $479,000 | $2,280,000 | $214,000 | $816,000 |
| File Closed For Incompleteness | 32 | $11,793,000 | $368,000 | $1,250,000 | $149,000 | $694,000 |
| Application Approved But Not Accepted | 32 | $11,978,000 | $374,000 | $840,000 | $160,000 | $425,000 |
| Preapproval Denied by Financial Institution | 10 | $1,965,000 | $196,000 | $450,000 | $78,000 | $200,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 18 | $5,833,000 | $324,000 | $930,000 | $108,000 | $235,000 |
| Debt-To-Income Ratio | 13 | $5,034,000 | $387,000 | $800,000 | $82,000 | $198,000 |
| Collateral | 8 | $3,938,000 | $492,000 | $1,090,000 | $250,000 | $795,000 |
| Other | 4 | $4,737,000 | $1,184,000 | $3,350,000 | $0 | $0 |
| Employment History | 3 | $854,000 | $284,000 | $678,000 | $91,000 | $164,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $417,000 | $417,000 | $417,000 | $108,000 | $108,000 |
| Mortgage Insurance Denied | 1 | $105,000 | $105,000 | $105,000 | $37,000 | $37,000 |
| Unverifiable Information | 1 | $300,000 | $300,000 | $300,000 | $159,000 | $159,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Central Co-Operative Bank's 2011 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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