Wakefield Co-Operative Bank Mortgage Lending & HMDA Data, 2020
In 2020, Wakefield Co-Operative Bank of Wakefield, MA reported 284 mortgage applications totaling $119.6 million, up 41% from 2019. The average application was for $421,056, and applicants reported an average income of $163,630. 74% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (224), Boston, MA (35) and Portland-South Portland, ME (4) (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 | 284 |
| Total Mortgage Loan Application Amount | $119,580,000 |
| Average Mortgage Loan Application Amount | $421,056 |
| Highest Mortgage Loan Application Amount | $1,705,000 |
| Average Applicant Income | $163,630 |
| Highest Applicant Income | $735,000 |
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records Wakefield Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 | 224 | $ 87,900,000 | $ 392,410 | $ 155,000 |
| Boston, MA | 35 | $ 24,285,000 | $ 693,857 | $ 189,000 |
| Outside any metro area | 5 | $ 1,795,000 | $ 359,000 | $ 325,400 |
| Portland-South Portland, ME | 4 | $ 1,190,000 | $ 297,500 | $ 250,000 |
| Worcester, MA-CT | 4 | $ 1,090,000 | $ 272,500 | $ 116,000 |
| Barnstable Town, MA | 3 | $ 705,000 | $ 235,000 | $ 196,000 |
| Manchester-Nashua, NH | 3 | $ 1,215,000 | $ 405,000 | $ 154,000 |
| Providence-Warwick, RI-MA | 3 | $ 925,000 | $ 308,333 | $ 229,000 |
| Rockingham County-Strafford County, NH | 3 | $ 475,000 | $ 158,333 | $ 82,000 |
Mortgage Loan Application Detail Totals for Wakefield Co-Operative Bank in 2020
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 | 138 | $46,120,000 | $334,000 | $1,505,000 | $160,000 | $735,000 |
| Cash-out Refinancing | 78 | $37,490,000 | $480,000 | $1,705,000 | $179,000 | $500,000 |
| Home Purchase | 67 | $35,945,000 | $536,000 | $1,665,000 | $152,000 | $512,000 |
| Home Improvement | 1 | $25,000 | $25,000 | $25,000 | $245,000 | $245,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 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 | 150 | $51,290,000 | $341,000 | $1,505,000 | $149,000 | $735,000 |
| Not Provided | 79 | $35,405,000 | $448,000 | $1,425,000 | $200,000 | $644,000 |
| Asian | 24 | $8,460,000 | $352,000 | $705,000 | $148,000 | $366,000 |
| Not applicable | 23 | $22,235,000 | $966,000 | $1,705,000 | $0 | $0 |
| Black or African American | 4 | $1,060,000 | $265,000 | $325,000 | $125,000 | $225,000 |
| Hispanic | 4 | $1,130,000 | $282,000 | $395,000 | $89,000 | $110,000 |
| Native Hawaiian or Other Pacific Islander | 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) | 284 | $119,580,000 | $421,000 | $1,705,000 | $163,000 | $735,000 |
| 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 | 210 | $91,960,000 | $437,000 | $1,705,000 | $168,000 | $735,000 |
| Application Withdrawn By Applicant | 34 | $15,230,000 | $447,000 | $1,445,000 | $194,000 | $580,000 |
| File Closed For Incompleteness | 19 | $6,105,000 | $321,000 | $555,000 | $129,000 | $324,000 |
| Application Denied By Financial Institution | 19 | $5,215,000 | $274,000 | $545,000 | $87,000 | $250,000 |
| Application Approved But Not Accepted | 2 | $1,070,000 | $535,000 | $825,000 | $185,000 | $272,000 |
| 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 | 284 | $119,580,000 | $421,000 | $1,705,000 | $163,000 | $735,000 |
| 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 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Wakefield Co-Operative Bank's 2020 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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