Coastway Credit Union Mortgage Lending & HMDA Data, 2006
In 2006, Coastway Credit Union of Cranston, RI reported 695 mortgage applications totaling $76.2 million, up 50% from 2005. The average application was for $109,689, and applicants reported an average income of $75,141. 77% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Providence-New Bedford-Fall River, RI-MA (675), Worcester, MA (3) and Boston-Quincy, MA (2) (applications in parentheses).
| Mortgage Company & Address | Coastway Credit Union One Coastway Plaza Cranston, RI 02910 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 695 |
| Total Mortgage Loan Application Amount | $76,234,000 |
| Average Mortgage Loan Application Amount | $109,689 |
| Highest Mortgage Loan Application Amount | $2,300,000 |
| Average Applicant Income | $75,141 |
| Highest Applicant Income | $631,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Coastway Credit Union filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Providence-New Bedford-Fall River, RI-MA | 675 | $ 70,734,000 | $ 104,791 | $ 73,924 |
| Worcester, MA | 3 | $ 723,000 | $ 241,000 | $ 115,000 |
| Boston-Quincy, MA | 2 | $ 425,000 | $ 212,500 | $ 77,000 |
| Bethesda-Gaithersburg-Frederick, MD | 1 | $ 931,000 | $ 931,000 | $ 175,000 |
| Cambridge-Newton-Framingham, MA | 1 | $ 185,000 | $ 185,000 | $ 41,000 |
| Cape Coral-Fort Myers, FL | 1 | $ 230,000 | $ 230,000 | $ 210,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 1 | $ 608,000 | $ 608,000 | $ 325,000 |
| Naples-Marco Island, FL | 1 | $ 417,000 | $ 417,000 | $ 98,000 |
| Norwich-New London, CT | 1 | $ 217,000 | $ 217,000 | $ 166,000 |
| Ocala, FL | 1 | $ 150,000 | $ 150,000 | $ 150,000 |
| Port St. Lucie-Fort Pierce, FL | 1 | $ 199,000 | $ 199,000 | $ 53,000 |
| San Diego-Carlsbad-San Marcos, CA | 1 | $ 549,000 | $ 549,000 | $ 163,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 1 | $ 281,000 | $ 281,000 | $ 43,000 |
Mortgage Loan Application Detail Totals for Coastway Credit Union 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 |
|---|---|---|---|---|---|---|
| Refinancing | 317 | $38,978,000 | $122,000 | $1,300,000 | $79,000 | $390,000 |
| Home Improvement | 256 | $8,426,000 | $32,000 | $249,000 | $69,000 | $370,000 |
| Home Purchase | 122 | $28,830,000 | $236,000 | $2,300,000 | $78,000 | $631,000 |
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 | 632 | $70,055,000 | $110,000 | $2,300,000 | $76,000 | $631,000 |
| Hispanic | 24 | $3,323,000 | $138,000 | $316,000 | $59,000 | $161,000 |
| Black or African American | 19 | $1,309,000 | $68,000 | $172,000 | $68,000 | $200,000 |
| Not Provided | 15 | $942,000 | $62,000 | $200,000 | $93,000 | $252,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $120,000 | $60,000 | $80,000 | $72,000 | $75,000 |
| Asian | 2 | $410,000 | $205,000 | $260,000 | $52,000 | $60,000 |
| American Indian or Alaskan Native | 1 | $75,000 | $75,000 | $75,000 | $96,000 | $96,000 |
| Not applicable | 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) | 689 | $74,703,000 | $108,000 | $2,300,000 | $75,000 | $631,000 |
| FHA-insured (Federal Housing Administration) | 4 | $1,066,000 | $266,000 | $290,000 | $84,000 | $106,000 |
| VA-guaranteed (Veterans Administration) | 2 | $465,000 | $232,000 | $235,000 | $84,000 | $85,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 538 | $58,499,000 | $108,000 | $2,300,000 | $78,000 | $631,000 |
| Application Withdrawn By Applicant | 86 | $10,680,000 | $124,000 | $417,000 | $71,000 | $252,000 |
| Application Denied By Financial Institution | 62 | $5,647,000 | $91,000 | $417,000 | $61,000 | $168,000 |
| Application Approved But Not Accepted | 6 | $634,000 | $105,000 | $219,000 | $76,000 | $105,000 |
| File Closed For Incompleteness | 3 | $774,000 | $258,000 | $500,000 | $95,000 | $164,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 | 32 | $2,232,000 | $69,000 | $290,000 | $53,000 | $96,000 |
| Credit History | 15 | $1,244,000 | $82,000 | $417,000 | $58,000 | $113,000 |
| Collateral | 13 | $1,865,000 | $143,000 | $342,000 | $88,000 | $168,000 |
| Other | 1 | $270,000 | $270,000 | $270,000 | $61,000 | $61,000 |
| Employment History | 1 | $36,000 | $36,000 | $36,000 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Coastway Credit Union'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 Coastway Credit Union'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 Rhode Island, download the full spreadsheet
with aggregated HMDA statistics today.
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