Savings Institute Bank & Trust Mortgage Lending & HMDA Data, 2009
In 2009, Savings Institute Bank & Trust of Willimantic, CT reported 1,015 mortgage applications totaling $165.0 million, up 40% from 2008. The average application was for $162,593, and applicants reported an average income of $90,951. 73% of its applications resulted in an originated loan and 17% were denied. Its largest markets were Norwich-New London, CT (293), Hartford-West Hartford-East Hartford, CT (240) and Providence-New Bedford-Fall River, RI-MA (11) (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 | 1,015 |
| Total Mortgage Loan Application Amount | $165,032,000 |
| Average Mortgage Loan Application Amount | $162,593 |
| Highest Mortgage Loan Application Amount | $750,000 |
| Average Applicant Income | $90,951 |
| Highest Applicant Income | $876,000 |
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records Savings Institute Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 293 | $ 55,856,000 | $ 190,634 | $ 95,000 |
| Hartford-West Hartford-East Hartford, CT | 240 | $ 45,099,000 | $ 187,912 | $ 101,000 |
| Providence-New Bedford-Fall River, RI-MA | 11 | $ 3,778,000 | $ 343,454 | $ 191,000 |
| Springfield, MA | 7 | $ 1,200,000 | $ 171,428 | $ 64,000 |
| Worcester, MA | 4 | $ 1,147,000 | $ 286,750 | $ 108,000 |
| Cambridge-Newton-Framingham, MA | 2 | $ 892,000 | $ 446,000 | $ 153,000 |
| Bridgeport-Stamford-Norwalk, CT | 1 | $ 50,000 | $ 50,000 | $ 151,000 |
| New Haven-Milford, CT | 1 | $ 156,000 | $ 156,000 | $ 98,000 |
| Peabody, MA | 1 | $ 231,000 | $ 231,000 | $ 148,000 |
Mortgage Loan Application Detail Totals for Savings Institute Bank & Trust 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 | 574 | $109,984,000 | $191,000 | $750,000 | $101,000 | $876,000 |
| Home Purchase | 244 | $39,866,000 | $163,000 | $737,000 | $81,000 | $701,000 |
| Home Improvement | 197 | $15,182,000 | $77,000 | $749,000 | $74,000 | $375,000 |
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 | 921 | $149,008,000 | $161,000 | $749,000 | $92,000 | $876,000 |
| Hispanic | 40 | $3,883,000 | $97,000 | $278,000 | $54,000 | $142,000 |
| Asian | 29 | $7,387,000 | $254,000 | $624,000 | $147,000 | $549,000 |
| Not applicable | 9 | $1,778,000 | $197,000 | $656,000 | $0 | $0 |
| Black or African American | 8 | $1,320,000 | $165,000 | $750,000 | $40,000 | $118,000 |
| American Indian or Alaskan Native | 7 | $1,601,000 | $228,000 | $445,000 | $86,000 | $143,000 |
| Not Provided | 1 | $55,000 | $55,000 | $55,000 | $0 | $0 |
| 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) | 926 | $151,906,000 | $164,000 | $750,000 | $94,000 | $876,000 |
| FHA-insured (Federal Housing Administration) | 49 | $8,039,000 | $164,000 | $279,000 | $55,000 | $127,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 32 | $3,756,000 | $117,000 | $258,000 | $48,000 | $78,000 |
| VA-guaranteed (Veterans Administration) | 8 | $1,331,000 | $166,000 | $250,000 | $63,000 | $131,000 |
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 | 740 | $123,673,000 | $167,000 | $741,000 | $94,000 | $701,000 |
| Application Denied By Financial Institution | 172 | $24,219,000 | $140,000 | $749,000 | $82,000 | $876,000 |
| Preapproval Denied by Financial Institution | 44 | $4,787,000 | $108,000 | $250,000 | $51,000 | $127,000 |
| Application Withdrawn By Applicant | 41 | $8,818,000 | $215,000 | $750,000 | $112,000 | $397,000 |
| Application Approved But Not Accepted | 17 | $3,335,000 | $196,000 | $620,000 | $99,000 | $271,000 |
| File Closed For Incompleteness | 1 | $200,000 | $200,000 | $200,000 | $47,000 | $47,000 |
| 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 Application Incomplete | 51 | $8,812,000 | $172,000 | $595,000 | $88,000 | $876,000 |
| Debt-To-Income Ratio | 48 | $5,830,000 | $121,000 | $749,000 | $54,000 | $218,000 |
| Collateral | 44 | $7,095,000 | $161,000 | $720,000 | $99,000 | $655,000 |
| Credit History | 36 | $2,284,000 | $63,000 | $237,000 | $57,000 | $142,000 |
| Other | 25 | $3,745,000 | $149,000 | $560,000 | $92,000 | $239,000 |
| Employment History | 7 | $785,000 | $112,000 | $209,000 | $54,000 | $79,000 |
| Mortgage Insurance Denied | 3 | $271,000 | $90,000 | $168,000 | $32,000 | $33,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 2 | $184,000 | $92,000 | $174,000 | $59,000 | $59,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Savings Institute Bank & Trust'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 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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