Medway Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Medway Co-Operative Bank of Medway, MA reported 123 mortgage applications totaling $22.1 million, up 17% from 2005. The average application was for $179,471, and applicants reported an average income of $114,569. 79% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Boston-Quincy, MA (77), Worcester, MA (21) and Cambridge-Newton-Framingham, MA (13) (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 | 123 |
| Total Mortgage Loan Application Amount | $22,075,000 |
| Average Mortgage Loan Application Amount | $179,471 |
| Highest Mortgage Loan Application Amount | $900,000 |
| Average Applicant Income | $114,569 |
| Highest Applicant Income | $2,591,000 |
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(HMDA) records Medway Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Boston-Quincy, MA | 77 | $ 12,427,000 | $ 161,389 | $ 126,000 |
| Worcester, MA | 21 | $ 3,661,000 | $ 174,333 | $ 83,000 |
| Cambridge-Newton-Framingham, MA | 13 | $ 3,293,000 | $ 253,307 | $ 121,000 |
| Providence-New Bedford-Fall River, RI-MA | 5 | $ 1,259,000 | $ 251,800 | $ 104,600 |
| Barnstable Town, MA | 1 | $ 90,000 | $ 90,000 | $ 120,000 |
Mortgage Loan Application Detail Totals for Medway 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 | 47 | $8,717,000 | $185,000 | $593,000 | $99,000 | $209,000 |
| Home Purchase | 45 | $11,140,000 | $247,000 | $900,000 | $145,000 | $2,591,000 |
| Home Improvement | 31 | $2,218,000 | $71,000 | $369,000 | $94,000 | $177,000 |
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 | 114 | $19,594,000 | $171,000 | $900,000 | $114,000 | $2,591,000 |
| Not Provided | 4 | $1,236,000 | $309,000 | $450,000 | $78,000 | $123,000 |
| Hispanic | 3 | $548,000 | $182,000 | $250,000 | $122,000 | $197,000 |
| Asian | 2 | $697,000 | $348,000 | $415,000 | $172,000 | $270,000 |
| Black or African American | 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 |
| American Indian or Alaskan Native | 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) | 123 | $22,075,000 | $179,000 | $900,000 | $114,000 | $2,591,000 |
| 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 | 97 | $15,250,000 | $157,000 | $417,000 | $120,000 | $2,591,000 |
| Application Denied By Financial Institution | 13 | $4,193,000 | $322,000 | $900,000 | $103,000 | $230,000 |
| Application Approved But Not Accepted | 7 | $1,333,000 | $190,000 | $316,000 | $102,000 | $154,000 |
| Preapproval Denied by Financial Institution | 4 | $935,000 | $233,000 | $450,000 | $49,000 | $102,000 |
| Application Withdrawn By Applicant | 2 | $364,000 | $182,000 | $204,000 | $74,000 | $84,000 |
| 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 |
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 |
|---|---|---|---|---|---|---|
| Credit History | 4 | $1,016,000 | $254,000 | $383,000 | $47,000 | $123,000 |
| Debt-To-Income Ratio | 4 | $970,000 | $242,000 | $450,000 | $74,000 | $102,000 |
| Other | 3 | $1,488,000 | $496,000 | $593,000 | $128,000 | $190,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $315,000 | $157,000 | $235,000 | $113,000 | $197,000 |
| Collateral | 2 | $197,000 | $98,000 | $120,000 | $78,000 | $127,000 |
| Employment History | 1 | $900,000 | $900,000 | $900,000 | $230,000 | $230,000 |
| Mortgage Insurance Denied | 1 | $242,000 | $242,000 | $242,000 | $60,000 | $60,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Medway 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 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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