Massachusetts
Mortgage Loan Application
Totals and Details
in 2016

Years 2016  2015  2014  2013  2012  2011  2010  2009  2008  2007  2006  2005  2004  2003  
Total Number of Mortgage Applications 350,131
Total Mortgage Loan Application Amount $112,310,768,000
Average Mortgage Loan Application Amount $320,000
Highest Mortgage Loan Application Amount $99,999,000
Average Applicant Income $120,000
Highest Applicant Income $9,999,000
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Mortgage Loan Application Detail Totals for Massachusetts in 2016

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
Refinancing 182,738 $56,772,990,000 $310,000 $99,999,000 $119,000 $9,999,000
Home Purchase 134,298 $49,150,040,000 $365,000 $99,999,000 $120,000 $9,999,000
Home Improvement 33,095 $6,387,738,000 $193,000 $61,450,000 $124,000 $9,999,000

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 229,798 $69,135,528,000 $300,000 $99,999,000 $133,000 $9,999,000
Not Provided 36,666 $11,989,914,000 $327,000 $99,999,000 $143,000 $9,999,000
Not applicable 32,748 $15,901,745,000 $485,000 $91,250,000 $19,000 $2,380,000
Asian 20,068 $7,268,002,000 $362,000 $13,000,000 $144,000 $9,999,000
Hispanic 17,241 $4,459,558,000 $258,000 $4,922,000 $81,000 $4,501,000
Black or African American 12,273 $3,234,618,000 $263,000 $3,500,000 $87,000 $9,999,000
American Indian or Alaskan Native 892 $204,653,000 $229,000 $1,462,000 $92,000 $1,350,000
Native Hawaiin or Other Pacific Islander 445 $116,750,000 $262,000 $1,388,000 $97,000 $619,000

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) 288,196 $95,195,013,000 $330,000 $99,999,000 $133,000 $9,999,000
FHA-insured (Federal Housing Administration) 44,162 $11,946,286,000 $270,000 $99,999,000 $56,000 $6,016,000
VA-guaranteed (Veterans Administration) 15,857 $4,777,277,000 $301,000 $1,823,000 $63,000 $2,400,000
FSA/RHS (Farm Service Agency or Rural Housing Service) 1,916 $392,192,000 $204,000 $634,000 $45,000 $154,000

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 201,756 $67,931,389,000 $336,000 $88,000,000 $136,000 $9,999,000
Application Denied By Financial Institution 49,992 $13,161,905,000 $263,000 $99,999,000 $98,000 $9,600,000
Loan Purchased By The Institution 46,257 $14,651,946,000 $316,000 $76,704,000 $64,000 $3,959,000
Application Withdrawn By Applicant 32,845 $10,825,095,000 $329,000 $99,999,000 $133,000 $9,999,000
File Closed For Incompleteness 13,435 $3,838,158,000 $285,000 $7,800,000 $113,000 $9,999,000
Application Approved But Not Accepted 5,640 $1,842,430,000 $326,000 $20,000,000 $131,000 $7,347,000
Preapproval Approved but not Accepted 107 $34,443,000 $321,000 $1,000,000 $117,000 $985,000
Preapproval Denied by Financial Institution 99 $25,402,000 $256,000 $525,000 $62,000 $218,000

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 6,203 $1,701,757,000 $274,000 $9,590,000 $77,000 $1,380,000
Credit History 4,799 $909,351,000 $189,000 $10,001,000 $94,000 $4,691,000
Collateral 4,259 $1,253,510,000 $294,000 $12,297,000 $128,000 $4,460,000
Credit Application Incomplete 2,727 $766,812,000 $281,000 $2,520,000 $115,000 $2,289,000
Other 1,955 $583,319,000 $298,000 $50,000,000 $117,000 $8,374,000
Unverifiable Information 900 $281,366,000 $312,000 $10,000,000 $122,000 $2,808,000
Insufficient Cash (Downpayment, Closing Cost) 631 $202,158,000 $320,000 $2,700,000 $113,000 $953,000
Employment History 337 $88,462,000 $262,000 $1,837,000 $91,000 $800,000
Mortgage Insurance Denied 29 $6,098,000 $210,000 $464,000 $81,000 $224,000
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Mortgage Loan Application Totals in 2016 by Massachusetts Metropolitan Area

Metro Area Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
BARNSTABLE TOWN, MA 16,578 $ 5,064,790,000 $ 305,000 $ 155,000
BOSTON, MA 103,388 $ 38,604,616,000 $ 373,000 $ 131,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 126,786 $ 45,175,730,000 $ 356,000 $ 127,000
PITTSFIELD, MA 4,971 $ 947,829,000 $ 190,000 $ 107,000
SPRINGFIELD, MA 23,371 $ 4,174,258,000 $ 178,000 $ 76,000
WORCESTER, MA-CT 41,683 $ 9,354,348,000 $ 224,000 $ 92,000
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Mortgage Loan Application Totals in 2016 by Massachusetts County

County Total Number of Mortgage Loan Applications Total Dollar Amount of Mortgage Loan Applications Average Mortgage Loan Application Amount Average Applicant Income
Barnstable 16,582 $ 5,065,707,000 $ 305,000 $ 155,000
Berkshire 4,975 $ 948,507,000 $ 190,000 $ 107,000
Bristol 27,510 $ 6,364,501,000 $ 231,000 $ 85,000
Dukes 1,413 $ 865,199,000 $ 612,000 $ 283,000
Essex 44,341 $ 13,609,978,000 $ 306,000 $ 109,000
Franklin 3,050 $ 471,324,000 $ 154,000 $ 76,000
Hampden 17,633 $ 2,962,537,000 $ 168,000 $ 70,000
Hampshire 5,744 $ 1,212,491,000 $ 211,000 $ 96,000
Middlesex 82,452 $ 31,568,169,000 $ 382,000 $ 137,000
Nantucket 1,074 $ 1,159,625,000 $ 1,079,000 $ 466,000
Norfolk 40,036 $ 15,682,841,000 $ 391,000 $ 141,000
Plymouth 32,938 $ 9,363,807,000 $ 284,000 $ 108,000
Suffolk 30,419 $ 13,559,454,000 $ 445,000 $ 145,000
Worcester 41,685 $ 9,354,780,000 $ 224,000 $ 92,000
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