Commonwealth Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Commonwealth Co-Operative Bank of Boston, MA reported 63 mortgage applications totaling $10.5 million, up 7% from 2004. The average application was for $167,174, and applicants reported an average income of $97,396. 83% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Boston-Quincy, MA (31), Cambridge-Newton-Framingham, MA (6) and Barnstable Town, MA (5) (applications in parentheses).
| Mortgage Company & Address | Commonwealth Co-Operative Bank 2 Center Plaza Boston, MA 02108 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 63 |
| Total Mortgage Loan Application Amount | $10,532,000 |
| Average Mortgage Loan Application Amount | $167,174 |
| Highest Mortgage Loan Application Amount | $600,000 |
| Average Applicant Income | $97,396 |
| Highest Applicant Income | $770,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Commonwealth Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Norfolk, Massachusetts | 14 | $ 2,706,000 | $ 193,285 | $ 166,000 |
| Plymouth, Massachusetts | 9 | $ 564,000 | $ 62,666 | $ 77,000 |
| Suffolk, Massachusetts | 8 | $ 2,272,000 | $ 284,000 | $ 66,000 |
| Middlesex, Massachusetts | 6 | $ 216,000 | $ 36,000 | $ 78,000 |
| Barnstable, Massachusetts | 5 | $ 296,000 | $ 59,200 | $ 59,000 |
| Bristol, Massachusetts | 5 | $ 1,097,000 | $ 219,400 | $ 77,000 |
| Worcester, Massachusetts | 5 | $ 632,000 | $ 126,400 | $ 238,000 |
| Essex, Massachusetts | 4 | $ 865,000 | $ 216,250 | $ 49,000 |
| Dukes, Massachusetts | 2 | $ 355,000 | $ 177,500 | $ 154,000 |
| Hampden, Massachusetts | 2 | $ 1,108,000 | $ 554,000 | $ 85,000 |
| Providence, Rhode Island | 2 | $ 186,000 | $ 93,000 | $ 40,000 |
| Rockingham, New Hampshire | 1 | $ 235,000 | $ 235,000 | $ 75,000 |
Mortgage Loan Application Detail Totals for Commonwealth Co-Operative Bank in 2005
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 Improvement | 30 | $2,832,000 | $93,500 | $600,000 | $63,000 | $770,000 |
| Home Purchase | 18 | $4,655,000 | $247,500 | $518,000 | $94,500 | $235,000 |
| Refinancing | 15 | $3,045,000 | $203,000 | $484,000 | $109,000 | $454,000 |
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 | 58 | $9,901,000 | $202,000 | $600,000 | $85,500 | $770,000 |
| Black or African American | 3 | $211,000 | $59,000 | $166,000 | $53,500 | $67,000 |
| Asian | 2 | $420,000 | $210,000 | $300,000 | $177,000 | $201,000 |
| American Indian or Alaskan Native | 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 |
| Not Provided | 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) | 63 | $10,532,000 | $165,333 | $600,000 | $71,666 | $770,000 |
| 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 | $8,475,000 | $164,000 | $600,000 | $78,000 | $770,000 |
| Application Denied By Financial Institution | 6 | $1,184,000 | $197,000 | $425,000 | $42,000 | $78,000 |
| Application Withdrawn By Applicant | 3 | $330,000 | $110,000 | $250,000 | $44,000 | $69,000 |
| Application Approved But Not Accepted | 2 | $543,000 | $271,000 | $508,000 | $106,000 | $170,000 |
| 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 |
| 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 | 2 | $390,000 | $195,000 | $340,000 | $35,000 | $42,000 |
| Collateral | 1 | $50,000 | $50,000 | $50,000 | $78,000 | $78,000 |
| Credit History | 1 | $30,000 | $30,000 | $30,000 | $57,000 | $57,000 |
| Unverifiable Information | 1 | $425,000 | $425,000 | $425,000 | $0 | $0 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commonwealth Co-Operative Bank's 2005 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 Commonwealth 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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