Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

Latest/2023 | 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, Barnstable Town, 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 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

    113

    Origination Dollar Volume (All Markets)

    $93,955,000

    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 $54,475,000 $1,556,429 $0 0.00%
    Outside of Metro Areas 8 $20,700,000 $2,587,500 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 65 $15,555,000 $239,308 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $2,400,000 $600,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $825,000 $825,000 $0 0.00%
    Mechanics Cooperative Bank's top markets include Boston, Providence, Barnstable Town, and Worcester among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 113 $93,955,000 $831,460 $0 0.00%

    For 2023, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 113 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 64 $80,160,000 $1,252,500 $0 0.00%
    Home Improvement 16 $1,130,000 $70,625 $0 0.00%
    Refi 14 $8,890,000 $635,000 $0 0.00%
    Cash Out Refi 13 $3,485,000 $268,077 $0 0.00%
    Other 6 $290,000 $48,333 $0 0.00%

    For 2023, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 64 originations. The 2nd most popular reason was Home Improvement, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 113 $93,955,000 $831,460 $0 0.00%

    For 2023, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 28 $67,970,000 $2,427,500 $0 0.00%
    $100,000 or less 22 $870,000 $39,545 $0 0.00%
    $200k-400k 21 $6,415,000 $305,476 $0 0.00%
    $100k-200k 16 $2,440,000 $152,500 $0 0.00%
    $400k-600k 14 $6,650,000 $475,000 $0 0.00%
    $600k-1MM 12 $9,610,000 $800,833 $0 0.00%

    2023 saw Mechanics Cooperative Bank place emphasis on $1MM+ loans with 28 originations, totaling $67,970,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 14 $4,050,000 $289,286 $0 0.00%
    $100k-150k 12 $2,380,000 $198,333 $0 0.00%
    $250k+ 11 $7,545,000 $685,909 $0 0.00%
    $75k-100k 11 $1,435,000 $130,455 $0 0.00%
    $50k-75k 7 $615,000 $87,857 $0 0.00%
    $50k or less 6 $560,000 $93,333 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $150k-250k range, with 14 originations. The second most popular income band? $100k-150k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 113 $93,955,000 $831,460 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 113 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 50 $77,010,000 $1,540,200 $0 0.00%
    White 57 $12,695,000 $222,719 $0 0.00%
    Asian 1 $3,235,000 $3,235,000 $0 0.00%
    Black 3 $935,000 $311,667 $0 0.00%
    Not provided 2 $80,000 $40,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    92.05%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    85.84%

    Mechanics Cooperative Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 113 $93,955,000 $831,460

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    113 $93,955,000 $831,460