Colonial Co-Operative Bank Mortgage Lending & HMDA Data, 2015
In 2015, Colonial Co-Operative Bank of Gardner, MA reported 84 mortgage applications totaling $16.4 million, up 12% from 2014. The average application was for $195,059, and applicants reported an average income of $95,988. 62% of its applications resulted in an originated loan and 10% were denied. Its largest market was Worcester, MA-CT (67).
| Mortgage Company & Address | Colonial Co-Operative Bank 6 City Hall Ave Gardner, MA 01440 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 84 |
| Total Mortgage Loan Application Amount | $16,385,000 |
| Average Mortgage Loan Application Amount | $195,059 |
| Highest Mortgage Loan Application Amount | $860,000 |
| Average Applicant Income | $95,988 |
| Highest Applicant Income | $1,758,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Colonial Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Worcester, Massachusetts | 67 | $ 11,729,000 | $ 175,059 | $ 100,000 |
Mortgage Loan Application Detail Totals for Colonial Co-Operative Bank in 2015
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 | 51 | $12,049,000 | $236,000 | $860,000 | $119,000 | $1,758,000 |
| Refinancing | 23 | $3,661,000 | $159,000 | $280,000 | $58,000 | $144,000 |
| Home Improvement | 10 | $675,000 | $67,000 | $157,000 | $66,000 | $98,000 |
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 | 75 | $14,380,000 | $191,000 | $860,000 | $103,000 | $1,758,000 |
| Not Provided | 8 | $1,588,000 | $198,000 | $350,000 | $10,000 | $48,000 |
| Asian | 1 | $417,000 | $417,000 | $417,000 | $269,000 | $269,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 84 | $16,385,000 | $195,000 | $860,000 | $96,000 | $1,758,000 |
| 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 | 52 | $10,363,000 | $199,000 | $860,000 | $128,000 | $1,758,000 |
| Application Withdrawn By Applicant | 18 | $4,035,000 | $224,000 | $630,000 | $48,000 | $199,000 |
| Application Denied By Financial Institution | 8 | $1,015,000 | $126,000 | $199,000 | $53,000 | $125,000 |
| Preapproval Denied by Financial Institution | 6 | $972,000 | $162,000 | $210,000 | $20,000 | $48,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Colonial Co-Operative Bank's 2015 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 Colonial 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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