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
  • Complaints
  • 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: Boston, Providence, Barnstable Town, Miami, and Vineyard Haven 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 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

    188

    Origination Dollar Volume (All Markets)

    $98,000,000

    Employee count

    94

    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) 45 $48,745,000 $1,083,222 $0 0.00%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 133 $44,835,000 $337,105 $0 0.00%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 4 $2,990,000 $747,500 $0 0.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 4 $920,000 $230,000 $0 0.00%
    Vineyard Haven, MA (FHA|USDA|VA) 1 $285,000 $285,000 $0 0.00%
    WORCESTER, MA-CT (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
    Mechanics Cooperative Bank's top markets include Boston, Providence, Barnstable Town, Miami, and Vineyard Haven among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 188 $98,000,000 $521,277 $0 0.00%

    For 2020, Mechanics Cooperative Bank's most frequently originated type of loan was Conventional, with 188 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 70 $37,560,000 $536,571 $0 0.00%
    Refi 67 $46,335,000 $691,567 $0 0.00%
    Cash Out Refi 38 $10,670,000 $280,789 $0 0.00%
    Home Improvement 13 $3,435,000 $264,231 $0 0.00%

    For 2020, Mechanics Cooperative Bank's most frequently cited loan purpose was Home Purchase, with 70 originations. The 2nd most popular reason was Refi, with 67 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 188 $98,000,000 $521,277 $0 0.00%

    For 2020, Mechanics Cooperative Bank's most frequently cited loan duration was Other, with 188 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 80 $22,410,000 $280,125 $0 0.00%
    $100k-200k 36 $5,790,000 $160,833 $0 0.00%
    $400k-600k 28 $13,190,000 $471,071 $0 0.00%
    $600k-1MM 18 $14,120,000 $784,444 $0 0.00%
    $1MM+ 17 $41,995,000 $2,470,294 $0 0.00%
    $100,000 or less 9 $495,000 $55,000 $0 0.00%

    2020 saw Mechanics Cooperative Bank place emphasis on $200k-400k loans with 80 originations, totaling $22,410,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 34 $10,880,000 $320,000 $0 0.00%
    $150k-250k 27 $7,695,000 $285,000 $0 0.00%
    $250k+ 21 $7,395,000 $352,143 $0 0.00%
    $50k-75k 15 $3,305,000 $220,333 $0 0.00%
    $75k-100k 15 $2,675,000 $178,333 $0 0.00%
    $50k or less 9 $1,365,000 $151,667 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with incomes in the $100k-150k range, with 34 originations. The second most popular income band? $150k-250k, with 27 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 188 $98,000,000 $521,277 $0 0.00%

    Mechanics Cooperative Bank lent most frequently to those with DTI ratios of Exempt%, with 188 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 67 $64,685,000 $965,448 $0 0.00%
    White 108 $29,290,000 $271,204 $0 0.00%
    Not provided 7 $2,305,000 $329,286 $0 0.00%
    Asian 3 $1,025,000 $341,667 $0 0.00%
    Black 3 $695,000 $231,667 $0 0.00%

    Approval Rates

    Total approvals of all applications
    93.19%

    Mechanics Cooperative Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    78.72%

    Mechanics Cooperative Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 188 $98,000,000 $521,277

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 21 $30,525,000 $1,453,571
    Single Family (1-4 Units):Site-Built 167 $67,475,000 $404,042

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MECHANICS BANK Conventional home mortgage Struggling to pay mortgage 1 25.0%
    MECHANICS BANK Conventional home mortgage Trouble during payment process 1 25.0%
    MECHANICS BANK Home equity loan or line of credit (HELOC) Trouble during payment process 1 25.0%
    MECHANICS BANK Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Cooperative Bank 1236 County Street Somerset, MA 2726 Full Service B&M $29,839
    Mechanics Cooperative Bank 165 State Road Westport, MA 2790 Full Service B&M $76,267
    Mechanics Cooperative Bank 201 Gar Highway Swansea, MA 2777 Full Service B&M $56,966
    Mechanics Cooperative Bank 308 Bay Street Taunton, MA 2780 Limited, Administrative $0
    Mechanics Cooperative Bank 316 Broadway Taunton, MA 2780 Full Service B&M $129,310
    Mechanics Cooperative Bank 596 Somerset Avenue North Dighton, MA 2764 Full Service B&M $54,332
    Mechanics Cooperative Bank 60 Bedford Street Fall River, MA 2720 Full Service B&M $45,356
    Mechanics Cooperative Bank 72 Main Street Bridgewater, MA 2324 Full Service B&M $43,404
    Mechanics Cooperative Bank 75 County Street Taunton, MA 2780 Full Service B&M $61,570

