Peopleschoice Credit Union Mortgage Rates, Fees & Info

Saco, ME

LEI: 5493009SFPZZ40DZTK92

Tax ID: 01-6015389

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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%