Mechanics Bank Mortgage Rates, Fees & Info

Mansfield, OH

LEI: 254900048S1FLI3G2922

Tax ID: 34-0394160

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mechanics Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics Bank has a high proportion of conventional loans. Their top markets include Mansfield, Ashland, Columbus, Mount Vernon, and Bucyrus among others. Mechanics Bank has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Mechanics Bank is typically a low fee lendor.


Originations

884

Origination Dollar Volume (All Markets)

$148,160,000

Employee count

137 Show all (6) awards

Relative Rate

Mechanics Bank's average 30 year fixed rate mortgage of loans were 2.91%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.24%.

Relative Fees

Mechanics Bank's average total fees for a 30 year fixed rate mortgage are $1,933.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
MANSFIELD, OH (FHA|USDA|VA) 680 $112,440,000 $165,353 $1,946 3.25%
Ashland, OH (FHA|USDA|VA) 118 $19,080,000 $161,695 $1,927 3.28%
COLUMBUS, OH (FHA|USDA|VA) 26 $5,720,000 $220,000 $2,373 3.17%
Mount Vernon, OH (FHA|USDA|VA) 20 $4,090,000 $204,500 $2,402 3.24%
Bucyrus-Galion, OH (FHA|USDA|VA) 19 $2,175,000 $114,474 $1,972 3.17%
Norwalk, OH (FHA|USDA|VA) 11 $1,285,000 $116,818 $2,096 3.16%
Outside of Metro Areas 2 $1,130,000 $565,000 $3,698 3.17%
Marion, OH (FHA|USDA|VA) 2 $860,000 $430,000 $3,494 3.17%
Sandusky, OH (FHA|USDA|VA) 2 $490,000 $245,000 $2,084 2.97%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $375,000 $375,000 $2,966 2.99%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1 $305,000 $305,000 $2,670 2.65%
Wooster, OH (FHA|USDA|VA) 2 $210,000 $105,000 $2,209 2.65%

Mechanics Bank's top markets include Mansfield, Ashland, Columbus, Mount Vernon, and Bucyrus among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 884 $148,160,000 $167,602 $1,978 3.24%

For the 2021 period, Mechanics Bank's most frequently originated loan type of loans were Conventional, with 884 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 517 $90,465,000 $174,981 $2,120 3.24%
Refi 303 $50,765,000 $167,541 $1,850 3.16%
Other 32 $4,090,000 $127,813 $1,761 3.18%
Home Improvement 18 $730,000 $40,556 $784 4.08%
Cash Out Refi 14 $2,110,000 $150,714 $0 4.25%

For the 2021, Mechanics Bank's most frequently cited loan purpose of loans were Home Purchase, with 517 originations. The 2nd most popular reason of loans were Refi, with 303 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 442 $71,660,000 $162,127 $1,958 3.38%
30 Year 331 $58,595,000 $177,024 $1,933 2.91%
20 Year 58 $6,490,000 $111,897 $1,627 4.04%
30+ year 27 $9,045,000 $335,000 $3,359 2.90%
15 Year 17 $2,125,000 $125,000 $1,708 3.68%
10 Year 5 $185,000 $37,000 $1,139 3.69%
3 Year 2 $20,000 $10,000 $391 4.80%
5 Year 2 $40,000 $20,000 $382 4.40%

For the 2021, Mechanics Bank's most frequently cited loan length of loans were Other, with 442 originations. The 2nd most popular length of loans were 30 Year, with 331 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 772 $131,530,000 $170,376
$1k-2k 12 $3,200,000 $266,667

$1,933 of loans were Mechanics Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 772 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 476 $78,860,000 $165,672
3-4% 317 $57,865,000 $182,539
4-5% 56 $4,450,000 $79,464
<2.5% 32 $6,380,000 $199,375
5-6% 3 $605,000 $201,667

During 2021, Mechanics Bank's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 476 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 378 $54,640,000 $144,550 $1,888 3.20%
$100,000 or less 255 $16,535,000 $64,843 $1,514 3.36%
$200k-400k 219 $59,135,000 $270,023 $2,389 3.17%
$400k-600k 21 $10,275,000 $489,286 $3,264 3.42%
$600k-1MM 11 $7,575,000 $688,636 $3,441 3.21%