    For 2020, Mechanics Cooperative Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $28,210
    Net interest income $23,405
    Total noninterest income $2,288
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $636
    Trading account gains and fees $0
    Additional Noninterest Income $1,652
    Pre-tax net operating income $8,672
    Securities gains (or losses, -) $-15
    Income before extraordinary items $6,444
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,444
    Minority interest net income $0
    Net income $6,444
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,455

    Mechanics Cooperative Bank's gross interest income from loans was $28,210,000.
    Mechanics Cooperative Bank's net interest income from loans was $23,405,000.
    Mechanics Cooperative Bank's fee based income from loans was $636,000.
    Mechanics Cooperative Bank's net income from loans was $6,444,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,805
    Provision for credit losses $456
    Total noninterest expense $16,565
    Salaries and employee benefits $10,165
    Premises and equipment expense $1,619
    Additional noninterest expense $4,781
    Applicable income taxes $2,213
    Net charge-offs $5
    Cash dividends $0

    Mechanics Cooperative Bank's interest expense for loans was $4,805,000.
    Mechanics Cooperative Bank's payroll and benefits expense were $10,165,000.
    Mechanics Cooperative Bank's property, plant and equipment expenses $1,619,000.

    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 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $503,353
    Deposits held in domestic offices $503,353
    Deposits by Individuals, partnerships, and corporations $490,891
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,132
    Deposits by Commercial banks and other depository institutions in U.S. $8,330
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $146,685
    Demand deposits $94,468
    Nontransaction accounts $356,668
    Money market deposit accounts (MMDAs) $35,621
    Other savings deposits (excluding MMDAs) $105,047
    Total time deposits $216,000
    Total time and savings deposits $408,885
    Noninterest-bearing deposits $94,605
    Interest-bearing deposits $408,748
    Retail deposits $434,185
    IRAs and Keogh plan accounts $22,352
    Brokered deposits $24,858
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $659,783
    Cash & Balances due from depository institutions $22,719
    Interest-bearing balances $17,589
    Total securities $75,505
    Federal funds sold & reverse repurchase $0
    Net loans and leases $534,624
    Loan and leases loss allowance $3,974
    Trading account assets $0
    Bank premises and fixed assets $6,567
    Other real estate owned $0
    Goodwill and other intangibles $191
    All other assets $20,177

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $659,783
    Total Liabilities $591,381
    Total deposits $503,353
    Interest-bearing deposits $408,748
    Deposits held in domestic offices $503,353
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $80,163
    Subordinated debt $0
    All other liabilities $7,865

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $534,624
    Loan and leases loss allowance $3,974
    Total loans and leases (domestic) $538,598
    All real estate loans $453,806
    Real estate loans in domestic offices $453,806
    Construction and development loans $38,918
    Residential 1-4 family construction $17,354
    Other construction, all land development and other land $21,564
    Loans secured by nonfarm nonresidential properties $165,415
    Nonfarm nonresidential secured by owner-occupied properties $53,602
    Commercial real estate & other non-farm, non-residential $111,813
    Multifamily residential real estate $45,988
    1-4 family residential loans $203,387
    Farmland loans $98
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $78,238
    To non-U.S. addressees $0
    Loans to individuals $6,533
    Credit card loans $0
    Related Plans $11
    Consumer Auto Loans $3,745
    Other loans to individuals $2,777
    All other loans & leases $21
    Loans to foreign governments and official institutions $0
    Other loans $21
    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 $544
    Non 1-4 family restructured loans & leases $385
    Total loans and leases (foreign) $0

    Mechanics Cooperative Bank had $534,624,000 of loans outstanding in 2020. $453,806,000 of loans were in real estate loans. $38,918,000 of loans were in development loans. $45,988,000 of loans were in multifamily mortgage loans. $203,387,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $3,745,000 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 1,229 $55,370 $45,053
    Nonfarm, nonresidential loans - <$100k 28 $1,497 $53,464
    Nonfarm, nonresidential loans - $100-250k 83 $12,002 $144,602
    Nonfarm, nonresidential loans - $250k-1MM 1,118 $41,871 $37,452
    Commercial & Industrial, US addressed loans - <$1MM 480 $51,078 $106,413
    Commercial & Industrial, US addressed loans - <$100k 301 $7,663 $25,458
    Commercial & Industrial, US addressed loans - $100-250k 111 $12,944 $116,613
    Commercial & Industrial, US addressed loans - $250k-1MM 68 $30,471 $448,103
    Farmland loans - <$1MM 1 $98 $98,000
    Farmland loans - $250k-1MM 1 $98 $98,000