Commonwealth Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Commonwealth Co-Operative Bank of Boston, MA reported 25 mortgage applications totaling $3.7 million, down 60% from 2005. The average application was for $148,680, and applicants reported an average income of $93,640. 84% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Boston-Quincy, MA (10), Cambridge-Newton-Framingham, MA (5) and Barnstable Town, MA (3) (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 | 25 |
| Total Mortgage Loan Application Amount | $3,717,000 |
| Average Mortgage Loan Application Amount | $148,680 |
| Highest Mortgage Loan Application Amount | $358,000 |
| Average Applicant Income | $93,640 |
| Highest Applicant Income | $165,000 |
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records Commonwealth Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Suffolk, Massachusetts | 6 | $ 567,000 | $ 94,500 | $ 94,000 |
| Middlesex, Massachusetts | 5 | $ 919,000 | $ 183,800 | $ 99,000 |
| Barnstable, Massachusetts | 3 | $ 471,000 | $ 157,000 | $ 73,000 |
| Essex, Massachusetts | 3 | $ 761,000 | $ 253,666 | $ 136,000 |
| Bristol, Massachusetts | 2 | $ 320,000 | $ 160,000 | $ 23,000 |
| Norfolk, Massachusetts | 2 | $ 333,000 | $ 166,500 | $ 117,000 |
| Plymouth, Massachusetts | 2 | $ 215,000 | $ 107,500 | $ 85,000 |
| Worcester, Massachusetts | 2 | $ 131,000 | $ 65,500 | $ 107,000 |
Mortgage Loan Application Detail Totals for Commonwealth Co-Operative Bank 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 |
|---|---|---|---|---|---|---|
| Home Improvement | 13 | $1,083,000 | $83,000 | $240,000 | $97,000 | $163,000 |
| Refinancing | 8 | $1,493,000 | $186,000 | $358,000 | $81,000 | $165,000 |
| Home Purchase | 4 | $1,141,000 | $285,000 | $342,000 | $108,000 | $150,000 |
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 |
|---|---|---|---|---|---|---|
| Not Provided | 13 | $1,228,000 | $94,000 | $358,000 | $100,000 | $165,000 |
| White | 10 | $1,971,000 | $197,000 | $342,000 | $88,000 | $150,000 |
| Asian | 1 | $308,000 | $308,000 | $308,000 | $94,000 | $94,000 |
| Black or African American | 1 | $210,000 | $210,000 | $210,000 | $67,000 | $67,000 |
| 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) | 25 | $3,717,000 | $148,000 | $358,000 | $94,000 | $165,000 |
| 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 | 21 | $3,382,000 | $161,000 | $358,000 | $103,000 | $165,000 |
| Application Denied By Financial Institution | 3 | $215,000 | $71,000 | $150,000 | $62,000 | $89,000 |
| Application Approved But Not Accepted | 1 | $120,000 | $120,000 | $120,000 | $0 | $0 |
| Application Withdrawn By Applicant | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | 3 | $215,000 | $71,000 | $150,000 | $62,000 | $89,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commonwealth Co-Operative Bank'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 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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