Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

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
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Overview

    Mechanics Cooperative Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics Cooperative Bank has a high proportion of conventional loans. Their top markets include Boston, Providence, North Port, Barnstable Town, and Port St. Lucie among others. Mechanics Cooperative Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors.


    Originations

    184

    Origination Dollar Volume (All Markets)

    $96,720,000

    Employee count

    94

    Top Markets

    Market Originations Total Value Average Loan Average Fees Average Rate
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 39 $43,265,000 $1,109,359 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 132 $38,220,000 $289,545 $0 0.00%
    Outside of Metro Areas 6 $13,440,000 $2,240,000 $0 0.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 2 $400,000 $200,000 $0 0.00%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $315,000 $315,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%

    Mechanics Cooperative Bank's top markets include Boston, Providence, North Port, Barnstable Town, and Port St. Lucie among others.

    Product Mix

    Loan Type Originations Total Value Average Loan Average Fees Average Rate
    Conventional 184 $96,720,000 $525,652 $0 0.00%

    For the 2021 period, Mechanics Cooperative Bank's most frequently originated loan type of loans were Conventional, with 184 originations.

    Loan Reason

    Loan Reason Originations Total Value Average Loan Average Fees Average Rate
    Home Purchase 68 $47,530,000 $698,971 $0 0.00%
    Refi 60 $34,990,000 $583,167 $0 0.00%
    Cash Out Refi 47 $11,395,000 $242,447 $0 0.00%
    Home Improvement 8 $2,770,000 $346,250 $0 0.00%
    Other 1 $35,000 $35,000 $0 0.00%

    For the 2021, Mechanics Cooperative Bank's most frequently cited loan purpose of loans were Home Purchase, with 68 originations. The 2nd most popular reason of loans were Refi, with 60 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 184 $96,720,000 $525,652 $0 0.00%

    For the 2021, Mechanics Cooperative Bank's most frequently cited loan length of loans were Other, with 184 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 78 $22,900,000 $293,590 $0 0.00%
    $100k-200k 42 $6,500,000 $154,762 $0 0.00%
    $1MM+ 24 $51,110,000 $2,129,583 $0 0.00%
    $400k-600k 21 $9,745,000 $464,048 $0 0.00%
    $100,000 or less 11 $685,000 $62,273 $0 0.00%
    $600k-1MM 8 $5,780,000 $722,500 $0 0.00%

    2021 saw Mechanics Cooperative Bank place emphasis on $200k-400k loans with 78 originations, totaling $22,900,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 25 $5,795,000 $231,800 $0 0.00%
    $50k-75k 24 $5,020,000 $209,167 $0 0.00%
    $150k-250k 22 $7,090,000 $322,273 $0 0.00%
    $250k+ 21 $10,735,000 $511,190 $0 0.00%
    $75k-100k 20 $4,150,000 $207,500 $0 0.00%
    $50k or less 10 $1,180,000 $118,000 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 25 originations. The second most popular income band? $50k-75k, with 24 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 184 $96,720,000 $525,652 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 184 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 60 $62,050,000 $1,034,167 $0 0.00%
    White 104 $29,390,000 $282,596 $0 0.00%
    Not provided 13 $3,065,000 $235,769 $0 0.00%
    Asian 5 $1,855,000 $371,000 $0 0.00%
    Other Asian 1 $285,000 $285,000 $0 0.00%
    American Indian 1 $75,000 $75,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.31%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.53%

    Mechanics Cooperative Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 184 $96,720,000 $525,652

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    184 $96,720,000 $525,652

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MECHANICS BANK Conventional home mortgage Closing on a mortgage 1 50.0%
    MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Cooperative Bank 1236 County Street Somerset, MA 2726 Full Service B&M $29,605
    Mechanics Cooperative Bank 1238 Kempton Street New Bedford, MA 2740 Full Service B&M $2,059
    Mechanics Cooperative Bank 165 State Road Westport, MA 2790 Full Service B&M $74,991
    Mechanics Cooperative Bank 201 Gar Highway Swansea, MA 2777 Full Service B&M $57,216
    Mechanics Cooperative Bank 308 Bay Street Taunton, MA 2780 Limited, Administrative $0
    Mechanics Cooperative Bank 316 Broadway Taunton, MA 2780 Full Service B&M $145,078
    Mechanics Cooperative Bank 596 Somerset Avenue North Dighton, MA 2764 Full Service B&M $63,125
    Mechanics Cooperative Bank 60 Bedford Street Fall River, MA 2720 Full Service B&M $49,868
    Mechanics Cooperative Bank 72 Main Street Bridgewater, MA 2324 Full Service B&M $50,507
    Mechanics Cooperative Bank 75 County Street Taunton, MA 2780 Full Service B&M $70,481

