Peoples Bank Midwest Mortgage Rates, Fees & Info

Hayward, WI

LEI: 549300PE842EEE8LUJ85

Tax ID: 39-0532490

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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)

    • Review & Overview

    Peoples Bank Midwest is a smaller bank specializing in Refi and Home Purchase loans. Peoples Bank Midwest has a high proportion of conventional loans. Their top markets by origination volume include: Eau Claire, Minneapolis, Menomonie, Duluth, and Green Bay among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Peoples Bank Midwest 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. Peoples Bank Midwest 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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    Originations

    292

    Origination Dollar Volume (All Markets)

    $77,150,000
    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
    Outside of Metro Areas 138 $31,610,000 $229,058 $2,185 2.94%
    EAU CLAIRE, WI (FHA|USDA|VA) 77 $21,585,000 $280,325 $1,784 3.15%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 66 $21,470,000 $325,303 $2,423 3.12%
    Menomonie, WI (FHA|USDA|VA) 4 $840,000 $210,000 $941 2.88%
    DULUTH, MN-WI (FHA|USDA|VA) 3 $695,000 $231,667 $2,049 2.54%
    GREEN BAY, WI (FHA|USDA|VA) 2 $470,000 $235,000 $2,428 2.81%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $245,000 $245,000 $3,008 3.38%
    ROCHESTER, MN (FHA|USDA|VA) 1 $235,000 $235,000 $2,039 2.25%
    Peoples Bank Midwest's top markets include Eau Claire, Minneapolis, Menomonie, Duluth, and Green Bay among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)

    • Similar Lenders

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

    Citizens State Bank
    Similarity Rank: 168
    Prevail Bank
    Similarity Rank: 378
    CO-OP Credit Union
    Similarity Rank: 378
    Peoples Bank Midwest
    Similarity Rank: 808
    Liberty Bank Minnesota
    Similarity Rank: 882
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 1946
    ST. CLOUD FINANCIAL
    Similarity Rank: 1976

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 292 $77,150,000 $264,212 $2,118 3.03%

    For 2020, Peoples Bank Midwest's most frequently originated type of loan was Conventional, with 292 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 160 $37,080,000 $231,750 $1,676 2.86%
    Home Purchase 76 $24,150,000 $317,763 $2,720 3.36%
    Cash Out Refi 54 $15,390,000 $285,000 $2,771 3.07%
    Home Improvement 1 $405,000 $405,000 $0 3.50%
    Other 1 $125,000 $125,000 $2,937 2.75%

    For 2020, Peoples Bank Midwest's most frequently cited loan purpose was Refi, with 160 originations. The 2nd most popular reason was Home Purchase, with 76 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 133 $34,335,000 $258,158 $2,259 3.19%
    15 Year 103 $26,995,000 $262,087 $2,009 2.63%
    20 Year 23 $4,525,000 $196,739 $1,930 2.86%
    5 Year 20 $3,340,000 $167,000 $0 4.06%
    10 Year 10 $5,520,000 $552,000 $1,845 3.03%
    Other 2 $2,060,000 $1,030,000 $0 3.88%
    3 Year 1 $375,000 $375,000 $0 4.38%

    For 2020, Peoples Bank Midwest's most frequently cited loan duration was 30 Year, with 133 originations. The 2nd most popular length was 15 Year, with 103 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 200 $49,170,000 $245,850
    $1k-2k 33 $6,935,000 $210,152
    $2k-3k 9 $2,955,000 $328,333
    $3k-4k 6 $2,230,000 $371,667
    $4k-5k 3 $1,325,000 $441,667
    $5k+ 3 $2,215,000 $738,333

    Peoples Bank Midwest's average total fees were $2,259, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 200 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 114 $30,750,000 $269,737
    3-4% 89 $26,035,000 $292,528
    <2.5% 67 $15,075,000 $225,000
    4-5% 21 $5,215,000 $248,333
    5-6% 1 $75,000 $75,000

