Wakefield Co-Operative Bank Mortgage Lending & HMDA Data, 2012
In 2012, Wakefield Co-Operative Bank of Wakefield, MA reported 325 mortgage applications totaling $89.0 million, up 111% from 2011. The average application was for $273,713, and applicants reported an average income of $134,883. 84% of its applications resulted in an originated loan and 5% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (222), Peabody, MA (60) and Boston-Quincy, MA (36) (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 | 325 |
| Total Mortgage Loan Application Amount | $88,957,000 |
| Average Mortgage Loan Application Amount | $273,713 |
| Highest Mortgage Loan Application Amount | $805,000 |
| Average Applicant Income | $134,883 |
| Highest Applicant Income | $1,307,000 |
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records Wakefield Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Cambridge-Newton-Framingham, MA | 222 | $ 63,358,000 | $ 285,396 | $ 127,000 |
| Peabody, MA | 60 | $ 13,237,000 | $ 220,616 | $ 154,000 |
| Boston-Quincy, MA | 36 | $ 10,802,000 | $ 300,055 | $ 151,000 |
| Rockingham County-Strafford County, NH | 2 | $ 519,000 | $ 259,500 | $ 100,000 |
| Worcester, MA | 2 | $ 768,000 | $ 384,000 | $ 194,000 |
| Barnstable Town, MA | 1 | $ 60,000 | $ 60,000 | $ 57,000 |
Mortgage Loan Application Detail Totals for Wakefield Co-Operative Bank in 2012
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 | 204 | $53,621,000 | $262,000 | $780,000 | $136,000 | $1,307,000 |
| Home Purchase | 121 | $35,336,000 | $292,000 | $805,000 | $133,000 | $622,000 |
| 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 | 239 | $62,742,000 | $262,000 | $780,000 | $140,000 | $1,307,000 |
| Not Provided | 39 | $13,308,000 | $341,000 | $805,000 | $167,000 | $602,000 |
| Asian | 35 | $10,282,000 | $293,000 | $750,000 | $83,000 | $247,000 |
| Hispanic | 7 | $1,378,000 | $196,000 | $340,000 | $95,000 | $141,000 |
| Black or African American | 5 | $1,247,000 | $249,000 | $380,000 | $69,000 | $115,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 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) | 324 | $88,622,000 | $273,000 | $805,000 | $135,000 | $1,307,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 1 | $335,000 | $335,000 | $335,000 | $119,000 | $119,000 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FHA-insured (Federal Housing 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 | 274 | $72,289,000 | $263,000 | $790,000 | $130,000 | $904,000 |
| Application Withdrawn By Applicant | 21 | $6,395,000 | $304,000 | $805,000 | $166,000 | $602,000 |
| Application Denied By Financial Institution | 16 | $5,520,000 | $345,000 | $750,000 | $102,000 | $315,000 |
| File Closed For Incompleteness | 9 | $2,750,000 | $305,000 | $713,000 | $124,000 | $234,000 |
| Application Approved But Not Accepted | 5 | $2,003,000 | $400,000 | $750,000 | $390,000 | $1,307,000 |
| 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 |
|---|---|---|---|---|---|---|
| Other | 5 | $1,435,000 | $287,000 | $440,000 | $84,000 | $104,000 |
| Credit History | 4 | $1,110,000 | $277,000 | $352,000 | $133,000 | $315,000 |
| Debt-To-Income Ratio | 3 | $1,362,000 | $454,000 | $750,000 | $27,000 | $33,000 |
| Collateral | 2 | $714,000 | $357,000 | $520,000 | $178,000 | $309,000 |
| Unverifiable Information | 1 | $343,000 | $343,000 | $343,000 | $75,000 | $75,000 |
| Mortgage Insurance Denied | 1 | $556,000 | $556,000 | $556,000 | $172,000 | $172,000 |
| Credit Application Incomplete | 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Wakefield Co-Operative Bank's 2012 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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