Is First Peoples Bank Inc An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at First Peoples Bank Inc with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.03%)
Loan Related Closing Costs: similar to average (+$110)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, First Peoples Bank Inc originated 45 mortgages, a national market share of 0.0%. It was most active in WV (0.2% market share), MD (0.0% market share), and VA (0.0% market share).

On average, First Peoples Bank Inc’s interest rates were similar to those of comparable mortgages at other lenders (-0.03%).1The comparable mortgages control for First Peoples Bank Inc’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 $2327, which was similar to those of comparable mortgages at $2218, with a difference of +$110. Overall, we estimate that First Peoples Bank Inc tends to be an cheap lender, with a cost-adjusted-rate difference of -0.08% 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 First Peoples Bank Inc.

First Peoples Bank Inc originated Conforming mortgages for new home purchases. 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 First Peoples Bank Inc compared to other lenders

Conforming
Interest Rate Difference -0.03%
Loan related Closing Cost Difference +$110
Cost Adjusted Rate Difference -0.08%

Based on the table above, First Peoples Bank Inc is cheap for Conforming purchase mortgages.

Other information about First Peoples Bank Inc:

Regulator: Federal Reserve System (FRS) 
Top holder: PEOPLES BANKSHARES, INC.
Registered city and state: MULLENS, WV, 25882
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Footnotes   [ + ]

1. The comparable mortgages control for First Peoples Bank Inc’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.