Heritage Co-Operative Bank Mortgage Lending & HMDA Data, 2003
In 2003, Heritage Co-Operative Bank of Salem, MA reported 495 mortgage applications totaling $94.9 million. The average application was for $191,622, and applicants reported an average income of $86,010. 89% of its applications resulted in an originated loan and 3% were denied. Its largest markets were Boston, MA-NH (477), Lawrence, MA-NH (13) and Fitchburg-Leominster, MA (2) (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 | 495 |
| Total Mortgage Loan Application Amount | $94,853,000 |
| Average Mortgage Loan Application Amount | $191,622 |
| Highest Mortgage Loan Application Amount | $2,600,000 |
| Average Applicant Income | $86,010 |
| Highest Applicant Income | $2,738,000 |
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records Heritage Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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) | 427 | $69,967,000 | $163,000 | $1,040,000 | $86,000 | $2,738,000 |
| Home Purchase (one-to-four family) | 63 | $21,119,000 | $336,666 | $2,600,000 | $231,000 | $1,838,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 5 | $3,767,000 | $753,000 | $1,250,000 | $0 | $0 |
| Home Improvement (one-to-four family) | 0 | $0 | $0 | $0 | $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 | 479 | $92,330,000 | $289,000 | $2,600,000 | $233,333 | $2,738,000 |
| Asian or Pacific Islander | 5 | $766,000 | $153,000 | $300,000 | $73,000 | $86,000 |
| Not applicable | 4 | $705,000 | $176,000 | $336,000 | $0 | $0 |
| Information not provided by applicant in mail or telephone application | 3 | $424,000 | $141,000 | $207,000 | $70,000 | $86,000 |
| Hispanic | 2 | $383,000 | $191,000 | $206,000 | $43,000 | $48,000 |
| American Indian or Alaskan Native | 1 | $120,000 | $120,000 | $120,000 | $133,000 | $133,000 |
| Other | 1 | $125,000 | $125,000 | $125,000 | $45,000 | $45,000 |
| Black | 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) | 495 | $94,853,000 | $288,666 | $2,600,000 | $229,666 | $2,738,000 |
| 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 | 442 | $79,662,000 | $284,666 | $2,600,000 | $229,333 | $2,738,000 |
| Application Withdrawn By Applicant | 19 | $6,050,000 | $318,000 | $1,250,000 | $62,000 | $228,000 |
| Application Denied By Financial Institution | 17 | $4,867,000 | $286,000 | $1,599,000 | $92,000 | $288,000 |
| Application Approved But Not Accepted | 12 | $3,078,000 | $256,000 | $570,000 | $86,000 | $147,000 |
| File Closed For Incompleteness | 5 | $1,196,000 | $239,000 | $382,000 | $83,000 | $122,000 |
| 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 | 9 | $2,148,000 | $238,000 | $428,000 | $38,000 | $77,000 |
| Credit History | 6 | $795,000 | $132,000 | $170,000 | $108,000 | $166,000 |
| Other | 2 | $1,924,000 | $962,000 | $1,599,000 | $202,000 | $288,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Heritage Co-Operative 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 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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