Mechanics Bank Mortgage Rates, Fees & Info

Mansfield, OH

LEI: 254900048S1FLI3G2922

Tax ID: 34-0394160

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & 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 by origination volume include: Mansfield, Ashland, Mount Vernon, Columbus, and Bucyrus among others. We have data for 10 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Mechanics Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.65% 4/21/24
    30 Year Conventional Refi 6.66% 4/21/24
    15 Year Conventional Purchase 6.14% 4/21/24
    15 Year Conventional Refi 5.68% 4/21/24
    15 Year Cash-out Refi 5.68% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Mechanics Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Mechanics Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    673

    Origination Dollar Volume (All Markets)

    $95,155,000

    Employee count

    141 Show all (7) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MANSFIELD, OH (FHA|USDA|VA) 498 $66,560,000 $133,655 $1,738 4.78%
    Ashland, OH (FHA|USDA|VA) 103 $15,635,000 $151,796 $1,867 3.74%
    Mount Vernon, OH (FHA|USDA|VA) 18 $4,340,000 $241,111 $2,543 3.62%
    COLUMBUS, OH (FHA|USDA|VA) 16 $3,710,000 $231,875 $2,116 5.28%
    Bucyrus-Galion, OH (FHA|USDA|VA) 14 $1,700,000 $121,429 $2,054 4.12%
    Norwalk, OH (FHA|USDA|VA) 15 $1,655,000 $110,333 $1,752 8.95%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 3 $605,000 $201,667 $2,137 3.38%
    Wooster, OH (FHA|USDA|VA) 4 $570,000 $142,500 $1,918 3.49%
    Sandusky, OH (FHA|USDA|VA) 1 $255,000 $255,000 $2,586 4.29%
    Outside of Metro Areas 1 $125,000 $125,000 $1,716 3.79%
    Mechanics Bank's top markets include Mansfield, Ashland, Mount Vernon, Columbus, and Bucyrus among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Mechanics Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Mechanics Bank
    Similarity Rank: 110
    Columbus Metro Federal Credit Union
    Similarity Rank: 392
    1st National Bank
    Similarity Rank: 450
    HOPEWELL Federal Credit Union
    Similarity Rank: 510
    First Federal Savings and Loan Association
    Similarity Rank: 575
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 630
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 715
    TrueCore Federal Credit Union
    Similarity Rank: 980
    TELHIO
    Similarity Rank: 1054
    CME Federal Credit Union
    Similarity Rank: 1155

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 673 $95,155,000 $141,389 $1,800 4.66%

    For 2019, Mechanics Bank's most frequently originated type of loan was Conventional, with 673 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 467 $69,415,000 $148,640 $1,935 4.99%
    Refi 155 $22,985,000 $148,290 $1,723 3.72%
    Home Improvement 30 $1,090,000 $36,333 $611 4.69%
    Other 21 $1,665,000 $79,286 $1,102 4.42%

    For 2019, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 467 originations. The 2nd most popular reason was Refi, with 155 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 351 $59,065,000 $168,276 $1,980 3.81%
    Other 131 $15,355,000 $117,214 $1,482 4.39%
    20 Year 89 $10,535,000 $118,371 $1,748 8.74%
    15 Year 77 $8,695,000 $112,922 $1,753 4.63%
    10 Year 19 $1,375,000 $72,368 $1,592 3.56%
    3 Year 5 $115,000 $23,000 $336 4.24%
    5 Year 1 $15,000 $15,000 $516 5.60%

    For 2019, Mechanics Bank's most frequently cited loan duration was 30 Year, with 351 originations. The 2nd most popular length was Other, with 131 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 603 $85,455,000 $141,716
    $1k-2k 11 $3,605,000 $327,727

    Mechanics Bank's average total fees were $1,980, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 603 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 383 $58,965,000 $153,956
    4-5% 238 $30,290,000 $127,269
    5-6% 27 $2,365,000 $87,593
    2.5-3% 22 $3,300,000 $150,000
    Over 8% 3 $235,000 $78,333

    During 2019, Mechanics Bank's average interest rate for loans was 3.81%, while their most frequently originated rate bucket for loans was 3-4%, with 383 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 271 $16,715,000 $61,679 $1,355 5.88%
    $100k-200k 253 $35,635,000 $140,850 $1,814 3.87%
    $200k-400k 135 $35,815,000 $265,296 $2,396 3.78%
    $400k-600k 12 $5,730,000 $477,500 $3,568 4.13%
    $600k-1MM 2 $1,260,000 $630,000 $3,658 4.14%

