Savings Institute Bank & Trust Mortgage Lending & HMDA Data, 2007
In 2007, Savings Institute Bank & Trust of Willimantic, CT reported 809 mortgage applications totaling $92.2 million, down 12% from 2006. The average application was for $114,024, and applicants reported an average income of $71,825. 71% of its applications resulted in an originated loan and 18% were denied. Its largest markets were Norwich-New London, CT (209), Hartford-West Hartford-East Hartford, CT (140) and New Haven-Milford, CT (6) (applications in parentheses).
| Mortgage Company & Address | Savings Institute Bank & Trust 803 Main Street Willimantic, CT 06226 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 |
| Total Number of Mortgage Applications | 809 |
| Total Mortgage Loan Application Amount | $92,246,000 |
| Average Mortgage Loan Application Amount | $114,024 |
| Highest Mortgage Loan Application Amount | $740,000 |
| Average Applicant Income | $71,825 |
| Highest Applicant Income | $436,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Savings Institute Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Windham, Connecticut | 412 | $ 39,681,000 | $ 96,313 | $ 65,000 |
| New London, Connecticut | 209 | $ 27,739,000 | $ 132,722 | $ 76,000 |
| Tolland, Connecticut | 95 | $ 12,830,000 | $ 135,052 | $ 83,000 |
| Hartford, Connecticut | 36 | $ 2,929,000 | $ 81,361 | $ 85,000 |
| Middlesex, Connecticut | 9 | $ 907,000 | $ 100,777 | $ 114,000 |
| New Haven, Connecticut | 6 | $ 777,000 | $ 129,500 | $ 90,000 |
| Washington, Rhode Island | 5 | $ 1,518,000 | $ 303,600 | $ 83,000 |
| Fairfield, Connecticut | 2 | $ 1,105,000 | $ 552,500 | $ 183,000 |
| Litchfield, Connecticut | 1 | $ 21,000 | $ 21,000 | $ 105,000 |
| Worcester, Massachusetts | 1 | $ 256,000 | $ 256,000 | $ 0 |
| Providence, Rhode Island | 1 | $ 298,000 | $ 298,000 | $ 55,000 |
| Grant, Washington | 1 | $ 115,000 | $ 115,000 | $ 86,000 |
Mortgage Loan Application Detail Totals for Savings Institute Bank & Trust in 2007
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 Improvement | 332 | $20,613,000 | $62,000 | $593,000 | $70,000 | $380,000 |
| Home Purchase | 266 | $46,848,000 | $176,000 | $740,000 | $70,000 | $436,000 |
| Refinancing | 211 | $24,785,000 | $117,000 | $575,000 | $77,000 | $277,000 |
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 | 700 | $79,033,000 | $112,000 | $740,000 | $74,000 | $436,000 |
| Hispanic | 72 | $6,497,000 | $90,000 | $244,000 | $55,000 | $195,000 |
| Asian | 17 | $3,357,000 | $197,000 | $650,000 | $71,000 | $191,000 |
| Black or African American | 11 | $1,157,000 | $105,000 | $465,000 | $68,000 | $190,000 |
| Not applicable | 7 | $2,100,000 | $300,000 | $665,000 | $0 | $0 |
| Not Provided | 1 | $27,000 | $27,000 | $27,000 | $26,000 | $26,000 |
| American Indian or Alaskan Native | 1 | $75,000 | $75,000 | $75,000 | $14,000 | $14,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 773 | $85,705,000 | $110,000 | $740,000 | $73,000 | $436,000 |
| FHA-insured (Federal Housing Administration) | 28 | $5,010,000 | $178,000 | $243,000 | $55,000 | $92,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 4 | $698,000 | $174,000 | $210,000 | $58,000 | $68,000 |
| VA-guaranteed (Veterans Administration) | 4 | $833,000 | $208,000 | $248,000 | $57,000 | $72,000 |
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 | 571 | $72,043,000 | $126,000 | $740,000 | $76,000 | $436,000 |
| Application Denied By Financial Institution | 149 | $10,559,000 | $70,000 | $593,000 | $59,000 | $367,000 |
| Application Withdrawn By Applicant | 50 | $4,933,000 | $98,000 | $350,000 | $67,000 | $212,000 |
| Preapproval Denied by Financial Institution | 18 | $2,018,000 | $112,000 | $243,000 | $45,000 | $93,000 |
| Application Approved But Not Accepted | 15 | $1,784,000 | $118,000 | $256,000 | $77,000 | $180,000 |
| File Closed For Incompleteness | 6 | $909,000 | $151,000 | $240,000 | $69,000 | $84,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 72 | $4,026,000 | $55,000 | $310,000 | $58,000 | $154,000 |
| Debt-To-Income Ratio | 44 | $3,266,000 | $74,000 | $593,000 | $42,000 | $104,000 |
| Credit Application Incomplete | 18 | $1,612,000 | $89,000 | $250,000 | $62,000 | $220,000 |
| Other | 14 | $1,793,000 | $128,000 | $285,000 | $62,000 | $134,000 |
| Collateral | 10 | $704,000 | $70,000 | $300,000 | $112,000 | $367,000 |
| Employment History | 4 | $399,000 | $99,000 | $243,000 | $39,000 | $82,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $554,000 | $184,000 | $200,000 | $59,000 | $93,000 |
| Mortgage Insurance Denied | 2 | $223,000 | $111,000 | $204,000 | $83,000 | $83,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Savings Institute Bank & Trust's 2007 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 Savings Institute Bank & Trust'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.
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