Public Service Credit Union Mortgage Rates, Fees & Info
Romulus, MILEI: 254900MCB5QTUWUWQ396
Tax ID: 38-1439781
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Mortgage Data
Review & Overview
Public Service Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Public Service Credit Union has a high proportion of conventional loans. Their top two markets are Detroit and Ann Arbor .Public Service Credit Union has a below average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.31% | 5/4/24 |
| 30 Year Conventional Purchase | 6.84% | 5/4/24 |
| 30 Year Conventional Refi | 6.27% | 5/4/24 |
| 30 Year Cash-out Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Purchase | 6.65% | 5/4/24 |
| 15 Year Conventional Refi | 6.90% | 5/4/24 |
| 15 Year Cash-out Refi | 6.90% | 5/4/24 |
| 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. | ||
Public Service Credit Union Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
25Origination Dollar Volume (All Markets)
$1,195,000Top 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 |
|---|---|---|---|---|---|
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 22 | $1,060,000 | $48,182 | $721 | 6.57% |
| Outside of Metro Areas | 2 | $100,000 | $50,000 | $0 | 6.00% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $757 | 7.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 20 | $980,000 | $49,000 | $723 | 6.59% |
| HELOC | 5 | $215,000 | $43,000 | n/a | 6.40% |
For 2018, Public Service Credit Union's most frequently originated type of loan was Conventional, with 20 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 14 | $750,000 | $53,571 | $757 | 6.27% |
| Other | 10 | $390,000 | $39,000 | $685 | 6.75% |
| Refi | 1 | $55,000 | $55,000 | $807 | 8.50% |
For 2018, Public Service Credit Union's most frequently cited loan purpose was Home Improvement, with 14 originations. The 2nd most popular reason was Other, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 20 | $980,000 | $49,000 | $723 | 6.59% |
| Other | 5 | $215,000 | $43,000 | $0 | 6.40% |
For 2018, Public Service Credit Union's most frequently cited loan duration was 15 Year, with 20 originations. The 2nd most popular length was Other, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 20 | $980,000 | $49,000 |
Public Service Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 20 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 9 | $535,000 | $59,444 |
| 6-7% | 9 | $425,000 | $47,222 |
| 7-8% | 6 | $180,000 | $30,000 |
| Over 8% | 1 | $55,000 | $55,000 |
During 2018, Public Service Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 9 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 23 | $905,000 | $39,348 | $692 | 6.64% |
| $100k-200k | 2 | $290,000 | $145,000 | $1,008 | 5.50% |
2018 saw Public Service Credit Union place emphasis on $100,000 or less loans with 23 originations, totaling $905,000 in origination value.
Applicant Income
Public Service Credit Union lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
Public Service Credit Union lent most frequently to those with DTI ratios of 30-36%, with 7 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 11 | $625,000 | $56,818 | $778 | 6.18% |
| Black | 9 | $325,000 | $36,111 | $664 | 7.03% |
| Not provided | 5 | $245,000 | $49,000 | $742 | 6.51% |
Approval Rates
Total approvals of all applications67.50%
Public Service Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination92.00%
Public Service Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $1,195,000 | $47,800 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 25 | $1,195,000 | $47,800 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Closing on a mortgage | 2 | 40.0% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 2 | 40.0% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Other type of mortgage | Closing on a mortgage | 1 | 20.0% |