Medway Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Medway Co-Operative Bank of Medway, MA reported 105 mortgage applications totaling $23.0 million, down 15% from 2004. The average application was for $218,666, and applicants reported an average income of $122,714. 81% of its applications resulted in an originated loan and 8% were denied. Its largest markets were Boston-Quincy, MA (71), Worcester, MA (17) and Cambridge-Newton-Framingham, MA (6) (applications in parentheses).
| Mortgage Company & Address | Medway Co-Operative Bank 70 Main Street Medway, MA 02053 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 105 |
| Total Mortgage Loan Application Amount | $22,960,000 |
| Average Mortgage Loan Application Amount | $218,666 |
| Highest Mortgage Loan Application Amount | $890,000 |
| Average Applicant Income | $122,714 |
| Highest Applicant Income | $3,200,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Medway Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Norfolk, Massachusetts | 71 | $ 12,799,000 | $ 180,267 | $ 72,000 |
| Worcester, Massachusetts | 17 | $ 4,020,000 | $ 236,470 | $ 80,000 |
| Middlesex, Massachusetts | 6 | $ 2,317,000 | $ 386,166 | $ 159,000 |
| Barnstable, Massachusetts | 2 | $ 886,000 | $ 443,000 | $ 115,000 |
| Miami-Dade, Florida | 1 | $ 360,000 | $ 360,000 | $ 3,200,000 |
| Carroll, New Hampshire | 1 | $ 403,000 | $ 403,000 | $ 198,000 |
| Washington, Rhode Island | 1 | $ 600,000 | $ 600,000 | $ 217,000 |
Mortgage Loan Application Detail Totals for Medway 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 | 37 | $8,502,000 | $293,000 | $890,000 | $1,646,000 | $3,200,000 |
| Home Improvement | 36 | $4,654,000 | $129,000 | $535,000 | $87,000 | $231,000 |
| Home Purchase | 32 | $9,804,000 | $391,500 | $850,000 | $157,750 | $335,000 |
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 | 101 | $22,070,000 | $366,400 | $890,000 | $768,000 | $3,200,000 |
| Hispanic | 2 | $505,000 | $252,000 | $254,000 | $65,000 | $65,000 |
| Not applicable | 1 | $185,000 | $185,000 | $185,000 | $0 | $0 |
| Not Provided | 1 | $200,000 | $200,000 | $200,000 | $101,000 | $101,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
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) | 105 | $22,960,000 | $366,600 | $890,000 | $766,800 | $3,200,000 |
| 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 | 85 | $18,432,000 | $392,750 | $850,000 | $925,500 | $3,200,000 |
| Application Denied By Financial Institution | 8 | $1,048,000 | $131,000 | $257,000 | $47,000 | $81,000 |
| Preapproval Denied by Financial Institution | 6 | $1,575,000 | $262,000 | $330,000 | $131,000 | $190,000 |
| Application Withdrawn By Applicant | 4 | $772,000 | $193,000 | $330,000 | $101,000 | $125,000 |
| File Closed For Incompleteness | 1 | $890,000 | $890,000 | $890,000 | $346,000 | $346,000 |
| Application Approved But Not Accepted | 1 | $243,000 | $243,000 | $243,000 | $85,000 | $85,000 |
| 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 | 7 | $1,000,000 | $165,000 | $254,000 | $54,000 | $81,000 |
| Credit History | 4 | $876,000 | $218,500 | $279,000 | $60,500 | $112,000 |
| Employment History | 1 | $87,000 | $87,000 | $87,000 | $54,000 | $54,000 |
| Credit Application Incomplete | 1 | $330,000 | $330,000 | $330,000 | $190,000 | $190,000 |
| Other | 1 | $330,000 | $330,000 | $330,000 | $190,000 | $190,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 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 Medway 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 Medway 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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