Reading Co-Operative Bank Mortgage Lending & HMDA Data, 2009
In 2009, Reading Co-Operative Bank of Wakefield, MA reported 246 mortgage applications totaling $61.5 million, up 21% from 2008. The average application was for $250,093, and applicants reported an average income of $133,333. 62% of its applications resulted in an originated loan and 15% were denied. Its largest market was Cambridge-Newton-Framingham, MA (192).
| 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 | 246 |
| Total Mortgage Loan Application Amount | $61,523,000 |
| Average Mortgage Loan Application Amount | $250,093 |
| Highest Mortgage Loan Application Amount | $1,605,000 |
| Average Applicant Income | $133,333 |
| Highest Applicant Income | $1,500,000 |
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records Reading Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Reading Co-Operative Bank in 2009
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 | 130 | $34,173,000 | $262,000 | $1,605,000 | $133,000 | $934,000 |
| Home Purchase | 62 | $19,394,000 | $312,000 | $1,500,000 | $150,000 | $1,500,000 |
| Home Improvement | 54 | $7,956,000 | $147,000 | $540,000 | $115,000 | $447,000 |
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 | 201 | $50,260,000 | $250,000 | $1,500,000 | $135,000 | $1,500,000 |
| Not Provided | 32 | $8,102,000 | $253,000 | $1,605,000 | $150,000 | $543,000 |
| Asian | 6 | $1,841,000 | $306,000 | $713,000 | $97,000 | $186,000 |
| Not applicable | 5 | $1,040,000 | $208,000 | $300,000 | $0 | $0 |
| American Indian or Alaskan Native | 1 | $230,000 | $230,000 | $230,000 | $61,000 | $61,000 |
| Hispanic | 1 | $50,000 | $50,000 | $50,000 | $107,000 | $107,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 246 | $61,523,000 | $250,000 | $1,605,000 | $133,000 | $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 | 152 | $33,258,000 | $218,000 | $1,500,000 | $133,000 | $1,500,000 |
| Application Denied By Financial Institution | 38 | $10,083,000 | $265,000 | $704,000 | $93,000 | $250,000 |
| Application Withdrawn By Applicant | 19 | $5,227,000 | $275,000 | $1,250,000 | $108,000 | $285,000 |
| File Closed For Incompleteness | 18 | $5,654,000 | $314,000 | $1,605,000 | $157,000 | $543,000 |
| Application Approved But Not Accepted | 13 | $2,341,000 | $180,000 | $340,000 | $177,000 | $447,000 |
| Loan Purchased By The Institution | 6 | $4,960,000 | $826,000 | $1,000,000 | $315,000 | $520,000 |
| 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 | 1 | $252,000 | $252,000 | $252,000 | $89,000 | $89,000 |
| 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 2009 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.
Mortgage lenders & HMDA data by state: Alabama · Alaska · Arizona · Arkansas · California · Colorado · Connecticut · Delaware · District of Columbia · Florida · Georgia · Hawaii · Idaho · Illinois · Indiana · Iowa · Kansas · Kentucky · Louisiana · Maine · Maryland · Massachusetts · Michigan · Minnesota · Mississippi · Missouri · Montana · Nebraska · Nevada · New Hampshire · New Jersey · New Mexico · New York · North Carolina · North Dakota · Ohio · Oklahoma · Oregon · Pennsylvania · Puerto Rico · Rhode Island · South Carolina · South Dakota · Tennessee · Texas · Utah · Vermont · Virginia · Washington · West Virginia · Wisconsin · Wyoming
Home · Mortgage lenders A–Z · Data downloads · Blog · About