Peoplesbank Mortgage Rates, Fees & Info

Holyoke, MA

LEI: 549300IYKILIU506KA05

Tax ID: 20-0262355

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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, Torrington, Boston, and Barnstable Town among others. We have data for 13 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.02% 12/16/24
    30 Year Conventional Purchase 5.81% 12/16/24
    30 Year Conventional Refi 6.18% 12/16/24
    30 Year Cash-out Refi 6.08% 12/16/24
    15 Year Conventional Purchase 5.93% 12/16/24
    15 Year Conventional Refi 5.87% 12/16/24
    15 Year Cash-out Refi 5.87% 12/16/24
    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

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Peoplesbank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

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


    Originations

    865

    Origination Dollar Volume (All Markets)

    $202,005,000

    Employee count

    311 Show all (5) 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) 683 $142,395,000 $208,485 $2,328 4.06%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 145 $27,115,000 $187,000 $2,107 3.94%
    Torrington, CT (FHA|USDA|VA) 4 $20,590,000 $5,147,500 $3,221 4.62%
    Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 11 $4,715,000 $428,636 $3,562 3.86%
    BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,755,000 $351,000 $3,690 3.80%
    WORCESTER, MA-CT (FHA|USDA|VA) 4 $1,620,000 $405,000 $3,584 4.13%
    PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 3 $975,000 $325,000 $3,325 4.48%
    Lebanon, NH-VT (FHA|USDA|VA) 2 $810,000 $405,000 $3,258 3.94%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $660,000 $330,000 $3,438 4.44%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $660,000 $330,000 $3,364 4.63%
    Outside of Metro Areas 2 $460,000 $230,000 $3,073 4.50%
    PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 1 $205,000 $205,000 $3,106 4.63%
    PITTSFIELD, MA (FHA|USDA|VA) 1 $45,000 $45,000 $227 4.25%
    Peoplesbank's top markets include Springfield, Hartford, Torrington, Boston, and Barnstable Town among others.

    Their top states include:
  • Massachusetts (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Vermont (FHA|USDA|VA)
  • Rhode Island (FHA|USDA|VA)
  • Maine (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against PeoplesBank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    POLISH NATIONAL
    Similarity Rank: 108
    Thomaston Savings Bank
    Similarity Rank: 112
    The Torrington Savings Bank
    Similarity Rank: 120
    Sanborn Mortgage Corporation
    Similarity Rank: 160
    Florence Bank
    Similarity Rank: 168
    Workers Credit Union
    Similarity Rank: 168
    HOLYOKE
    Similarity Rank: 228
    Country Bank for Savings
    Similarity Rank: 232

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 865 $202,005,000 $233,532 $2,329 4.04%

    For 2018, Peoplesbank's most frequently originated type of loan was Conventional, with 865 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 517 $149,885,000 $289,913 $3,013 4.17%
    Refi 239 $44,825,000 $187,552 $1,800 3.88%
    Home Improvement 64 $3,750,000 $58,594 $339 3.88%
    Other 41 $2,735,000 $66,707 $734 3.76%
    Cash Out Refi 4 $810,000 $202,500 $2,019 3.22%

    For 2018, Peoplesbank's most frequently cited loan purpose was Home Purchase, with 517 originations. The 2nd most popular reason was Refi, with 239 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 521 $121,275,000 $232,774 $2,928 4.12%
    15 Year 136 $22,340,000 $164,265 $1,963 3.83%
    20 Year 83 $12,665,000 $152,590 $1,295 4.40%
    10 Year 71 $40,885,000 $575,845 $783 3.92%
    5 Year 30 $1,080,000 $36,000 $287 3.40%
    3 Year 10 $480,000 $48,000 $1,242 1.75%
    Other 8 $1,280,000 $160,000 $1,535 4.84%
    30+ year 6 $2,000,000 $333,333 $3,014 4.75%

    For 2018, Peoplesbank's most frequently cited loan duration was 30 Year, with 521 originations. The 2nd most popular length was 15 Year, with 136 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 762 $148,190,000 $194,475
    $3k-4k 3 $575,000 $191,667
    $2k-3k 1 $195,000 $195,000

    Peoplesbank's average total fees were $2,928, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 762 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 431 $80,915,000 $187,738
    4-5% 372 $87,620,000 $235,538
    5-6% 39 $27,525,000 $705,769
    <2.5% 10 $480,000 $48,000
    2.5-3% 10 $1,300,000 $130,000
    6-7% 3 $4,165,000 $1,388,333

    During 2018, Peoplesbank's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 431 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 316 $47,490,000 $150,285 $2,386 4.04%
    $200k-400k 307 $84,225,000 $274,349 $3,025 4.14%
    $100,000 or less 187 $9,685,000 $51,791 $772 3.87%
    $400k-600k 45 $20,415,000 $453,667 $3,516 3.94%
    $600k-1MM 7 $4,905,000 $700,714 $4,567 4.33%
    $1MM+ 3 $35,285,000 $11,761,667 $0 5.74%

