Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2006
In 2006, Salem Co-Operative Bank of Salem, NH reported 175 mortgage applications totaling $34.1 million, down 27% from 2005. The average application was for $194,737, and applicants reported an average income of $110,937. 73% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Rockingham County-Strafford County, NH (129), Manchester-Nashua, NH (16) and Essex County, MA (5) (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 | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 175 |
| Total Mortgage Loan Application Amount | $34,079,000 |
| Average Mortgage Loan Application Amount | $194,737 |
| Highest Mortgage Loan Application Amount | $660,000 |
| Average Applicant Income | $110,937 |
| Highest Applicant Income | $1,285,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Rockingham, New Hampshire | 127 | $ 25,208,000 | $ 198,488 | $ 124,000 |
| Hillsborough, New Hampshire | 16 | $ 3,029,000 | $ 189,312 | $ 71,000 |
| Merrimack, New Hampshire | 11 | $ 2,150,000 | $ 195,454 | $ 82,000 |
| Essex, Massachusetts | 5 | $ 949,000 | $ 189,800 | $ 87,000 |
| Strafford, New Hampshire | 2 | $ 290,000 | $ 145,000 | $ 198,000 |
Mortgage Loan Application Detail Totals for Salem 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 92 | $21,581,000 | $234,000 | $573,000 | $101,000 | $581,000 |
| Refinancing | 47 | $9,092,000 | $193,000 | $660,000 | $138,000 | $1,285,000 |
| Home Improvement | 36 | $3,406,000 | $94,000 | $515,000 | $101,000 | $222,000 |
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 | 173 | $33,676,000 | $194,000 | $660,000 | $112,000 | $1,285,000 |
| Asian | 1 | $218,000 | $218,000 | $218,000 | $68,000 | $68,000 |
| Hispanic | 1 | $185,000 | $185,000 | $185,000 | $54,000 | $54,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Provided | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 175 | $34,079,000 | $194,000 | $660,000 | $111,000 | $1,285,000 |
| 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 | 127 | $24,312,000 | $191,000 | $573,000 | $113,000 | $725,000 |
| Application Withdrawn By Applicant | 17 | $3,528,000 | $207,000 | $400,000 | $77,000 | $171,000 |
| Application Approved But Not Accepted | 9 | $2,112,000 | $234,000 | $660,000 | $260,000 | $1,285,000 |
| Application Denied By Financial Institution | 7 | $1,597,000 | $228,000 | $377,000 | $78,000 | $150,000 |
| Preapproval Approved but not Accepted | 7 | $1,524,000 | $217,000 | $464,000 | $71,000 | $171,000 |
| File Closed For Incompleteness | 5 | $652,000 | $130,000 | $212,000 | $43,000 | $60,000 |
| Preapproval Denied by Financial Institution | 3 | $354,000 | $118,000 | $200,000 | $35,000 | $68,000 |
| Loan Purchased By The 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 |
|---|---|---|---|---|---|---|
| Credit History | 6 | $1,131,000 | $188,000 | $377,000 | $51,000 | $112,000 |
| Debt-To-Income Ratio | 2 | $370,000 | $185,000 | $190,000 | $70,000 | $72,000 |
| Other | 1 | $200,000 | $200,000 | $200,000 | $54,000 | $54,000 |
| Unverifiable Information | 1 | $250,000 | $250,000 | $250,000 | $150,000 | $150,000 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 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 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 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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