Commonwealth Co-Operative Bank Mortgage Lending & HMDA Data, 2008
In 2008, Commonwealth Co-Operative Bank of Boston, MA reported 24 mortgage applications totaling $6.7 million, down 17% from 2007. The average application was for $277,375, and applicants reported an average income of $126,666. 67% of its applications resulted in an originated loan and 21% were denied. Its largest markets were Boston-Quincy, MA (15), Cambridge-Newton-Framingham, MA (6) and Providence-New Bedford-Fall River, RI-MA (2) (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 | 24 |
| Total Mortgage Loan Application Amount | $6,657,000 |
| Average Mortgage Loan Application Amount | $277,375 |
| Highest Mortgage Loan Application Amount | $675,000 |
| Average Applicant Income | $126,666 |
| Highest Applicant Income | $600,000 |
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records Commonwealth Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Boston-Quincy, MA | 15 | $ 4,386,000 | $ 292,400 | $ 145,000 |
| Cambridge-Newton-Framingham, MA | 6 | $ 1,757,000 | $ 292,833 | $ 102,000 |
| Providence-New Bedford-Fall River, RI-MA | 2 | $ 391,000 | $ 195,500 | $ 108,500 |
| Peabody, MA | 1 | $ 123,000 | $ 123,000 | $ 41,000 |
Mortgage Loan Application Detail Totals for Commonwealth Co-Operative Bank in 2008
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 | 11 | $3,404,000 | $309,000 | $675,000 | $153,000 | $600,000 |
| Refinancing | 11 | $3,003,000 | $273,000 | $416,000 | $101,000 | $175,000 |
| Home Improvement | 2 | $250,000 | $125,000 | $220,000 | $123,000 | $178,000 |
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 | 19 | $5,102,000 | $268,000 | $675,000 | $137,000 | $600,000 |
| Black or African American | 3 | $738,000 | $246,000 | $416,000 | $59,000 | $77,000 |
| Asian | 2 | $817,000 | $408,000 | $416,000 | $135,000 | $138,000 |
| 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) | 24 | $6,657,000 | $277,000 | $675,000 | $127,000 | $600,000 |
| 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 | 16 | $4,239,000 | $264,000 | $675,000 | $144,000 | $600,000 |
| Application Denied By Financial Institution | 5 | $1,547,000 | $309,000 | $416,000 | $76,000 | $175,000 |
| Application Withdrawn By Applicant | 2 | $470,000 | $235,000 | $250,000 | $112,000 | $160,000 |
| Application Approved But Not Accepted | 1 | $401,000 | $401,000 | $401,000 | $138,000 | $138,000 |
| 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 | $636,000 | $318,000 | $416,000 | $63,000 | $68,000 |
| Collateral | 2 | $561,000 | $280,000 | $300,000 | $129,000 | $175,000 |
| Other | 1 | $350,000 | $350,000 | $350,000 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Commonwealth Co-Operative Bank's 2008 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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