Milford Federal Savings & Loan Mortgage Lending & HMDA Data, 2005
In 2005, Milford Federal Savings & Loan of Milford, MA reported 1,264 mortgage applications totaling $197.5 million, down 20% from 2004. The average application was for $156,223, and applicants reported an average income of $86,273. 86% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Worcester, MA (766), Providence-New Bedford-Fall River, RI-MA (255) and Boston-Quincy, MA (119) (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 | 1,264 |
| Total Mortgage Loan Application Amount | $197,467,000 |
| Average Mortgage Loan Application Amount | $156,223 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $86,273 |
| Highest Applicant Income | $730,000 |
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records Milford Federal Savings & Loan filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 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 | 650 | $109,351,000 | $213,333 | $1,000,000 | $82,666 | $730,000 |
| Home Purchase | 322 | $77,171,000 | $247,250 | $750,000 | $91,000 | $366,000 |
| Home Improvement | 292 | $10,945,000 | $37,000 | $185,000 | $69,000 | $396,000 |
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 | 1,200 | $185,991,000 | $214,000 | $1,000,000 | $78,250 | $730,000 |
| Hispanic | 35 | $6,301,000 | $221,250 | $504,000 | $95,250 | $222,000 |
| Asian | 15 | $3,472,000 | $246,666 | $407,000 | $87,333 | $162,000 |
| Black or African American | 10 | $1,255,000 | $140,333 | $260,000 | $99,666 | $154,000 |
| American Indian or Alaskan Native | 2 | $404,000 | $202,000 | $379,000 | $72,000 | $77,000 |
| Not Provided | 1 | $25,000 | $25,000 | $25,000 | $79,000 | $79,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $19,000 | $19,000 | $19,000 | $72,000 | $72,000 |
| 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) | 1,262 | $197,377,000 | $211,750 | $1,000,000 | $84,250 | $730,000 |
| FHA-insured (Federal Housing Administration) | 1 | $19,000 | $19,000 | $19,000 | $110,000 | $110,000 |
| VA-guaranteed (Veterans Administration) | 1 | $71,000 | $71,000 | $71,000 | $51,000 | $51,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 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 | 1,089 | $166,726,000 | $191,000 | $1,000,000 | $93,666 | $730,000 |
| Application Denied By Financial Institution | 74 | $12,596,000 | $167,000 | $435,000 | $76,500 | $207,000 |
| Application Withdrawn By Applicant | 51 | $7,719,000 | $159,500 | $424,000 | $79,000 | $181,000 |
| Preapproval Denied by Financial Institution | 25 | $6,746,000 | $269,000 | $750,000 | $67,000 | $176,000 |
| Application Approved But Not Accepted | 22 | $3,476,000 | $159,500 | $375,000 | $72,000 | $200,000 |
| File Closed For Incompleteness | 3 | $204,000 | $68,000 | $183,000 | $57,000 | $118,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 38 | $7,603,000 | $188,000 | $375,000 | $64,000 | $160,000 |
| Other | 26 | $4,874,000 | $210,000 | $435,000 | $81,666 | $207,000 |
| Debt-To-Income Ratio | 22 | $4,426,000 | $201,333 | $750,000 | $54,000 | $176,000 |
| Mortgage Insurance Denied | 7 | $1,201,000 | $159,000 | $306,000 | $80,000 | $137,000 |
| Collateral | 4 | $818,000 | $204,000 | $250,000 | $93,500 | $137,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $420,000 | $210,000 | $285,000 | $72,000 | $78,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 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 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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