Mechanics' Savings Bank Mortgage Rates, Fees & Info
AUBURN, MELEI: 5493003OTL50WWQ5UC43
Tax ID: 01-0119280
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Mechanics' Savings Bank is a smaller bank specializing in Home Purchase and Cash Out 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.
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Originations
161Origination Dollar Volume (All Markets)
$27,955,000Top 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) | 51 | $12,615,000 | $247,353 | $0 | 0.00% |
LEWISTON-AUBURN, ME (FHA|USDA|VA) | 86 | $11,670,000 | $135,698 | $0 | 0.00% |
Outside of Metro Areas | 13 | $2,245,000 | $172,692 | $0 | 0.00% |
Augusta-Waterville, ME (FHA|USDA|VA) | 9 | $1,145,000 | $127,222 | $0 | 0.00% |
BANGOR, ME (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $0 | 0.00% |
Product Mix
Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
---|---|---|---|---|---|
Conventional | 160 | $27,860,000 | $174,125 | $0 | 0.00% |
USDA | 1 | $95,000 | $95,000 | $0 | 0.00% |
For 2019, Mechanics' Savings Bank's most frequently originated type of loan was Conventional, with 160 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2019, Mechanics' Savings Bank's most frequently cited loan purpose was Home Purchase, with 72 originations. The 2nd most popular reason was Cash Out Refi, with 40 originations.
Loan Duration/Length
Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Other | 161 | $27,955,000 | $173,634 | $0 | 0.00% |
For 2019, Mechanics' Savings Bank's most frequently cited loan duration was Other, with 161 originations.
Loan Sizing
2019 saw Mechanics' Savings Bank place emphasis on $100k-200k loans with 66 originations, totaling $9,640,000 in origination value.
Applicant Income
Mechanics' Savings Bank lent most frequently to those with incomes in the $100k-150k range, with 36 originations. The second most popular income band? $50k-75k, with 30 originations.
Applicant Debt to Income Ratio
DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
---|---|---|---|---|---|
Exempt% | 161 | $27,955,000 | $173,634 | $0 | 0.00% |
Mechanics' Savings Bank lent most frequently to those with DTI ratios of Exempt%, with 161 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications80.88%
Mechanics' Savings Bank has a below average approval rate.
Pick Rate
Approvals leading to origination77.64%
Mechanics' Savings Bank has a below average pick rate.
Points and Fees
Points | Originations | Total Value | Average Loan |
---|---|---|---|
Exempt | 161 | $27,955,000 | $173,634 |