Milford Federal Savings & Loan Mortgage Lending & HMDA Data, 2003
In 2003, Milford Federal Savings & Loan of Milford, MA reported 3,537 mortgage applications totaling $529.1 million. The average application was for $149,581, and applicants reported an average income of $93,295. 95% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Boston, MA-NH (1,894), Worcester, MA-CT (958) and Providence-Fall River-Warwick, RI-MA (546) (applications in parentheses).
| Mortgage Company & Address | Milford Federal Savings & Loan 246 Main Street Milford, MA 01757 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 3,537 |
| Total Mortgage Loan Application Amount | $529,071,000 |
| Average Mortgage Loan Application Amount | $149,581 |
| Highest Mortgage Loan Application Amount | $600,000 |
| Average Applicant Income | $93,295 |
| Highest Applicant Income | $684,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Milford Federal Savings & Loan filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Milford Federal Savings & Loan in 2003
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 (home purchase or home improvement, one-to-four family) | 3,120 | $443,621,000 | $135,000 | $500,000 | $91,000 | $684,000 |
| Home Purchase (one-to-four family) | 401 | $84,930,000 | $188,666 | $600,000 | $84,666 | $440,000 |
| Home Improvement (one-to-four family) | 16 | $520,000 | $19,500 | $228,000 | $45,000 | $172,000 |
| Multifamily dwelling (home purchase, home improvement, and refinancings) | 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 | 3,468 | $517,628,000 | $148,666 | $600,000 | $84,000 | $684,000 |
| Asian or Pacific Islander | 39 | $6,551,000 | $149,000 | $348,000 | $70,000 | $181,000 |
| Hispanic | 13 | $2,090,000 | $160,000 | $236,000 | $76,000 | $166,000 |
| Black | 7 | $1,231,000 | $227,500 | $300,000 | $99,000 | $155,000 |
| American Indian or Alaskan Native | 6 | $890,000 | $141,500 | $192,000 | $74,000 | $156,000 |
| Information not provided by applicant in mail or telephone application | 3 | $609,000 | $203,000 | $229,000 | $114,000 | $214,000 |
| Other | 1 | $72,000 | $72,000 | $72,000 | $22,000 | $22,000 |
| 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) | 3,537 | $529,071,000 | $149,000 | $600,000 | $82,333 | $684,000 |
| 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 | 3,365 | $500,487,000 | $148,333 | $600,000 | $84,000 | $684,000 |
| Application Denied By Financial Institution | 81 | $13,802,000 | $162,500 | $425,000 | $93,500 | $389,000 |
| Application Withdrawn By Applicant | 62 | $10,269,000 | $161,000 | $400,000 | $84,000 | $235,000 |
| Application Approved But Not Accepted | 22 | $3,479,000 | $138,500 | $404,000 | $71,500 | $192,000 |
| File Closed For Incompleteness | 7 | $1,034,000 | $147,000 | $300,000 | $58,000 | $93,000 |
| Loan Purchased By The 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 |
|---|---|---|---|---|---|---|
| Other | 39 | $6,377,000 | $162,500 | $323,000 | $86,500 | $199,000 |
| Credit History | 21 | $3,427,000 | $149,500 | $294,000 | $75,000 | $189,000 |
| Debt-To-Income Ratio | 10 | $1,875,000 | $179,500 | $425,000 | $44,000 | $146,000 |
| Collateral | 8 | $1,648,000 | $190,500 | $320,000 | $116,500 | $225,000 |
| Credit Application Incomplete | 1 | $110,000 | $110,000 | $110,000 | $389,000 | $389,000 |
| Unverifiable Information | 1 | $140,000 | $140,000 | $140,000 | $42,000 | $42,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $225,000 | $225,000 | $225,000 | $94,000 | $94,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Milford Federal Savings & Loan's 2003 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 Milford Federal Savings & Loan'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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