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™
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    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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 Norwalk among others. We have data for 11 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% 4/18/24
    30 Year Conventional Refi 6.66% 4/18/24
    15 Year Conventional Purchase 6.14% 4/18/24
    15 Year Conventional Refi 5.68% 4/18/24
    15 Year Cash-out Refi 5.68% 4/18/24
    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

    965

    Origination Dollar Volume (All Markets)

    $149,495,000

    Employee count

    141 Show all (8) 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) 701 $103,845,000 $148,138 $1,851 3.70%
    Ashland, OH (FHA|USDA|VA) 125 $21,505,000 $172,040 $1,902 3.23%
    Mount Vernon, OH (FHA|USDA|VA) 52 $10,290,000 $197,885 $2,231 3.32%
    COLUMBUS, OH (FHA|USDA|VA) 41 $6,875,000 $167,683 $2,025 3.36%
    Norwalk, OH (FHA|USDA|VA) 14 $2,480,000 $177,143 $2,230 3.29%
    Bucyrus-Galion, OH (FHA|USDA|VA) 20 $1,860,000 $93,000 $1,773 3.45%
    Sandusky, OH (FHA|USDA|VA) 3 $1,265,000 $421,667 $2,284 3.15%
    Wooster, OH (FHA|USDA|VA) 4 $600,000 $150,000 $2,343 3.04%
    Outside of Metro Areas 3 $525,000 $175,000 $2,191 2.96%
    CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $125,000 $125,000 $1,895 2.99%
    TOLEDO, OH (FHA|USDA|VA) 1 $125,000 $125,000 $1,308 3.75%
    Mechanics Bank's top markets include Mansfield, Ashland, Mount Vernon, Columbus, and Norwalk 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.

    Commodore Bank
    Similarity Rank: 153
    Mechanics Bank
    Similarity Rank: 660
    First Federal Savings and Loan Association
    Similarity Rank: 670
    Kingston National Bank
    Similarity Rank: 708
    Columbus Metro Federal Credit Union
    Similarity Rank: 864
    EDUCATION FIRST CREDIT UNION, INC.
    Similarity Rank: 1230
    TrueCore Federal Credit Union
    Similarity Rank: 1488
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 1584
    The Richwood Banking Company
    Similarity Rank: 1869
    The Community Bank
    Similarity Rank: 1950

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 965 $149,495,000 $154,917 $1,896 3.58%

    For 2020, Mechanics Bank's most frequently originated type of loan was Conventional, with 965 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 507 $79,235,000 $156,282 $2,010 3.90%
    Refi 432 $67,760,000 $156,852 $1,801 3.18%
    Home Improvement 11 $885,000 $80,455 $1,121 3.93%
    Cash Out Refi 8 $950,000 $118,750 $0 4.34%
    Other 7 $665,000 $95,000 $1,340 3.84%

    For 2020, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 507 originations. The 2nd most popular reason was Refi, with 432 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 530 $81,850,000 $154,434 $1,855 3.39%
    30 Year 350 $60,330,000 $172,371 $1,992 3.79%
    20 Year 42 $3,690,000 $87,857 $1,748 3.98%
    15 Year 25 $2,305,000 $92,200 $1,597 4.06%
    10 Year 12 $920,000 $76,667 $1,622 3.14%
    5 Year 3 $165,000 $55,000 $1,037 5.19%
    1 Year 2 $230,000 $115,000 $0 4.25%
    3 Year 1 $5,000 $5,000 $241 4.24%

    For 2020, Mechanics Bank's most frequently cited loan duration was Other, with 530 originations. The 2nd most popular length was 30 Year, with 350 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 876 $138,870,000 $158,527
    $1k-2k 9 $2,565,000 $285,000

    Mechanics Bank's average total fees were $1,992, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 876 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 452 $71,820,000 $158,894
    3-4% 419 $67,895,000 $162,041
    4-5% 74 $7,040,000 $95,135
    <2.5% 17 $2,545,000 $149,706
    5-6% 1 $45,000 $45,000
    7-8% 1 $15,000 $15,000
    Over 8% 1 $135,000 $135,000

    During 2020, Mechanics Bank's average interest rate for loans was 3.79%, while their most frequently originated rate bucket for loans was 2.5-3%, with 452 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 407 $57,685,000 $141,732 $1,851 3.94%
    $100,000 or less 314 $21,630,000 $68,885 $1,507 3.40%
    $200k-400k 221 $58,405,000 $264,276 $2,335 3.22%
    $400k-600k 18 $8,540,000 $474,444 $2,955 3.22%
    $600k-1MM 5 $3,235,000 $647,000 $3,395 3.21%

