Ipswich Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Ipswich Co-Operative Bank of Ipswich, MA reported 144 mortgage applications totaling $32.5 million, down 14% from 2005. The average application was for $225,722, and applicants reported an average income of $115,215. 90% of its applications resulted in an originated loan and 1% were denied. Its largest markets were Essex County, MA (140), Boston-Quincy, MA (2) and Barnstable Town, MA (1) (applications in parentheses).
| Mortgage Company & Address | Ipswich Co-Operative Bank 2 Depot Square P.O. Box 32 Ipswich, MA 01938 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 144 |
| Total Mortgage Loan Application Amount | $32,504,000 |
| Average Mortgage Loan Application Amount | $225,722 |
| Highest Mortgage Loan Application Amount | $1,400,000 |
| Average Applicant Income | $115,215 |
| Highest Applicant Income | $989,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Ipswich Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Ipswich Co-Operative Bank in 2006
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 | 58 | $12,147,000 | $209,000 | $1,400,000 | $99,000 | $361,000 |
| Home Purchase | 51 | $15,264,000 | $299,000 | $780,000 | $129,000 | $800,000 |
| Home Improvement | 35 | $5,093,000 | $145,000 | $836,000 | $122,000 | $989,000 |
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 | 141 | $31,334,000 | $222,000 | $1,400,000 | $114,000 | $989,000 |
| Not Provided | 1 | $70,000 | $70,000 | $70,000 | $108,000 | $108,000 |
| American Indian or Alaskan Native | 1 | $100,000 | $100,000 | $100,000 | $57,000 | $57,000 |
| Asian | 1 | $1,000,000 | $1,000,000 | $1,000,000 | $311,000 | $311,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 144 | $32,504,000 | $225,000 | $1,400,000 | $115,000 | $989,000 |
| 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 | 130 | $28,152,000 | $216,000 | $1,400,000 | $117,000 | $989,000 |
| Application Approved But Not Accepted | 8 | $1,885,000 | $235,000 | $492,000 | $80,000 | $163,000 |
| Application Withdrawn By Applicant | 3 | $1,183,000 | $394,000 | $495,000 | $87,000 | $125,000 |
| Application Denied By Financial Institution | 2 | $284,000 | $142,000 | $229,000 | $49,000 | $50,000 |
| File Closed For Incompleteness | 1 | $1,000,000 | $1,000,000 | $1,000,000 | $311,000 | $311,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 | 2 | $284,000 | $142,000 | $229,000 | $49,000 | $50,000 |
| 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 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Ipswich Co-Operative Bank's 2006 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 Ipswich 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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