Savings Institute Bank & Trust Mortgage Lending & HMDA Data, 2014
In 2014, Savings Institute Bank & Trust of Willimantic, CT reported 618 mortgage applications totaling $101.2 million, down 10% from 2013. The average application was for $163,737, and applicants reported an average income of $92,626. 61% of its applications resulted in an originated loan and 13% were denied. Its largest markets were Worcester, MA-CT (193), Norwich-New London, CT (142) and Hartford-West Hartford-East Hartford, CT (105) (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 | 618 |
| Total Mortgage Loan Application Amount | $101,190,000 |
| Average Mortgage Loan Application Amount | $163,737 |
| Highest Mortgage Loan Application Amount | $5,000,000 |
| Average Applicant Income | $92,626 |
| Highest Applicant Income | $1,560,000 |
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records Savings Institute Bank & Trust filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Worcester, MA-CT | 193 | $ 22,037,000 | $ 114,181 | $ 89,227 |
| Norwich-New London, CT | 142 | $ 26,253,000 | $ 184,880 | $ 91,000 |
| Hartford-West Hartford-East Hartford, CT | 105 | $ 16,365,000 | $ 155,857 | $ 98,000 |
| Providence-Warwick, RI-MA | 79 | $ 23,693,000 | $ 299,911 | $ 126,000 |
| New Haven-Milford, CT | 9 | $ 1,404,000 | $ 156,000 | $ 64,000 |
| Bridgeport-Stamford-Norwalk, CT | 3 | $ 765,000 | $ 255,000 | $ 92,000 |
| Manchester-Nashua, NH | 2 | $ 529,000 | $ 264,500 | $ 184,000 |
| Cincinnati, OH-KY-IN | 1 | $ 1,000 | $ 1,000 | $ 23,000 |
| Nassau County-Suffolk County, NY | 1 | $ 10,000 | $ 10,000 | $ 1,560,000 |
Mortgage Loan Application Detail Totals for Savings Institute Bank & Trust in 2014
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 Purchase | 355 | $56,102,000 | $158,000 | $1,385,000 | $81,000 | $631,000 |
| Refinancing | 191 | $41,230,000 | $215,000 | $5,000,000 | $96,000 | $693,000 |
| Home Improvement | 72 | $3,858,000 | $53,000 | $490,000 | $141,000 | $1,560,000 |
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 | 536 | $83,470,000 | $155,000 | $1,385,000 | $94,000 | $1,560,000 |
| Hispanic | 35 | $3,319,000 | $94,000 | $292,000 | $50,000 | $139,000 |
| Not Provided | 16 | $452,000 | $28,000 | $131,000 | $242,000 | $936,000 |
| Asian | 13 | $1,987,000 | $152,000 | $408,000 | $65,000 | $114,000 |
| Not applicable | 11 | $10,709,000 | $973,000 | $5,000,000 | $0 | $0 |
| Black or African American | 5 | $803,000 | $160,000 | $276,000 | $58,000 | $92,000 |
| American Indian or Alaskan Native | 2 | $450,000 | $225,000 | $300,000 | $97,000 | $137,000 |
| 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) | 517 | $85,775,000 | $165,000 | $5,000,000 | $100,000 | $1,560,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 54 | $8,332,000 | $154,000 | $265,000 | $48,000 | $97,000 |
| FHA-insured (Federal Housing Administration) | 39 | $5,522,000 | $141,000 | $275,000 | $59,000 | $128,000 |
| VA-guaranteed (Veterans Administration) | 8 | $1,561,000 | $195,000 | $264,000 | $52,000 | $76,000 |
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 | 377 | $66,518,000 | $176,000 | $3,800,000 | $94,000 | $693,000 |
| Application Denied By Financial Institution | 80 | $8,175,000 | $102,000 | $825,000 | $122,000 | $1,560,000 |
| Preapproval Denied by Financial Institution | 78 | $9,549,000 | $122,000 | $476,000 | $50,000 | $137,000 |
| Application Withdrawn By Applicant | 55 | $8,095,000 | $147,000 | $490,000 | $115,000 | $838,000 |
| Application Approved But Not Accepted | 23 | $8,035,000 | $349,000 | $5,000,000 | $66,000 | $143,000 |
| File Closed For Incompleteness | 5 | $818,000 | $163,000 | $292,000 | $82,000 | $139,000 |
| 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 | 63 | $4,320,000 | $68,000 | $255,000 | $90,000 | $1,560,000 |
| Debt-To-Income Ratio | 56 | $7,058,000 | $126,000 | $476,000 | $53,000 | $137,000 |
| Collateral | 23 | $4,123,000 | $179,000 | $825,000 | $123,000 | $360,000 |
| Other | 9 | $910,000 | $101,000 | $417,000 | $182,000 | $900,000 |
| Employment History | 5 | $588,000 | $117,000 | $162,000 | $51,000 | $91,000 |
| Credit Application Incomplete | 2 | $725,000 | $362,000 | $585,000 | $120,000 | $178,000 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| 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 2014 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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