    2020 saw Mechanics Bank place emphasis on $100k-200k loans with 407 originations, totaling $57,685,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 224 $29,370,000 $131,116 $1,855 3.23%
    $50k or less 214 $19,620,000 $91,682 $1,647 3.25%
    $100k-150k 193 $37,935,000 $196,554 $2,034 3.31%
    $75k-100k 180 $29,010,000 $161,167 $1,951 4.86%
    $150k-250k 80 $20,530,000 $256,625 $2,346 3.23%
    $250k+ 21 $6,195,000 $295,000 $2,025 3.25%

    Mechanics Bank lent most frequently to those with incomes in the $50k-75k range, with 224 originations. The second most popular income band? $50k or less, with 214 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 339 $51,995,000 $153,378 $1,900 3.21%
    30-36% 218 $36,050,000 $165,367 $1,985 4.63%
    <20% 185 $24,595,000 $132,946 $1,746 3.26%
    37% 32 $5,870,000 $183,438 $1,948 3.19%
    38% 30 $5,500,000 $183,333 $2,080 3.17%
    36% 28 $4,590,000 $163,929 $2,044 3.29%
    39% 20 $4,310,000 $215,500 $2,156 3.30%
    40% 17 $3,325,000 $195,588 $2,186 3.28%
    42% 17 $2,525,000 $148,529 $1,783 3.36%
    41% 16 $2,540,000 $158,750 $1,945 3.26%
    43% 5 $525,000 $105,000 $1,366 3.31%
    >60% 2 $100,000 $50,000 $803 4.08%
    45% 1 $485,000 $485,000 $2,774 3.50%
    46% 1 $105,000 $105,000 $0 4.25%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 339 originations. The next most common DTI ratio? 30-36%, with 218 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 907 $141,455,000 $155,959 $1,896 3.57%
    Not applicable 34 $4,560,000 $134,118 $1,905 4.17%
    Black 13 $1,285,000 $98,846 $1,522 3.39%
    Not provided 4 $870,000 $217,500 $2,490 3.75%
    Asian Indian 2 $560,000 $280,000 $2,455 2.80%
    Native Hawaiian or Islander 4 $540,000 $135,000 $2,049 3.36%
    Asian 1 $225,000 $225,000 $2,329 2.99%

    Approval Rates

    Total approvals of all applications
    95.26%

    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
    92.95%

    Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 965 $149,495,000 $154,917

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 3 $915,000 $305,000
    Single Family (1-4 Units):Manufactured 17 $1,815,000 $106,765
    Single Family (1-4 Units):Site-Built 945 $146,765,000 $155,307

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 50 $4,440,000 $88,800 $1,695 3.09%
    40-60% 146 $17,600,000 $120,548 $1,800 3.13%
    60-80% 333 $52,375,000 $157,282 $1,902 3.31%
    80-100% 418 $73,980,000 $176,986 $1,997 3.99%
    Over 100% 1 $555,000 $555,000 $3,501 3.00%
    Under 20% 17 $545,000 $32,059 $715 4.36%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MECHANICS BANK Conventional home mortgage Struggling to pay mortgage 1 25.0%
    MECHANICS BANK Conventional home mortgage Trouble during payment process 1 25.0%
    MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 25.0%
    MECHANICS BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Bank 140 Mansfield Avenue Shelby, OH 44875 Full Service Retail $14,664
    Mechanics Bank 2 South Main Street Mansfield, OH 44902 Full Service B&M $142,991
    Mechanics Bank 2103 Park Avenue West Ontario, OH 44906 Full Service B&M $102,181
    Mechanics Bank 256 East Main Street Lexington, OH 44904 Full Service B&M $67,432
    Mechanics Bank 490 North Trimble Road Mansfield, OH 44906 Full Service B&M $12,011
    Mechanics Bank 65 Main Street Bellville, OH 44813 Full Service Retail $21,376
    Mechanics Bank 674 Free Road Shiloh, OH 44878 Full Service B&M $8,949
    Mechanics Bank 971 Lexington Avenue Mansfield, OH 44907 Full Service B&M $118,166
    Mechanics Bank 972 Ashland Road Mansfield, OH 44905 Full Service B&M $87,891

    For 2020, Mechanics Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $20,471
    Net interest income $17,669
    Total noninterest income $4,153
    Gross Fiduciary activities income $1,070
    Service charges on deposit accounts $669
    Trading account gains and fees $0
    Additional Noninterest Income $2,414
    Pre-tax net operating income $4,944
    Securities gains (or losses, -) $7
    Income before extraordinary items $3,921
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,921
    Minority interest net income $0
    Net income $3,921
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,915

