Savings Institute Bank & Trust Mortgage Lending & HMDA Data, 2013
In 2013, Savings Institute Bank & Trust of Willimantic, CT reported 684 mortgage applications totaling $108.3 million, down 19% from 2012. The average application was for $158,336, and applicants reported an average income of $91,592. 72% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Hartford-West Hartford-East Hartford, CT (197), Norwich-New London, CT (151) and Providence-New Bedford-Fall River, RI-MA (18) (applications in parentheses).
| Mortgage Company & Address | Savings Institute Bank & Trust Po Box 95 Willimantic, CT 06226 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2014 2013 2012 2011 |
| Total Number of Mortgage Applications | 684 |
| Total Mortgage Loan Application Amount | $108,302,000 |
| Average Mortgage Loan Application Amount | $158,336 |
| Highest Mortgage Loan Application Amount | $7,250,000 |
| Average Applicant Income | $91,592 |
| Highest Applicant Income | $1,860,000 |
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records Savings Institute Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 249 | $ 30,625,000 | $ 122,991 | $ 94,000 |
| New London, Connecticut | 151 | $ 24,645,000 | $ 163,211 | $ 89,000 |
| Tolland, Connecticut | 118 | $ 20,126,000 | $ 170,559 | $ 110,000 |
| Hartford, Connecticut | 58 | $ 16,509,000 | $ 284,637 | $ 95,000 |
| Middlesex, Connecticut | 21 | $ 4,045,000 | $ 192,619 | $ 92,000 |
| Newport, Rhode Island | 10 | $ 2,924,000 | $ 292,400 | $ 86,000 |
| New Haven, Connecticut | 9 | $ 1,708,000 | $ 189,777 | $ 131,000 |
| Washington, Rhode Island | 5 | $ 772,000 | $ 154,400 | $ 72,000 |
| Fairfield, Connecticut | 3 | $ 634,000 | $ 211,333 | $ 82,000 |
| Providence, Rhode Island | 2 | $ 92,000 | $ 46,000 | $ 83,000 |
| Lafayette, Louisiana | 1 | $ 1,000 | $ 1,000 | $ 37,000 |
| Hampden, Massachusetts | 1 | $ 249,000 | $ 249,000 | $ 104,000 |
| Worcester, Massachusetts | 1 | $ 144,000 | $ 144,000 | $ 111,000 |
| Pike, Pennsylvania | 1 | $ 2,000 | $ 2,000 | $ 11,000 |
| Kent, Rhode Island | 1 | $ 52,000 | $ 52,000 | $ 28,000 |
Mortgage Loan Application Detail Totals for Savings Institute Bank & Trust in 2013
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 | 327 | $53,308,000 | $163,000 | $680,000 | $93,000 | $414,000 |
| Home Purchase | 292 | $50,789,000 | $173,000 | $7,250,000 | $69,000 | $579,000 |
| Home Improvement | 65 | $4,205,000 | $64,000 | $1,800,000 | $186,000 | $1,860,000 |
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 | 604 | $92,366,000 | $152,000 | $1,800,000 | $91,000 | $1,860,000 |
| Hispanic | 33 | $3,277,000 | $99,000 | $300,000 | $56,000 | $126,000 |
| Not Provided | 18 | $1,052,000 | $58,000 | $417,000 | $246,000 | $1,080,000 |
| Asian | 13 | $1,767,000 | $135,000 | $417,000 | $65,000 | $165,000 |
| Black or African American | 11 | $1,846,000 | $167,000 | $295,000 | $69,000 | $114,000 |
| Not applicable | 5 | $7,994,000 | $1,598,000 | $7,250,000 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $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) | 559 | $87,375,000 | $156,000 | $7,250,000 | $100,000 | $1,860,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 58 | $9,423,000 | $162,000 | $337,000 | $52,000 | $93,000 |
| FHA-insured (Federal Housing Administration) | 52 | $8,728,000 | $167,000 | $367,000 | $62,000 | $125,000 |
| VA-guaranteed (Veterans Administration) | 15 | $2,776,000 | $185,000 | $280,000 | $50,000 | $83,000 |
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 | 493 | $84,686,000 | $171,000 | $7,250,000 | $88,000 | $579,000 |
| Application Denied By Financial Institution | 78 | $7,765,000 | $99,000 | $333,000 | $134,000 | $1,860,000 |
| Preapproval Denied by Financial Institution | 49 | $5,572,000 | $113,000 | $300,000 | $48,000 | $110,000 |
| Application Withdrawn By Applicant | 44 | $7,422,000 | $168,000 | $417,000 | $75,000 | $195,000 |
| Application Approved But Not Accepted | 12 | $1,619,000 | $134,000 | $219,000 | $78,000 | $414,000 |
| File Closed For Incompleteness | 8 | $1,238,000 | $154,000 | $300,000 | $302,000 | $1,308,000 |
| 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 | 42 | $3,122,000 | $74,000 | $295,000 | $186,000 | $1,860,000 |
| Debt-To-Income Ratio | 40 | $4,153,000 | $103,000 | $333,000 | $44,000 | $111,000 |
| Collateral | 24 | $3,397,000 | $141,000 | $295,000 | $77,000 | $190,000 |
| Other | 14 | $1,416,000 | $101,000 | $268,000 | $73,000 | $110,000 |
| Credit Application Incomplete | 4 | $594,000 | $148,000 | $177,000 | $53,000 | $84,000 |
| Unverifiable Information | 2 | $405,000 | $202,000 | $300,000 | $63,000 | $63,000 |
| Employment History | 1 | $250,000 | $250,000 | $250,000 | $54,000 | $54,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Savings Institute Bank & Trust's 2013 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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