Wakefield Co-Operative Bank Mortgage Lending & HMDA Data, 2013
In 2013, Wakefield Co-Operative Bank of Wakefield, MA reported 281 mortgage applications totaling $78.2 million, down 14% from 2012. The average application was for $278,142, and applicants reported an average income of $114,996. 82% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (185), Peabody, MA (54) and Boston-Quincy, MA (33) (applications in parentheses).
| Mortgage Company & Address | Wakefield Co-Operative Bank 342 Main Street Wakefield, MA 01880 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 281 |
| Total Mortgage Loan Application Amount | $78,158,000 |
| Average Mortgage Loan Application Amount | $278,142 |
| Highest Mortgage Loan Application Amount | $1,180,000 |
| Average Applicant Income | $114,996 |
| Highest Applicant Income | $1,075,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Wakefield Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Middlesex, Massachusetts | 185 | $ 53,081,000 | $ 286,924 | $ 116,000 |
| Essex, Massachusetts | 54 | $ 13,324,000 | $ 246,740 | $ 105,000 |
| Suffolk, Massachusetts | 20 | $ 5,013,000 | $ 250,650 | $ 139,000 |
| Norfolk, Massachusetts | 11 | $ 4,130,000 | $ 375,454 | $ 138,000 |
| Worcester, Massachusetts | 7 | $ 1,684,000 | $ 240,571 | $ 103,000 |
| Plymouth, Massachusetts | 2 | $ 514,000 | $ 257,000 | $ 69,000 |
| Barnstable, Massachusetts | 1 | $ 232,000 | $ 232,000 | $ 39,000 |
| Merrimack, New Hampshire | 1 | $ 180,000 | $ 180,000 | $ 73,000 |
Mortgage Loan Application Detail Totals for Wakefield Co-Operative Bank 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 |
|---|---|---|---|---|---|---|
| Home Purchase | 141 | $41,690,000 | $295,000 | $1,180,000 | $114,000 | $622,000 |
| Refinancing | 140 | $36,468,000 | $260,000 | $995,000 | $116,000 | $1,075,000 |
| Home Improvement | 0 | $0 | $0 | $0 | $0 | $0 |
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 | 170 | $46,318,000 | $272,000 | $995,000 | $115,000 | $1,075,000 |
| Not Provided | 58 | $18,444,000 | $318,000 | $1,000,000 | $137,000 | $506,000 |
| Asian | 48 | $11,056,000 | $230,000 | $422,000 | $87,000 | $382,000 |
| Black or African American | 2 | $664,000 | $332,000 | $372,000 | $86,000 | $128,000 |
| Hispanic | 2 | $1,320,000 | $660,000 | $1,180,000 | $195,000 | $246,000 |
| American Indian or Alaskan Native | 1 | $356,000 | $356,000 | $356,000 | $135,000 | $135,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 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) | 281 | $78,158,000 | $278,000 | $1,180,000 | $115,000 | $1,075,000 |
| 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 | 231 | $63,935,000 | $276,000 | $1,000,000 | $117,000 | $1,075,000 |
| Application Withdrawn By Applicant | 19 | $6,008,000 | $316,000 | $995,000 | $123,000 | $331,000 |
| Application Denied By Financial Institution | 17 | $5,016,000 | $295,000 | $1,180,000 | $98,000 | $378,000 |
| File Closed For Incompleteness | 9 | $2,435,000 | $270,000 | $465,000 | $87,000 | $151,000 |
| Application Approved But Not Accepted | 5 | $764,000 | $152,000 | $238,000 | $80,000 | $130,000 |
| 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 | 6 | $1,537,000 | $256,000 | $442,000 | $64,000 | $91,000 |
| Other | 4 | $896,000 | $224,000 | $281,000 | $87,000 | $175,000 |
| Collateral | 3 | $1,717,000 | $572,000 | $1,180,000 | $146,000 | $246,000 |
| Credit History | 3 | $467,000 | $155,000 | $247,000 | $42,000 | $51,000 |
| 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 Wakefield Co-Operative Bank'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 Wakefield Co-Operative Bank'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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