Peoples Independent Bank Mortgage Rates, Fees & Info
Boaz, ALLEI: 549300IXFXFD6OCKNJ26
Tax ID: 63-0966057
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Mortgage Data
Review & Overview
Peoples Independent Bank is a smaller bank specializing in Home Purchase and Refi loans. Peoples Independent Bank has a high proportion of conventional loans. Their top markets by origination volume include: Albertville, Fort Payne, Gadsden, Scottsboro, and Daphne among others. We have data for 11 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
67Origination Dollar Volume (All Markets)
$7,155,000Top 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) | 15 | $1,675,000 | $111,667 | $0 | 0.00% |
| Fort Payne, AL (FHA|USDA|VA) | 17 | $1,525,000 | $89,706 | $0 | 0.00% |
| GADSDEN, AL (FHA|USDA|VA) | 18 | $1,360,000 | $75,556 | $0 | 0.00% |
| Scottsboro, AL (FHA|USDA|VA) | 5 | $1,135,000 | $227,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| Sevierville, TN (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 0.00% |
| Outside of Metro Areas | 1 | $255,000 | $255,000 | $0 | 0.00% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 3 | $225,000 | $75,000 | $0 | 0.00% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 2 | $100,000 | $50,000 | $0 | 0.00% |
| FLORENCE-MUSCLE SHOALS, AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 67 | $7,155,000 | $106,791 | $0 | 0.00% |
For 2019, Peoples Independent Bank's most frequently originated type of loan was Conventional, with 67 originations.
Loan Reason
For 2019, Peoples Independent Bank's most frequently cited loan purpose was Home Purchase, with 32 originations. The 2nd most popular reason was Refi, with 31 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 67 | $7,155,000 | $106,791 | $0 | 0.00% |
For 2019, Peoples Independent Bank's most frequently cited loan duration was Other, with 67 originations.
Loan Sizing
2019 saw Peoples Independent Bank place emphasis on $100,000 or less loans with 40 originations, totaling $1,940,000 in origination value.
Applicant Income
Peoples Independent Bank lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $50k or less, with 12 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 67 | $7,155,000 | $106,791 | $0 | 0.00% |
Peoples Independent Bank lent most frequently to those with DTI ratios of Exempt%, with 67 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 56 | $5,400,000 | $96,429 | $0 | 0.00% |
| Not applicable | 9 | $1,705,000 | $189,444 | $0 | 0.00% |
| Black | 2 | $50,000 | $25,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications73.28%
Peoples Independent Bank has a below average approval rate.
Pick Rate
Approvals leading to origination56.72%
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 | 67 | $7,155,000 | $106,791 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 4 | 28.6% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 2 | 14.3% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 2 | 14.3% |