    2018 saw Peoplesbank place emphasis on $100k-200k loans with 316 originations, totaling $47,490,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 201 $41,675,000 $207,338 $2,282 4.01%
    $50k-75k 191 $27,745,000 $145,262 $2,242 3.92%
    $150k-250k 136 $35,180,000 $258,676 $2,516 3.99%
    $75k-100k 136 $25,400,000 $186,765 $2,436 4.09%
    $50k or less 97 $10,865,000 $112,010 $1,982 4.10%
    $250k+ 44 $15,490,000 $352,045 $2,996 3.88%

    Peoplesbank lent most frequently to those with incomes in the $100k-150k range, with 201 originations. The second most popular income band? $50k-75k, with 191 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 233 $41,345,000 $177,446 $2,221 3.89%
    30-36% 169 $32,305,000 $191,154 $2,323 4.04%
    <20% 71 $12,115,000 $170,634 $2,120 3.84%
    39% 45 $10,295,000 $228,778 $2,620 4.19%
    42% 41 $8,485,000 $206,951 $2,115 4.07%
    36% 41 $8,245,000 $201,098 $2,270 4.07%
    38% 38 $8,090,000 $212,895 $2,632 3.95%
    40% 37 $8,445,000 $228,243 $2,509 4.17%
    37% 37 $6,435,000 $173,919 $1,952 3.94%
    41% 28 $5,970,000 $213,214 $2,551 4.06%
    43% 18 $3,990,000 $221,667 $2,666 4.08%
    44% 18 $3,690,000 $205,000 $2,811 3.88%
    45% 13 $2,685,000 $206,538 $2,540 4.42%
    46% 10 $2,060,000 $206,000 $2,568 4.10%
    49% 7 $1,645,000 $235,000 $2,494 3.91%
    47% 6 $1,360,000 $226,667 $2,982 3.94%
    48% 5 $1,225,000 $245,000 $2,962 4.28%
    >60% 1 $205,000 $205,000 $3,106 4.63%

    Peoplesbank lent most frequently to those with DTI ratios of 20-30%, with 233 originations. The next most common DTI ratio? 30-36%, with 169 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 722 $135,690,000 $187,936 $2,303 4.03%
    Not applicable 22 $39,010,000 $1,773,182 $0 5.28%
    Not provided 66 $14,470,000 $219,242 $2,309 3.95%
    Asian 29 $7,805,000 $269,138 $2,904 3.80%
    Black 15 $2,575,000 $171,667 $2,324 3.79%
    Asian Indian 4 $1,110,000 $277,500 $3,335 3.84%
    Other Asian 2 $590,000 $295,000 $2,732 4.31%
    American Indian 3 $365,000 $121,667 $1,961 4.21%
    Chinese 1 $265,000 $265,000 $3,357 3.50%
    Native Hawaiian or Islander 1 $125,000 $125,000 $3,020 3.75%

    Approval Rates

    Total approvals of all applications
    92.12%

    Peoplesbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.32%

    Peoplesbank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 865 $202,005,000 $233,532

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $35,830,000 $5,971,667
    Single Family (1-4 Units):Site-Built 859 $166,175,000 $193,452

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 75 $6,795,000 $90,600 $1,104 3.93%
    40-60% 95 $35,805,000 $376,895 $2,261 4.01%
    60-80% 299 $86,275,000 $288,545 $2,803 4.06%
    80-100% 299 $69,975,000 $234,030 $2,959 4.16%
    Under 20% 97 $3,155,000 $32,526 $318 3.76%

    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%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    PeoplesBank 1051 St. James Avenue Springfield, MA 1104 Full Service B&M $21,612
    PeoplesBank 1240 Sumner Avenue Springfield, MA 1118 Full Service B&M $132,199
    PeoplesBank 1900 Wilbraham Road Springfield, MA 1129 Full Service B&M $53,157
    PeoplesBank 1936 Memorial Drive Chicopee, MA 1020 Full Service B&M $131,434
    PeoplesBank 201 North Main Street East Longmeadow, MA 1028 Full Service B&M $81,215
    PeoplesBank 24 Tabor Crossing Longmeadow, MA 1106 Full Service B&M $5,132
    PeoplesBank 281 East Main Street Westfield, MA 1085 Full Service B&M $86,150
    PeoplesBank 300 King Street Northampton, MA 1060 Full Service B&M $54,364
    PeoplesBank 314 High Street Holyoke, MA 1040 Full Service B&M $413,443
    PeoplesBank 330 Whitney Avenue Holyoke, MA 1040 Full Service B&M $0
    PeoplesBank 494 Newton Street South Hadley, MA 1075 Full Service B&M $126,919
    PeoplesBank 5 South Maple Street Hadley, MA 1035 Full Service B&M $81,977
    PeoplesBank 547 Memorial Avenue West Springfield, MA 1089 Full Service B&M $135,628
    PeoplesBank 56 Amity Street Amherst, MA 1002 Full Service B&M $79,046
    PeoplesBank 596 South Street Holyoke, MA 1040 Full Service B&M $106,459
    PeoplesBank 610 Memorial Drive Chicopee, MA 1020 Full Service B&M $97,278
    PeoplesBank 7 College Street South Hadley, MA 1075 Full Service B&M $54,504
    PeoplesBank 783 Williams Street Longmeadow, MA 1106 Full Service B&M $134,466
    PeoplesBank 807 Wilbraham Road Springfield, MA 1109 Full Service B&M $2,344
    PeoplesBank 825 Hampden Street Holyoke, MA 1040 Full Service B&M $139,632

