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

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, New Orleans, Alexandria, Lake Charles, and Hammond among others. We have data for 14 markets. (Some data included below & more in-depth data is available with an active subscription.)

Pelican State Credit Union has an above average approval rate when compared to the average across all lenders. They have an above 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%	11/21/24
30 Year Conventional Refi	6.73%	11/21/24
30 Year Cash-out Refi	6.84%	11/21/24
15 Year Conventional Purchase	9.30%	11/21/24
15 Year Conventional Refi	8.59%	11/21/24
15 Year Cash-out Refi	8.59%	11/21/24
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

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

Originations

427

Origination Dollar Volume (All Markets)

$39,855,000

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)	248	$24,030,000	$96,895	$2,392	6.31%
NEW ORLEANS-METAIRIE, LA (FHA\|USDA\|VA)	43	$4,365,000	$101,512	$1,934	6.33%
ALEXANDRIA, LA (FHA\|USDA\|VA)	25	$2,615,000	$104,600	$2,698	4.70%
LAKE CHARLES, LA (FHA\|USDA\|VA)	23	$1,975,000	$85,870	$2,536	6.24%
HAMMOND, LA (FHA\|USDA\|VA)	24	$1,910,000	$79,583	$2,347	5.72%
LAFAYETTE, LA (FHA\|USDA\|VA)	17	$1,495,000	$87,941	$2,180	5.88%
Opelousas, LA (FHA\|USDA\|VA)	19	$1,395,000	$73,421	$2,197	6.21%
Outside of Metro Areas	8	$630,000	$78,750	$1,270	7.31%
SHREVEPORT-BOSSIER CITY, LA (FHA\|USDA\|VA)	6	$450,000	$75,000	$2,676	5.66%
HOUMA-THIBODAUX, LA (FHA\|USDA\|VA)	6	$430,000	$71,667	$2,195	5.39%
MONROE, LA (FHA\|USDA\|VA)	3	$325,000	$108,333	$2,825	5.08%
Bogalusa, LA (FHA\|USDA\|VA)	3	$145,000	$48,333	$2,297	4.11%
Meridian, MS (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,336	2.99%
Grenada, MS (FHA\|USDA\|VA)	1	$45,000	$45,000	$2,160	3.09%

Pelican State Credit Union's top markets include Baton Rouge, New Orleans, Alexandria, Lake Charles, and Hammond among others.

Their top states include:

Louisiana (FHA|USDA|VA)

Mississippi (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.

Bank of Abbeville & Trust Company
Similarity Rank: 162

Neighbors Federal Credit Union
Similarity Rank: 285

Campus Federal Credit Union
Similarity Rank: 1020

La Capitol Federal Credit Union
Similarity Rank: 1343

Pelican State Credit Union
Similarity Rank: 1400

FBT Mortgage, L.L.C.
Similarity Rank: 1551

DSLD MORTGAGE, LLC
Similarity Rank: 1720

Home Bank
Similarity Rank: 1764

Red River Bank
Similarity Rank: 2214

ADVANCIAL
Similarity Rank: 2760

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	382	$36,160,000	$94,660	$2,351	6.10%
HELOC	45	$3,695,000	$82,111	n/a	6.26%

For 2020, Pelican State Credit Union's most frequently originated type of loan was Conventional, with 382 originations. Their 2nd most popular type was HELOC, with 45 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Cash Out Refi	178	$15,780,000	$88,652	$2,251	6.08%
Home Purchase	173	$15,265,000	$88,237	$2,253	6.48%
Refi	50	$7,270,000	$145,400	$3,051	4.83%
Other	26	$1,540,000	$59,231	$1,582	6.51%

For 2020, Pelican State Credit Union's most frequently cited loan purpose was Cash Out Refi, with 178 originations. The 2nd most popular reason was Home Purchase, with 173 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
15 Year	172	$11,050,000	$64,244	$1,838	6.50%
20 Year	158	$15,720,000	$99,494	$2,570	6.08%
30 Year	71	$11,655,000	$164,155	$3,638	4.70%
Other	13	$505,000	$38,846	$0	9.15%
10 Year	10	$820,000	$82,000	$2,491	5.71%
1 Year	2	$80,000	$40,000	$734	8.50%
5 Year	1	$25,000	$25,000	$0	7.50%

For 2020, Pelican State Credit Union's most frequently cited loan duration was 15 Year, with 172 originations. The 2nd most popular length was 20 Year, with 158 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	209	$12,595,000	$60,263
$1k-2k	75	$11,085,000	$147,800
$2k-3k	19	$4,405,000	$231,842
$3k-4k	6	$1,980,000	$330,000
$5k+	1	$515,000	$515,000

Pelican State Credit Union's average total fees were $3,638, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 209 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
6-7%	80	$6,190,000	$77,375
7-8%	79	$4,805,000	$60,823
5-6%	68	$6,560,000	$96,471
3-4%	67	$9,665,000	$144,254
Over 8%	63	$2,425,000	$38,492
4-5%	55	$7,505,000	$136,455
2.5-3%	15	$2,705,000	$180,333

