Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2024
In 2024, Salem Co-Operative Bank of Salem, NH reported 161 mortgage applications totaling $79.1 million, down 24% from 2023. The average application was for $491,459, and applicants reported an average income of $193,310. 64% of its applications resulted in an originated loan and 22% were denied. Its largest markets were Rockingham County-Strafford County, NH (88), Manchester-Nashua, NH (26) and Cambridge-Newton-Framingham, MA (25) (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 | 161 |
| Total Mortgage Loan Application Amount | $79,125,000 |
| Average Mortgage Loan Application Amount | $491,459 |
| Highest Mortgage Loan Application Amount | $8,455,000 |
| Average Applicant Income | $193,310 |
| Highest Applicant Income | $1,314,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 88 | $ 33,870,000 | $ 384,886 | $ 203,000 |
| Manchester-Nashua, NH | 26 | $ 15,050,000 | $ 578,846 | $ 137,000 |
| Cambridge-Newton-Framingham, MA | 25 | $ 22,605,000 | $ 904,200 | $ 192,000 |
| Outside any metro area | 18 | $ 5,450,000 | $ 302,777 | $ 227,000 |
| Boston, MA | 3 | $ 1,835,000 | $ 611,666 | $ 0 |
| Amherst Town-Northampton, MA | 1 | $ 315,000 | $ 315,000 | $ 165,000 |
Mortgage Loan Application Detail Totals for Salem Co-Operative Bank in 2024
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 | 94 | $64,420,000 | $685,000 | $8,455,000 | $208,000 | $1,314,000 |
| Home Improvement | 26 | $2,820,000 | $108,000 | $305,000 | $205,000 | $1,302,000 |
| Refinancing | 23 | $10,085,000 | $438,000 | $1,605,000 | $179,000 | $578,000 |
| Other Purpose | 18 | $1,800,000 | $100,000 | $405,000 | $118,000 | $264,000 |
| 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 | 120 | $38,040,000 | $317,000 | $1,605,000 | $194,000 | $1,314,000 |
| Not applicable | 19 | $31,125,000 | $1,638,000 | $8,455,000 | $0 | $0 |
| Not Provided | 11 | $6,155,000 | $559,000 | $1,035,000 | $201,000 | $334,000 |
| Asian | 6 | $2,570,000 | $428,000 | $855,000 | $176,000 | $294,000 |
| Hispanic | 3 | $1,155,000 | $385,000 | $645,000 | $148,000 | $200,000 |
| Black or African American | 2 | $80,000 | $40,000 | $65,000 | $105,000 | $118,000 |
| 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) | 161 | $79,125,000 | $491,000 | $8,455,000 | $192,000 | $1,314,000 |
| 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 | 103 | $53,895,000 | $523,000 | $8,455,000 | $207,000 | $1,314,000 |
| Application Denied By Financial Institution | 36 | $9,480,000 | $263,000 | $1,095,000 | $170,000 | $1,302,000 |
| Application Withdrawn By Applicant | 11 | $10,015,000 | $910,000 | $6,505,000 | $162,000 | $256,000 |
| Application Approved But Not Accepted | 6 | $3,420,000 | $570,000 | $1,125,000 | $93,000 | $157,000 |
| File Closed For Incompleteness | 5 | $2,315,000 | $463,000 | $1,405,000 | $199,000 | $574,000 |
| 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 | 125 | $69,645,000 | $557,000 | $8,455,000 | $199,000 | $1,314,000 |
| Debt-To-Income Ratio | 15 | $4,705,000 | $313,000 | $695,000 | $106,000 | $217,000 |
| Credit History | 9 | $1,145,000 | $127,000 | $255,000 | $247,000 | $1,302,000 |
| Collateral | 6 | $1,930,000 | $321,000 | $1,095,000 | $218,000 | $412,000 |
| Credit Application Incomplete | 5 | $1,385,000 | $277,000 | $425,000 | $169,000 | $264,000 |
| Other | 1 | $315,000 | $315,000 | $315,000 | $165,000 | $165,000 |
| Unverifiable Information | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Salem Co-Operative Bank's 2024 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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