Milford Federal Savings & Loan Mortgage Lending & HMDA Data, 2010
In 2010, Milford Federal Savings & Loan of Milford, MA reported 1,715 mortgage applications totaling $316.0 million, down 24% from 2009. The average application was for $184,260, and applicants reported an average income of $101,991. 74% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Worcester, MA (961), Providence-New Bedford-Fall River, RI-MA (319) and Boston-Quincy, MA (195) (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 | 1,715 |
| Total Mortgage Loan Application Amount | $316,007,000 |
| Average Mortgage Loan Application Amount | $184,260 |
| Highest Mortgage Loan Application Amount | $473,000 |
| Average Applicant Income | $101,991 |
| Highest Applicant Income | $1,500,000 |
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records Milford Federal Savings & Loan filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2010
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 | 1,440 | $265,685,000 | $184,000 | $417,000 | $105,000 | $1,500,000 |
| Home Purchase | 242 | $47,761,000 | $197,000 | $473,000 | $86,000 | $596,000 |
| Home Improvement | 33 | $2,561,000 | $77,000 | $220,000 | $88,000 | $184,000 |
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 | 1,566 | $287,906,000 | $183,000 | $473,000 | $101,000 | $1,500,000 |
| Not Provided | 104 | $19,687,000 | $189,000 | $420,000 | $118,000 | $1,020,000 |
| Asian | 23 | $4,512,000 | $196,000 | $408,000 | $101,000 | $230,000 |
| Hispanic | 13 | $2,277,000 | $175,000 | $318,000 | $70,000 | $132,000 |
| Black or African American | 6 | $1,228,000 | $204,000 | $240,000 | $78,000 | $190,000 |
| American Indian or Alaskan Native | 2 | $325,000 | $162,000 | $240,000 | $36,000 | $73,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $72,000 | $72,000 | $72,000 | $81,000 | $81,000 |
| 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) | 1,715 | $316,007,000 | $184,000 | $473,000 | $102,000 | $1,500,000 |
| 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 | 1,277 | $227,118,000 | $177,000 | $450,000 | $102,000 | $596,000 |
| Application Withdrawn By Applicant | 128 | $27,502,000 | $214,000 | $417,000 | $120,000 | $1,020,000 |
| File Closed For Incompleteness | 124 | $26,251,000 | $211,000 | $417,000 | $120,000 | $1,500,000 |
| Application Denied By Financial Institution | 113 | $22,586,000 | $199,000 | $417,000 | $86,000 | $997,000 |
| Preapproval Denied by Financial Institution | 60 | $9,798,000 | $163,000 | $473,000 | $61,000 | $227,000 |
| Application Approved But Not Accepted | 13 | $2,752,000 | $211,000 | $388,000 | $100,000 | $164,000 |
| 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 | 60 | $9,737,000 | $162,000 | $420,000 | $66,000 | $227,000 |
| Debt-To-Income Ratio | 50 | $9,415,000 | $188,000 | $386,000 | $51,000 | $139,000 |
| Collateral | 41 | $9,216,000 | $224,000 | $417,000 | $122,000 | $997,000 |
| Other | 11 | $2,104,000 | $191,000 | $415,000 | $99,000 | $244,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 4 | $646,000 | $161,000 | $315,000 | $72,000 | $130,000 |
| Mortgage Insurance Denied | 3 | $774,000 | $258,000 | $473,000 | $89,000 | $167,000 |
| Employment History | 3 | $412,000 | $137,000 | $179,000 | $62,000 | $100,000 |
| Unverifiable Information | 1 | $80,000 | $80,000 | $80,000 | $32,000 | $32,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Milford Federal Savings & Loan's 2010 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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