Peoplesbank Mortgage Rates, Fees & Info

Holyoke, MA

LEI: 549300IYKILIU506KA05

Tax ID: 20-0262355

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Mortgage Data

Bank Data

Review & Overview

Peoplesbank is a smaller bank specializing in Home Purchase and Refi loans. Peoplesbank has a high proportion of conventional loans. Their top markets by origination volume include: Springfield, Hartford, Boston, Norwich, and Philadelphia among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoplesbank 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. Peoplesbank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.02% 10/31/24
30 Year Conventional Purchase 5.81% 10/31/24
30 Year Conventional Refi 6.18% 10/31/24
30 Year Cash-out Refi 6.08% 10/31/24
15 Year Conventional Purchase 5.93% 10/31/24
15 Year Conventional Refi 5.87% 10/31/24
15 Year Cash-out Refi 5.87% 10/31/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Peoplesbank Mortgage Calculator






Your Estimates

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The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

733

Origination Dollar Volume (All Markets)

$334,525,000

Employee count

299

Awards

PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans bronze PeoplesBank 30 Year Conventional Loans silver PeoplesBank 30 Year Conventional Loans bronze
Show all (4) awards

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
SPRINGFIELD, MA (FHA|USDA|VA) 622 $175,970,000 $282,910 $3,019 3.09%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 78 $49,800,000 $638,462 $3,181 3.14%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 4 $44,390,000 $11,097,500 $5,131 3.30%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $26,765,000 $5,353,000 $6,728 3.14%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $16,820,000 $8,410,000 $0 3.38%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $6,775,000 $2,258,333 $4,675 3.76%
PITTSFIELD, MA (FHA|USDA|VA) 2 $6,690,000 $3,345,000 $3,146 2.94%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $3,090,000 $1,545,000 $7,791 3.00%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 8 $2,260,000 $282,500 $3,217 2.78%
Lebanon, NH-VT (FHA|USDA|VA) 1 $935,000 $935,000 $3,610 3.13%
WORCESTER, MA-CT (FHA|USDA|VA) 2 $320,000 $160,000 $2,526 2.94%
Bennington, VT (FHA|USDA|VA) 1 $215,000 $215,000 $5,518 2.88%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $195,000 $195,000 $3,821 2.50%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $165,000 $165,000 $0 4.50%
Outside of Metro Areas 1 $135,000 $135,000 $3,365 2.88%
Peoplesbank's top markets include Springfield, Hartford, Boston, Norwich, and Philadelphia among others.

Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • New Hampshire (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 733 $334,525,000 $456,378 $3,079 3.09%

    For 2021, Peoplesbank's most frequently originated type of loan was Conventional, with 733 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 288 $124,670,000 $432,882 $3,795 3.13%
    Refi 225 $163,735,000 $727,711 $2,773 3.08%
    Cash Out Refi 165 $37,815,000 $229,182 $3,122 2.84%
    Home Improvement 37 $5,895,000 $159,324 $275 3.76%
    Other 18 $2,410,000 $133,889 $1,425 3.53%

    For 2021, Peoplesbank's most frequently cited loan purpose was Home Purchase, with 288 originations. The 2nd most popular reason was Refi, with 225 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 432 $111,300,000 $257,639 $3,553 3.08%
    15 Year 138 $32,750,000 $237,319 $2,534 2.81%
    20 Year 82 $70,520,000 $860,000 $2,459 3.23%
    Other 33 $31,315,000 $948,939 $3,779 3.47%
    10 Year 32 $65,950,000 $2,060,938 $606 3.51%
    5 Year 13 $19,375,000 $1,490,385 $0 3.68%
    30+ year 2 $710,000 $355,000 $3,901 3.63%
    3 Year 1 $2,605,000 $2,605,000 $0 3.25%

    For 2021, Peoplesbank's most frequently cited loan duration was 30 Year, with 432 originations. The 2nd most popular length was 15 Year, with 138 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 573 $131,365,000 $229,258
    $1k-2k 19 $3,535,000 $186,053
    $2k-3k 19 $4,495,000 $236,579
    $3k-4k 8 $1,970,000 $246,250
    $4k-5k 5 $1,725,000 $345,000
    $5k+ 5 $1,985,000 $397,000

    Peoplesbank's average total fees were $3,553, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 573 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 432 $106,000,000 $245,370
    3-4% 232 $206,580,000 $890,431
    <2.5% 37 $7,765,000 $209,865
    4-5% 32 $14,180,000 $443,125

    During 2021, Peoplesbank's average interest rate for loans was 3.08%, while their most frequently originated rate bucket for loans was 2.5-3%, with 432 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 313 $86,415,000 $276,086 $3,537 3.00%
    $100k-200k 244 $37,480,000 $153,607 $2,918 3.05%
    $100,000 or less 86 $4,920,000 $57,209 $979 3.47%
    $400k-600k 57 $26,655,000 $467,632 $4,220 3.04%
    $1MM+ 23 $171,685,000 $7,464,565 $10,853 3.37%
    $600k-1MM 10 $7,370,000 $737,000 $4,640 3.52%

