Mechanics Cooperative Bank Mortgage Rates, Fees & Info

Taunton, MA

LEI: 549300BOX0L2YKKXKO38

Tax ID: 04-1608620

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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)

    • Bank Data

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

    • Review & 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 by origination volume include: Providence, Boston, Miami, Vineyard Haven, and Lebanon among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics Cooperative 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.

    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

    135

    Origination Dollar Volume (All Markets)

    $53,905,000

    Employee count

    95

    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
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 98 $30,260,000 $308,776 $0 0.00%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 33 $20,765,000 $629,242 $0 0.00%
    Outside of Metro Areas 1 $1,485,000 $1,485,000 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $805,000 $805,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $505,000 $505,000 $0 0.00%
    Lebanon, NH-VT (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
    Mechanics Cooperative Bank's top markets include Providence, Boston, Miami, Vineyard Haven, and Lebanon among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 135 $53,905,000 $399,296 $0 0.00%

    For 2019, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 135 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 67 $34,035,000 $507,985 $0 0.00%
    Refi 38 $12,290,000 $323,421 $0 0.00%
    Cash Out Refi 21 $5,305,000 $252,619 $0 0.00%
    Home Improvement 8 $2,160,000 $270,000 $0 0.00%
    Other 1 $115,000 $115,000 $0 0.00%

    For 2019, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 67 originations. The 2nd most popular reason was Refi, with 38 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 135 $53,905,000 $399,296 $0 0.00%

    For 2019, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 48 $13,110,000 $273,125 $0 0.00%
    $100k-200k 34 $5,240,000 $154,118 $0 0.00%
    $400k-600k 20 $9,970,000 $498,500 $0 0.00%
    $100,000 or less 12 $600,000 $50,000 $0 0.00%
    $1MM+ 11 $17,595,000 $1,599,545 $0 0.00%
    $600k-1MM 10 $7,390,000 $739,000 $0 0.00%

    2019 saw Mechanics Cooperative Bank place emphasis on $200k-400k loans with 48 originations, totaling $13,110,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $4,345,000 $255,588 $0 0.00%
    $250k+ 15 $7,475,000 $498,333 $0 0.00%
    $50k-75k 14 $2,710,000 $193,571 $0 0.00%
    $150k-250k 10 $4,150,000 $415,000 $0 0.00%
    $75k-100k 9 $2,385,000 $265,000 $0 0.00%
    $50k or less 7 $755,000 $107,857 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $250k+, with 15 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 135 $53,905,000 $399,296 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 135 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 60 $31,640,000 $527,333 $0 0.00%
    White 72 $21,440,000 $297,778 $0 0.00%
    Asian 2 $610,000 $305,000 $0 0.00%
    Not provided 1 $215,000 $215,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    89.64%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.22%

    Mechanics Cooperative Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 135 $53,905,000 $399,296

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $14,060,000 $703,000
    Single Family (1-4 Units):Site-Built 115 $39,845,000 $346,478

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Cooperative Bank 1236 County Street Somerset, MA 2726 Full Service B&M $25,184
    Mechanics Cooperative Bank 165 State Road Westport, MA 2790 Full Service B&M $60,101
    Mechanics Cooperative Bank 201 Gar Highway Swansea, MA 2777 Full Service B&M $46,989
    Mechanics Cooperative Bank 308 Bay Street Taunton, MA 2780 Limited, Administrative $0
    Mechanics Cooperative Bank 316 Broadway Taunton, MA 2780 Full Service B&M $123,070
    Mechanics Cooperative Bank 596 Somerset Avenue North Dighton, MA 2764 Full Service B&M $48,785
    Mechanics Cooperative Bank 60 Bedford Street Fall River, MA 2720 Full Service B&M $51,586
    Mechanics Cooperative Bank 72 Main Street Bridgewater, MA 2324 Full Service B&M $36,653
    Mechanics Cooperative Bank 75 County Street Taunton, MA 2780 Full Service B&M $50,875

    For 2019, Mechanics Cooperative Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,643
    Net interest income $20,758
    Total noninterest income $1,889
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $821
    Trading account gains and fees $0
    Additional Noninterest Income $1,068
    Pre-tax net operating income $8,602
    Securities gains (or losses, -) $0
    Income before extraordinary items $6,385
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,385
    Minority interest net income $0
    Net income $6,385
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,385