2021 saw Mechanics Bank place emphasis on $100k-200k loans with 378 originations, totaling $54,640,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 202 $27,830,000 $137,772 $1,863 3.18%
$50k or less 198 $18,870,000 $95,303 $1,720 3.14%
$100k-150k 172 $36,830,000 $214,128 $2,187 3.23%
$75k-100k 149 $25,685,000 $172,383 $2,039 3.27%
$150k-250k 61 $17,135,000 $280,902 $2,445 3.11%
$250k+ 31 $10,285,000 $331,774 $2,375 3.11%

Mechanics Bank lent most frequently to those with incomes in the $50k-75k range, with 202 originations. The second most popular income band? $50k or less, with 198 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 289 $45,615,000 $157,837 $1,957 3.20%
30-36% 185 $34,955,000 $188,946 $2,080 3.18%
<20% 148 $21,030,000 $142,095 $1,764 3.18%
39% 30 $5,130,000 $171,000 $1,999 3.22%
40% 28 $4,490,000 $160,357 $2,091 3.16%
36% 28 $4,500,000 $160,714 $2,152 3.24%
42% 26 $4,900,000 $188,462 $2,203 3.18%
37% 24 $4,270,000 $177,917 $2,053 3.22%
38% 24 $5,450,000 $227,083 $2,164 3.33%
41% 24 $4,430,000 $184,583 $1,944 3.04%
43% 6 $1,450,000 $241,667 $2,162 3.10%
50-60% 2 $450,000 $225,000 $2,712 2.82%
>60% 1 $415,000 $415,000 $2,916 5.24%

Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 289 originations. The next most common DTI ratio? 30-36%, with 185 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 815 $137,525,000 $168,742 $1,980 3.19%
Not applicable 53 $8,575,000 $161,792 $2,993 4.10%
Asian 7 $1,165,000 $166,429 $1,819 2.99%
Black 9 $895,000 $99,444 $1,691 3.18%

Approval Rates

Total approvals of all applications
95.07%

Mechanics Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
92.03%

Mechanics Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 884 $148,160,000 $167,602

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
884 $148,160,000 $167,602

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 48 $4,060,000 $84,583 $1,607 3.08%
40-60% 116 $14,860,000 $128,103 $1,832 3.21%
60-80% 269 $43,365,000 $161,208 $1,982 3.31%
80-100% 435 $85,205,000 $195,874 $2,112 3.19%
Under 20% 16 $670,000 $41,875 $636 4.26%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
MECHANICS BANK Conventional home mortgage Closing on a mortgage 1 50.0%
MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Mechanics Bank 140 Mansfield Avenue Shelby, OH 44875 Full Service Retail $20,231
Mechanics Bank 2 South Main Street Mansfield, OH 44902 Full Service B&M $186,600
Mechanics Bank 2103 Park Avenue West Ontario, OH 44906 Full Service B&M $116,415
Mechanics Bank 256 East Main Street Lexington, OH 44904 Full Service B&M $73,486
Mechanics Bank 490 North Trimble Road Mansfield, OH 44906 Full Service B&M $15,529
Mechanics Bank 65 Main Street Bellville, OH 44813 Full Service Retail $36,862
Mechanics Bank 674 Free Road Shiloh, OH 44878 Full Service B&M $8,832
Mechanics Bank 971 Lexington Avenue Mansfield, OH 44907 Full Service B&M $133,590
Mechanics Bank 972 Ashland Road Mansfield, OH 44905 Full Service B&M $98,165

For 2021, Mechanics Bank had 9 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $21,996
Net interest income $19,767
Total noninterest income $5,089
Gross Fiduciary activities income $1,338
Service charges on deposit accounts $705
Trading account gains and fees $0
Additional Noninterest Income $3,046
Pre-tax net operating income $6,813
Securities gains (or losses, -) $50
Income before extraordinary items $5,444
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $5,444
Minority interest net income $0
Net income $5,444
Sale, conversion, retirement of capital stock, net $0
Net operating income $5,404

