Colonial Co-Operative Bank Mortgage Lending & HMDA Data, 2014
In 2014, Colonial Co-Operative Bank of Gardner, MA reported 75 mortgage applications totaling $13.8 million, down 13% from 2013. The average application was for $183,480, and applicants reported an average income of $89,653. 67% of its applications resulted in an originated loan and 5% were denied. Its largest market was Worcester, MA-CT (50).
| 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 | 75 |
| Total Mortgage Loan Application Amount | $13,761,000 |
| Average Mortgage Loan Application Amount | $183,480 |
| Highest Mortgage Loan Application Amount | $600,000 |
| Average Applicant Income | $89,653 |
| Highest Applicant Income | $230,000 |
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records Colonial Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2014
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 | 45 | $8,449,000 | $187,000 | $450,000 | $86,000 | $230,000 |
| Refinancing | 22 | $3,962,000 | $180,000 | $360,000 | $97,000 | $228,000 |
| Home Improvement | 8 | $1,350,000 | $168,000 | $600,000 | $90,000 | $228,000 |
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 | 72 | $12,792,000 | $177,000 | $450,000 | $87,000 | $230,000 |
| Asian | 2 | $819,000 | $409,000 | $600,000 | $184,000 | $228,000 |
| Hispanic | 1 | $150,000 | $150,000 | $150,000 | $81,000 | $81,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 75 | $13,761,000 | $183,000 | $600,000 | $90,000 | $230,000 |
| 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 | 50 | $9,726,000 | $194,000 | $600,000 | $105,000 | $230,000 |
| Application Withdrawn By Applicant | 10 | $1,757,000 | $175,000 | $350,000 | $78,000 | $200,000 |
| Preapproval Denied by Financial Institution | 9 | $1,341,000 | $149,000 | $250,000 | $37,000 | $81,000 |
| Application Denied By Financial Institution | 4 | $635,000 | $158,000 | $200,000 | $46,000 | $88,000 |
| Application Approved But Not Accepted | 2 | $302,000 | $151,000 | $170,000 | $91,000 | $108,000 |
| 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 2014 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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