Colonial Co-Operative Bank Mortgage Lending & HMDA Data, 2011
In 2011, Colonial Co-Operative Bank of Gardner, MA reported 83 mortgage applications totaling $9.6 million, up 77% from 2010. The average application was for $115,180, and applicants reported an average income of $53,542. 67% of its applications resulted in an originated loan and 7% were denied. Its largest market was Worcester, MA (68).
| 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 | 83 |
| Total Mortgage Loan Application Amount | $9,560,000 |
| Average Mortgage Loan Application Amount | $115,180 |
| Highest Mortgage Loan Application Amount | $383,000 |
| Average Applicant Income | $53,542 |
| Highest Applicant Income | $150,000 |
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records Colonial Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Colonial 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 | 37 | $5,315,000 | $143,000 | $383,000 | $56,000 | $150,000 |
| Home Purchase | 29 | $2,894,000 | $99,000 | $256,000 | $56,000 | $140,000 |
| Home Improvement | 17 | $1,351,000 | $79,000 | $240,000 | $44,000 | $129,000 |
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 | 77 | $8,754,000 | $113,000 | $383,000 | $55,000 | $150,000 |
| Not applicable | 3 | $378,000 | $126,000 | $153,000 | $0 | $0 |
| Asian | 2 | $188,000 | $94,000 | $100,000 | $42,000 | $44,000 |
| American Indian or Alaskan Native | 1 | $240,000 | $240,000 | $240,000 | $129,000 | $129,000 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
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) | 83 | $9,560,000 | $115,000 | $383,000 | $54,000 | $150,000 |
| 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 | 56 | $6,765,000 | $120,000 | $350,000 | $57,000 | $140,000 |
| Preapproval Denied by Financial Institution | 10 | $541,000 | $54,000 | $256,000 | $45,000 | $84,000 |
| Application Withdrawn By Applicant | 9 | $1,100,000 | $122,000 | $225,000 | $34,000 | $91,000 |
| Application Denied By Financial Institution | 6 | $932,000 | $155,000 | $383,000 | $76,000 | $150,000 |
| Application Approved But Not Accepted | 2 | $222,000 | $111,000 | $136,000 | $18,000 | $36,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
|---|---|---|---|---|---|---|
| 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 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 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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