Covenant Mortgage, LLC Mortgage Lending & HMDA Data, 2013
In 2013, Covenant Mortgage, LLC of Westford, MA reported 175 mortgage applications totaling $52.3 million, down 13% from 2012. The average application was for $298,645, and applicants reported an average income of $133,611. 65% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Providence-New Bedford-Fall River, RI-MA (48), Boston-Quincy, MA (30) and Cambridge-Newton-Framingham, MA (22) (applications in parentheses).
| Mortgage Company & Address | Covenant Mortgage, LLC 235 Littleton Rd, Ste 6 Westford, MA 01886 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2013 2012 2011 2010 2009 2008 2007 2006 2005 |
| Total Number of Mortgage Applications | 175 |
| Total Mortgage Loan Application Amount | $52,263,000 |
| Average Mortgage Loan Application Amount | $298,645 |
| Highest Mortgage Loan Application Amount | $1,313,000 |
| Average Applicant Income | $133,611 |
| Highest Applicant Income | $950,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Covenant Mortgage, LLC filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Providence-New Bedford-Fall River, RI-MA | 48 | $ 12,871,000 | $ 268,145 | $ 133,666 |
| Boston-Quincy, MA | 30 | $ 10,275,000 | $ 342,500 | $ 170,000 |
| Cambridge-Newton-Framingham, MA | 22 | $ 6,769,000 | $ 307,681 | $ 118,000 |
| Portland-South Portland-Biddeford, ME | 21 | $ 5,090,000 | $ 242,380 | $ 92,000 |
| Bridgeport-Stamford-Norwalk, CT | 18 | $ 8,821,000 | $ 490,055 | $ 157,000 |
| New Haven-Milford, CT | 8 | $ 2,346,000 | $ 293,250 | $ 180,000 |
| Worcester, MA | 7 | $ 1,985,000 | $ 283,571 | $ 106,000 |
| Barnstable Town, MA | 4 | $ 812,000 | $ 203,000 | $ 223,000 |
| Hartford-West Hartford-East Hartford, CT | 4 | $ 907,000 | $ 226,750 | $ 92,000 |
| Norwich-New London, CT | 3 | $ 799,000 | $ 266,333 | $ 138,000 |
| Springfield, MA | 3 | $ 452,000 | $ 150,666 | $ 59,000 |
| Lewiston-Auburn, ME | 1 | $ 142,000 | $ 142,000 | $ 26,000 |
| Peabody, MA | 1 | $ 447,000 | $ 447,000 | $ 216,000 |
Mortgage Loan Application Detail Totals for Covenant Mortgage, LLC in 2013
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 | 93 | $29,474,000 | $316,000 | $1,256,000 | $152,000 | $699,000 |
| Home Purchase | 79 | $22,177,000 | $280,000 | $1,313,000 | $114,000 | $950,000 |
| Home Improvement | 3 | $612,000 | $204,000 | $250,000 | $80,000 | $90,000 |
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 | 140 | $42,312,000 | $302,000 | $1,313,000 | $139,000 | $950,000 |
| Not Provided | 24 | $6,480,000 | $270,000 | $417,000 | $119,000 | $310,000 |
| Hispanic | 6 | $1,938,000 | $323,000 | $601,000 | $90,000 | $139,000 |
| Black or African American | 3 | $878,000 | $292,000 | $402,000 | $92,000 | $124,000 |
| Asian | 2 | $655,000 | $327,000 | $396,000 | $159,000 | $200,000 |
| American Indian or Alaskan Native | 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 |
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) | 158 | $48,204,000 | $305,000 | $1,313,000 | $140,000 | $950,000 |
| FHA-insured (Federal Housing Administration) | 14 | $3,608,000 | $257,000 | $446,000 | $87,000 | $144,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 2 | $167,000 | $83,000 | $94,000 | $36,000 | $38,000 |
| VA-guaranteed (Veterans Administration) | 1 | $284,000 | $284,000 | $284,000 | $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 | 114 | $32,141,000 | $281,000 | $943,000 | $131,000 | $699,000 |
| Application Withdrawn By Applicant | 32 | $12,056,000 | $376,000 | $1,313,000 | $145,000 | $950,000 |
| Application Denied By Financial Institution | 23 | $5,667,000 | $246,000 | $417,000 | $122,000 | $353,000 |
| File Closed For Incompleteness | 6 | $2,399,000 | $399,000 | $1,256,000 | $175,000 | $550,000 |
| Application Approved But Not Accepted | 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 |
|---|---|---|---|---|---|---|
| Collateral | 9 | $2,445,000 | $271,000 | $417,000 | $102,000 | $210,000 |
| Debt-To-Income Ratio | 4 | $884,000 | $221,000 | $277,000 | $66,000 | $100,000 |
| Employment History | 4 | $738,000 | $184,000 | $231,000 | $220,000 | $353,000 |
| Other | 2 | $534,000 | $267,000 | $350,000 | $188,000 | $219,000 |
| Credit History | 2 | $638,000 | $319,000 | $372,000 | $99,000 | $102,000 |
| Unverifiable Information | 1 | $283,000 | $283,000 | $283,000 | $118,000 | $118,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $145,000 | $145,000 | $145,000 | $49,000 | $49,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Covenant Mortgage, LLC's 2013 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 Covenant Mortgage, LLC'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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