    For 2018, Peoplesbank had 20 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $90,998
    Net interest income $68,433
    Total noninterest income $13,892
    Gross Fiduciary activities income $4
    Service charges on deposit accounts $5,229
    Trading account gains and fees $571
    Additional Noninterest Income $8,088
    Pre-tax net operating income $22,655
    Securities gains (or losses, -) $65
    Income before extraordinary items $19,230
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $19,230
    Minority interest net income $0
    Net income $19,230
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $19,174

    Peoplesbank's gross interest income from loans was $90,998,000.
    Peoplesbank's net interest income from loans was $68,433,000.
    Peoplesbank's fee based income from loans was $5,229,000.
    Peoplesbank's net income from loans was $19,230,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $22,565
    Provision for credit losses $1,415
    Total noninterest expense $58,255
    Salaries and employee benefits $30,225
    Premises and equipment expense $5,905
    Additional noninterest expense $22,125
    Applicable income taxes $3,490
    Net charge-offs $1,400
    Cash dividends $0

    Peoplesbank's interest expense for loans was $22,565,000.
    Peoplesbank's payroll and benefits expense were $30,225,000.
    Peoplesbank's property, plant and equipment expenses $5,905,000.

    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 0.0%
    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 $2,067,507
    Deposits held in domestic offices $2,067,507
    Deposits by Individuals, partnerships, and corporations $1,774,547
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $292,959
    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 $292,410
    Demand deposits $212,195
    Nontransaction accounts $1,775,096
    Money market deposit accounts (MMDAs) $432,742
    Other savings deposits (excluding MMDAs) $790,407
    Total time deposits $551,947
    Total time and savings deposits $1,855,311
    Noninterest-bearing deposits $377,069
    Interest-bearing deposits $1,690,438
    Retail deposits $1,678,641
    IRAs and Keogh plan accounts $53,390
    Brokered deposits $276,248
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,867,537
    Cash & Balances due from depository institutions $114,070
    Interest-bearing balances $87,246
    Total securities $363,763
    Federal funds sold & reverse repurchase $1,553
    Net loans and leases $2,191,935
    Loan and leases loss allowance $14,388
    Trading account assets $0
    Bank premises and fixed assets $39,694
    Other real estate owned $2,200
    Goodwill and other intangibles $36,707
    All other assets $117,615

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,867,537
    Total Liabilities $2,599,369
    Total deposits $2,067,507
    Interest-bearing deposits $1,690,438
    Deposits held in domestic offices $2,067,507
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $33,456
    Trading liabilities $0
    Other borrowed funds $458,770
    Subordinated debt $0
    All other liabilities $39,636

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,191,935
    Loan and leases loss allowance $14,388
    Total loans and leases (domestic) $2,206,323
    All real estate loans $1,907,957
    Real estate loans in domestic offices $1,907,957
    Construction and development loans $103,168
    Residential 1-4 family construction $2,762
    Other construction, all land development and other land $100,406
    Loans secured by nonfarm nonresidential properties $742,457
    Nonfarm nonresidential secured by owner-occupied properties $66,982
    Commercial real estate & other non-farm, non-residential $675,475
    Multifamily residential real estate $126,851
    1-4 family residential loans $935,481
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $259,953
    To non-U.S. addressees $0
    Loans to individuals $10,038
    Credit card loans $0
    Related Plans $736
    Consumer Auto Loans $23
    Other loans to individuals $9,279
    All other loans & leases $28,376
    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 $498
    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 $2,191,935,000 of loans outstanding in 2018. $1,907,957,000 of loans were in real estate loans. $103,168,000 of loans were in development loans. $126,851,000 of loans were in multifamily mortgage loans. $935,481,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $23,000 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 417 $163,068 $391,050
    Nonfarm, nonresidential loans - <$100k 65 $3,722 $57,262
    Nonfarm, nonresidential loans - $100-250k 157 $23,070 $146,943
    Nonfarm, nonresidential loans - $250k-1MM 195 $136,276 $698,851
    Commercial & Industrial, US addressed loans - <$1MM 490 $53,322 $108,820
    Commercial & Industrial, US addressed loans - <$100k 262 $7,339 $28,011
    Commercial & Industrial, US addressed loans - $100-250k 100 $10,091 $100,910
    Commercial & Industrial, US addressed loans - $250k-1MM 128 $35,892 $280,406