Wakefield Co-Operative Bank Mortgage Lending & HMDA Data, 2019
In 2019, Wakefield Co-Operative Bank of Wakefield, MA reported 201 mortgage applications totaling $94.1 million, up 50% from 2018. The average application was for $468,184, and applicants reported an average income of $162,805. 82% of its applications resulted in an originated loan and 7% were denied. Its largest markets were Cambridge-Newton-Framingham, MA (149), Boston, MA (37) and Barnstable Town, MA (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 | 201 |
| Total Mortgage Loan Application Amount | $94,105,000 |
| Average Mortgage Loan Application Amount | $468,184 |
| Highest Mortgage Loan Application Amount | $2,565,000 |
| Average Applicant Income | $162,805 |
| Highest Applicant Income | $807,000 |
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records Wakefield Co-Operative Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Wakefield Co-Operative Bank in 2019
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 | 100 | $51,200,000 | $512,000 | $2,565,000 | $181,000 | $807,000 |
| Cash-out Refinancing | 55 | $23,865,000 | $433,000 | $1,405,000 | $140,000 | $692,000 |
| Refinancing | 42 | $16,770,000 | $399,000 | $1,575,000 | $144,000 | $352,000 |
| Home Improvement | 4 | $2,270,000 | $567,000 | $655,000 | $219,000 | $300,000 |
| 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 | 93 | $38,835,000 | $417,000 | $2,565,000 | $180,000 | $807,000 |
| Not Provided | 58 | $20,200,000 | $348,000 | $665,000 | $140,000 | $352,000 |
| Not applicable | 41 | $32,315,000 | $788,000 | $2,075,000 | $0 | $0 |
| Black or African American | 4 | $890,000 | $222,000 | $415,000 | $103,000 | $200,000 |
| Asian | 3 | $1,225,000 | $408,000 | $555,000 | $129,000 | $169,000 |
| Hispanic | 2 | $640,000 | $320,000 | $375,000 | $75,000 | $94,000 |
| 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) | 201 | $94,105,000 | $468,000 | $2,565,000 | $161,000 | $807,000 |
| 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 | 165 | $80,805,000 | $489,000 | $2,565,000 | $163,000 | $807,000 |
| Application Denied By Financial Institution | 14 | $4,840,000 | $345,000 | $655,000 | $173,000 | $500,000 |
| Application Withdrawn By Applicant | 14 | $5,120,000 | $365,000 | $545,000 | $157,000 | $352,000 |
| File Closed For Incompleteness | 4 | $1,850,000 | $462,000 | $705,000 | $143,000 | $168,000 |
| Application Approved But Not Accepted | 4 | $1,490,000 | $372,000 | $905,000 | $97,000 | $174,000 |
| 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 | 201 | $94,105,000 | $468,000 | $2,565,000 | $161,000 | $807,000 |
| 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 2019 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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