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, Providence, Philadelphia, and Boston among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

Peoplesbank 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. 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% 3/28/24
30 Year Conventional Purchase 5.81% 3/28/24
30 Year Conventional Refi 6.18% 3/28/24
30 Year Cash-out Refi 6.08% 3/28/24
15 Year Conventional Purchase 5.93% 3/28/24
15 Year Conventional Refi 5.87% 3/28/24
15 Year Cash-out Refi 5.87% 3/28/24
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

820

Origination Dollar Volume (All Markets)

$223,120,000

Employee count

303 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) 685 $140,905,000 $205,701 $2,561 3.98%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 107 $43,425,000 $405,841 $2,337 3.99%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 2 $26,770,000 $13,385,000 $4,319 4.43%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $4,775,000 $4,775,000 $0 4.30%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $1,855,000 $618,333 $4,244 3.88%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 7 $1,765,000 $252,143 $2,391 3.64%
PITTSFIELD, MA (FHA|USDA|VA) 4 $990,000 $247,500 $3,439 3.78%
WORCESTER, MA-CT (FHA|USDA|VA) 4 $940,000 $235,000 $2,814 3.84%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 3 $785,000 $261,667 $3,687 4.13%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $360,000 $180,000 $2,006 4.00%
Lebanon, NH-VT (FHA|USDA|VA) 1 $275,000 $275,000 $3,240 4.63%
Outside of Metro Areas 1 $275,000 $275,000 $4,225 3.75%
Peoplesbank's top markets include Springfield, Hartford, Providence, Philadelphia, and Boston among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 820 $223,120,000 $272,098 $2,553 3.98%

    For 2019, Peoplesbank's most frequently originated type of loan was Conventional, with 820 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 501 $120,465,000 $240,449 $3,241 3.96%
    Refi 132 $76,110,000 $576,591 $1,331 4.09%
    Cash Out Refi 83 $15,685,000 $188,976 $2,777 3.74%
    Home Improvement 71 $8,745,000 $123,169 $395 4.17%
    Other 33 $2,115,000 $64,091 $730 3.98%

    For 2019, Peoplesbank's most frequently cited loan purpose was Home Purchase, with 501 originations. The 2nd most popular reason was Refi, with 132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 539 $123,285,000 $228,729 $3,203 3.97%
    15 Year 108 $16,460,000 $152,407 $1,887 3.86%
    20 Year 88 $41,280,000 $469,091 $1,058 4.23%
    10 Year 50 $8,400,000 $168,000 $705 4.00%
    5 Year 25 $1,185,000 $47,400 $289 3.61%
    Other 9 $27,735,000 $3,081,667 $2,661 4.08%
    3 Year 1 $4,775,000 $4,775,000 $0 4.30%

    For 2019, Peoplesbank's most frequently cited loan duration was 30 Year, with 539 originations. The 2nd most popular length was 15 Year, with 108 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 707 $138,285,000 $195,594
    $2k-3k 1 $75,000 $75,000
    $4k-5k 1 $175,000 $175,000

    Peoplesbank's average total fees were $3,203, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 707 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 482 $125,540,000 $260,456
    4-5% 328 $93,370,000 $284,665
    5-6% 10 $4,210,000 $421,000

    During 2019, Peoplesbank's average interest rate for loans was 3.97%, while their most frequently originated rate bucket for loans was 3-4%, with 482 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 300 $45,510,000 $151,700 $2,595 4.00%
    $200k-400k 295 $79,405,000 $269,169 $3,252 3.91%
    $100,000 or less 165 $8,975,000 $54,394 $891 4.05%
    $400k-600k 40 $18,690,000 $467,250 $3,884 3.88%
    $1MM+ 13 $65,425,000 $5,032,692 $0 4.14%
    $600k-1MM 7 $5,115,000 $730,714 $4,646 3.97%

    2019 saw Peoplesbank place emphasis on $100k-200k loans with 300 originations, totaling $45,510,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 197 $30,435,000 $154,492 $2,482 3.93%
    $100k-150k 181 $36,325,000 $200,691 $2,489 4.02%
    $75k-100k 143 $26,475,000 $185,140 $2,534 3.97%
    $150k-250k 124 $32,950,000 $265,726 $2,748 3.98%
    $50k or less 84 $9,030,000 $107,500 $2,370 3.92%
    $250k+ 48 $15,480,000 $322,500 $3,143 3.91%

