Peabody, MA Metro Area Mortgage Lenders & HMDA Data, 2008
In 2008, lenders reported 40,392 mortgage applications in Peabody, MA metro area totaling $10.4 billion, down 34% from 2007. The average application was for $256,402, and applicants reported an average income of $96,000. 46% of applications resulted in an originated loan and 17% were denied. The most active lender was Countrywide Bank FSB, with 3,352 applications, followed by JPMorgan Chase Bank, NA and Gmac Mortgage LLC.
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| Years | 2013 2012 2011 2010 2009 2008 2007 |
| Total Number of Mortgage Applications | 40,392 |
| Total Mortgage Loan Application Amount | $10,356,626,000 |
| Average Mortgage Loan Application Amount | $256,402 |
| Highest Mortgage Loan Application Amount | $16,195,000 |
| Average Applicant Income | $96,000 |
| Highest Applicant Income | $6,471,000 |
Top Mortgage Lenders in Peabody, MA Metro Area (2008)
Ranked by the number of mortgage applications each lender reported in Peabody, MA metro area in 2008.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Countrywide Bank FSB Westlake Village, CA |
3,352 | $870,950,000 | $259,000 | $96,000 |
| 2 | JPMorgan Chase Bank, NA Columbus, OH |
2,673 | $789,209,000 | $295,000 | $79,000 |
| 3 | Gmac Mortgage LLC Ft. Washington, PA |
1,777 | $497,418,000 | $279,000 | $26,000 |
| 4 | Bank of America, N.A. Calabasas, CA |
1,705 | $366,401,000 | $214,000 | $127,000 |
| 5 | Citimortgage, Inc New York, NY |
1,607 | $434,262,000 | $270,000 | $111,000 |
| 6 | Wells Fargo Bank, NA Des Moines, IA |
1,426 | $382,893,000 | $268,000 | $108,000 |
| 7 | Ally Bank F/K/A/ Gmac Bank Ft. Washington, PA |
1,408 | $403,592,000 | $286,000 | $43,000 |
| 8 | Sovereign Bank Wyomissing, PA |
860 | $171,004,000 | $198,000 | $83,000 |
| 9 | TD Bank N.A. Falmouth, ME |
755 | $141,937,000 | $187,000 | $99,000 |
| 10 | Salem Five Mortgage Company LLC Salem, MA |
729 | $193,327,000 | $265,000 | $107,000 |
The tables below break down 2008 mortgage applications in Peabody, MA metro area by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Peabody, MA 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 |
|---|---|---|---|---|---|---|
| Refinancing | 23,381 | $6,451,471,000 | $275,000 | $16,195,000 | $95,000 | $6,000,000 |
| Home Purchase | 14,095 | $3,574,362,000 | $253,000 | $11,500,000 | $97,000 | $6,471,000 |
| Home Improvement | 2,916 | $330,793,000 | $113,000 | $4,350,000 | $97,000 | $1,199,000 |
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 | 27,122 | $7,004,749,000 | $258,000 | $4,800,000 | $109,000 | $6,000,000 |
| Not applicable | 4,621 | $1,363,384,000 | $295,000 | $16,195,000 | $28,000 | $2,000,000 |
| Not Provided | 3,986 | $1,021,062,000 | $256,000 | $2,600,000 | $116,000 | $6,471,000 |
| Hispanic | 3,025 | $579,299,000 | $191,000 | $755,000 | $62,000 | $1,226,000 |
| Asian | 948 | $240,759,000 | $253,000 | $1,100,000 | $103,000 | $2,500,000 |
| Black or African American | 581 | $124,861,000 | $214,000 | $815,000 | $74,000 | $2,771,000 |
| American Indian or Alaskan Native | 71 | $12,839,000 | $180,000 | $608,000 | $103,000 | $847,000 |
| Native Hawaiian or Other Pacific Islander | 38 | $9,673,000 | $254,000 | $760,000 | $83,000 | $210,000 |
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) | 34,384 | $8,791,448,000 | $255,000 | $16,195,000 | $101,000 | $6,471,000 |
| FHA-insured (Federal Housing Administration) | 5,778 | $1,502,856,000 | $260,000 | $11,500,000 | $70,000 | $1,248,000 |
| VA-guaranteed (Veterans Administration) | 227 | $61,528,000 | $271,000 | $529,000 | $67,000 | $229,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 3 | $794,000 | $264,000 | $304,000 | $100,000 | $117,000 |
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 | 18,571 | $4,702,473,000 | $253,000 | $16,195,000 | $111,000 | $6,471,000 |
| Loan Purchased By The Institution | 8,384 | $2,346,480,000 | $279,000 | $4,688,000 | $54,000 | $3,815,000 |
| Application Denied By Financial Institution | 6,866 | $1,611,978,000 | $234,000 | $4,800,000 | $92,000 | $6,000,000 |
| Application Withdrawn By Applicant | 3,280 | $857,310,000 | $261,000 | $2,000,000 | $110,000 | $2,500,000 |
| Application Approved But Not Accepted | 2,526 | $635,613,000 | $251,000 | $4,000,000 | $111,000 | $1,662,000 |
| File Closed For Incompleteness | 765 | $202,772,000 | $265,000 | $1,820,000 | $117,000 | $772,000 |
| 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 | 1,305 | $334,441,000 | $256,000 | $4,800,000 | $115,000 | $3,500,000 |
| Debt-To-Income Ratio | 1,178 | $290,228,000 | $246,000 | $2,080,000 | $74,000 | $6,000,000 |
| Credit History | 874 | $149,218,000 | $170,000 | $2,500,000 | $89,000 | $1,080,000 |
| Other | 528 | $131,928,000 | $249,000 | $1,050,000 | $106,000 | $1,999,000 |
| Credit Application Incomplete | 463 | $119,863,000 | $258,000 | $1,665,000 | $110,000 | $2,563,000 |
| Unverifiable Information | 187 | $46,175,000 | $246,000 | $720,000 | $97,000 | $1,440,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 96 | $22,547,000 | $234,000 | $900,000 | $83,000 | $635,000 |
| Employment History | 49 | $12,328,000 | $251,000 | $931,000 | $93,000 | $718,000 |
| Mortgage Insurance Denied | 34 | $5,807,000 | $170,000 | $431,000 | $103,000 | $339,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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