Pelican State Credit Union Mortgage Rates, Fees & Info

Baton Rouge, LA

LEI: 25490058TX0QV62WQ461

Tax ID: 72-0498240

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Pelican State Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. Pelican State Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Baton Rouge, Lake Charles, Alexandria, Lafayette, and Opelousas among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Pelican State Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Pelican State Credit Union 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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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.93% 11/22/24
    30 Year Conventional Refi 6.73% 11/22/24
    30 Year Cash-out Refi 6.84% 11/22/24
    15 Year Conventional Purchase 9.30% 11/22/24
    15 Year Conventional Refi 8.59% 11/22/24
    15 Year Cash-out Refi 8.59% 11/22/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Pelican State Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Pelican State Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    282

    Origination Dollar Volume (All Markets)

    $24,010,000

    Awards

    Pelican State Credit Union 30 Year Conventional Loans gold Pelican State Credit Union 30 Year Conventional Loans gold Pelican State Credit Union 30 Year Conventional Loans bronze
    Show all (3) 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
    BATON ROUGE, LA (FHA|USDA|VA) 140 $12,420,000 $88,714 $1,966 6.70%
    LAKE CHARLES, LA (FHA|USDA|VA) 26 $2,240,000 $86,154 $2,026 6.04%
    ALEXANDRIA, LA (FHA|USDA|VA) 21 $1,635,000 $77,857 $2,139 6.13%
    LAFAYETTE, LA (FHA|USDA|VA) 17 $1,285,000 $75,588 $2,255 6.14%
    Opelousas, LA (FHA|USDA|VA) 13 $1,175,000 $90,385 $2,639 4.69%
    HAMMOND, LA (FHA|USDA|VA) 10 $1,140,000 $114,000 $2,322 6.75%
    Outside of Metro Areas 13 $1,115,000 $85,769 $2,134 6.75%
    MONROE, LA (FHA|USDA|VA) 10 $890,000 $89,000 $2,312 6.40%
    HOUMA-THIBODAUX, LA (FHA|USDA|VA) 7 $645,000 $92,143 $2,040 5.89%
    SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 9 $565,000 $62,778 $1,820 6.94%
    NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 7 $395,000 $56,429 $2,065 7.19%
    Fort Polk South, LA (FHA|USDA|VA) 1 $225,000 $225,000 $3,331 3.99%
    Jennings, LA (FHA|USDA|VA) 3 $95,000 $31,667 $1,488 6.67%
    Natchitoches, LA (FHA|USDA|VA) 1 $55,000 $55,000 $0 8.50%
    Minden, LA (FHA|USDA|VA) 2 $50,000 $25,000 $525 6.25%
    Picayune, MS (FHA|USDA|VA) 1 $45,000 $45,000 $0 9.99%
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 1 $35,000 $35,000 $525 10.74%
    Pelican State Credit Union's top markets include Baton Rouge, Lake Charles, Alexandria, Lafayette, and Opelousas among others.

    Their top states include:
  • Louisiana (FHA|USDA|VA)
  • Mississippi (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)

    • Similar Lenders

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

    MERITUS Federal Credit Union
    Similarity Rank: 76
    Neighbors Federal Credit Union
    Similarity Rank: 138
    Pelican State Credit Union
    Similarity Rank: 153
    Baton Rouge Telco Federal Credit Union
    Similarity Rank: 259
    Jeff Davis Bancshares
    Similarity Rank: 418
    Campus Federal Credit Union
    Similarity Rank: 472
    La Capitol Federal Credit Union
    Similarity Rank: 828
    Home Bank
    Similarity Rank: 893
    Red River Bank
    Similarity Rank: 1440
    TIB The Independent Bankersbank
    Similarity Rank: 2304

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 279 $23,805,000 $85,323 $2,047 6.48%
    HELOC 3 $205,000 $68,333 n/a 6.50%

    For 2018, Pelican State Credit Union's most frequently originated type of loan was Conventional, with 279 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 117 $9,785,000 $83,632 $2,044 6.14%
    Home Purchase 111 $9,475,000 $85,360 $2,019 6.89%
    Refi 28 $3,460,000 $123,571 $2,627 5.74%
    Other 24 $1,080,000 $45,000 $1,163 7.31%
    Home Improvement 2 $210,000 $105,000 $0 4.38%

    For 2018, Pelican State Credit Union's most frequently cited loan purpose was Cash Out Refi, with 117 originations. The 2nd most popular reason was Home Purchase, with 111 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 97 $6,055,000 $62,423 $1,701 6.68%
    20 Year 72 $5,020,000 $69,722 $1,997 6.44%
    30 Year 65 $10,955,000 $168,538 $3,102 4.48%
    Other 34 $1,480,000 $43,529 $375 9.39%
    10 Year 12 $440,000 $36,667 $1,013 7.60%
    5 Year 2 $60,000 $30,000 $934 7.00%

