Mechanics Cooperative Bank Mortgage Rates, Fees & Info
Taunton, MALEI: 549300BOX0L2YKKXKO38
Tax ID: 04-1608620
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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, Worcester, and Miami among others. We have data for 7 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.
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Originations
108Origination Dollar Volume (All Markets)
$68,160,000Top 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 |
|---|---|---|---|---|---|
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 23 | $26,165,000 | $1,137,609 | $0 | 0.00% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 73 | $22,415,000 | $307,055 | $0 | 0.00% |
| Outside of Metro Areas | 4 | $12,430,000 | $3,107,500 | $0 | 0.00% |
| BARNSTABLE TOWN, MA (FHA|USDA|VA) | 3 | $3,515,000 | $1,171,667 | $0 | 0.00% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 3 | $2,745,000 | $915,000 | $0 | 0.00% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $0 | 0.00% |
| Lebanon, NH-VT (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 108 | $68,160,000 | $631,111 | $0 | 0.00% |
For 2022, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 108 originations.
Loan Reason
For 2022, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 59 originations. The 2nd most popular reason was Refi, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 108 | $68,160,000 | $631,111 | $0 | 0.00% |
For 2022, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 108 originations.
Loan Sizing
2022 saw Mechanics Cooperative Bank place emphasis on $200k-400k loans with 36 originations, totaling $10,440,000 in origination value.
Applicant Income
Mechanics Cooperative Bank lent most frequently to those with incomes in the $50k-75k range, with 14 originations. The second most popular income band? $100k-150k, with 13 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 108 | $68,160,000 | $631,111 | $0 | 0.00% |
Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 108 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.13%
Mechanics Cooperative Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.19%
Mechanics Cooperative Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 108 | $68,160,000 | $631,111 |