Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2020
In 2020, Salem Co-Operative Bank of Salem, NH reported 262 mortgage applications totaling $72.0 million, down 1% from 2019. The average application was for $274,770, and applicants reported an average income of $155,770. 64% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Rockingham County-Strafford County, NH (171), Cambridge-Newton-Framingham, MA (43) and Manchester-Nashua, NH (28) (applications in parentheses).
| Mortgage Company & Address | Salem Co-Operative Bank 3 South Broadway Salem, NH 03079 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 |
| Total Number of Mortgage Applications | 262 |
| Total Mortgage Loan Application Amount | $71,990,000 |
| Average Mortgage Loan Application Amount | $274,770 |
| Highest Mortgage Loan Application Amount | $1,535,000 |
| Average Applicant Income | $155,770 |
| Highest Applicant Income | $1,106,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Rockingham County-Strafford County, NH | 171 | $ 46,385,000 | $ 271,257 | $ 159,000 |
| Cambridge-Newton-Framingham, MA | 43 | $ 11,085,000 | $ 257,790 | $ 150,000 |
| Manchester-Nashua, NH | 28 | $ 6,770,000 | $ 241,785 | $ 119,000 |
| Outside any metro area | 17 | $ 7,015,000 | $ 412,647 | $ 212,000 |
| Boston, MA | 2 | $ 380,000 | $ 190,000 | $ 79,000 |
| Barnstable Town, MA | 1 | $ 355,000 | $ 355,000 | $ 121,000 |
Mortgage Loan Application Detail Totals for Salem Co-Operative Bank in 2020
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 | 144 | $36,330,000 | $252,000 | $685,000 | $140,000 | $899,000 |
| Home Purchase | 87 | $33,565,000 | $385,000 | $1,535,000 | $182,000 | $1,106,000 |
| Home Improvement | 26 | $1,320,000 | $50,000 | $105,000 | $148,000 | $452,000 |
| Other Purpose | 5 | $775,000 | $155,000 | $425,000 | $194,000 | $530,000 |
| Cash-out Refinancing | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 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 | 217 | $59,235,000 | $272,000 | $895,000 | $160,000 | $1,106,000 |
| Not Provided | 28 | $7,320,000 | $261,000 | $1,275,000 | $148,000 | $580,000 |
| Hispanic | 7 | $2,045,000 | $292,000 | $535,000 | $105,000 | $231,000 |
| Asian | 6 | $1,010,000 | $168,000 | $335,000 | $107,000 | $261,000 |
| Not applicable | 4 | $2,380,000 | $595,000 | $1,535,000 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 262 | $71,990,000 | $274,000 | $1,535,000 | $156,000 | $1,106,000 |
| 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 | 167 | $48,985,000 | $293,000 | $1,535,000 | $156,000 | $1,106,000 |
| Application Denied By Financial Institution | 46 | $8,810,000 | $191,000 | $665,000 | $117,000 | $530,000 |
| Application Withdrawn By Applicant | 43 | $12,135,000 | $282,000 | $1,275,000 | $185,000 | $780,000 |
| File Closed For Incompleteness | 5 | $1,505,000 | $301,000 | $485,000 | $234,000 | $605,000 |
| Application Approved But Not Accepted | 1 | $555,000 | $555,000 | $555,000 | $184,000 | $184,000 |
| Loan Purchased By The Institution | 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 |
|---|---|---|---|---|---|---|
| Not applicable | 216 | $63,180,000 | $292,000 | $1,535,000 | $164,000 | $1,106,000 |
| Credit History | 11 | $1,305,000 | $118,000 | $245,000 | $82,000 | $114,000 |
| Debt-To-Income Ratio | 10 | $2,020,000 | $202,000 | $335,000 | $51,000 | $73,000 |
| Credit Application Incomplete | 10 | $1,700,000 | $170,000 | $335,000 | $138,000 | $341,000 |
| Other | 6 | $1,930,000 | $321,000 | $665,000 | $190,000 | $328,000 |
| Collateral | 4 | $680,000 | $170,000 | $285,000 | $171,000 | $389,000 |
| Unverifiable Information | 3 | $535,000 | $178,000 | $325,000 | $78,000 | $133,000 |
| Employment History | 2 | $640,000 | $320,000 | $425,000 | $265,000 | $530,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Salem Co-Operative Bank's 2020 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 Salem 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 New Hampshire, download the full spreadsheet
with aggregated HMDA statistics today.
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