Mechanics' Savings Bank Mortgage Rates, Fees & Info

AUBURN, ME

LEI: 5493003OTL50WWQ5UC43

Tax ID: 01-0119280

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

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Mortgage Data

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

    • Review & Overview

    Mechanics' Savings Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics' Savings Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Portland, Lewiston, Augusta, and Bangor among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics' Savings Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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.

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    Originations

    143

    Origination Dollar Volume (All Markets)

    $27,275,000

    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
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 53 $12,125,000 $228,774 $0 0.00%
    LEWISTON-AUBURN, ME (FHA|USDA|VA) 58 $9,700,000 $167,241 $0 0.00%
    Outside of Metro Areas 20 $3,530,000 $176,500 $0 0.00%
    Augusta-Waterville, ME (FHA|USDA|VA) 10 $1,660,000 $166,000 $0 0.00%
    BANGOR, ME (FHA|USDA|VA) 2 $260,000 $130,000 $0 0.00%
    Mechanics' Savings Bank's top markets include Portland, Lewiston, Augusta, and Bangor among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 140 $26,790,000 $191,357 $0 0.00%
    USDA 3 $485,000 $161,667 $0 0.00%

    For 2018, Mechanics' Savings Bank's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was USDA, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 80 $17,230,000 $215,375 $0 0.00%
    Refi 49 $8,025,000 $163,776 $0 0.00%
    Cash Out Refi 8 $1,420,000 $177,500 $0 0.00%
    Other 5 $415,000 $83,000 $0 0.00%
    Home Improvement 1 $185,000 $185,000 $0 0.00%

    For 2018, Mechanics' Savings Bank's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Refi, with 49 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 143 $27,275,000 $190,734 $0 0.00%

    For 2018, Mechanics' Savings Bank's most frequently cited loan duration was Other, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 55 $8,155,000 $148,273 $0 0.00%
    $200k-400k 50 $12,360,000 $247,200 $0 0.00%
    $100,000 or less 30 $2,050,000 $68,333 $0 0.00%
    $400k-600k 6 $2,990,000 $498,333 $0 0.00%
    $1MM+ 1 $1,105,000 $1,105,000 $0 0.00%
    $600k-1MM 1 $615,000 $615,000 $0 0.00%

    2018 saw Mechanics' Savings Bank place emphasis on $100k-200k loans with 55 originations, totaling $8,155,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 27 $4,425,000 $163,889 $0 0.00%
    $100k-150k 24 $5,130,000 $213,750 $0 0.00%
    $50k-75k 22 $3,450,000 $156,818 $0 0.00%
    $50k or less 20 $1,920,000 $96,000 $0 0.00%
    $150k-250k 14 $2,660,000 $190,000 $0 0.00%
    $250k+ 9 $2,255,000 $250,556 $0 0.00%

    Mechanics' Savings Bank lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $100k-150k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 143 $27,275,000 $190,734 $0 0.00%

    Mechanics' Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 115 $19,565,000 $170,130 $0 0.00%
    Not applicable 24 $6,810,000 $283,750 $0 0.00%
    Not provided 4 $900,000 $225,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.98%

    Mechanics' Savings Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    77.62%

    Mechanics' Savings Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 143 $27,275,000 $190,734

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $3,580,000 $447,500
    Single Family (1-4 Units):Manufactured 4 $230,000 $57,500
    Single Family (1-4 Units):Site-Built 131 $23,465,000 $179,122