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 loans. Public Service Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Monroe, Adrian, and Chicago among others. We have data for 7 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. Public Service 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 relatively high 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.31% | 11/23/24 |
| 30 Year Conventional Purchase | 6.84% | 11/23/24 |
| 30 Year Conventional Refi | 6.27% | 11/23/24 |
| 30 Year Cash-out Refi | 6.27% | 11/23/24 |
| 15 Year Conventional Purchase | 6.65% | 11/23/24 |
| 15 Year Conventional Refi | 6.90% | 11/23/24 |
| 15 Year Cash-out Refi | 6.90% | 11/23/24 |
| 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
248Origination Dollar Volume (All Markets)
$14,600,000Top 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) | 235 | $13,805,000 | $58,745 | $709 | 6.12% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $578 | 6.62% |
| Outside of Metro Areas | 2 | $170,000 | $85,000 | $2,508 | 5.69% |
| MONROE, MI (FHA|USDA|VA) | 4 | $130,000 | $32,500 | $0 | 4.62% |
| Adrian, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $1,140 | 7.00% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $342 | 6.25% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 172 | $10,200,000 | $59,302 | $715 | 6.21% |
| HELOC | 76 | $4,400,000 | $57,895 | n/a | 5.88% |
For 2022, Public Service Credit Union's most frequently originated type of loan was Conventional, with 172 originations. Their 2nd most popular type was HELOC, with 76 originations.
Loan Reason
For 2022, Public Service Credit Union's most frequently cited loan purpose was Home Improvement, with 152 originations. The 2nd most popular reason was Other, with 62 originations.
Loan Duration/Length
For 2022, Public Service Credit Union's most frequently cited loan duration was 15 Year, with 212 originations. The 2nd most popular length was 10 Year, with 15 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 132 | $5,930,000 | $44,924 |
| $1k-2k | 5 | $925,000 | $185,000 |
| $2k-3k | 3 | $1,215,000 | $405,000 |
| $5k+ | 1 | $315,000 | $315,000 |
Public Service Credit Union's average total fees were $3,819, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 132 originations.
Interest Rates
During 2022, Public Service Credit Union's average interest rate for loans was 5.45%, while their most frequently originated rate bucket for loans was 5-6%, with 68 originations.
Loan Sizing
2022 saw Public Service Credit Union place emphasis on $100,000 or less loans with 220 originations, totaling $9,670,000 in origination value.
Applicant Income
Public Service 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 61 originations.
Applicant Debt to Income Ratio
Public Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 53 originations. The next most common DTI ratio? 30-36%, with 39 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.47%
Public Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination64.92%
Public Service Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 248 | $14,600,000 | $58,871 |