Ipswich Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Ipswich Co-Operative Bank of Ipswich, MA reported 167 mortgage applications totaling $44.0 million, down 22% from 2004. The average application was for $263,766, and applicants reported an average income of $101,604. 92% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Essex County, MA (154), Cambridge-Newton-Framingham, MA (6) and Rockingham County-Strafford County, NH (6) (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 | 167 |
| Total Mortgage Loan Application Amount | $44,049,000 |
| Average Mortgage Loan Application Amount | $263,766 |
| Highest Mortgage Loan Application Amount | $1,948,000 |
| Average Applicant Income | $101,604 |
| Highest Applicant Income | $548,000 |
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records Ipswich Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 |
|---|---|---|---|---|---|---|
| Refinancing | 81 | $21,355,000 | $250,500 | $1,000,000 | $102,500 | $464,000 |
| Home Purchase | 45 | $13,296,000 | $522,500 | $1,948,000 | $206,500 | $548,000 |
| Home Improvement | 41 | $9,398,000 | $175,500 | $960,000 | $69,000 | $463,000 |
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 | 167 | $44,049,000 | $355,000 | $1,948,000 | $125,000 | $548,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
| Not Provided | 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) | 167 | $44,049,000 | $355,000 | $1,948,000 | $125,000 | $548,000 |
| 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 | $40,793,000 | $356,000 | $1,948,000 | $131,000 | $548,000 |
| Application Approved But Not Accepted | 6 | $1,701,000 | $283,000 | $326,000 | $106,000 | $195,000 |
| Application Denied By Financial Institution | 4 | $644,000 | $161,000 | $290,000 | $58,000 | $80,000 |
| Application Withdrawn By Applicant | 4 | $911,000 | $227,000 | $325,000 | $102,000 | $212,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 | $314,000 | $157,000 | $290,000 | $48,000 | $69,000 |
| Collateral | 1 | $110,000 | $110,000 | $110,000 | $47,000 | $47,000 |
| Credit History | 1 | $220,000 | $220,000 | $220,000 | $80,000 | $80,000 |
| 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 Ipswich 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 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.
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