Peopleschoice Credit Union Mortgage Rates, Fees & Info

Saco, ME

LEI: 5493009SFPZZ40DZTK92

Tax ID: 01-6015389

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Mortgage Data

Review & Overview

Peopleschoice Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Peopleschoice Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Portland, Augusta, Bangor, and Lewiston among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peopleschoice Credit Union 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

112

Origination Dollar Volume (All Markets)

$26,100,000

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
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 103 $23,975,000 $232,767 $0 0.00%
Outside of Metro Areas 5 $1,315,000 $263,000 $0 0.00%
Augusta-Waterville, ME (FHA|USDA|VA) 2 $370,000 $185,000 $0 0.00%
BANGOR, ME (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Peopleschoice Credit Union's top markets include Portland, Augusta, Bangor, and Lewiston among others.

Their top states include:
  • Maine (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 112 $26,100,000 $233,036 $0 0.00%

    For 2021, Peopleschoice Credit Union's most frequently originated type of loan was Conventional, with 112 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 53 $11,295,000 $213,113 $0 0.00%
    Home Purchase 50 $13,410,000 $268,200 $0 0.00%
    Home Improvement 5 $465,000 $93,000 $0 0.00%
    Other 4 $930,000 $232,500 $0 0.00%

    For 2021, Peopleschoice Credit Union's most frequently cited loan purpose was Refi, with 53 originations. The 2nd most popular reason was Home Purchase, with 50 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 112 $26,100,000 $233,036 $0 0.00%

    For 2021, Peopleschoice Credit Union's most frequently cited loan duration was Other, with 112 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 51 $14,115,000 $276,765 $0 0.00%
    $100k-200k 34 $4,860,000 $142,941 $0 0.00%
    $100,000 or less 19 $1,025,000 $53,947 $0 0.00%
    $400k-600k 4 $1,990,000 $497,500 $0 0.00%
    $1MM+ 2 $2,690,000 $1,345,000 $0 0.00%
    $600k-1MM 2 $1,420,000 $710,000 $0 0.00%

    2021 saw Peopleschoice Credit Union place emphasis on $200k-400k loans with 51 originations, totaling $14,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 23 $3,195,000 $138,913 $0 0.00%
    $50k-75k 22 $4,300,000 $195,455 $0 0.00%
    $150k-250k 18 $6,550,000 $363,889 $0 0.00%
    $100k-150k 17 $4,385,000 $257,941 $0 0.00%
    $75k-100k 11 $2,385,000 $216,818 $0 0.00%

    Peopleschoice Credit Union lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $50k-75k, with 22 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 112 $26,100,000 $233,036 $0 0.00%

    Peopleschoice Credit Union lent most frequently to those with DTI ratios of Exempt%, with 112 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 90 $20,060,000 $222,889 $0 0.00%
    Not provided 20 $5,680,000 $284,000 $0 0.00%
    Other Pacific Islander 1 $235,000 $235,000 $0 0.00%
    Black 1 $125,000 $125,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.73%

    Peopleschoice Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    46.43%

    Peopleschoice Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 112 $26,100,000 $233,036

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    112 $26,100,000 $233,036

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%