Savings Institute Bank & Trust Mortgage Lending & HMDA Data, 2004
In 2004, Savings Institute Bank & Trust of Willimantic, CT reported 1,041 mortgage applications totaling $120.9 million. The average application was for $116,123, and applicants reported an average income of $68,812. 80% of its applications resulted in an originated loan and 12% were denied. Its largest markets were Norwich-New London, CT (304), Hartford-West Hartford-East Hartford, CT (200) and Providence-New Bedford-Fall River, RI-MA (8) (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 | 1,041 |
| Total Mortgage Loan Application Amount | $120,885,000 |
| Average Mortgage Loan Application Amount | $116,123 |
| Highest Mortgage Loan Application Amount | $1,200,000 |
| Average Applicant Income | $68,812 |
| Highest Applicant Income | $776,000 |
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records Savings Institute Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Norwich-New London, CT | 304 | $ 44,794,000 | $ 147,348 | $ 72,000 |
| Hartford-West Hartford-East Hartford, CT | 200 | $ 24,663,000 | $ 123,315 | $ 67,000 |
| Providence-New Bedford-Fall River, RI-MA | 8 | $ 2,906,000 | $ 363,250 | $ 287,000 |
| New Haven-Milford, CT | 5 | $ 629,000 | $ 125,800 | $ 68,000 |
| Springfield, MA | 2 | $ 36,000 | $ 18,000 | $ 31,000 |
| Barnstable Town, MA | 1 | $ 39,000 | $ 39,000 | $ 54,000 |
| Boston-Quincy, MA | 1 | $ 449,000 | $ 449,000 | $ 380,000 |
| Essex County, MA | 1 | $ 246,000 | $ 246,000 | $ 161,000 |
Mortgage Loan Application Detail Totals for Savings Institute Bank & Trust 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 Improvement | 400 | $20,754,000 | $32,333 | $1,000,000 | $83,333 | $498,000 |
| Refinancing | 327 | $41,366,000 | $225,333 | $1,200,000 | $186,666 | $776,000 |
| Home Purchase | 314 | $58,765,000 | $327,500 | $964,000 | $162,000 | $498,000 |
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 | 963 | $112,506,000 | $204,750 | $1,200,000 | $146,250 | $776,000 |
| Hispanic | 32 | $3,328,000 | $99,000 | $320,000 | $48,500 | $146,000 |
| Not Provided | 20 | $810,000 | $41,500 | $200,000 | $78,500 | $145,000 |
| Asian | 10 | $1,488,000 | $148,000 | $393,000 | $51,000 | $180,000 |
| Black or African American | 7 | $964,000 | $141,000 | $188,000 | $56,500 | $145,000 |
| American Indian or Alaskan Native | 5 | $929,000 | $185,000 | $750,000 | $107,000 | $317,000 |
| Not applicable | 3 | $660,000 | $202,500 | $500,000 | $65,000 | $109,000 |
| Native Hawaiian or Other Pacific Islander | 1 | $200,000 | $200,000 | $200,000 | $88,000 | $88,000 |
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) | 998 | $116,137,000 | $195,000 | $1,200,000 | $133,750 | $776,000 |
| FHA-insured (Federal Housing Administration) | 36 | $3,839,000 | $110,000 | $179,000 | $47,500 | $95,000 |
| VA-guaranteed (Veterans Administration) | 4 | $561,000 | $140,000 | $149,000 | $40,000 | $46,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $348,000 | $116,000 | $180,000 | $61,000 | $67,000 |
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 | 833 | $100,911,000 | $222,333 | $1,200,000 | $173,666 | $776,000 |
| Application Denied By Financial Institution | 120 | $7,163,000 | $62,500 | $401,000 | $73,000 | $254,000 |
| Application Withdrawn By Applicant | 40 | $5,786,000 | $86,500 | $880,000 | $53,000 | $348,000 |
| Preapproval Denied by Financial Institution | 32 | $4,683,000 | $146,000 | $378,000 | $38,000 | $136,000 |
| Application Approved But Not Accepted | 7 | $1,245,000 | $177,000 | $500,000 | $33,000 | $67,000 |
| File Closed For Incompleteness | 6 | $667,000 | $111,000 | $171,000 | $54,000 | $78,000 |
| Preapproval Approved but not Accepted | 3 | $430,000 | $143,000 | $253,000 | $38,000 | $60,000 |
| 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 | 71 | $4,274,000 | $78,500 | $231,000 | $50,000 | $182,000 |
| Debt-To-Income Ratio | 47 | $5,074,000 | $130,000 | $401,000 | $39,500 | $254,000 |
| Collateral | 13 | $978,000 | $85,500 | $368,000 | $52,000 | $125,000 |
| Other | 10 | $459,000 | $45,000 | $180,000 | $52,000 | $139,000 |
| Credit Application Incomplete | 6 | $247,000 | $32,500 | $92,000 | $102,000 | $196,000 |
| Employment History | 2 | $380,000 | $190,000 | $360,000 | $48,000 | $51,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $390,000 | $195,000 | $300,000 | $47,000 | $56,000 |
| Mortgage Insurance Denied | 1 | $44,000 | $44,000 | $44,000 | $78,000 | $78,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Savings Institute Bank & Trust'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 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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