Public Service Credit Union Mortgage Rates, Fees & Info

Romulus, MI

LEI: 254900MCB5QTUWUWQ396

Tax ID: 38-1439781

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
  • 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

    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, Ann Arbor, and Adrian among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Public Service Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

    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
    Home Equity Line of Credit (HELOC) 6.31% 11/21/24
    30 Year Conventional Purchase 6.84% 11/21/24
    30 Year Conventional Refi 6.27% 11/21/24
    30 Year Cash-out Refi 6.27% 11/21/24
    15 Year Conventional Purchase 6.65% 11/21/24
    15 Year Conventional Refi 6.90% 11/21/24
    15 Year Cash-out Refi 6.90% 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.

    Public Service Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Public Service 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

    125

    Origination Dollar Volume (All Markets)

    $5,545,000

    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
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 112 $4,860,000 $43,393 $0 5.28%
    MONROE, MI (FHA|USDA|VA) 5 $205,000 $41,000 $0 5.95%
    Outside of Metro Areas 3 $205,000 $68,333 $0 6.67%
    ANN ARBOR, MI (FHA|USDA|VA) 3 $145,000 $48,333 $0 6.00%
    Adrian, MI (FHA|USDA|VA) 2 $130,000 $65,000 $0 4.00%
    Public Service Credit Union's top markets include Detroit, Monroe, Ann Arbor, and Adrian among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 65 $2,835,000 $43,615 $0 5.57%
    HELOC 60 $2,710,000 $45,167 n/a 5.08%

    For 2021, Public Service Credit Union's most frequently originated type of loan was Conventional, with 65 originations. Their 2nd most popular type was HELOC, with 60 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 99 $4,285,000 $43,283 $0 5.34%
    Other 26 $1,260,000 $48,462 $0 5.31%

    For 2021, Public Service Credit Union's most frequently cited loan purpose was Home Improvement, with 99 originations. The 2nd most popular reason was Other, with 26 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 65 $2,865,000 $44,077 $0 5.65%
    Other 60 $2,680,000 $44,667 $0 4.99%

    For 2021, Public Service Credit Union's most frequently cited loan duration was 15 Year, with 65 originations. The 2nd most popular length was Other, with 60 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 41 $1,715,000 $41,829
    4-5% 39 $1,655,000 $42,436
    6-7% 23 $795,000 $34,565
    3-4% 16 $1,100,000 $68,750
    7-8% 6 $280,000 $46,667

    During 2021, 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 41 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 120 $4,750,000 $39,583 $0 5.38%
    $100k-200k 4 $490,000 $122,500 $0 4.50%
    $200k-400k 1 $305,000 $305,000 $0 3.49%

    2021 saw Public Service Credit Union place emphasis on $100,000 or less loans with 120 originations, totaling $4,750,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 40 $1,600,000 $40,000 $0 5.52%
    $50k or less 37 $1,335,000 $36,081 $0 5.60%
    $100k-150k 21 $1,255,000 $59,762 $0 4.69%
    $75k-100k 19 $965,000 $50,789 $0 5.31%
    $150k-250k 7 $365,000 $52,143 $0 4.75%
    $250k+ 1 $25,000 $25,000 $0 5.75%

    Public Service Credit Union lent most frequently to those with incomes in the $50k-75k range, with 40 originations. The second most popular income band? $50k or less, with 37 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 26 $1,150,000 $44,231 $0 5.19%
    30-36% 23 $915,000 $39,783 $0 5.38%
    <20% 23 $815,000 $35,435 $0 5.05%
    44% 10 $420,000 $42,000 $0 5.77%
    46% 6 $490,000 $81,667 $0 4.75%
    39% 6 $200,000 $33,333 $0 5.92%
    50-60% 4 $150,000 $37,500 $0 6.06%
    40% 4 $190,000 $47,500 $0 5.06%
    42% 4 $150,000 $37,500 $0 5.81%
    48% 3 $265,000 $88,333 $0 5.67%
    47% 3 $185,000 $61,667 $0 4.83%
    49% 3 $185,000 $61,667 $0 4.91%
    43% 2 $100,000 $50,000 $0 4.88%
    36% 2 $80,000 $40,000 $0 5.50%
    37% 2 $90,000 $45,000 $0 6.25%
    38% 2 $60,000 $30,000 $0 5.50%
    45% 1 $45,000 $45,000 $0 6.75%
    >60% 1 $55,000 $55,000 $0 5.00%

    Public Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 26 originations. The next most common DTI ratio? 30-36%, with 23 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 67 $2,795,000 $41,716 $0 5.41%
    White 58 $2,750,000 $47,414 $0 5.25%

    Approval Rates

    Total approvals of all applications
    63.98%

    Public Service Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

    Pick Rate

    Approvals leading to origination
    79.20%

    Public Service Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 125 $5,545,000 $44,360

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    125 $5,545,000 $44,360

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 34 $1,630,000 $47,941 $0 5.54%
    40-60% 18 $1,160,000 $64,444 $0 5.36%
    60-80% 6 $340,000 $56,667 $0 5.46%
    80-100% 8 $600,000 $75,000 $0 5.41%
    Over 100% 1 $55,000 $55,000 $0 6.50%
    Under 20% 58 $1,760,000 $30,345 $0 5.16%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 4 30.8%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 2 15.4%
    PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION Other type of mortgage Trouble during payment process 3 23.1%