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Act (HMDA) records Westfield Bank F S B filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
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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