During 2020, Pelican State Credit Union's average interest rate for loans was 4.70%, while their most frequently originated rate bucket for loans was 6-7%, with 80 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	275	$13,245,000	$48,164	$1,563	6.77%
$100k-200k	109	$15,455,000	$141,789	$3,264	5.00%
$200k-400k	42	$10,640,000	$253,333	$4,237	4.82%
$400k-600k	1	$515,000	$515,000	$7,857	3.24%

2020 saw Pelican State Credit Union place emphasis on $100,000 or less loans with 275 originations, totaling $13,245,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	103	$6,725,000	$65,291	$2,069	6.33%
$50k-75k	84	$6,950,000	$82,738	$2,342	5.89%
$100k-150k	80	$8,230,000	$102,875	$2,450	6.15%
$75k-100k	70	$5,880,000	$84,000	$2,418	6.43%
$150k-250k	53	$6,895,000	$130,094	$2,902	5.72%
$250k+	27	$4,125,000	$152,778	$2,229	6.32%

Pelican State Credit Union lent most frequently to those with incomes in the $50k or less range, with 103 originations. The second most popular income band? $50k-75k, with 84 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	95	$9,225,000	$97,105	$2,539	5.98%
30-36%	95	$7,895,000	$83,105	$2,186	6.01%
<20%	50	$4,240,000	$84,800	$2,247	5.72%
40%	27	$2,245,000	$83,148	$1,986	6.33%
42%	20	$1,820,000	$91,000	$1,987	6.88%
41%	20	$2,720,000	$136,000	$3,067	5.53%
49%	19	$1,665,000	$87,632	$2,274	6.93%
36%	16	$2,200,000	$137,500	$3,186	6.03%
39%	16	$1,850,000	$115,625	$2,554	5.72%
38%	14	$1,190,000	$85,000	$1,854	7.18%
37%	11	$995,000	$90,455	$2,503	5.58%
45%	9	$845,000	$93,889	$2,459	6.45%
46%	8	$660,000	$82,500	$2,070	6.75%
44%	7	$445,000	$63,571	$1,794	7.35%
47%	6	$370,000	$61,667	$2,294	6.42%
43%	6	$600,000	$100,000	$2,258	5.96%
50-60%	4	$360,000	$90,000	$0	6.69%
48%	3	$395,000	$131,667	$2,140	5.58%
>60%	1	$135,000	$135,000	$3,432	5.75%

Pelican State Credit Union lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 30-36%, with 95 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	316	$30,090,000	$95,222	$2,356	6.02%
Black	102	$8,820,000	$86,471	$2,401	6.36%
Asian	4	$540,000	$135,000	$2,393	6.75%
Not provided	4	$270,000	$67,500	$732	7.93%
American Indian	1	$135,000	$135,000	$3,241	2.99%

Approval Rates

Total approvals of all applications
90.45%

Pelican State Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
91.80%

Pelican State Credit Union has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
0.0	62	$5,240,000	$84,516
525.0	10	$340,000	$34,000
NA	355	$34,275,000	$96,549

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Manufactured	41	$2,205,000	$53,780
Single Family (1-4 Units):Site-Built	386	$37,650,000	$97,539

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	76	$7,070,000	$93,026	$1,768	6.31%
40-60%	24	$2,230,000	$92,917	$2,591	4.86%
60-80%	51	$6,595,000	$129,314	$3,074	5.13%
80-100%	122	$15,910,000	$130,410	$3,175	5.31%
Under 20%	111	$5,065,000	$45,631	$1,106	7.05%

Complaints

Bank Name	Product	Issue	2020 CPFB Complaints	% of Total Issues
PLAZA HOME MORTGAGE, INC.	Conventional home mortgage	Applying for a mortgage or refinancing an existing mortgage	1	3.1%
PLAZA HOME MORTGAGE, INC.	Conventional home mortgage	Closing on a mortgage	2	6.3%
PLAZA HOME MORTGAGE, INC.	Conventional home mortgage	Struggling to pay mortgage	1	3.1%
PLAZA HOME MORTGAGE, INC.	Conventional home mortgage	Trouble during payment process	9	28.1%
PLAZA HOME MORTGAGE, INC.	FHA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	3.1%
PLAZA HOME MORTGAGE, INC.	FHA mortgage	Closing on a mortgage	3	9.4%
PLAZA HOME MORTGAGE, INC.	FHA mortgage	Struggling to pay mortgage	4	12.5%
PLAZA HOME MORTGAGE, INC.	FHA mortgage	Trouble during payment process	1	3.1%
PLAZA HOME MORTGAGE, INC.	Home equity loan or line of credit (HELOC)	Applying for a mortgage or refinancing an existing mortgage	1	3.1%
PLAZA HOME MORTGAGE, INC.	VA mortgage	Struggling to pay mortgage	4	12.5%
PLAZA HOME MORTGAGE, INC.	VA mortgage	Trouble during payment process	5	15.6%