    For 2018, Pelican State Credit Union's most frequently cited loan duration was 15 Year, with 97 originations. The 2nd most popular length was 20 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 210 $19,940,000 $94,952

    Pelican State Credit Union's average total fees were $3,102, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 210 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 67 $3,205,000 $47,836
    4-5% 66 $7,620,000 $115,455
    7-8% 50 $2,200,000 $44,000
    6-7% 40 $2,560,000 $64,000
    3-4% 33 $4,875,000 $147,727
    5-6% 18 $1,770,000 $98,333
    2.5-3% 8 $1,780,000 $222,500

    During 2018, Pelican State Credit Union's average interest rate for loans was 4.48%, while their most frequently originated rate bucket for loans was Over 8%, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 195 $9,235,000 $47,359 $1,413 7.20%
    $100k-200k 66 $9,380,000 $142,121 $2,998 5.00%
    $200k-400k 21 $5,395,000 $256,905 $3,300 4.48%

    2018 saw Pelican State Credit Union place emphasis on $100,000 or less loans with 195 originations, totaling $9,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 75 $6,115,000 $81,533 $2,192 6.23%
    $50k or less 74 $4,940,000 $66,757 $1,837 6.78%
    $75k-100k 53 $4,385,000 $82,736 $2,013 6.43%
    $100k-150k 48 $5,010,000 $104,375 $2,186 6.64%
    $150k-250k 25 $2,705,000 $108,200 $2,246 6.14%
    $250k+ 7 $855,000 $122,143 $1,675 6.53%

    Pelican State Credit Union lent most frequently to those with incomes in the $50k-75k range, with 75 originations. The second most popular income band? $50k or less, with 74 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $7,240,000 $84,186 $2,119 6.14%
    30-36% 46 $4,210,000 $91,522 $2,212 6.13%
    <20% 44 $3,600,000 $81,818 $1,884 6.12%
    42% 18 $1,860,000 $103,333 $2,186 7.09%
    39% 16 $1,720,000 $107,500 $2,547 6.05%
    41% 15 $1,105,000 $73,667 $1,681 7.37%
    37% 12 $880,000 $73,333 $1,822 6.96%
    38% 11 $855,000 $77,727 $1,802 6.79%
    40% 8 $830,000 $103,750 $2,339 6.16%
    36% 8 $760,000 $95,000 $2,284 6.06%
    44% 6 $320,000 $53,333 $1,234 8.62%
    43% 4 $270,000 $67,500 $1,876 8.37%
    45% 3 $175,000 $58,333 $263 9.08%
    47% 2 $90,000 $45,000 $0 8.99%
    46% 1 $25,000 $25,000 $0 8.99%
    48% 1 $55,000 $55,000 $0 8.99%
    >60% 1 $15,000 $15,000 $0 8.99%

    Pelican State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 208 $17,650,000 $84,856 $1,995 6.47%
    Black 71 $6,155,000 $86,690 $2,182 6.46%
    Asian 1 $135,000 $135,000 $2,360 9.50%
    American Indian 2 $70,000 $35,000 $1,567 6.75%

    Approval Rates

    Total approvals of all applications
    84.88%

    Pelican State Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    86.52%

    Pelican State Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 56 $3,320,000 $59,286
    525.0 16 $750,000 $46,875
    NA 210 $19,940,000 $94,952

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 53 $2,385,000 $45,000
    Single Family (1-4 Units):Site-Built 229 $21,625,000 $94,432

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 48 $3,440,000 $71,667 $1,685 6.66%
    40-60% 27 $2,615,000 $96,852 $2,238 5.73%
    60-80% 40 $3,480,000 $87,000 $2,441 6.04%
    80-100% 94 $11,910,000 $126,702 $2,631 5.99%
    Over 100% 4 $220,000 $55,000 $525 9.18%
    Under 20% 55 $1,975,000 $35,909 $1,023 7.36%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 15.8%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Closing on a mortgage 1 5.3%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Struggling to pay mortgage 1 5.3%
    PLAZA HOME MORTGAGE, INC. Conventional home mortgage Trouble during payment process 4 21.1%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Struggling to pay mortgage 2 10.5%
    PLAZA HOME MORTGAGE, INC. FHA mortgage Trouble during payment process 2 10.5%
    PLAZA HOME MORTGAGE, INC. Other type of mortgage Struggling to pay mortgage 1 5.3%
    PLAZA HOME MORTGAGE, INC. Other type of mortgage Trouble during payment process 1 5.3%
    PLAZA HOME MORTGAGE, INC. VA mortgage Applying for a mortgage or refinancing an existing mortgage 2 10.5%
    PLAZA HOME MORTGAGE, INC. VA mortgage Closing on a mortgage 1 5.3%
    PLAZA HOME MORTGAGE, INC. VA mortgage Trouble during payment process 1 5.3%