    Peoplesbank lent most frequently to those with incomes in the $50k-75k range, with 197 originations. The second most popular income band? $100k-150k, with 181 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 207 $41,885,000 $202,343 $2,606 3.96%
    30-36% 197 $37,305,000 $189,365 $2,649 3.95%
    <20% 62 $12,920,000 $208,387 $2,454 3.90%
    39% 49 $7,165,000 $146,224 $2,039 4.01%
    42% 45 $8,515,000 $189,222 $1,980 4.07%
    37% 40 $7,750,000 $193,750 $2,147 4.14%
    38% 34 $7,300,000 $214,706 $2,962 3.93%
    40% 32 $5,520,000 $172,500 $2,673 4.00%
    41% 31 $5,505,000 $177,581 $2,331 4.08%
    36% 30 $5,310,000 $177,000 $2,570 3.91%
    43% 24 $5,180,000 $215,833 $2,911 4.05%
    44% 19 $3,835,000 $201,842 $2,853 3.89%
    45% 12 $2,830,000 $235,833 $3,067 3.79%
    47% 7 $1,175,000 $167,857 $2,976 3.73%
    46% 6 $1,580,000 $263,333 $3,194 4.04%
    49% 4 $820,000 $205,000 $3,084 3.41%
    48% 2 $750,000 $375,000 $3,556 3.75%

    Peoplesbank lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 197 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 711 $135,395,000 $190,429 $2,522 3.97%
    Not applicable 18 $67,530,000 $3,751,667 $0 4.30%
    Asian 32 $7,520,000 $235,000 $3,212 3.89%
    Not provided 29 $6,705,000 $231,207 $2,608 3.90%
    Black 22 $4,070,000 $185,000 $2,325 4.02%
    American Indian 2 $680,000 $340,000 $3,560 3.69%
    Asian Indian 4 $680,000 $170,000 $3,642 3.88%
    Other Asian 1 $415,000 $415,000 $3,806 4.38%
    Native Hawaiian or Islander 1 $125,000 $125,000 $3,058 3.75%

    Approval Rates

    Total approvals of all applications
    89.13%

    Peoplesbank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.95%

    Peoplesbank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 820 $223,120,000 $272,098

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 17 $67,435,000 $3,966,765
    Single Family (1-4 Units):Site-Built 803 $155,685,000 $193,879

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 70 $12,520,000 $178,857 $1,162 4.07%
    40-60% 88 $21,180,000 $240,682 $2,388 3.96%
    60-80% 251 $107,285,000 $427,430 $2,956 3.99%
    80-100% 329 $78,845,000 $239,650 $3,215 3.93%
    Under 20% 82 $3,290,000 $40,122 $381 4.05%

    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%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    PeoplesBank 1051 St. James Avenue Springfield, MA 1104 Full Service B&M $22,801
    PeoplesBank 1240 Sumner Avenue Springfield, MA 1118 Full Service B&M $93,547
    PeoplesBank 1380 Mountain Road West Suffield, CT 6093 Full Service B&M $37,147
    PeoplesBank 1900 Wilbraham Road Springfield, MA 1129 Full Service B&M $60,422
    PeoplesBank 1936 Memorial Drive Chicopee, MA 1020 Full Service B&M $127,105
    PeoplesBank 201 North Main Street East Longmeadow, MA 1028 Full Service B&M $85,278
    PeoplesBank 24 Tabor Crossing Longmeadow, MA 1106 Full Service B&M $5,751
    PeoplesBank 281 East Main Street Westfield, MA 1085 Full Service B&M $79,887
    PeoplesBank 30 Bridge Street Suffield, CT 6078 Full Service B&M $143,467
    PeoplesBank 300 King Street Northampton, MA 1060 Full Service B&M $55,084
    PeoplesBank 314 High Street Holyoke, MA 1040 Full Service B&M $289,589
    PeoplesBank 330 Whitney Avenue Holyoke, MA 1040 Full Service B&M $0
    PeoplesBank 3a Turkey Hills Road East Granby, CT 6026 Full Service B&M $26,146
    PeoplesBank 494 Newton Street South Hadley, MA 1075 Full Service B&M $125,652
    PeoplesBank 5 South Maple Street Hadley, MA 1035 Full Service B&M $74,336
    PeoplesBank 547 Memorial Avenue West Springfield, MA 1089 Full Service B&M $181,667
    PeoplesBank 56 Amity Street Amherst, MA 1002 Full Service B&M $77,654
    PeoplesBank 596 South Street Holyoke, MA 1040 Full Service B&M $105,457
    PeoplesBank 6 National Drive Windsor Locks, CT 6096 Full Service B&M $27,135
    PeoplesBank 610 Memorial Drive Chicopee, MA 1020 Full Service B&M $100,948
    PeoplesBank 7 College Street South Hadley, MA 1075 Full Service B&M $37,253
    PeoplesBank 783 Williams Street Longmeadow, MA 1106 Full Service B&M $128,105
    PeoplesBank 807 Wilbraham Road Springfield, MA 1109 Full Service B&M $2,657
    PeoplesBank 825 Hampden Street Holyoke, MA 1040 Full Service B&M $121,580

