Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2004
In 2004, Salem Co-Operative Bank of Salem, NH reported 197 mortgage applications totaling $39.1 million, down 36% from 2003. The average application was for $198,522, and applicants reported an average income of $58,862. 62% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Rockingham County-Strafford County, NH (135), Manchester-Nashua, NH (17) and Essex County, MA (7) (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 | 197 |
| Total Mortgage Loan Application Amount | $39,109,000 |
| Average Mortgage Loan Application Amount | $198,522 |
| Highest Mortgage Loan Application Amount | $630,000 |
| Average Applicant Income | $58,862 |
| Highest Applicant Income | $256,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Salem Co-Operative Bank in 2004
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 | 120 | $25,266,000 | $216,333 | $630,000 | $76,666 | $256,000 |
| Refinancing | 55 | $10,079,000 | $175,000 | $478,000 | $64,000 | $213,000 |
| Home Improvement | 22 | $3,764,000 | $171,000 | $368,000 | $76,000 | $160,000 |
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 | 190 | $37,897,000 | $203,666 | $630,000 | $66,666 | $256,000 |
| Black or African American | 3 | $506,000 | $168,000 | $220,000 | $92,000 | $103,000 |
| Asian | 2 | $464,000 | $232,000 | $268,000 | $21,000 | $43,000 |
| Not Provided | 1 | $125,000 | $125,000 | $125,000 | $46,000 | $46,000 |
| Hispanic | 1 | $117,000 | $117,000 | $117,000 | $71,000 | $71,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 197 | $39,109,000 | $202,333 | $630,000 | $65,666 | $256,000 |
| 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 | 123 | $23,284,000 | $203,000 | $544,000 | $88,000 | $256,000 |
| Application Denied By Financial Institution | 20 | $4,220,000 | $186,500 | $590,000 | $51,000 | $129,000 |
| Application Withdrawn By Applicant | 16 | $3,068,000 | $193,000 | $354,000 | $85,000 | $130,000 |
| Preapproval Approved but not Accepted | 16 | $3,669,000 | $229,000 | $520,000 | $73,000 | $180,000 |
| File Closed For Incompleteness | 15 | $3,372,000 | $201,500 | $630,000 | $35,500 | $125,000 |
| Application Approved But Not Accepted | 5 | $1,206,000 | $222,000 | $368,000 | $58,500 | $115,000 |
| Preapproval Denied by Financial Institution | 2 | $290,000 | $145,000 | $165,000 | $48,000 | $50,000 |
| 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 | 9 | $1,896,000 | $173,333 | $590,000 | $37,666 | $120,000 |
| Collateral | 4 | $1,070,000 | $267,000 | $478,000 | $74,000 | $129,000 |
| Credit History | 4 | $651,000 | $168,333 | $195,000 | $76,000 | $103,000 |
| Employment History | 3 | $465,000 | $155,000 | $196,000 | $32,000 | $48,000 |
| Unverifiable Information | 2 | $428,000 | $214,000 | $268,000 | $22,000 | $44,000 |
| Credit Application Incomplete | 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 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Salem Co-Operative Bank's 2004 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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