    2021 saw Peoplesbank place emphasis on $200k-400k loans with 313 originations, totaling $86,415,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 157 $39,555,000 $251,943 $3,267 3.06%
    $50k-75k 151 $26,235,000 $173,742 $2,896 3.04%
    $75k-100k 142 $29,130,000 $205,141 $2,889 3.06%
    $150k-250k 108 $31,430,000 $291,019 $3,366 2.94%
    $50k or less 76 $9,950,000 $130,921 $2,612 3.07%
    $250k+ 42 $17,930,000 $426,905 $4,172 3.24%

    Peoplesbank lent most frequently to those with incomes in the $100k-150k range, with 157 originations. The second most popular income band? $50k-75k, with 151 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 207 $47,815,000 $230,990 $3,129 2.98%
    30-36% 173 $38,215,000 $220,896 $2,966 3.05%
    <20% 73 $17,875,000 $244,863 $3,297 2.97%
    40% 37 $9,275,000 $250,676 $3,253 3.17%
    37% 33 $6,355,000 $192,576 $2,959 3.09%
    42% 25 $5,335,000 $213,400 $2,694 3.16%
    39% 23 $4,705,000 $204,565 $2,744 3.14%
    41% 23 $4,525,000 $196,739 $2,875 3.08%
    38% 21 $5,075,000 $241,667 $3,209 3.02%
    36% 21 $5,445,000 $259,286 $3,452 3.06%
    43% 16 $3,830,000 $239,375 $3,530 3.19%
    45% 9 $2,085,000 $231,667 $2,800 3.07%
    44% 7 $1,215,000 $173,571 $2,145 3.38%
    47% 7 $2,135,000 $305,000 $3,816 2.98%
    46% 6 $1,540,000 $256,667 $3,191 3.02%
    49% 3 $635,000 $211,667 $2,956 3.08%
    48% 1 $175,000 $175,000 $3,248 3.00%
    50-60% 1 $375,000 $375,000 $0 4.00%

    Peoplesbank lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 173 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 43 $177,075,000 $4,118,023 $0 3.77%
    White 515 $116,825,000 $226,845 $3,017 3.06%
    Not provided 141 $32,025,000 $227,128 $3,272 3.01%
    Asian 21 $5,825,000 $277,381 $3,492 3.01%
    Black 10 $2,160,000 $216,000 $3,049 3.07%
    American Indian 3 $615,000 $205,000 $2,441 3.33%

    Approval Rates

    Total approvals of all applications
    92.82%

    Peoplesbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.99%

    Peoplesbank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 733 $334,525,000 $456,378

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    733 $334,525,000 $456,378

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 57 $13,535,000 $237,456 $2,078 3.09%
    40-60% 139 $92,395,000 $664,712 $2,907 2.92%
    60-80% 316 $171,950,000 $544,146 $3,488 3.09%
    80-100% 177 $46,965,000 $265,339 $3,670 3.05%
    Under 20% 44 $9,680,000 $220,000 $8 3.80%

    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%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Peoplesbank 1 Turkey Hills Road East Granby, CT 6026 Full Service B&M $47,567
    Peoplesbank 1051 St. James Avenue Springfield, MA 1104 Full Service B&M $42,317
    Peoplesbank 1240 Sumner Avenue Springfield, MA 1118 Full Service B&M $197,597
    Peoplesbank 1380 Mountain Road West Suffield, CT 6093 Full Service B&M $48,486
    Peoplesbank 1864 Northampton St, # 1866 Holyoke, MA 1040 Full Service B&M $270,221
    Peoplesbank 1900 Wilbraham Road Springfield, MA 1129 Full Service B&M $85,079
    Peoplesbank 1936 Memorial Drive Chicopee, MA 1020 Full Service B&M $154,301
    Peoplesbank 201 North Main Street East Longmeadow, MA 1028 Full Service B&M $115,838
    Peoplesbank 24 Tabor Crossing Longmeadow, MA 1106 Full Service B&M $5,464
    Peoplesbank 281 East Main Street Westfield, MA 1085 Full Service B&M $134,597
    Peoplesbank 30 Bridge Street Suffield, CT 6078 Full Service B&M $174,228
    Peoplesbank 300 King Street Northampton, MA 1060 Full Service B&M $103,564
    Peoplesbank 314 High Street Holyoke, MA 1040 Full Service B&M $340,514
    Peoplesbank 330 Whitney Ave Holyoke, MA 1040 Full Service B&M $0
    Peoplesbank 450 Center St. Ludlow, MA 1056 Full Service B&M $20,780
    Peoplesbank 468 Newton Street South Hadley, MA 1075 Full Service B&M $159,341
    Peoplesbank 5 South Maple Street Hadley, MA 1035 Full Service B&M $107,557
    Peoplesbank 547 Memorial Avenue West Springfield, MA 1089 Full Service B&M $269,244
    Peoplesbank 56 Amity Street Amherst, MA 1002 Full Service B&M $93,990
    Peoplesbank 6 National Drive Windsor Locks, CT 6096 Full Service B&M $62,421
    Peoplesbank 610 Memorial Drive Chicopee, MA 1020 Full Service B&M $126,790
    Peoplesbank 783 Williams Street Longmeadow, MA 1106 Full Service B&M $172,482
    Peoplesbank 807 Wilbraham Road Springfield, MA 1109 Full Service B&M $1,640