    For 2019, Peoplesbank had 24 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $110,832
    Net interest income $80,331
    Total noninterest income $11,429
    Gross Fiduciary activities income $3
    Service charges on deposit accounts $6,134
    Trading account gains and fees $-263
    Additional Noninterest Income $5,555
    Pre-tax net operating income $25,746
    Securities gains (or losses, -) $312
    Income before extraordinary items $25,160
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $25,160
    Minority interest net income $0
    Net income $25,160
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $24,857

    Peoplesbank's gross interest income from loans was $110,832,000.
    Peoplesbank's net interest income from loans was $80,331,000.
    Peoplesbank's fee based income from loans was $6,134,000.
    Peoplesbank's net income from loans was $25,160,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $30,501
    Provision for credit losses $2,133
    Total noninterest expense $63,881
    Salaries and employee benefits $33,295
    Premises and equipment expense $6,765
    Additional noninterest expense $23,821
    Applicable income taxes $898
    Net charge-offs $1,251
    Cash dividends $0

    Peoplesbank's interest expense for loans was $30,501,000.
    Peoplesbank's payroll and benefits expense were $33,295,000.
    Peoplesbank's property, plant and equipment expenses $6,765,000.

    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 $1,938,870
    Deposits held in domestic offices $1,938,870
    Deposits by Individuals, partnerships, and corporations $1,615,657
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $323,214
    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 $266,383
    Demand deposits $197,255
    Nontransaction accounts $1,672,488
    Money market deposit accounts (MMDAs) $546,685
    Other savings deposits (excluding MMDAs) $808,176
    Total time deposits $317,627
    Total time and savings deposits $1,741,616
    Noninterest-bearing deposits $403,361
    Interest-bearing deposits $1,535,509
    Retail deposits $1,758,392
    IRAs and Keogh plan accounts $46,043
    Brokered deposits $70,362
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $2,943,806
    Cash & Balances due from depository institutions $115,338
    Interest-bearing balances $93,901
    Total securities $368,871
    Federal funds sold & reverse repurchase $94
    Net loans and leases $2,247,831
    Loan and leases loss allowance $15,270
    Trading account assets $0
    Bank premises and fixed assets $46,629
    Other real estate owned $0
    Goodwill and other intangibles $32,849
    All other assets $132,194

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $2,943,805
    Total Liabilities $2,646,627
    Total deposits $1,938,870
    Interest-bearing deposits $1,535,509
    Deposits held in domestic offices $1,938,870
    % insured (estimated) $66
    Federal funds purchased and repurchase agreements $39,688
    Trading liabilities $0
    Other borrowed funds $612,539
    Subordinated debt $0
    All other liabilities $55,530

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $2,247,831
    Loan and leases loss allowance $15,270
    Total loans and leases (domestic) $2,263,101
    All real estate loans $1,966,718
    Real estate loans in domestic offices $1,966,718
    Construction and development loans $132,533
    Residential 1-4 family construction $4,637
    Other construction, all land development and other land $127,896
    Loans secured by nonfarm nonresidential properties $713,105
    Nonfarm nonresidential secured by owner-occupied properties $84,083
    Commercial real estate & other non-farm, non-residential $629,022
    Multifamily residential real estate $143,011
    1-4 family residential loans $978,069
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $268,098
    To non-U.S. addressees $0
    Loans to individuals $11,600
    Credit card loans $0
    Related Plans $829
    Consumer Auto Loans $932
    Other loans to individuals $9,839
    All other loans & leases $16,686
    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 $2,311
    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 $2,247,831,000 of loans outstanding in 2019. $1,966,718,000 of loans were in real estate loans. $132,533,000 of loans were in development loans. $143,011,000 of loans were in multifamily mortgage loans. $978,069,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $932,000 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 244 $57,888 $237,246
    Nonfarm, nonresidential loans - <$100k 26 $1,313 $50,500
    Nonfarm, nonresidential loans - $100-250k 87 $11,030 $126,782
    Nonfarm, nonresidential loans - $250k-1MM 131 $45,545 $347,672
    Commercial & Industrial, US addressed loans - <$1MM 374 $30,064 $80,385
    Commercial & Industrial, US addressed loans - <$100k 221 $4,830 $21,855
    Commercial & Industrial, US addressed loans - $100-250k 73 $5,766 $78,986
    Commercial & Industrial, US addressed loans - $250k-1MM 80 $19,468 $243,350