Regulatory action has been taken against a Midwest bank for charging discount points on mortgages without commensurately lowering the rates. The bank will wind down its national mortgage business.
Peoples Bank was established in 1871. Its headquarters is located in Lawrence Kansas, and it operates 12 locations in two states, according to the Federal Deposit Insurance Corp.
The 469-employee financial institution operates a mortgage business. As of Sept. 30, there were $183 million in one-to-four family residential loans in People’s investment portfolio.
Source: Mortgage Daily