Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

Latest/2024 | 2023 Data | 2022 Data | 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 Cooperative Bank is a smaller bank specializing in Home Purchase loans. Mechanics Cooperative Bank has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Providence, Miami, and Worcester among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics Cooperative 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.

    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

    98

    Origination Dollar Volume (All Markets)

    $80,180,000

    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
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 35 $44,005,000 $1,257,286 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 59 $22,135,000 $375,169 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $9,375,000 $9,375,000 $0 0.00%
    Outside of Metro Areas 2 $2,860,000 $1,430,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $1,805,000 $1,805,000 $0 0.00%
    Mechanics Cooperative Bank's top markets include Boston, Providence, Miami, and Worcester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 98 $80,180,000 $818,163 $0 0.00%

    For 2024, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 98 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 47 $56,375,000 $1,199,468 $0 0.00%
    Home Improvement 18 $3,500,000 $194,444 $0 0.00%
    Refi 12 $14,680,000 $1,223,333 $0 0.00%
    Cash Out Refi 11 $4,465,000 $405,909 $0 0.00%
    Other 10 $1,160,000 $116,000 $0 0.00%

    For 2024, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 47 originations. The 2nd most popular reason was Home Improvement, with 18 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 98 $80,180,000 $818,163 $0 0.00%

    For 2024, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 98 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 31 $60,205,000 $1,942,097 $0 0.00%
    $100,000 or less 24 $1,260,000 $52,500 $0 0.00%
    $400k-600k 12 $6,180,000 $515,000 $0 0.00%
    $200k-400k 11 $3,075,000 $279,545 $0 0.00%
    $600k-1MM 11 $8,145,000 $740,455 $0 0.00%
    $100k-200k 9 $1,315,000 $146,111 $0 0.00%

    2024 saw Mechanics Cooperative Bank place emphasis on $1MM+ loans with 31 originations, totaling $60,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 15 $2,455,000 $163,667 $0 0.00%
    $100k-150k 14 $3,410,000 $243,571 $0 0.00%
    $250k+ 9 $7,235,000 $803,889 $0 0.00%
    $50k-75k 7 $835,000 $119,286 $0 0.00%
    $75k-100k 7 $665,000 $95,000 $0 0.00%
    $50k or less 2 $240,000 $120,000 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $150k-250k range, with 15 originations. The second most popular income band? $100k-150k, with 14 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 98 $80,180,000 $818,163 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 44 $65,340,000 $1,485,000 $0 0.00%
    White 48 $13,090,000 $272,708 $0 0.00%
    Not provided 5 $1,375,000 $275,000 $0 0.00%
    Asian 1 $375,000 $375,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.10%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.82%

    Mechanics Cooperative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 98 $80,180,000 $818,163

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    98 $80,180,000 $818,163