Methuen Co-Operative Bank Mortgage Lending & HMDA Data, 2023
In 2023, Methuen Co-Operative Bank of Methuen, MA reported 50 mortgage applications totaling $16.7 million, up 19% from 2022. The average application was for $334,800, and applicants reported an average income of $171,080. 84% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (38), Rockingham County-Strafford County, NH (10) and Manchester-Nashua, NH (1) (applications in parentheses).
| Mortgage Company & Address | Methuen Co-Operative Bank 243 Broadway Methuen, MA 01844 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 |
| Total Number of Mortgage Applications | 50 |
| Total Mortgage Loan Application Amount | $16,740,000 |
| Average Mortgage Loan Application Amount | $334,800 |
| Highest Mortgage Loan Application Amount | $1,205,000 |
| Average Applicant Income | $171,080 |
| Highest Applicant Income | $474,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Methuen Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Essex, Massachusetts | 34 | $ 10,650,000 | $ 313,235 | $ 160,000 |
| Rockingham, New Hampshire | 10 | $ 3,720,000 | $ 372,000 | $ 205,000 |
| Middlesex, Massachusetts | 4 | $ 1,140,000 | $ 285,000 | $ 130,000 |
| Worcester, Massachusetts | 1 | $ 735,000 | $ 735,000 | $ 418,000 |
| Hillsborough, New Hampshire | 1 | $ 495,000 | $ 495,000 | $ 183,000 |
Mortgage Loan Application Detail Totals for Methuen Co-Operative Bank in 2023
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 | 27 | $10,985,000 | $406,000 | $1,205,000 | $181,000 | $474,000 |
| Other Purpose | 9 | $1,055,000 | $117,000 | $325,000 | $201,000 | $407,000 |
| Refinancing | 7 | $2,425,000 | $346,000 | $695,000 | $145,000 | $158,000 |
| Cash-out Refinancing | 6 | $2,040,000 | $340,000 | $605,000 | $127,000 | $191,000 |
| Home Improvement | 1 | $235,000 | $235,000 | $235,000 | $81,000 | $81,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 35 | $11,815,000 | $337,000 | $1,205,000 | $176,000 | $418,000 |
| Asian | 5 | $1,895,000 | $379,000 | $485,000 | $109,000 | $131,000 |
| Hispanic | 4 | $730,000 | $182,000 | $355,000 | $142,000 | $369,000 |
| Not applicable | 4 | $1,240,000 | $310,000 | $435,000 | $0 | $0 |
| Not Provided | 1 | $885,000 | $885,000 | $885,000 | $474,000 | $474,000 |
| Black or African American | 1 | $175,000 | $175,000 | $175,000 | $158,000 | $158,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 50 | $16,740,000 | $334,000 | $1,205,000 | $173,000 | $474,000 |
| 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 | 42 | $14,390,000 | $342,000 | $1,205,000 | $175,000 | $474,000 |
| Application Withdrawn By Applicant | 4 | $1,320,000 | $330,000 | $605,000 | $0 | $0 |
| Application Approved But Not Accepted | 2 | $840,000 | $420,000 | $445,000 | $128,000 | $153,000 |
| Application Denied By Financial Institution | 1 | $35,000 | $35,000 | $35,000 | $0 | $0 |
| File Closed For Incompleteness | 1 | $155,000 | $155,000 | $155,000 | $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 | 50 | $16,740,000 | $334,000 | $1,205,000 | $173,000 | $474,000 |
| 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 |
| Not applicable | 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 Methuen Co-Operative Bank's 2023 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 Methuen 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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