    2019 saw Mechanics Bank place emphasis on $100,000 or less loans with 271 originations, totaling $16,715,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 169 $12,755,000 $75,473 $1,476 6.80%
    $50k-75k 156 $18,860,000 $120,897 $1,771 4.05%
    $100k-150k 137 $26,355,000 $192,372 $2,061 3.83%
    $75k-100k 119 $17,165,000 $144,244 $1,802 3.88%
    $150k-250k 52 $12,890,000 $247,885 $2,192 3.79%
    $250k+ 14 $3,400,000 $242,857 $2,478 3.86%

    Mechanics Bank lent most frequently to those with incomes in the $50k or less range, with 169 originations. The second most popular income band? $50k-75k, with 156 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 244 $33,470,000 $137,172 $1,758 5.64%
    <20% 138 $14,620,000 $105,942 $1,616 3.88%
    30-36% 131 $20,265,000 $154,695 $1,861 4.48%
    39% 25 $3,345,000 $133,800 $1,888 3.89%
    36% 23 $3,565,000 $155,000 $1,840 3.92%
    38% 22 $4,270,000 $194,091 $2,216 4.10%
    37% 19 $3,945,000 $207,632 $2,223 3.84%
    40% 15 $2,145,000 $143,000 $1,681 3.80%
    42% 13 $2,415,000 $185,769 $1,973 3.73%
    41% 11 $2,005,000 $182,273 $2,106 3.93%
    43% 5 $1,125,000 $225,000 $2,398 3.88%
    49% 1 $275,000 $275,000 $2,621 2.75%
    >60% 1 $95,000 $95,000 $1,458 3.15%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 244 originations. The next most common DTI ratio? <20%, with 138 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 645 $90,325,000 $140,039 $1,792 4.68%
    Not applicable 15 $2,125,000 $141,667 $2,253 5.09%
    Asian 5 $1,305,000 $261,000 $2,213 3.54%
    Black 5 $815,000 $163,000 $2,072 3.69%
    Asian Indian 2 $460,000 $230,000 $2,558 3.64%
    Vietnamese 1 $125,000 $125,000 $1,443 3.15%

    Approval Rates

    Total approvals of all applications
    95.19%

    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
    93.91%

    Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 673 $95,155,000 $141,389

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $1,480,000 $246,667
    Single Family (1-4 Units):Manufactured 15 $1,225,000 $81,667
    Single Family (1-4 Units):Site-Built 652 $92,450,000 $141,794

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $2,935,000 $68,256 $1,279 3.97%
    40-60% 80 $10,670,000 $133,375 $1,869 3.81%
    60-80% 204 $27,340,000 $134,020 $1,834 5.96%
    80-100% 319 $53,415,000 $167,445 $1,949 4.15%
    Under 20% 27 $795,000 $29,444 $504 4.61%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Bank 140 Mansfield Avenue Shelby, OH 44875 Full Service Retail $12,878
    Mechanics Bank 2 South Main Street Mansfield, OH 44902 Full Service B&M $116,821
    Mechanics Bank 2103 Park Avenue West Ontario, OH 44906 Full Service B&M $92,417
    Mechanics Bank 256 East Main Street Lexington, OH 44904 Full Service B&M $60,084
    Mechanics Bank 490 North Trimble Road Mansfield, OH 44906 Full Service B&M $9,582
    Mechanics Bank 65 Main Street Bellville, OH 44813 Full Service Retail $16,168
    Mechanics Bank 674 Free Road Shiloh, OH 44878 Full Service B&M $4,670
    Mechanics Bank 971 Lexington Avenue Mansfield, OH 44907 Full Service B&M $104,315
    Mechanics Bank 972 Ashland Road Mansfield, OH 44905 Full Service B&M $75,218

    For 2019, Mechanics Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,696
    Net interest income $17,866
    Total noninterest income $3,984
    Gross Fiduciary activities income $1,018
    Service charges on deposit accounts $912
    Trading account gains and fees $0
    Additional Noninterest Income $2,054
    Pre-tax net operating income $5,447
    Securities gains (or losses, -) $38
    Income before extraordinary items $4,386
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $4,386
    Minority interest net income $0
    Net income $4,386
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $4,355

    Mechanics Bank's gross interest income from loans was $20,696,000.
    Mechanics Bank's net interest income from loans was $17,866,000.
    Mechanics Bank's fee based income from loans was $912,000.
    Mechanics Bank's net income from loans was $4,386,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,830
    Provision for credit losses $165
    Total noninterest expense $16,238
    Salaries and employee benefits $8,458
    Premises and equipment expense $2,457
    Additional noninterest expense $5,323
    Applicable income taxes $1,099
    Net charge-offs $81
    Cash dividends $1,197

    Mechanics Bank's interest expense for loans was $2,830,000.
    Mechanics Bank's payroll and benefits expense were $8,458,000.
    Mechanics Bank's property, plant and equipment expenses $2,457,000.

