Westfield Bank F S B Mortgage Lending & HMDA Data, 2005
In 2005, Westfield Bank F S B of Westfield Center, OH reported 360 mortgage applications totaling $57.3 million, up 13% from 2004. The average application was for $159,033, and applicants reported an average income of $69,402. 91% of its applications resulted in an originated loan and 2% were denied. Its largest markets were Cleveland-Elyria-Mentor, OH (131), Akron, OH (63) and Canton-Massillon, OH (46) (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 | 360 |
| Total Mortgage Loan Application Amount | $57,252,000 |
| Average Mortgage Loan Application Amount | $159,033 |
| Highest Mortgage Loan Application Amount | $1,076,000 |
| Average Applicant Income | $69,402 |
| Highest Applicant Income | $917,000 |
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Act (HMDA) records Westfield Bank F S B filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
Mortgage Loan Application Detail Totals for Westfield Bank F S B 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 | 242 | $37,832,000 | $184,187 | $1,076,000 | $82,437 | $917,000 |
| Refinancing | 118 | $19,420,000 | $244,833 | $850,000 | $128,583 | $450,000 |
| 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 | 301 | $50,539,000 | $194,052 | $1,076,000 | $100,789 | $917,000 |
| Not Provided | 53 | $6,036,000 | $133,200 | $580,000 | $56,800 | $285,000 |
| Black or African American | 3 | $173,000 | $57,000 | $94,000 | $44,000 | $55,000 |
| Native Hawaiian or Other Pacific Islander | 2 | $120,000 | $60,000 | $61,000 | $116,000 | $120,000 |
| Asian | 1 | $384,000 | $384,000 | $384,000 | $169,000 | $169,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 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) | 349 | $55,917,000 | $194,450 | $1,076,000 | $94,850 | $917,000 |
| FHA-insured (Federal Housing Administration) | 7 | $781,000 | $111,000 | $148,000 | $31,000 | $55,000 |
| VA-guaranteed (Veterans Administration) | 4 | $554,000 | $138,000 | $222,000 | $58,000 | $82,000 |
| 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 | 326 | $52,968,000 | $200,777 | $1,076,000 | $101,500 | $917,000 |
| Application Approved But Not Accepted | 13 | $1,820,000 | $68,666 | $239,000 | $55,000 | $132,000 |
| Application Denied By Financial Institution | 9 | $1,084,000 | $143,500 | $260,000 | $48,500 | $60,000 |
| Application Withdrawn By Applicant | 8 | $949,000 | $147,000 | $185,000 | $38,000 | $91,000 |
| File Closed For Incompleteness | 4 | $431,000 | $107,000 | $150,000 | $34,000 | $90,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 3 | $110,000 | $36,000 | $50,000 | $31,000 | $60,000 |
| Debt-To-Income Ratio | 2 | $434,000 | $217,000 | $260,000 | $59,500 | $60,000 |
| Employment History | 2 | $211,000 | $105,000 | $133,000 | $24,000 | $25,000 |
| Collateral | 2 | $329,000 | $164,000 | $212,000 | $48,000 | $51,000 |
| Credit Application Incomplete | 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 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 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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