    Mechanics Bank's gross interest income from loans was $20,471,000.
    Mechanics Bank's net interest income from loans was $17,669,000.
    Mechanics Bank's fee based income from loans was $669,000.
    Mechanics Bank's net income from loans was $3,921,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,802
    Provision for credit losses $648
    Total noninterest expense $16,230
    Salaries and employee benefits $8,770
    Premises and equipment expense $2,539
    Additional noninterest expense $4,921
    Applicable income taxes $1,030
    Net charge-offs $64
    Cash dividends $1,249

    Mechanics Bank's interest expense for loans was $2,802,000.
    Mechanics Bank's payroll and benefits expense were $8,770,000.
    Mechanics Bank's property, plant and equipment expenses $2,539,000.

    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 $623,919
    Deposits held in domestic offices $623,919
    Deposits by Individuals, partnerships, and corporations $609,851
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $13,965
    Deposits by Commercial banks and other depository institutions in U.S. $102
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $259,988
    Demand deposits $259,988
    Nontransaction accounts $363,930
    Money market deposit accounts (MMDAs) $110,197
    Other savings deposits (excluding MMDAs) $109,209
    Total time deposits $144,524
    Total time and savings deposits $363,930
    Noninterest-bearing deposits $50,686
    Interest-bearing deposits $573,233
    Retail deposits $588,513
    IRAs and Keogh plan accounts $31,138
    Brokered deposits $102
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $681,017
    Cash & Balances due from depository institutions $68,940
    Interest-bearing balances $60,248
    Total securities $74,202
    Federal funds sold & reverse repurchase $0
    Net loans and leases $520,736
    Loan and leases loss allowance $5,248
    Trading account assets $0
    Bank premises and fixed assets $11,695
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,444

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $681,017
    Total Liabilities $625,751
    Total deposits $623,919
    Interest-bearing deposits $573,233
    Deposits held in domestic offices $623,919
    % insured (estimated) $91
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,832

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $520,736
    Loan and leases loss allowance $5,248
    Total loans and leases (domestic) $525,984
    All real estate loans $484,143
    Real estate loans in domestic offices $484,143
    Construction and development loans $7,372
    Residential 1-4 family construction $5,250
    Other construction, all land development and other land $2,122
    Loans secured by nonfarm nonresidential properties $16,802
    Nonfarm nonresidential secured by owner-occupied properties $12,294
    Commercial real estate & other non-farm, non-residential $4,508
    Multifamily residential real estate $2,686
    1-4 family residential loans $450,807
    Farmland loans $6,476
    Loans held in foreign offices $0
    Farm loans $7,730
    Commercial and industrial loans $25,964
    To non-U.S. addressees $0
    Loans to individuals $6,916
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $5,371
    Other loans to individuals $1,545
    All other loans & leases $1,230
    Loans to foreign governments and official institutions $0
    Other loans $1,195
    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 $2,112
    Non 1-4 family restructured loans & leases $72
    Total loans and leases (foreign) $0

    Mechanics Bank had $520,736,000 of loans outstanding in 2020. $484,143,000 of loans were in real estate loans. $7,372,000 of loans were in development loans. $2,686,000 of loans were in multifamily mortgage loans. $450,807,000 of loans were in 1-4 family mortgage loans. $7,730,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,371,000 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 96 $14,268 $148,625
    Nonfarm, nonresidential loans - <$100k 31 $1,216 $39,226
    Nonfarm, nonresidential loans - $100-250k 32 $3,571 $111,594
    Nonfarm, nonresidential loans - $250k-1MM 33 $9,481 $287,303
    Commercial & Industrial, US addressed loans - <$1MM 488 $25,291 $51,826
    Commercial & Industrial, US addressed loans - <$100k 410 $10,905 $26,598
    Commercial & Industrial, US addressed loans - $100-250k 45 $5,068 $112,622
    Commercial & Industrial, US addressed loans - $250k-1MM 33 $9,318 $282,364
    Farmland loans - <$1MM 10 $1,858 $185,800
    Farmland loans - <$100k 2 $141 $70,500
    Farmland loans - $100-250k 2 $354 $177,000
    Farmland loans - $250k-1MM 6 $1,363 $227,167
    Agriculture operations loans - <$1MM 53 $5,758 $108,642
    Agriculture operations loans - <$100k 33 $715 $21,667
    Agriculture operations loans - $100-250k 10 $948 $94,800
    Agriculture operations loans - $250k-1MM 10 $4,095 $409,500