Heritage Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Heritage Co-Operative Bank of Salem, MA reported 194 mortgage applications totaling $41.5 million, down 3% from 2004. The average application was for $213,891, and applicants reported an average income of $55,123. 74% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Essex County, MA (164), Cambridge-Newton-Framingham, MA (9) and Boston-Quincy, MA (4) (applications in parentheses).
| Mortgage Company & Address | Heritage Co-Operative Bank 71 Washington Street Salem, MA 01970 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 194 |
| Total Mortgage Loan Application Amount | $41,495,000 |
| Average Mortgage Loan Application Amount | $213,891 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $55,123 |
| Highest Applicant Income | $258,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Heritage Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Heritage Co-Operative Bank in 2005
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 | 105 | $24,230,000 | $295,333 | $930,000 | $87,000 | $250,000 |
| Refinancing | 72 | $13,922,000 | $193,000 | $1,000,000 | $61,000 | $194,000 |
| Home Improvement | 17 | $3,343,000 | $196,000 | $440,000 | $60,000 | $258,000 |
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 | 170 | $36,765,000 | $286,333 | $1,000,000 | $93,333 | $258,000 |
| Hispanic | 9 | $1,020,000 | $212,500 | $340,000 | $58,500 | $82,000 |
| Asian | 6 | $1,053,000 | $163,000 | $335,000 | $38,500 | $70,000 |
| Not applicable | 4 | $1,406,000 | $351,000 | $640,000 | $0 | $0 |
| Black or African American | 3 | $433,000 | $144,500 | $146,000 | $26,500 | $49,000 |
| Not Provided | 2 | $818,000 | $409,000 | $425,000 | $95,000 | $101,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 194 | $41,495,000 | $288,333 | $1,000,000 | $89,000 | $258,000 |
| 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 | 144 | $31,671,000 | $572,000 | $1,000,000 | $154,000 | $258,000 |
| Preapproval Denied by Financial Institution | 15 | $2,424,000 | $161,000 | $340,000 | $42,000 | $82,000 |
| Application Withdrawn By Applicant | 14 | $3,027,000 | $216,000 | $762,000 | $49,000 | $176,000 |
| Application Denied By Financial Institution | 13 | $2,825,000 | $140,000 | $520,000 | $72,000 | $187,000 |
| Application Approved But Not Accepted | 6 | $960,000 | $160,000 | $324,000 | $42,000 | $58,000 |
| File Closed For Incompleteness | 2 | $588,000 | $294,000 | $393,000 | $66,000 | $90,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 | 14 | $1,966,000 | $114,666 | $375,000 | $68,666 | $122,000 |
| Debt-To-Income Ratio | 13 | $3,125,000 | $245,000 | $520,000 | $42,500 | $187,000 |
| Employment History | 1 | $158,000 | $158,000 | $158,000 | $47,000 | $47,000 |
| 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 Heritage Co-Operative Bank's 2005 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 Heritage 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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