    For 2021, Mechanics Cooperative Bank had 10 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $26,997
    Net interest income $24,421
    Total noninterest income $2,439
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $678
    Trading account gains and fees $0
    Additional Noninterest Income $1,761
    Pre-tax net operating income $9,871
    Securities gains (or losses, -) $0
    Income before extraordinary items $7,310
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $7,310
    Minority interest net income $0
    Net income $7,310
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $7,310

    Mechanics Cooperative Bank's gross interest income from loans was $26,997,000.
    Mechanics Cooperative Bank's net interest income from loans was $24,421,000.
    Mechanics Cooperative Bank's fee based income from loans was $678,000.
    Mechanics Cooperative Bank's net income from loans was $7,310,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,576
    Provision for credit losses $12
    Total noninterest expense $16,977
    Salaries and employee benefits $9,196
    Premises and equipment expense $1,527
    Additional noninterest expense $6,254
    Applicable income taxes $2,561
    Net charge-offs $-4
    Cash dividends $0

    Mechanics Cooperative Bank's interest expense for loans was $2,576,000.
    Mechanics Cooperative Bank's payroll and benefits expense were $9,196,000.
    Mechanics Cooperative Bank's property, plant and equipment expenses $1,527,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $536,271
    Deposits held in domestic offices $536,271
    Deposits by Individuals, partnerships, and corporations $523,150
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,512
    Deposits by Commercial banks and other depository institutions in U.S. $8,609
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $172,207
    Demand deposits $111,766
    Nontransaction accounts $364,064
    Money market deposit accounts (MMDAs) $49,252
    Other savings deposits (excluding MMDAs) $127,584
    Total time deposits $187,229
    Total time and savings deposits $424,505
    Noninterest-bearing deposits $111,775
    Interest-bearing deposits $424,496
    Retail deposits $478,516
    IRAs and Keogh plan accounts $21,209
    Brokered deposits $18,404
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $630,459
    Cash & Balances due from depository institutions $11,796
    Interest-bearing balances $8,025
    Total securities $80,272
    Federal funds sold & reverse repurchase $0
    Net loans and leases $512,900
    Loan and leases loss allowance $3,990
    Trading account assets $324
    Bank premises and fixed assets $6,195
    Other real estate owned $0
    Goodwill and other intangibles $254
    All other assets $18,718

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $630,459
    Total Liabilities $553,344
    Total deposits $536,271
    Interest-bearing deposits $424,496
    Deposits held in domestic offices $536,271
    % insured (estimated) $86
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $324
    Other borrowed funds $12,056
    Subordinated debt $0
    All other liabilities $4,693

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $512,900
    Loan and leases loss allowance $3,990
    Total loans and leases (domestic) $516,890
    All real estate loans $465,304
    Real estate loans in domestic offices $465,304
    Construction and development loans $70,332
    Residential 1-4 family construction $32,962
    Other construction, all land development and other land $37,370
    Loans secured by nonfarm nonresidential properties $153,450
    Nonfarm nonresidential secured by owner-occupied properties $52,801
    Commercial real estate & other non-farm, non-residential $100,649
    Multifamily residential real estate $40,639
    1-4 family residential loans $200,735
    Farmland loans $148
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $44,141
    To non-U.S. addressees $0
    Loans to individuals $7,336
    Credit card loans $0
    Related Plans $10
    Consumer Auto Loans $4,881
    Other loans to individuals $2,445
    All other loans & leases $109
    Loans to foreign governments and official institutions $0
    Other loans $109
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $517
    Non 1-4 family restructured loans & leases $362
    Total loans and leases (foreign) $0

    Mechanics Cooperative Bank had $512,900,000 of loans outstanding in 2021. $465,304,000 of loans were in real estate loans. $70,332,000 of loans were in development loans. $40,639,000 of loans were in multifamily mortgage loans. $200,735,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $4,881,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 219 $55,107 $251,630
    Nonfarm, nonresidential loans - <$100k 25 $1,261 $50,440
    Nonfarm, nonresidential loans - $100-250k 79 $11,057 $139,962
    Nonfarm, nonresidential loans - $250k-1MM 115 $42,789 $372,078
    Commercial & Industrial, US addressed loans - <$1MM 273 $23,918 $87,612
    Commercial & Industrial, US addressed loans - <$100k 172 $3,798 $22,081
    Commercial & Industrial, US addressed loans - $100-250k 56 $5,119 $91,411
    Commercial & Industrial, US addressed loans - $250k-1MM 45 $15,001 $333,356
    Farmland loans - <$1MM 1 $148 $148,000
    Farmland loans - $250k-1MM 1 $148 $148,000