Salem Co-Operative Bank Mortgage Lending & HMDA Data, 2009
In 2009, Salem Co-Operative Bank of Salem, NH reported 349 mortgage applications totaling $86.0 million, up 28% from 2008. The average application was for $246,421, and applicants reported an average income of $132,570. 69% of its applications resulted in an originated loan and 19% were denied. Its largest markets were Rockingham County-Strafford County, NH (234), Manchester-Nashua, NH (54) and Peabody, MA (26) (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 | 349 |
| Total Mortgage Loan Application Amount | $86,001,000 |
| Average Mortgage Loan Application Amount | $246,421 |
| Highest Mortgage Loan Application Amount | $1,400,000 |
| Average Applicant Income | $132,570 |
| Highest Applicant Income | $1,465,000 |
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(HMDA) records Salem Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 2009
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 |
|---|---|---|---|---|---|---|
| Refinancing | 221 | $57,646,000 | $260,000 | $1,280,000 | $135,000 | $1,350,000 |
| Home Purchase | 122 | $28,147,000 | $230,000 | $1,400,000 | $131,000 | $1,465,000 |
| Home Improvement | 6 | $208,000 | $34,000 | $90,000 | $75,000 | $142,000 |
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 | 229 | $56,515,000 | $246,000 | $1,100,000 | $131,000 | $1,350,000 |
| Not Provided | 118 | $28,665,000 | $242,000 | $1,400,000 | $134,000 | $1,465,000 |
| Asian | 2 | $821,000 | $410,000 | $596,000 | $190,000 | $282,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 349 | $86,001,000 | $246,000 | $1,400,000 | $132,000 | $1,465,000 |
| 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 | 240 | $58,699,000 | $244,000 | $1,400,000 | $141,000 | $1,465,000 |
| Application Denied By Financial Institution | 68 | $16,063,000 | $236,000 | $796,000 | $101,000 | $478,000 |
| File Closed For Incompleteness | 14 | $3,752,000 | $268,000 | $500,000 | $119,000 | $420,000 |
| Application Withdrawn By Applicant | 13 | $2,692,000 | $207,000 | $428,000 | $117,000 | $332,000 |
| Application Approved But Not Accepted | 9 | $3,227,000 | $358,000 | $800,000 | $206,000 | $443,000 |
| Preapproval Denied by Financial Institution | 5 | $1,568,000 | $313,000 | $540,000 | $115,000 | $325,000 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 | 40 | $9,638,000 | $240,000 | $740,000 | $80,000 | $205,000 |
| Collateral | 19 | $4,512,000 | $237,000 | $432,000 | $118,000 | $256,000 |
| Credit History | 11 | $1,833,000 | $166,000 | $297,000 | $73,000 | $153,000 |
| Unverifiable Information | 1 | $540,000 | $540,000 | $540,000 | $325,000 | $325,000 |
| Employment History | 1 | $312,000 | $312,000 | $312,000 | $478,000 | $478,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $796,000 | $796,000 | $796,000 | $380,000 | $380,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Salem Co-Operative Bank's 2009 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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