Milford National Bank & Trust Co. Mortgage Lending & HMDA Data, 2013
In 2013, Milford National Bank & Trust Co. of Milford, MA reported 79 mortgage applications totaling $21.4 million, down 6% from 2012. The average application was for $271,126, and applicants reported an average income of $100,645. 77% of its applications resulted in an originated loan and 11% were denied. Its largest markets were Worcester, MA (49), Boston-Quincy, MA (13) and Cambridge-Newton-Framingham, MA (11) (applications in parentheses).
| Mortgage Company & Address | Milford National Bank & Trust Co. 300 East Main Street Milford, MA 01757 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 79 |
| Total Mortgage Loan Application Amount | $21,419,000 |
| Average Mortgage Loan Application Amount | $271,126 |
| Highest Mortgage Loan Application Amount | $1,610,000 |
| Average Applicant Income | $100,645 |
| Highest Applicant Income | $780,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Milford National Bank & Trust Co. filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Milford National Bank & Trust Co. 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 | 46 | $11,493,000 | $249,000 | $1,337,000 | $120,000 | $780,000 |
| Home Purchase | 20 | $6,937,000 | $346,000 | $1,610,000 | $52,000 | $162,000 |
| Home Improvement | 13 | $2,989,000 | $229,000 | $417,000 | $107,000 | $193,000 |
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 | 59 | $14,637,000 | $248,000 | $1,337,000 | $126,000 | $780,000 |
| Not applicable | 15 | $6,021,000 | $401,000 | $1,610,000 | $0 | $0 |
| Asian | 3 | $567,000 | $189,000 | $217,000 | $101,000 | $138,000 |
| Not Provided | 2 | $194,000 | $97,000 | $114,000 | $113,000 | $150,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 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) | 79 | $21,419,000 | $271,000 | $1,610,000 | $101,000 | $780,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 61 | $17,115,000 | $280,000 | $1,610,000 | $96,000 | $780,000 |
| Application Denied By Financial Institution | 9 | $2,068,000 | $229,000 | $417,000 | $83,000 | $155,000 |
| Application Withdrawn By Applicant | 8 | $2,014,000 | $251,000 | $320,000 | $157,000 | $371,000 |
| File Closed For Incompleteness | 1 | $222,000 | $222,000 | $222,000 | $136,000 | $136,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial 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 |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 4 | $775,000 | $193,000 | $270,000 | $51,000 | $68,000 |
| Other | 3 | $691,000 | $230,000 | $368,000 | $107,000 | $155,000 |
| Collateral | 1 | $417,000 | $417,000 | $417,000 | $104,000 | $104,000 |
| Credit History | 1 | $185,000 | $185,000 | $185,000 | $118,000 | $118,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Employment History | 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 Milford National Bank & Trust Co.'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 Milford National Bank & Trust Co.'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.
For a list of all lenders in Massachusetts, download the full spreadsheet
with aggregated HMDA statistics today.
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