Peoples Independent Bank Mortgage Rates, Fees & Info

Boaz, AL

LEI: 549300IXFXFD6OCKNJ26

Tax ID: 63-0966057

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Mortgage Data

Review & Overview

Peoples Independent Bank is a smaller bank specializing in Refi and Home Purchase loans. Peoples Independent Bank has a high proportion of conventional loans. Their top markets by origination volume include: Albertville, Scottsboro, Gadsden, Fort Payne, and Phoenix among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoples Independent 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.

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Originations

69

Origination Dollar Volume (All Markets)

$9,455,000

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
Albertville, AL (FHA|USDA|VA) 18 $2,830,000 $157,222 $0 0.00%
Scottsboro, AL (FHA|USDA|VA) 13 $2,215,000 $170,385 $0 0.00%
GADSDEN, AL (FHA|USDA|VA) 13 $1,855,000 $142,692 $0 0.00%
Fort Payne, AL (FHA|USDA|VA) 18 $960,000 $53,333 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $605,000 $605,000 $0 0.00%
Sevierville, TN (FHA|USDA|VA) 2 $450,000 $225,000 $0 0.00%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Outside of Metro Areas 1 $145,000 $145,000 $0 0.00%
DECATUR, AL (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Peoples Independent Bank's top markets include Albertville, Scottsboro, Gadsden, Fort Payne, and Phoenix among others.

Their top states include:
  • Alabama (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 69 $9,455,000 $137,029 $0 0.00%

    For 2018, Peoples Independent Bank's most frequently originated type of loan was Conventional, with 69 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 38 $4,520,000 $118,947 $0 0.00%
    Home Purchase 24 $4,000,000 $166,667 $0 0.00%
    Home Improvement 5 $585,000 $117,000 $0 0.00%
    Other 2 $350,000 $175,000 $0 0.00%

    For 2018, Peoples Independent Bank's most frequently cited loan purpose was Refi, with 38 originations. The 2nd most popular reason was Home Purchase, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 69 $9,455,000 $137,029 $0 0.00%

    For 2018, Peoples Independent Bank's most frequently cited loan duration was Other, with 69 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 43 $1,815,000 $42,209 $0 0.00%
    $100k-200k 15 $2,275,000 $151,667 $0 0.00%
    $200k-400k 5 $1,345,000 $269,000 $0 0.00%
    $600k-1MM 5 $3,515,000 $703,000 $0 0.00%
    $400k-600k 1 $505,000 $505,000 $0 0.00%

    2018 saw Peoples Independent Bank place emphasis on $100,000 or less loans with 43 originations, totaling $1,815,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 23 $1,025,000 $44,565 $0 0.00%
    $150k-250k 12 $1,820,000 $151,667 $0 0.00%
    $250k+ 8 $2,480,000 $310,000 $0 0.00%
    $50k-75k 8 $410,000 $51,250 $0 0.00%
    $100k-150k 5 $1,925,000 $385,000 $0 0.00%
    $75k-100k 2 $80,000 $40,000 $0 0.00%

    Peoples Independent Bank lent most frequently to those with incomes in the $50k or less range, with 23 originations. The second most popular income band? $150k-250k, with 12 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 69 $9,455,000 $137,029 $0 0.00%

    Peoples Independent Bank lent most frequently to those with DTI ratios of Exempt%, with 69 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 58 $8,050,000 $138,793 $0 0.00%
    Not applicable 9 $1,285,000 $142,778 $0 0.00%
    American Indian 1 $65,000 $65,000 $0 0.00%
    Black 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    78.29%

    Peoples Independent Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    57.97%

    Peoples Independent Bank 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 69 $9,455,000 $137,029

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Manufactured 1 $365,000 $365,000
    Multifamily:Site-Built 2 $850,000 $425,000
    Single Family (1-4 Units):Manufactured 8 $260,000 $32,500
    Single Family (1-4 Units):Site-Built 58 $7,980,000 $137,586

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Peoples Home Equity, Inc. Conventional home mortgage Closing on a mortgage 2 50.0%
    Peoples Home Equity, Inc. FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 25.0%
    Peoples Home Equity, Inc. Other type of mortgage Closing on a mortgage 1 25.0%