Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2023
In 2023, Salem Co-Operative Bank of Salem, NH reported 212 mortgage applications totaling $76.5 million, down 2% from 2022. The average application was for $360,896, and applicants reported an average income of $183,391. 66% of its applications resulted in an originated loan and 14% were denied. Its largest markets were Rockingham County-Strafford County, NH (109), Cambridge-Newton-Framingham, MA (44) and Manchester-Nashua, NH (41) (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 | 212 |
| Total Mortgage Loan Application Amount | $76,510,000 |
| Average Mortgage Loan Application Amount | $360,896 |
| Highest Mortgage Loan Application Amount | $2,275,000 |
| Average Applicant Income | $183,391 |
| Highest Applicant Income | $2,218,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 109 | $ 36,475,000 | $ 334,633 | $ 177,000 |
| Cambridge-Newton-Framingham, MA | 44 | $ 14,870,000 | $ 337,954 | $ 146,000 |
| Manchester-Nashua, NH | 41 | $ 14,435,000 | $ 352,073 | $ 201,000 |
| Outside any metro area | 13 | $ 5,575,000 | $ 428,846 | $ 303,000 |
| Boston, MA | 4 | $ 4,580,000 | $ 1,145,000 | $ 0 |
| Worcester, MA-CT | 1 | $ 575,000 | $ 575,000 | $ 425,000 |
Mortgage Loan Application Detail Totals for Salem Co-Operative Bank in 2023
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 |
|---|---|---|---|---|---|---|
| Home Purchase | 130 | $62,850,000 | $483,000 | $2,275,000 | $197,000 | $786,000 |
| Other Purpose | 29 | $3,815,000 | $131,000 | $525,000 | $106,000 | $287,000 |
| Refinancing | 27 | $7,845,000 | $290,000 | $835,000 | $237,000 | $2,218,000 |
| Home Improvement | 26 | $2,000,000 | $76,000 | $355,000 | $146,000 | $252,000 |
| 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 | 155 | $51,115,000 | $329,000 | $1,325,000 | $185,000 | $2,218,000 |
| Not Provided | 21 | $8,015,000 | $381,000 | $765,000 | $186,000 | $572,000 |
| Not applicable | 14 | $10,070,000 | $719,000 | $2,275,000 | $0 | $0 |
| Hispanic | 11 | $2,265,000 | $205,000 | $505,000 | $148,000 | $287,000 |
| Asian | 9 | $4,285,000 | $476,000 | $945,000 | $179,000 | $468,000 |
| Black or African American | 2 | $760,000 | $380,000 | $675,000 | $183,000 | $270,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 212 | $76,510,000 | $360,000 | $2,275,000 | $182,000 | $2,218,000 |
| 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 | 139 | $52,275,000 | $376,000 | $2,275,000 | $183,000 | $786,000 |
| Application Withdrawn By Applicant | 38 | $13,590,000 | $357,000 | $895,000 | $247,000 | $2,218,000 |
| Application Denied By Financial Institution | 30 | $8,500,000 | $283,000 | $1,325,000 | $99,000 | $177,000 |
| Application Approved But Not Accepted | 4 | $1,710,000 | $427,000 | $785,000 | $173,000 | $282,000 |
| File Closed For Incompleteness | 1 | $435,000 | $435,000 | $435,000 | $91,000 | $91,000 |
| 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 | 182 | $68,010,000 | $373,000 | $2,275,000 | $196,000 | $2,218,000 |
| Debt-To-Income Ratio | 10 | $4,820,000 | $482,000 | $1,325,000 | $84,000 | $177,000 |
| Credit History | 9 | $575,000 | $63,000 | $235,000 | $88,000 | $169,000 |
| Credit Application Incomplete | 6 | $1,100,000 | $183,000 | $465,000 | $124,000 | $151,000 |
| Collateral | 2 | $490,000 | $245,000 | $335,000 | $137,000 | $156,000 |
| Other | 2 | $850,000 | $425,000 | $625,000 | $106,000 | $160,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $665,000 | $665,000 | $665,000 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Salem Co-Operative Bank's 2023 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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