    During 2020, Peoples Bank Midwest's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 2.5-3%, with 114 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 107 $16,265,000 $152,009 $1,776 3.06%
    $200k-400k 105 $29,285,000 $278,905 $2,205 2.96%
    $400k-600k 44 $20,750,000 $471,591 $2,644 2.91%
    $100,000 or less 30 $2,130,000 $71,000 $1,807 3.25%
    $1MM+ 4 $7,070,000 $1,767,500 $9,665 3.48%
    $600k-1MM 2 $1,650,000 $825,000 $1,612 3.70%

    2020 saw Peoples Bank Midwest place emphasis on $100k-200k loans with 107 originations, totaling $16,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 64 $15,270,000 $238,594 $2,055 2.77%
    $150k-250k 57 $15,595,000 $273,596 $2,180 3.03%
    $250k+ 54 $20,480,000 $379,259 $2,493 2.90%
    $75k-100k 40 $8,340,000 $208,500 $2,252 3.11%
    $50k-75k 27 $4,005,000 $148,333 $1,866 3.05%
    $50k or less 18 $2,060,000 $114,444 $1,989 3.11%

    Peoples Bank Midwest lent most frequently to those with incomes in the $100k-150k range, with 64 originations. The second most popular income band? $150k-250k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 74 $16,920,000 $228,649 $2,055 2.88%
    <20% 72 $17,150,000 $238,194 $1,843 2.91%
    30-36% 41 $9,475,000 $231,098 $1,898 2.85%
    36% 11 $3,375,000 $306,818 $2,791 2.99%
    37% 11 $2,665,000 $242,273 $1,606 2.86%
    44% 11 $3,445,000 $313,182 $3,208 3.31%
    39% 9 $2,615,000 $290,556 $1,841 3.07%
    42% 7 $1,965,000 $280,714 $1,840 2.88%
    40% 7 $1,595,000 $227,857 $2,090 3.08%
    41% 6 $1,250,000 $208,333 $2,084 3.60%
    38% 4 $2,640,000 $660,000 $4,999 3.15%
    45% 4 $1,230,000 $307,500 $2,799 2.59%
    46% 4 $1,160,000 $290,000 $2,751 3.44%
    43% 3 $705,000 $235,000 $3,769 3.08%
    47% 3 $585,000 $195,000 $2,277 3.08%
    48% 1 $215,000 $215,000 $2,984 3.13%
    50-60% 1 $345,000 $345,000 $1,814 2.50%
    >60% 1 $355,000 $355,000 $4,077 4.50%

    Peoples Bank Midwest lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? <20%, with 72 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 240 $59,950,000 $249,792 $2,097 2.99%
    Not applicable 17 $8,955,000 $526,765 $0 4.00%
    Not provided 31 $7,525,000 $242,742 $2,292 2.83%
    Asian 4 $720,000 $180,000 $1,995 3.06%

    Approval Rates

    Total approvals of all applications
    95.22%

    Peoples Bank Midwest has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.25%

    Peoples Bank Midwest has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 292 $77,150,000 $264,212

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $6,720,000 $1,120,000
    Single Family (1-4 Units):Manufactured 5 $535,000 $107,000
    Single Family (1-4 Units):Site-Built 281 $69,895,000 $248,737

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 23 $4,105,000 $178,478 $1,707 2.88%
    40-60% 80 $19,160,000 $239,500 $1,777 2.81%
    60-80% 144 $42,360,000 $294,167 $2,365 3.11%
    80-100% 37 $9,935,000 $268,514 $2,372 3.20%
    Over 100% 2 $830,000 $415,000 $1,812 3.93%
    Under 20% 6 $760,000 $126,667 $1,485 3.25%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Struggling to pay mortgage 1 5.6%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 5.6%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 11.1%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 11.1%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 5.6%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 4 22.2%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 6 33.3%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 5.6%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Peoples Bank Midwest 10583 Main Street Hayward, WI 54843 Full Service B&M $174,069
    Peoples Bank Midwest 3585 Us Highway 61 North Vadnais Heights, MN 55110 Full Service B&M $69,733
    Peoples Bank Midwest 4251 Southtowne Drive Eau Claire, WI 54701 Full Service B&M $148,593

    For 2020, Peoples Bank Midwest had 3 branches.

    Yearly Performance Overview