Westerly Savings Bank Mortgage Lending & HMDA Data, 2005
In 2005, Westerly Savings Bank of Westerly, RI reported 172 mortgage applications totaling $38.1 million, down 14% from 2004. The average application was for $221,279, and applicants reported an average income of $103,081. 60% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Providence-New Bedford-Fall River, RI-MA (128), Norwich-New London, CT (22) and Hartford-West Hartford-East Hartford, CT (1) (applications in parentheses).
| Mortgage Company & Address | Westerly Savings Bank 8 Union Street Westerly, RI 02891 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2005 2004 2003 |
| Total Number of Mortgage Applications | 172 |
| Total Mortgage Loan Application Amount | $38,060,000 |
| Average Mortgage Loan Application Amount | $221,279 |
| Highest Mortgage Loan Application Amount | $1,267,000 |
| Average Applicant Income | $103,081 |
| Highest Applicant Income | $1,122,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Westerly Savings Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 Westerly Savings Bank in 2005
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 | 85 | $20,717,000 | $249,000 | $650,000 | $81,666 | $1,122,000 |
| Refinancing | 53 | $11,611,000 | $228,500 | $584,000 | $105,500 | $1,003,000 |
| Home Improvement | 34 | $5,732,000 | $165,500 | $1,267,000 | $99,500 | $547,000 |
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 | 152 | $32,556,000 | $225,000 | $1,267,000 | $89,333 | $1,122,000 |
| Not Provided | 15 | $4,195,000 | $302,000 | $500,000 | $125,333 | $209,000 |
| Not applicable | 2 | $584,000 | $292,000 | $296,000 | $96,000 | $116,000 |
| Asian | 2 | $520,000 | $260,000 | $440,000 | $30,000 | $32,000 |
| Hispanic | 1 | $205,000 | $205,000 | $205,000 | $70,000 | $70,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 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) | 171 | $37,720,000 | $237,000 | $1,267,000 | $89,333 | $1,122,000 |
| VA-guaranteed (Veterans Administration) | 1 | $340,000 | $340,000 | $340,000 | $84,000 | $84,000 |
| 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 |
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 | 104 | $21,601,000 | $218,500 | $1,267,000 | $97,000 | $1,122,000 |
| Application Denied By Financial Institution | 16 | $3,404,000 | $246,500 | $525,000 | $105,000 | $1,003,000 |
| Application Withdrawn By Applicant | 14 | $2,767,000 | $219,666 | $420,000 | $68,333 | $110,000 |
| File Closed For Incompleteness | 13 | $3,067,000 | $187,000 | $440,000 | $57,000 | $174,000 |
| Preapproval Approved but not Accepted | 12 | $3,451,000 | $287,000 | $500,000 | $101,000 | $174,000 |
| Application Approved But Not Accepted | 11 | $3,120,000 | $243,333 | $360,000 | $109,000 | $547,000 |
| Preapproval Denied by Financial Institution | 2 | $650,000 | $325,000 | $450,000 | $36,000 | $43,000 |
| Loan Purchased By The 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 | 11 | $2,407,000 | $256,000 | $450,000 | $48,333 | $105,000 |
| Credit History | 4 | $1,090,000 | $272,000 | $525,000 | $300,000 | $1,003,000 |
| Unverifiable Information | 2 | $482,000 | $241,000 | $428,000 | $0 | $0 |
| Collateral | 1 | $75,000 | $75,000 | $75,000 | $56,000 | $56,000 |
| 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 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Westerly Savings Bank's 2005 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 Westerly Savings 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.
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