Heritage Co-Operative Bank Mortgage Lending & HMDA Data, 2004
In 2004, Heritage Co-Operative Bank of Salem, MA reported 200 mortgage applications totaling $45.4 million, down 60% from 2003. The average application was for $226,900, and applicants reported an average income of $64,220. 76% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Essex County, MA (179), Cambridge-Newton-Framingham, MA (5) and Boston-Quincy, MA (3) (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 | 200 |
| Total Mortgage Loan Application Amount | $45,380,000 |
| Average Mortgage Loan Application Amount | $226,900 |
| Highest Mortgage Loan Application Amount | $1,750,000 |
| Average Applicant Income | $64,220 |
| Highest Applicant Income | $693,000 |
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records Heritage Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 89 | $24,381,000 | $230,000 | $1,750,000 | $61,000 | $693,000 |
| Refinancing | 77 | $14,696,000 | $190,000 | $570,000 | $56,000 | $194,000 |
| Home Improvement | 34 | $6,303,000 | $185,000 | $730,000 | $42,000 | $197,000 |
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 | 176 | $40,406,000 | $212,000 | $1,750,000 | $56,500 | $693,000 |
| Hispanic | 7 | $992,000 | $141,500 | $264,000 | $37,500 | $59,000 |
| Asian | 6 | $1,203,000 | $200,000 | $262,000 | $52,000 | $90,000 |
| Black or African American | 4 | $473,000 | $135,000 | $169,000 | $46,500 | $53,000 |
| Not applicable | 4 | $1,560,000 | $390,000 | $730,000 | $75,000 | $300,000 |
| Not Provided | 3 | $746,000 | $248,000 | $468,000 | $67,000 | $98,000 |
| 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) | 200 | $45,380,000 | $201,000 | $1,750,000 | $52,500 | $693,000 |
| 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 | 153 | $34,219,000 | $223,000 | $1,750,000 | $77,000 | $693,000 |
| Application Withdrawn By Applicant | 21 | $4,663,000 | $222,000 | $510,000 | $48,000 | $303,000 |
| Preapproval Denied by Financial Institution | 11 | $1,897,000 | $172,000 | $383,000 | $36,000 | $51,000 |
| Application Denied By Financial Institution | 7 | $1,973,000 | $281,000 | $435,000 | $54,000 | $103,000 |
| Application Approved But Not Accepted | 4 | $1,524,000 | $381,000 | $504,000 | $122,000 | $246,000 |
| File Closed For Incompleteness | 4 | $1,104,000 | $276,000 | $468,000 | $60,000 | $94,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 11 | $1,967,000 | $185,500 | $383,000 | $24,000 | $51,000 |
| Credit History | 5 | $1,312,000 | $227,000 | $365,000 | $57,000 | $103,000 |
| Collateral | 1 | $435,000 | $435,000 | $435,000 | $79,000 | $79,000 |
| 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Heritage Co-Operative Bank'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 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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