Is People’S Intermountain Bank An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at People’S Intermountain Bank with other lenders for mortgages with similar borrower characteristics:

Interest Rate: lower than average (-0.17%)
Loan Related Closing Costs: similar to average (-$77)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, People’S Intermountain Bank originated 969 mortgages, a national market share of 0.0%. It was most active in UT (0.6% market share), ID (0.1% market share), and TN (0.1% market share).

On average, People’S Intermountain Bank’s interest rates were lower than those of comparable mortgages at other lenders (-0.17%).1The comparable mortgages control for People’S Intermountain Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $4113, which was similar to those of comparable mortgages at $4190, with a difference of -$77. Overall, we estimate that People’S Intermountain Bank tends to be an cheap lender, with a cost-adjusted-rate difference of -0.17% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with People’S Intermountain Bank.

People’S Intermountain Bank originated Conforming mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from People’S Intermountain Bank compared to other lenders

Conforming
Interest Rate Difference -0.18%
Loan related Closing Cost Difference -$172
Cost Adjusted Rate Difference -0.19%

Based on the table above, People’S Intermountain Bank is cheap for Conforming purchase mortgages.

Mortgage Refinancing from People’S Intermountain Bank compared to other lenders

Conforming
Interest Rate Difference -0.13%
Loan Related Closing Cost Difference +$217
Cost Adjusted Rate Difference -0.12%

Based on the table above, People’S Intermountain Bank is cheap for Conforming mortgage refinance.

Other information about People’S Intermountain Bank:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: PEOPLE'S UTAH BANCORP
Registered city and state: AMERICAN FORK, UT, 84003
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Footnotes   [ + ]

1. The comparable mortgages control for People’S Intermountain Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.