    For 2021, Peoplesbank had 23 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $101,958
    Net interest income $88,262
    Total noninterest income $16,035
    Gross Fiduciary activities income $2
    Service charges on deposit accounts $5,135
    Trading account gains and fees $1,610
    Additional Noninterest Income $9,288
    Pre-tax net operating income $26,151
    Securities gains (or losses, -) $4,079
    Income before extraordinary items $29,112
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $29,112
    Minority interest net income $0
    Net income $29,112
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $25,196

    Peoplesbank's gross interest income from loans was $101,958,000.
    Peoplesbank's net interest income from loans was $88,262,000.
    Peoplesbank's fee based income from loans was $5,135,000.
    Peoplesbank's net income from loans was $29,112,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $13,696
    Provision for credit losses $1,971
    Total noninterest expense $76,175
    Salaries and employee benefits $38,008
    Premises and equipment expense $6,820
    Additional noninterest expense $31,347
    Applicable income taxes $1,118
    Net charge-offs $1,959
    Cash dividends $2,210

    Peoplesbank's interest expense for loans was $13,696,000.
    Peoplesbank's payroll and benefits expense were $38,008,000.
    Peoplesbank's property, plant and equipment expenses $6,820,000.

    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 1.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $3,123,653
    Deposits held in domestic offices $3,123,653
    Deposits by Individuals, partnerships, and corporations $2,511,606
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $612,047
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $305,945
    Demand deposits $233,292
    Nontransaction accounts $2,817,708
    Money market deposit accounts (MMDAs) $1,430,788
    Other savings deposits (excluding MMDAs) $1,264,529
    Total time deposits $122,392
    Total time and savings deposits $2,890,361
    Noninterest-bearing deposits $656,847
    Interest-bearing deposits $2,466,806
    Retail deposits $2,825,321
    IRAs and Keogh plan accounts $43,522
    Brokered deposits $265,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $3,580,270
    Cash & Balances due from depository institutions $255,012
    Interest-bearing balances $230,732
    Total securities $553,230
    Federal funds sold & reverse repurchase $50,516
    Net loans and leases $2,513,824
    Loan and leases loss allowance $23,896
    Trading account assets $0
    Bank premises and fixed assets $44,816
    Other real estate owned $0
    Goodwill and other intangibles $26,263
    All other assets $136,609

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $3,580,270
    Total Liabilities $3,237,833
    Total deposits $3,123,653
    Interest-bearing deposits $2,466,806
    Deposits held in domestic offices $3,123,653
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $55,792
    Trading liabilities $0
    Other borrowed funds $5,670
    Subordinated debt $0
    All other liabilities $52,718

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,513,824
    Loan and leases loss allowance $23,896
    Total loans and leases (domestic) $2,537,720
    All real estate loans $2,138,410
    Real estate loans in domestic offices $2,138,410
    Construction and development loans $180,635
    Residential 1-4 family construction $2,868
    Other construction, all land development and other land $177,767
    Loans secured by nonfarm nonresidential properties $771,375
    Nonfarm nonresidential secured by owner-occupied properties $84,302
    Commercial real estate & other non-farm, non-residential $687,073
    Multifamily residential real estate $244,743
    1-4 family residential loans $941,657
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $245,741
    To non-U.S. addressees $0
    Loans to individuals $138,366
    Credit card loans $0
    Related Plans $559
    Consumer Auto Loans $458
    Other loans to individuals $137,349
    All other loans & leases $15,203
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $114
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    PeoplesBank had $2,513,824,000 of loans outstanding in 2021. $2,138,410,000 of loans were in real estate loans. $180,635,000 of loans were in development loans. $244,743,000 of loans were in multifamily mortgage loans. $941,657,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $458,000 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 249 $65,945 $264,839
    Nonfarm, nonresidential loans - <$100k 15 $729 $48,600
    Nonfarm, nonresidential loans - $100-250k 91 $11,849 $130,209
    Nonfarm, nonresidential loans - $250k-1MM 143 $53,367 $373,196
    Commercial & Industrial, US addressed loans - <$1MM 451 $34,159 $75,741
    Commercial & Industrial, US addressed loans - <$100k 189 $3,511 $18,577
    Commercial & Industrial, US addressed loans - $100-250k 149 $9,485 $63,658
    Commercial & Industrial, US addressed loans - $250k-1MM 113 $21,163 $187,283