First & Ocean National Bank Mortgage Lending & HMDA Data, 2003
In 2003, First & Ocean National Bank of Newburyport, MA reported 259 mortgage applications totaling $52.9 million. The average application was for $204,057, and applicants reported an average income of $104,212. 77% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Boston, MA-NH (155), Portsmouth-Rochester, NH-ME (37) and Lawrence, MA-NH (28) (applications in parentheses).
| Mortgage Company & Address | First & Ocean National Bank 51 State Street Newburyport, MA 01950 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2003 |
| Total Number of Mortgage Applications | 259 |
| Total Mortgage Loan Application Amount | $52,851,000 |
| Average Mortgage Loan Application Amount | $204,057 |
| Highest Mortgage Loan Application Amount | $2,000,000 |
| Average Applicant Income | $104,212 |
| Highest Applicant Income | $779,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records First & Ocean National Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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, MA-NH | 155 | $ 30,574,000 | $ 197,251 | $ 91,000 |
| Portsmouth-Rochester, NH-ME | 37 | $ 9,191,000 | $ 248,405 | $ 93,000 |
| Lawrence, MA-NH | 28 | $ 6,031,000 | $ 215,392 | $ 168,000 |
Mortgage Loan Application Detail Totals for First & Ocean National Bank in 2003
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 (home purchase or home improvement, one-to-four family) | 200 | $38,262,000 | $185,750 | $2,000,000 | $141,500 | $395,000 |
| Home Purchase (one-to-four family) | 55 | $13,776,000 | $233,666 | $544,000 | $121,000 | $779,000 |
| Home Improvement (one-to-four family) | 3 | $508,000 | $129,500 | $488,000 | $102,000 | $112,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 1 | $305,000 | $305,000 | $305,000 | $0 | $0 |
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 | 250 | $51,496,000 | $200,250 | $2,000,000 | $153,000 | $779,000 |
| Information not provided by applicant in mail or telephone application | 4 | $503,000 | $142,666 | $250,000 | $80,000 | $123,000 |
| Not applicable | 3 | $474,000 | $158,000 | $176,000 | $0 | $0 |
| American Indian or Alaskan Native | 1 | $200,000 | $200,000 | $200,000 | $58,000 | $58,000 |
| Black | 1 | $178,000 | $178,000 | $178,000 | $82,000 | $82,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian or Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 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) | 259 | $52,851,000 | $194,750 | $2,000,000 | $148,250 | $779,000 |
| 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 | 200 | $38,624,000 | $198,666 | $2,000,000 | $109,000 | $779,000 |
| Application Withdrawn By Applicant | 30 | $6,631,000 | $187,000 | $500,000 | $131,500 | $300,000 |
| Application Approved But Not Accepted | 14 | $3,318,000 | $236,333 | $600,000 | $109,666 | $284,000 |
| Application Denied By Financial Institution | 13 | $3,763,000 | $262,500 | $700,000 | $83,000 | $315,000 |
| File Closed For Incompleteness | 2 | $515,000 | $257,500 | $323,000 | $39,000 | $50,000 |
| 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 | 5 | $1,865,000 | $329,000 | $700,000 | $81,000 | $315,000 |
| Credit History | 3 | $815,000 | $271,000 | $315,000 | $108,000 | $159,000 |
| Mortgage Insurance Denied | 2 | $343,000 | $171,500 | $193,000 | $76,500 | $78,000 |
| Other | 1 | $80,000 | $80,000 | $80,000 | $37,000 | $37,000 |
| Unverifiable Information | 1 | $450,000 | $450,000 | $450,000 | $144,000 | $144,000 |
| Credit Application Incomplete | 1 | $210,000 | $210,000 | $210,000 | $144,000 | $144,000 |
| Collateral | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into First & Ocean National Bank's 2003 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 First & Ocean National 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.
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