Westfield Bank F S B Mortgage Lending & HMDA Data, 2006
In 2006, Westfield Bank F S B of Westfield Center, OH reported 532 mortgage applications totaling $73.6 million, up 48% from 2005. The average application was for $138,398, and applicants reported an average income of $85,631. 83% of its applications resulted in an originated loan and 4% were denied. Its largest markets were Cleveland-Elyria-Mentor, OH (321), Canton-Massillon, OH (50) and Akron, OH (33) (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 | 532 |
| Total Mortgage Loan Application Amount | $73,628,000 |
| Average Mortgage Loan Application Amount | $138,398 |
| Highest Mortgage Loan Application Amount | $1,600,000 |
| Average Applicant Income | $85,631 |
| Highest Applicant Income | $1,521,000 |
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Act (HMDA) records Westfield Bank F S B filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Cleveland-Elyria-Mentor, OH | 321 | $ 41,050,000 | $ 127,881 | $ 78,000 |
| Canton-Massillon, OH | 50 | $ 7,097,000 | $ 141,940 | $ 86,000 |
| Akron, OH | 33 | $ 4,309,000 | $ 130,575 | $ 77,000 |
| Toledo, OH | 6 | $ 1,119,000 | $ 186,500 | $ 135,000 |
| Columbus, OH | 3 | $ 481,000 | $ 160,333 | $ 240,000 |
| Medford, OR | 3 | $ 857,000 | $ 285,666 | $ 151,000 |
| Sandusky, OH | 3 | $ 241,000 | $ 80,333 | $ 33,000 |
| Tampa-St. Petersburg-Clearwater, FL | 3 | $ 591,000 | $ 197,000 | $ 68,000 |
| Charleston, WV | 2 | $ 620,000 | $ 310,000 | $ 195,000 |
| Cincinnati-Middletown, OH-KY-IN | 2 | $ 179,000 | $ 89,500 | $ 71,000 |
| Lancaster, PA | 2 | $ 330,000 | $ 165,000 | $ 90,000 |
| Lansing-East Lansing, MI | 2 | $ 220,000 | $ 110,000 | $ 63,000 |
| Philadelphia, PA | 2 | $ 485,000 | $ 242,500 | $ 180,000 |
| Phoenix-Mesa-Scottsdale, AZ | 2 | $ 405,000 | $ 202,500 | $ 0 |
| Pittsburgh, PA | 2 | $ 264,000 | $ 132,000 | $ 187,000 |
| Sarasota-Bradenton-Venice, FL | 2 | $ 511,000 | $ 255,500 | $ 148,000 |
| Washington-Arlington-Alexandria, DC-VA-MD-WV | 2 | $ 396,000 | $ 198,000 | $ 123,000 |
| Allentown-Bethlehem-Easton, PA-NJ | 1 | $ 114,000 | $ 114,000 | $ 25,000 |
| Atlanta-Sandy Springs-Marietta, GA | 1 | $ 172,000 | $ 172,000 | $ 35,000 |
| Baltimore-Towson, MD | 1 | $ 165,000 | $ 165,000 | $ 450,000 |
| Bowling Green, KY | 1 | $ 176,000 | $ 176,000 | $ 74,000 |
| Charleston-North Charleston, SC | 1 | $ 1,600,000 | $ 1,600,000 | $ 600,000 |
| Chattanooga, TN-GA | 1 | $ 25,000 | $ 25,000 | $ 88,000 |
| Chicago-Naperville-Joliet, IL | 1 | $ 800,000 | $ 800,000 | $ 248,000 |
| Detroit-Livonia-Dearborn, MI | 1 | $ 126,000 | $ 126,000 | $ 35,000 |
| Fort Collins-Loveland, CO | 1 | $ 189,000 | $ 189,000 | $ 36,000 |
| Fort Lauderdale-Pompano Beach-Deerfield Beach, FL | 1 | $ 108,000 | $ 108,000 | $ 29,000 |
| Fort Wayne, IN | 1 | $ 176,000 | $ 176,000 | $ 55,000 |
| Gainesville, FL | 1 | $ 269,000 | $ 269,000 | $ 128,000 |
| Las Vegas-Paradise, NV | 1 | $ 268,000 | $ 268,000 | $ 75,000 |
| Louisville-Jefferson County, KY-IN | 1 | $ 131,000 | $ 131,000 | $ 60,000 |
