Westfield Bank F S B Mortgage Lending & HMDA Data, 2008
In 2008, Westfield Bank F S B of Westfield Center, OH reported 133 mortgage applications totaling $36.5 million, down 73% from 2007. The average application was for $274,684, and applicants reported an average income of $147,263. 83% of its applications resulted in an originated loan and 9% were denied. Its largest markets were Cleveland-Elyria-Mentor, OH (67), Akron, OH (19) and Charlotte-Gastonia-Concord, NC-SC (4) (applications in parentheses).
| Mortgage Company & Address | Westfield Bank F S B Two Park Circle Westfield Center, OH 44251 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 133 |
| Total Mortgage Loan Application Amount | $36,533,000 |
| Average Mortgage Loan Application Amount | $274,684 |
| Highest Mortgage Loan Application Amount | $1,500,000 |
| Average Applicant Income | $147,263 |
| Highest Applicant Income | $772,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Westfield Bank F S B filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Medina, Ohio | 41 | $ 10,721,000 | $ 261,487 | $ 88,000 |
| Cuyahoga, Ohio | 20 | $ 6,322,000 | $ 316,100 | $ 203,000 |
| Summit, Ohio | 17 | $ 5,384,000 | $ 316,705 | $ 173,000 |
| Wayne, Ohio | 13 | $ 2,133,000 | $ 164,076 | $ 108,000 |
| Lorain, Ohio | 4 | $ 828,000 | $ 207,000 | $ 149,000 |
| Union, North Carolina | 3 | $ 866,000 | $ 288,666 | $ 86,000 |
| Morgan, Ohio | 3 | $ 186,000 | $ 62,000 | $ 127,000 |
| Flagler, Florida | 2 | $ 966,000 | $ 483,000 | $ 772,000 |
| Hamilton, Ohio | 2 | $ 765,000 | $ 382,500 | $ 127,000 |
| Lake, Ohio | 2 | $ 213,000 | $ 106,500 | $ 91,000 |
| Portage, Ohio | 2 | $ 487,000 | $ 243,500 | $ 97,000 |
| Duval, Florida | 1 | $ 229,000 | $ 229,000 | $ 117,000 |
| Lee, Florida | 1 | $ 120,000 | $ 120,000 | $ 127,000 |
| Martin, Florida | 1 | $ 400,000 | $ 400,000 | $ 362,000 |
| Allen, Indiana | 1 | $ 83,000 | $ 83,000 | $ 74,000 |
| Hamilton, Indiana | 1 | $ 604,000 | $ 604,000 | $ 298,000 |
| Oldham, Kentucky | 1 | $ 229,000 | $ 229,000 | $ 166,000 |
| Bossier, Louisiana | 1 | $ 379,000 | $ 379,000 | $ 254,000 |
| York, Maine | 1 | $ 440,000 | $ 440,000 | $ 267,000 |
| Brunswick, North Carolina | 1 | $ 288,000 | $ 288,000 | $ 302,000 |
| Ashland, Ohio | 1 | $ 102,000 | $ 102,000 | $ 72,000 |
| Clermont, Ohio | 1 | $ 1,120,000 | $ 1,120,000 | $ 577,000 |
| Erie, Ohio | 1 | $ 124,000 | $ 124,000 | $ 297,000 |
| Franklin, Ohio | 1 | $ 96,000 | $ 96,000 | $ 39,000 |
| Huron, Ohio | 1 | $ 1,147,000 | $ 1,147,000 | $ 0 |
| Knox, Ohio | 1 | $ 404,000 | $ 404,000 | $ 204,000 |
| Lucas, Ohio | 1 | $ 650,000 | $ 650,000 | $ 355,000 |
| Stark, Ohio | 1 | $ 170,000 | $ 170,000 | $ 130,000 |
| Warren, Ohio | 1 | $ 228,000 | $ 228,000 | $ 112,000 |
| Wood, Ohio | 1 | $ 170,000 | $ 170,000 | $ 76,000 |
| Crawford, Pennsylvania | 1 | $ 88,000 | $ 88,000 | $ 68,000 |
| Lawrence, Pennsylvania | 1 | $ 60,000 | $ 60,000 | $ 38,000 |
| York, South Carolina | 1 | $ 286,000 | $ 286,000 | $ 60,000 |
| Monongalia, West Virginia | 1 | $ 151,000 | $ 151,000 | $ 105,000 |
Mortgage Loan Application Detail Totals for Westfield Bank F S B in 2008
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 | 74 | $21,991,000 | $297,000 | $1,500,000 | $169,000 | $772,000 |
| Refinancing | 59 | $14,542,000 | $246,000 | $750,000 | $120,000 | $355,000 |
| 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 | 122 | $31,436,000 | $257,000 | $1,160,000 | $150,000 | $772,000 |
| Not Provided | 10 | $4,802,000 | $480,000 | $1,500,000 | $117,000 | $600,000 |
| Asian | 1 | $295,000 | $295,000 | $295,000 | $108,000 | $108,000 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| 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) | 133 | $36,533,000 | $274,000 | $1,500,000 | $147,000 | $772,000 |
| 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 | 110 | $29,134,000 | $264,000 | $1,500,000 | $148,000 | $772,000 |
| Application Denied By Financial Institution | 12 | $2,751,000 | $229,000 | $604,000 | $108,000 | $298,000 |
| Application Approved But Not Accepted | 6 | $2,835,000 | $472,000 | $1,147,000 | $201,000 | $772,000 |
| Application Withdrawn By Applicant | 4 | $1,719,000 | $429,000 | $609,000 | $194,000 | $410,000 |
| Preapproval Denied by Financial Institution | 1 | $94,000 | $94,000 | $94,000 | $32,000 | $32,000 |
| File Closed For Incompleteness | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 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 | 7 | $1,179,000 | $168,000 | $404,000 | $93,000 | $127,000 |
| Collateral | 5 | $1,572,000 | $314,000 | $604,000 | $130,000 | $298,000 |
| Credit History | 1 | $94,000 | $94,000 | $94,000 | $32,000 | $32,000 |
| 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 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Westfield Bank F S B's 2008 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 Westfield Bank F S B'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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