Family Federal Savings FA Mortgage Lending & HMDA Data, 2009
In 2009, Family Federal Savings FA of Fitchburg, MA reported 157 mortgage applications totaling $30.7 million. The average application was for $195,509, and applicants reported an average income of $106,133. 60% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Worcester, MA (66), Cambridge-Newton-Framingham, MA (32) and Boston-Quincy, MA (24) (applications in parentheses).
| Mortgage Company & Address | Family Federal Savings FA 130 Whalon St Fitchburg, MA 01420 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2009 |
| Total Number of Mortgage Applications | 157 |
| Total Mortgage Loan Application Amount | $30,695,000 |
| Average Mortgage Loan Application Amount | $195,509 |
| Highest Mortgage Loan Application Amount | $417,000 |
| Average Applicant Income | $106,133 |
| Highest Applicant Income | $500,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Family Federal Savings FA filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Family Federal Savings FA in 2009
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 | 91 | $18,508,000 | $203,000 | $417,000 | $116,000 | $329,000 |
| Home Purchase | 53 | $9,894,000 | $186,000 | $417,000 | $88,000 | $500,000 |
| Home Improvement | 13 | $2,293,000 | $176,000 | $417,000 | $111,000 | $274,000 |
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 | 137 | $26,371,000 | $192,000 | $417,000 | $107,000 | $500,000 |
| Not Provided | 10 | $2,399,000 | $239,000 | $400,000 | $112,000 | $181,000 |
| Asian | 6 | $1,138,000 | $189,000 | $345,000 | $93,000 | $174,000 |
| American Indian or Alaskan Native | 2 | $359,000 | $179,000 | $215,000 | $70,000 | $87,000 |
| Hispanic | 1 | $11,000 | $11,000 | $11,000 | $27,000 | $27,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $417,000 | $417,000 | $417,000 | $129,000 | $129,000 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 157 | $30,695,000 | $195,000 | $417,000 | $106,000 | $500,000 |
| 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 | 94 | $17,627,000 | $187,000 | $417,000 | $120,000 | $500,000 |
| Preapproval Approved but not Accepted | 24 | $5,280,000 | $220,000 | $417,000 | $80,000 | $181,000 |
| Application Denied By Financial Institution | 21 | $5,137,000 | $244,000 | $417,000 | $85,000 | $147,000 |
| Application Withdrawn By Applicant | 7 | $1,484,000 | $212,000 | $339,000 | $101,000 | $160,000 |
| Preapproval Denied by Financial Institution | 7 | $488,000 | $69,000 | $380,000 | $72,000 | $117,000 |
| Application Approved But Not Accepted | 4 | $679,000 | $169,000 | $245,000 | $97,000 | $137,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The 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 | 19 | $4,342,000 | $228,000 | $417,000 | $88,000 | $147,000 |
| Credit History | 5 | $440,000 | $88,000 | $225,000 | $59,000 | $86,000 |
| Collateral | 3 | $463,000 | $154,000 | $161,000 | $70,000 | $81,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $380,000 | $380,000 | $380,000 | $117,000 | $117,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Family Federal Savings FA's 2009 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 Family Federal Savings FA'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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