    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 $510,165
    Deposits held in domestic offices $510,165
    Deposits by Individuals, partnerships, and corporations $505,422
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,643
    Deposits by Commercial banks and other depository institutions in U.S. $101
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $192,991
    Demand deposits $192,991
    Nontransaction accounts $317,175
    Money market deposit accounts (MMDAs) $85,972
    Other savings deposits (excluding MMDAs) $95,490
    Total time deposits $135,713
    Total time and savings deposits $317,175
    Noninterest-bearing deposits $40,086
    Interest-bearing deposits $470,079
    Retail deposits $488,858
    IRAs and Keogh plan accounts $30,370
    Brokered deposits $101
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $562,888
    Cash & Balances due from depository institutions $32,926
    Interest-bearing balances $25,222
    Total securities $52,240
    Federal funds sold & reverse repurchase $950
    Net loans and leases $459,585
    Loan and leases loss allowance $4,664
    Trading account assets $0
    Bank premises and fixed assets $12,185
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,002

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $562,888
    Total Liabilities $516,686
    Total deposits $510,165
    Interest-bearing deposits $470,079
    Deposits held in domestic offices $510,165
    % insured (estimated) $92
    Federal funds purchased and repurchase agreements $4,320
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $2,201

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $459,585
    Loan and leases loss allowance $4,664
    Total loans and leases (domestic) $464,249
    All real estate loans $438,172
    Real estate loans in domestic offices $438,172
    Construction and development loans $5,875
    Residential 1-4 family construction $5,443
    Other construction, all land development and other land $432
    Loans secured by nonfarm nonresidential properties $19,530
    Nonfarm nonresidential secured by owner-occupied properties $13,526
    Commercial real estate & other non-farm, non-residential $6,004
    Multifamily residential real estate $2,143
    1-4 family residential loans $403,883
    Farmland loans $6,741
    Loans held in foreign offices $0
    Farm loans $10,688
    Commercial and industrial loans $7,627
    To non-U.S. addressees $0
    Loans to individuals $7,658
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $5,749
    Other loans to individuals $1,909
    All other loans & leases $104
    Loans to foreign governments and official institutions $0
    Other loans $0
    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 $1,694
    Non 1-4 family restructured loans & leases $46
    Total loans and leases (foreign) $0

    Mechanics Bank had $459,585,000 of loans outstanding in 2019. $438,172,000 of loans were in real estate loans. $5,875,000 of loans were in development loans. $2,143,000 of loans were in multifamily mortgage loans. $403,883,000 of loans were in 1-4 family mortgage loans. $10,688,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,749,000 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 106 $15,671 $147,840
    Nonfarm, nonresidential loans - <$100k 34 $1,381 $40,618
    Nonfarm, nonresidential loans - $100-250k 39 $4,438 $113,795
    Nonfarm, nonresidential loans - $250k-1MM 33 $9,852 $298,545
    Commercial & Industrial, US addressed loans - <$1MM 148 $7,626 $51,527
    Commercial & Industrial, US addressed loans - <$100k 102 $2,547 $24,971
    Commercial & Industrial, US addressed loans - $100-250k 27 $2,196 $81,333
    Commercial & Industrial, US addressed loans - $250k-1MM 19 $2,883 $151,737
    Farmland loans - <$1MM 13 $1,985 $152,692
    Farmland loans - <$100k 4 $145 $36,250
    Farmland loans - $100-250k 3 $357 $119,000
    Farmland loans - $250k-1MM 6 $1,483 $247,167
    Agriculture operations loans - <$1MM 75 $8,666 $115,547
    Agriculture operations loans - <$100k 46 $1,227 $26,674
    Agriculture operations loans - $100-250k 15 $1,469 $97,933
    Agriculture operations loans - $250k-1MM 14 $5,970 $426,429