Mechanics Bank's gross interest income from loans was $21,996,000.
Mechanics Bank's net interest income from loans was $19,767,000.
Mechanics Bank's fee based income from loans was $705,000.
Mechanics Bank's net income from loans was $5,444,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,229
Provision for credit losses $393
Total noninterest expense $17,650
Salaries and employee benefits $9,266
Premises and equipment expense $2,695
Additional noninterest expense $5,689
Applicable income taxes $1,419
Net charge-offs $5
Cash dividends $1,559

Mechanics Bank's interest expense for loans was $2,229,000.
Mechanics Bank's payroll and benefits expense were $9,266,000.
Mechanics Bank's property, plant and equipment expenses $2,695,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $735,428
Deposits held in domestic offices $735,428
Deposits by Individuals, partnerships, and corporations $713,644
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $21,782
Deposits by Commercial banks and other depository institutions in U.S. $1
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $327,664
Demand deposits $327,664
Nontransaction accounts $407,763
Money market deposit accounts (MMDAs) $153,551
Other savings deposits (excluding MMDAs) $130,775
Total time deposits $123,435
Total time and savings deposits $407,763
Noninterest-bearing deposits $68,547
Interest-bearing deposits $666,881
Retail deposits $700,339
IRAs and Keogh plan accounts $31,496
Brokered deposits $1
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $795,374
Cash & Balances due from depository institutions $100,747
Interest-bearing balances $92,408
Total securities $127,317
Federal funds sold & reverse repurchase $2,750
Net loans and leases $546,002
Loan and leases loss allowance $5,636
Trading account assets $0
Bank premises and fixed assets $12,641
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $5,917

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $795,374
Total Liabilities $736,761
Total deposits $735,428
Interest-bearing deposits $666,881
Deposits held in domestic offices $735,428
% insured (estimated) $89
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $0
Subordinated debt $0
All other liabilities $1,333

Issued Loan Types

Type Value (in 000's)
Net loans and leases $546,002
Loan and leases loss allowance $5,636
Total loans and leases (domestic) $551,638
All real estate loans $534,929
Real estate loans in domestic offices $534,929
Construction and development loans $11,864
Residential 1-4 family construction $9,620
Other construction, all land development and other land $2,244
Loans secured by nonfarm nonresidential properties $21,863
Nonfarm nonresidential secured by owner-occupied properties $13,791
Commercial real estate & other non-farm, non-residential $8,072
Multifamily residential real estate $3,065
1-4 family residential loans $484,366
Farmland loans $13,771
Loans held in foreign offices $0
Farm loans $2,127
Commercial and industrial loans $7,027
To non-U.S. addressees $0
Loans to individuals $7,162
Credit card loans $0
Related Plans $0
Consumer Auto Loans $6,386
Other loans to individuals $776
All other loans & leases $393
Loans to foreign governments and official institutions $0
Other loans $375
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $1,595
Non 1-4 family restructured loans & leases $12
Total loans and leases (foreign) $0

Mechanics Bank had $546,002,000 of loans outstanding in 2021. $534,929,000 of loans were in real estate loans. $11,864,000 of loans were in development loans. $3,065,000 of loans were in multifamily mortgage loans. $484,366,000 of loans were in 1-4 family mortgage loans. $2,127,000 of loans were in farm loans. $0 of loans were in credit card loans. $6,386,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 103 $19,980 $193,981
Nonfarm, nonresidential loans - <$100k 31 $1,190 $38,387
Nonfarm, nonresidential loans - $100-250k 30 $3,275 $109,167
Nonfarm, nonresidential loans - $250k-1MM 42 $15,515 $369,405
Commercial & Industrial, US addressed loans - <$1MM 236 $6,540 $27,712
Commercial & Industrial, US addressed loans - <$100k 206 $4,039 $19,607
Commercial & Industrial, US addressed loans - $100-250k 19 $1,311 $69,000
Commercial & Industrial, US addressed loans - $250k-1MM 11 $1,190 $108,182
Farmland loans - <$1MM 32 $7,875 $246,094
Farmland loans - <$100k 4 $210 $52,500
Farmland loans - $100-250k 10 $1,279 $127,900
Farmland loans - $250k-1MM 18 $6,386 $354,778
Agriculture operations loans - <$1MM 39 $2,091 $53,615
Agriculture operations loans - <$100k 32 $825 $25,781
Agriculture operations loans - $100-250k 5 $314 $62,800
Agriculture operations loans - $250k-1MM 2 $952 $476,000