Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2005
In 2005, Salem Co-Operative Bank of Salem, NH reported 240 mortgage applications totaling $58.3 million, up 22% from 2004. The average application was for $243,087, and applicants reported an average income of $88,391. 67% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Rockingham County-Strafford County, NH (153), Manchester-Nashua, NH (35) and Essex County, MA (10) (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 | 240 |
| Total Mortgage Loan Application Amount | $58,341,000 |
| Average Mortgage Loan Application Amount | $243,087 |
| Highest Mortgage Loan Application Amount | $1,000,000 |
| Average Applicant Income | $88,391 |
| Highest Applicant Income | $474,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 153 | $ 37,194,000 | $ 243,098 | $ 84,000 |
| Manchester-Nashua, NH | 35 | $ 8,420,000 | $ 240,571 | $ 86,000 |
| Essex County, MA | 10 | $ 1,748,000 | $ 174,800 | $ 54,000 |
Mortgage Loan Application Detail Totals for Salem Co-Operative Bank in 2005
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 | 127 | $32,820,000 | $221,666 | $1,000,000 | $68,333 | $474,000 |
| Refinancing | 101 | $24,233,000 | $204,333 | $800,000 | $71,666 | $379,000 |
| Home Improvement | 12 | $1,288,000 | $107,000 | $350,000 | $65,000 | $164,000 |
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 | 238 | $57,751,000 | $221,333 | $1,000,000 | $72,333 | $474,000 |
| Hispanic | 2 | $590,000 | $295,000 | $405,000 | $44,000 | $53,000 |
| 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 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 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) | 240 | $58,341,000 | $223,000 | $1,000,000 | $71,000 | $474,000 |
| 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 | 160 | $39,210,000 | $218,000 | $1,000,000 | $89,000 | $474,000 |
| Application Denied By Financial Institution | 27 | $6,367,000 | $239,000 | $587,000 | $64,000 | $134,000 |
| Preapproval Approved but not Accepted | 22 | $5,111,000 | $232,000 | $640,000 | $82,000 | $310,000 |
| Application Withdrawn By Applicant | 12 | $3,335,000 | $271,500 | $618,000 | $109,000 | $198,000 |
| Application Approved But Not Accepted | 8 | $1,508,000 | $188,000 | $300,000 | $59,000 | $132,000 |
| File Closed For Incompleteness | 6 | $1,129,000 | $155,000 | $400,000 | $45,333 | $120,000 |
| Preapproval Denied by Financial Institution | 5 | $1,681,000 | $336,000 | $560,000 | $79,000 | $123,000 |
| 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 17 | $4,043,000 | $269,500 | $560,000 | $62,500 | $123,000 |
| Credit History | 7 | $1,876,000 | $270,500 | $587,000 | $71,000 | $94,000 |
| Credit Application Incomplete | 6 | $1,488,000 | $205,500 | $400,000 | $74,500 | $134,000 |
| Collateral | 1 | $385,000 | $385,000 | $385,000 | $130,000 | $130,000 |
| Other | 1 | $256,000 | $256,000 | $256,000 | $84,000 | $84,000 |
| 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 2005 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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