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 markets by origination volume include: Detroit, Monroe, and Ann Arbor among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Public Service 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.31% | 11/17/24 |
| 30 Year Conventional Purchase | 6.84% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 30 Year Cash-out Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.65% | 11/17/24 |
| 15 Year Conventional Refi | 6.90% | 11/17/24 |
| 15 Year Cash-out Refi | 6.90% | 11/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
67Origination Dollar Volume (All Markets)
$3,705,000Top 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) | 65 | $3,555,000 | $54,692 | $0 | 6.63% |
| MONROE, MI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 5.99% |
| ANN ARBOR, MI (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 6.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 48 | $2,300,000 | $47,917 | $0 | 6.70% |
| HELOC | 19 | $1,405,000 | $73,947 | n/a | 6.38% |
For 2019, Public Service Credit Union's most frequently originated type of loan was Conventional, with 48 originations. Their 2nd most popular type was HELOC, with 19 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 47 | $2,795,000 | $59,468 | $0 | 6.44% |
| Other | 20 | $910,000 | $45,500 | $0 | 7.01% |
For 2019, Public Service Credit Union's most frequently cited loan purpose was Home Improvement, with 47 originations. The 2nd most popular reason was Other, with 20 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 48 | $2,300,000 | $47,917 | $0 | 6.70% |
| Other | 19 | $1,405,000 | $73,947 | $0 | 6.38% |
For 2019, Public Service Credit Union's most frequently cited loan duration was 15 Year, with 48 originations. The 2nd most popular length was Other, with 19 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 28 | $1,930,000 | $68,929 |
| 6-7% | 22 | $1,000,000 | $45,455 |
| 7-8% | 12 | $520,000 | $43,333 |
| Over 8% | 5 | $255,000 | $51,000 |
During 2019, 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 28 originations.
Loan Sizing
2019 saw Public Service Credit Union place emphasis on $100,000 or less loans with 62 originations, totaling $2,930,000 in origination value.
Applicant Income
Public Service Credit Union lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 18 originations.
Applicant Debt to Income Ratio
Public Service Credit Union lent most frequently to those with DTI ratios of <20%, with 15 originations. The next most common DTI ratio? 20-30%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 40 | $2,590,000 | $64,750 | $0 | 6.36% |
| Black | 27 | $1,115,000 | $41,296 | $0 | 6.98% |
Approval Rates
Total approvals of all applications75.68%
Public Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination74.63%
Public Service Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 67 | $3,705,000 | $55,299 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 67 | $3,705,000 | $55,299 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 4 | 28.6% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 2 | 14.3% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 2 | 14.3% |