People's United Bank, N.a.

Bridgeport, CT 06604

LEI: N4662XQCE3KKIZ6EZS08

Tax ID: 06-1213065

2019 Data | 2018 Data


Overview

People's United Bank, N.a. is a small mortgage company specializing in Home Purchase and Refi loans. People's United Bank, N.a. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets include Bridgeport, Cambridge, Boston, New York, and Hartford among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. People's United Bank, N.a. is typically a low fee lendor.


Originations

6,752

Origination Dollar Volume (All Markets)

$2,740,670,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 6,616 $2,710,760,000 $409,728
FHA 90 $20,410,000 $226,778
VA 23 $5,815,000 $252,826
USDA 23 $3,685,000 $160,217

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 1,972 $997,400,000 $505,781
Home Improvement 1,042 $155,240,000 $148,983
Other 650 $103,040,000 $158,523
Refi 2,467 $1,201,045,000 $486,844
Cash Out Refi 621 $283,945,000 $457,238

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
BRIDGEPORT-STAMFORD-NORWALK, CT 1,421 $535,615,000 $376,928
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 774 $491,310,000 $634,767
BOSTON, MA 411 $346,335,000 $842,664
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 275 $307,375,000 $1,117,727
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT 878 $168,020,000 $191,367
NEW HAVEN-MILFORD, CT 641 $124,515,000 $194,251
Outside of Metro Areas 691 $124,075,000 $179,559
NASSAU COUNTY-SUFFOLK COUNTY, NY 386 $109,390,000 $283,394
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $80,005,000 $80,005,000
BURLINGTON-SOUTH BURLINGTON, VT 203 $78,725,000 $387,808
READING, PA 1 $57,505,000 $57,505,000
PORTLAND-SOUTH PORTLAND, ME 192 $40,990,000 $213,490
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 176 $39,110,000 $222,216
WORCESTER, MA-CT 103 $34,825,000 $338,107
DOVER, DE 1 $33,565,000 $33,565,000
SPRINGFIELD, MA 187 $32,585,000 $174,251
MANCHESTER-NASHUA, NH 108 $28,600,000 $264,815
PROVIDENCE-WARWICK, RI-MA 33 $26,955,000 $816,818
NORWICH-NEW LONDON, CT 125 $22,515,000 $180,120
BARNSTABLE TOWN, MA 28 $11,770,000 $420,357
BANGOR, ME 58 $11,540,000 $198,966
ALBANY-SCHENECTADY-TROY, NY 3 $6,765,000 $2,255,000
DAYTON-KETTERING, OH 2 $5,360,000 $2,680,000
NEW BRUNSWICK-LAKEWOOD, NJ 6 $4,470,000 $745,000
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY 12 $3,970,000 $330,833
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 4 $3,290,000 $822,500
NAPLES-MARCO ISLAND, FL 3 $2,875,000 $958,333
NEWARK, NJ-PA 5 $2,155,000 $431,000
TAMPA-ST. PETERSBURG-CLEARWATER, FL 4 $1,630,000 $407,500
PORT ST. LUCIE, FL 1 $1,575,000 $1,575,000
KINGSTON, NY 6 $1,340,000 $223,333
CAPE CORAL-FORT MYERS, FL 3 $575,000 $191,667
PITTSFIELD, MA 4 $440,000 $110,000
LEWISTON-AUBURN, ME 1 $185,000 $185,000
CAMDEN, NJ 1 $185,000 $185,000
GLENS FALLS, NY 1 $145,000 $145,000
TRENTON-PRINCETON, NJ 1 $135,000 $135,000
MIAMI-MIAMI BEACH-KENDALL, FL 1 $125,000 $125,000
JACKSONVILLE, FL 1 $125,000 $125,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 2 $140,000 $70,000
2.5-3% 240 $126,880,000 $528,667
3-4% 2,497 $1,350,585,000 $540,883
4-5% 2,947 $1,081,565,000 $367,005
5-6% 1,024 $176,530,000 $172,393
6-7% 20 $4,070,000 $203,500
7-8% 7 $775,000 $110,714

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 1,318 $71,820,000 $54,492
$100k-200k 1,999 $269,085,000 $134,610
$200k-400k 1,742 $471,990,000 $270,947
$400k-600k 838 $416,290,000 $496,766
$600k-1000k 637 $475,115,000 $745,863
$Over $1MM 218 $1,036,370,000 $4,753,991

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 1,391 $294,225,000 $211,520
40-60% 1,133 $626,345,000 $552,820
60-80% 1,952 $1,262,420,000 $646,732
80-100% 1,163 $427,495,000 $367,580
Over 100% 15 $7,405,000 $493,667
Under 20% 1,098 $122,780,000 $111,821

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,398 $314,090,000 $224,671
$150k-250k 1,540 $515,550,000 $334,773
$50k-75k 973 $133,535,000 $137,240
$50k-or less 540 $49,520,000 $91,704
$75k-100k 861 $143,385,000 $166,533
$Over $250k 1,166 $684,310,000 $586,887

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 5,518 $1,479,640,000 $268,148
Not applicable 196 $883,050,000 $4,505,357
Not provided 460 $198,470,000 $431,457
Asian 277 $110,535,000 $399,043
Black 178 $36,570,000 $205,449
Asian Indian 39 $14,635,000 $375,256
American Indian 53 $9,815,000 $185,189
Other Asian 10 $2,930,000 $293,000
Other Pacific Islander 9 $2,045,000 $227,222
Chinese 4 $2,010,000 $502,500
Korean 3 $555,000 $185,000
Native Hawaiian 4 $310,000 $77,500
Filipino 1 $105,000 $105,000

Approval Rates

Total approvals of all applications
70.36%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
82.12%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 6,752 $2,740,670,000 $405,905

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,219 $849,195,000 $382,693
$1k-2k 800 $316,430,000 $395,538
$2k-3k 272 $77,750,000 $285,846
$3k-4k 171 $66,105,000 $386,579
$5k+ 57 $36,535,000 $640,965

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 126 $850,060,000 $6,746,508
Single Family (1-4 Units):Manufactured 9 $575,000 $63,889
Single Family (1-4 Units):Site-Built 6,617 $1,890,035,000 $285,633