Reading Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Reading Co-Operative Bank of Wakefield, MA reported 89 mortgage applications totaling $20.1 million, up 3% from 2005. The average application was for $226,056, and applicants reported an average income of $96,247. 67% of its applications resulted in an originated loan and 13% were denied. Its largest market was Cambridge-Newton-Framingham, MA (66).
| Mortgage Company & Address | Reading Co-Operative Bank 180 Haven Street Wakefield, MA 01867 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 | 89 |
| Total Mortgage Loan Application Amount | $20,119,000 |
| Average Mortgage Loan Application Amount | $226,056 |
| Highest Mortgage Loan Application Amount | $1,100,000 |
| Average Applicant Income | $96,247 |
| Highest Applicant Income | $441,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Reading Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Middlesex, Massachusetts | 66 | $ 9,796,000 | $ 148,424 | $ 105,000 |
Mortgage Loan Application Detail Totals for Reading 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 | 52 | $11,011,000 | $211,000 | $1,100,000 | $105,000 | $441,000 |
| Home Purchase | 22 | $7,589,000 | $344,000 | $995,000 | $73,000 | $352,000 |
| Home Improvement | 15 | $1,519,000 | $101,000 | $575,000 | $100,000 | $215,000 |
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 | 75 | $13,553,000 | $180,000 | $621,000 | $108,000 | $441,000 |
| Not applicable | 10 | $6,247,000 | $624,000 | $1,100,000 | $0 | $0 |
| Not Provided | 3 | $259,000 | $86,000 | $120,000 | $151,000 | $191,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $60,000 | $60,000 | $60,000 | $52,000 | $52,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 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) | 89 | $20,119,000 | $226,000 | $1,100,000 | $96,000 | $441,000 |
| 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 | 60 | $9,559,000 | $159,000 | $585,000 | $112,000 | $441,000 |
| Application Denied By Financial Institution | 12 | $3,008,000 | $250,000 | $621,000 | $83,000 | $181,000 |
| Loan Purchased By The Institution | 10 | $6,247,000 | $624,000 | $1,100,000 | $0 | $0 |
| Application Approved But Not Accepted | 6 | $1,245,000 | $207,000 | $417,000 | $126,000 | $352,000 |
| Application Withdrawn By Applicant | 1 | $60,000 | $60,000 | $60,000 | $119,000 | $119,000 |
| File Closed For Incompleteness | 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 |
|---|---|---|---|---|---|---|
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
| Debt-To-Income Ratio | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Reading 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 Reading 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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