    Mechanics Cooperative Bank's gross interest income from loans was $27,643,000.
    Mechanics Cooperative Bank's net interest income from loans was $20,758,000.
    Mechanics Cooperative Bank's fee based income from loans was $821,000.
    Mechanics Cooperative Bank's net income from loans was $6,385,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $6,885
    Provision for credit losses $4
    Total noninterest expense $14,041
    Salaries and employee benefits $9,609
    Premises and equipment expense $1,284
    Additional noninterest expense $3,148
    Applicable income taxes $2,217
    Net charge-offs $-7
    Cash dividends $0

    Mechanics Cooperative Bank's interest expense for loans was $6,885,000.
    Mechanics Cooperative Bank's payroll and benefits expense were $9,609,000.
    Mechanics Cooperative Bank's property, plant and equipment expenses $1,284,000.

    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 $452,099
    Deposits held in domestic offices $452,099
    Deposits by Individuals, partnerships, and corporations $436,325
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,696
    Deposits by Commercial banks and other depository institutions in U.S. $11,078
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $114,498
    Demand deposits $70,842
    Nontransaction accounts $337,601
    Money market deposit accounts (MMDAs) $30,175
    Other savings deposits (excluding MMDAs) $85,223
    Total time deposits $222,202
    Total time and savings deposits $381,257
    Noninterest-bearing deposits $70,856
    Interest-bearing deposits $381,243
    Retail deposits $385,115
    IRAs and Keogh plan accounts $22,736
    Brokered deposits $28,695
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $605,422
    Cash & Balances due from depository institutions $8,469
    Interest-bearing balances $1,760
    Total securities $74,301
    Federal funds sold & reverse repurchase $0
    Net loans and leases $496,396
    Loan and leases loss allowance $3,523
    Trading account assets $0
    Bank premises and fixed assets $6,545
    Other real estate owned $0
    Goodwill and other intangibles $93
    All other assets $19,618

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $605,422
    Total Liabilities $543,073
    Total deposits $452,099
    Interest-bearing deposits $381,243
    Deposits held in domestic offices $452,099
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $85,493
    Subordinated debt $0
    All other liabilities $5,481

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $496,396
    Loan and leases loss allowance $3,523
    Total loans and leases (domestic) $499,919
    All real estate loans $459,707
    Real estate loans in domestic offices $459,707
    Construction and development loans $51,565
    Residential 1-4 family construction $34,666
    Other construction, all land development and other land $16,899
    Loans secured by nonfarm nonresidential properties $160,228
    Nonfarm nonresidential secured by owner-occupied properties $47,833
    Commercial real estate & other non-farm, non-residential $112,395
    Multifamily residential real estate $46,430
    1-4 family residential loans $201,349
    Farmland loans $135
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $34,554
    To non-U.S. addressees $0
    Loans to individuals $5,606
    Credit card loans $0
    Related Plans $14
    Consumer Auto Loans $2,126
    Other loans to individuals $3,466
    All other loans & leases $52
    Loans to foreign governments and official institutions $0
    Other loans $52
    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 $610
    Non 1-4 family restructured loans & leases $446
    Total loans and leases (foreign) $0

    Mechanics Cooperative Bank had $496,396,000 of loans outstanding in 2019. $459,707,000 of loans were in real estate loans. $51,565,000 of loans were in development loans. $46,430,000 of loans were in multifamily mortgage loans. $201,349,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $2,126,000 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 216 $52,988 $245,315
    Nonfarm, nonresidential loans - <$100k 25 $1,202 $48,080
    Nonfarm, nonresidential loans - $100-250k 80 $11,784 $147,300
    Nonfarm, nonresidential loans - $250k-1MM 111 $40,002 $360,378
    Commercial & Industrial, US addressed loans - <$1MM 292 $20,653 $70,729
    Commercial & Industrial, US addressed loans - <$100k 205 $4,593 $22,405
    Commercial & Industrial, US addressed loans - $100-250k 56 $5,541 $98,946
    Commercial & Industrial, US addressed loans - $250k-1MM 31 $10,519 $339,323
    Farmland loans - <$1MM 1 $135 $135,000
    Farmland loans - $250k-1MM 1 $135 $135,000