Danversbank Mortgage Lending & HMDA Data, 2004
In 2004, Danversbank of Danvers, MA reported 307 mortgage applications totaling $90.4 million, down 35% from 2003. The average application was for $294,573, and applicants reported an average income of $100,895. 90% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Essex County, MA (211), Boston-Quincy, MA (43) and Cambridge-Newton-Framingham, MA (35) (applications in parentheses).
| Mortgage Company & Address | Danversbank 1 Conant Street Danvers, MA 01923 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 307 |
| Total Mortgage Loan Application Amount | $90,434,000 |
| Average Mortgage Loan Application Amount | $294,573 |
| Highest Mortgage Loan Application Amount | $2,625,000 |
| Average Applicant Income | $100,895 |
| Highest Applicant Income | $1,097,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Danversbank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Essex County, MA | 211 | $ 63,347,000 | $ 300,222 | $ 117,000 |
| Boston-Quincy, MA | 43 | $ 11,457,000 | $ 266,441 | $ 61,000 |
| Cambridge-Newton-Framingham, MA | 35 | $ 9,154,000 | $ 261,542 | $ 83,000 |
| Portland-South Portland-Biddeford, ME | 4 | $ 1,517,000 | $ 379,250 | $ 174,000 |
| Rockingham County-Strafford County, NH | 2 | $ 341,000 | $ 170,500 | $ 57,000 |
| Barnstable Town, MA | 1 | $ 1,200,000 | $ 1,200,000 | $ 424,000 |
| Manchester-Nashua, NH | 1 | $ 364,000 | $ 364,000 | $ 100,000 |
Mortgage Loan Application Detail Totals for Danversbank in 2004
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 | 160 | $43,005,000 | $212,333 | $2,625,000 | $75,333 | $1,097,000 |
| Home Purchase | 109 | $38,779,000 | $352,500 | $2,500,000 | $157,000 | $855,000 |
| Home Improvement | 38 | $8,650,000 | $227,000 | $475,000 | $62,000 | $416,000 |
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 | 272 | $72,812,000 | $303,250 | $2,500,000 | $133,500 | $855,000 |
| Not applicable | 19 | $12,597,000 | $663,000 | $2,625,000 | $0 | $0 |
| Hispanic | 8 | $1,999,000 | $249,000 | $408,000 | $37,000 | $71,000 |
| Not Provided | 5 | $2,206,000 | $441,000 | $1,500,000 | $178,000 | $1,097,000 |
| Asian | 3 | $820,000 | $252,500 | $430,000 | $69,500 | $141,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 307 | $90,434,000 | $307,000 | $2,625,000 | $126,250 | $1,097,000 |
| 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 | 277 | $80,639,000 | $358,666 | $2,625,000 | $171,333 | $1,097,000 |
| Application Approved But Not Accepted | 10 | $3,628,000 | $362,000 | $1,018,000 | $83,000 | $632,000 |
| Application Denied By Financial Institution | 9 | $2,912,000 | $236,500 | $750,000 | $72,000 | $209,000 |
| Application Withdrawn By Applicant | 7 | $2,325,000 | $332,000 | $1,000,000 | $149,000 | $855,000 |
| Preapproval Denied by Financial Institution | 4 | $930,000 | $232,000 | $267,000 | $51,000 | $69,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| File Closed For Incompleteness | 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 |
|---|---|---|---|---|---|---|
| Credit History | 6 | $1,344,000 | $199,333 | $437,000 | $69,000 | $209,000 |
| Debt-To-Income Ratio | 4 | $1,567,000 | $350,000 | $750,000 | $47,500 | $50,000 |
| Employment History | 1 | $261,000 | $261,000 | $261,000 | $52,000 | $52,000 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Danversbank's 2004 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 Danversbank'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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