| Mansfield, OH | 1 | $ 125,000 | $ 125,000 | $ 112,000 |
| Minneapolis-St. Paul-Bloomington, MN-WI | 1 | $ 286,000 | $ 286,000 | $ 70,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC | 1 | $ 53,000 | $ 53,000 | $ 0 |
| Naples-Marco Island, FL | 1 | $ 814,000 | $ 814,000 | $ 380,000 |
| Port St. Lucie-Fort Pierce, FL | 1 | $ 252,000 | $ 252,000 | $ 186,000 |
| Prescott, AZ | 1 | $ 100,000 | $ 100,000 | $ 78,000 |
Mortgage Loan Application Detail Totals for Westfield Bank F S B in 2006
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 | 432 | $55,897,000 | $129,000 | $814,000 | $83,000 | $1,521,000 |
| Refinancing | 100 | $17,731,000 | $177,000 | $1,600,000 | $97,000 | $600,000 |
| 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 | 480 | $67,228,000 | $140,000 | $1,600,000 | $84,000 | $1,521,000 |
| Not Provided | 31 | $4,123,000 | $133,000 | $600,000 | $111,000 | $1,344,000 |
| Black or African American | 11 | $1,157,000 | $105,000 | $268,000 | $80,000 | $174,000 |
| Hispanic | 7 | $676,000 | $96,000 | $114,000 | $51,000 | $101,000 |
| Asian | 3 | $444,000 | $148,000 | $250,000 | $82,000 | $152,000 |
| American Indian or Alaskan Native | 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 |
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) | 504 | $69,515,000 | $137,000 | $1,600,000 | $87,000 | $1,521,000 |
| FHA-insured (Federal Housing Administration) | 24 | $3,446,000 | $143,000 | $276,000 | $54,000 | $95,000 |
| VA-guaranteed (Veterans Administration) | 4 | $667,000 | $166,000 | $242,000 | $67,000 | $84,000 |
| 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 | 442 | $61,002,000 | $138,000 | $1,600,000 | $90,000 | $1,521,000 |
| Application Withdrawn By Applicant | 40 | $5,055,000 | $126,000 | $398,000 | $54,000 | $146,000 |
| Application Denied By Financial Institution | 19 | $2,936,000 | $154,000 | $360,000 | $69,000 | $153,000 |
| File Closed For Incompleteness | 18 | $2,502,000 | $139,000 | $428,000 | $75,000 | $174,000 |
| Application Approved But Not Accepted | 13 | $2,133,000 | $164,000 | $352,000 | $70,000 | $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 |
|---|---|---|---|---|---|---|
| Collateral | 6 | $739,000 | $123,000 | $170,000 | $74,000 | $114,000 |
| Other | 3 | $680,000 | $226,000 | $360,000 | $84,000 | $153,000 |
| Unverifiable Information | 2 | $416,000 | $208,000 | $240,000 | $85,000 | $116,000 |
| Credit History | 2 | $171,000 | $85,000 | $100,000 | $29,000 | $38,000 |
| Debt-To-Income Ratio | 2 | $435,000 | $217,000 | $292,000 | $80,000 | $119,000 |
| Employment History | 2 | $178,000 | $89,000 | $142,000 | $52,000 | $52,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 1 | $146,000 | $146,000 | $146,000 | $69,000 | $69,000 |
| Credit Application Incomplete | 1 | $171,000 | $171,000 | $171,000 | $54,000 | $54,000 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Westfield Bank F S B's 2006 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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