Provident Credit Union Mortgage Rates, Fees & Info

Redwood City, CA

LEI: 254900P2JMSUZCYLE858

Tax ID: 94-1482957

5 stars - out of 5 stars, based on 50 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Provident Credit Union is a small credit union specializing in Refi loans. Provident Credit Union has a high proportion of conventional loans. Their top markets include San Francisco, San Jose, Sacramento, Stockton, and Santa Cruz among others. Provident Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Provident Credit Union is typically an average fee lendor.


Originations

2,475

Origination Dollar Volume (All Markets)

$1,026,815,000
Show all (20) awards

Relative Rate

Provident Credit Union's average 30 year fixed rate mortgage of loans were 2.77%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.38%.

Relative Fees

Provident Credit Union's average total fees for a 30 year fixed rate mortgage are $3,898.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 1,430 $621,570,000 $434,664 $3,730 2.91%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 463 $210,765,000 $455,216 $3,244 2.89%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 165 $50,395,000 $305,424 $3,171 2.89%
STOCKTON, CA (FHA|USDA|VA) 55 $19,865,000 $361,182 $3,394 2.86%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 37 $16,035,000 $433,378 $4,279 2.87%
SALINAS, CA (FHA|USDA|VA) 35 $14,145,000 $404,143 $3,315 2.74%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 31 $13,815,000 $445,645 $3,805 2.87%
VALLEJO, CA (FHA|USDA|VA) 33 $11,465,000 $347,424 $4,260 2.80%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 27 $10,495,000 $388,704 $3,332 2.94%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 21 $7,155,000 $340,714 $4,259 3.00%
Truckee-Grass Valley, CA (FHA|USDA|VA) 22 $6,790,000 $308,636 $3,462 2.66%
Outside of Metro Areas 22 $6,710,000 $305,000 $3,745 2.76%
VISALIA, CA (FHA|USDA|VA) 23 $5,335,000 $231,957 $4,384 2.60%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 9 $4,285,000 $476,111 $5,095 3.00%
MODESTO, CA (FHA|USDA|VA) 13 $3,625,000 $278,846 $4,257 2.72%
Eureka-Arcata, CA (FHA|USDA|VA) 15 $3,495,000 $233,000 $3,360 2.67%
CHICO, CA (FHA|USDA|VA) 10 $3,430,000 $343,000 $3,455 2.59%
NAPA, CA (FHA|USDA|VA) 10 $3,380,000 $338,000 $3,249 3.01%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 10 $3,040,000 $304,000 $4,611 2.76%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 4 $2,110,000 $527,500 $3,799 2.72%
Sonora, CA (FHA|USDA|VA) 8 $1,780,000 $222,500 $3,392 2.72%
REDDING, CA (FHA|USDA|VA) 8 $1,640,000 $205,000 $2,734 3.00%
MERCED, CA (FHA|USDA|VA) 5 $1,395,000 $279,000 $4,578 2.75%
BAKERSFIELD, CA (FHA|USDA|VA) 4 $750,000 $187,500 $4,770 2.72%
Ukiah, CA (FHA|USDA|VA) 3 $645,000 $215,000 $2,251 2.83%
YUBA CITY, CA (FHA|USDA|VA) 3 $645,000 $215,000 $3,118 2.83%
Clearlake, CA (FHA|USDA|VA) 2 $640,000 $320,000 $5,705 2.63%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $485,000 $485,000 $0 3.38%
Crescent City, CA (FHA|USDA|VA) 1 $365,000 $365,000 $4,841 2.75%
MADERA, CA (FHA|USDA|VA) 3 $255,000 $85,000 $1,487 3.38%
Red Bluff, CA (FHA|USDA|VA) 1 $155,000 $155,000 $2,204 2.63%
FRESNO, CA (FHA|USDA|VA) 1 $155,000 $155,000 $2,636 2.75%

Provident Credit Union's top markets include San Francisco, San Jose, Sacramento, Stockton, and Santa Cruz among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 2,475 $1,026,815,000 $414,875 $3,610 2.89%

For the 2021 period, Provident Credit Union's most frequently originated loan type of loans were Conventional, with 2,475 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,846 $796,090,000 $431,251 $3,370 2.67%
Home Improvement 393 $49,725,000 $126,527 $0 3.98%
Home Purchase 236 $181,000,000 $766,949 $5,483 2.77%

For the 2021, Provident Credit Union's most frequently cited loan purpose of loans were Refi, with 1,846 originations. The 2nd most popular reason of loans were Home Improvement, with 393 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,541 $814,995,000 $528,874 $3,898 2.77%
Other 421 $53,775,000 $127,732 $2,008 3.94%
15 Year 398 $126,580,000 $318,040 $2,854 2.28%
20 Year 72 $23,800,000 $330,556 $2,803 2.80%
10 Year 41 $7,575,000 $184,756 $2,476 2.58%
5 Year 2 $90,000 $45,000 $146 4.63%

For the 2021, Provident Credit Union's most frequently cited loan length of loans were 30 Year, with 1,541 originations. The 2nd most popular length of loans were Other, with 421 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,057 $520,065,000 $492,020
$1k-2k 408 $151,740,000 $371,912
$2k-3k 168 $70,820,000 $421,548
$3k-4k 154 $68,190,000 $442,792
$5k+ 104 $71,560,000 $688,077

$3,898 of loans were Provident Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,057 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,224 $577,040,000 $471,438
<2.5% 671 $301,635,000 $449,531
3-4% 542 $144,810,000 $267,177
4-5% 26 $2,370,000 $91,154
5-6% 12 $960,000 $80,000

During 2021, Provident Credit Union's average interest rate of loans were 2.77%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,224 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 891 $257,765,000 $289,299 $3,074 2.74%
$400k-600k 630 $306,490,000 $486,492 $4,251 2.70%
$100k-200k 406 $55,520,000 $136,749 $2,224 3.24%
$600k-1MM 260 $201,570,000 $775,269 $4,492 2.76%
$100,000 or less 154 $9,430,000 $61,234 $1,130 3.89%
$1MM+ 134 $196,040,000 $1,462,985 $4,924 2.73%

2021 saw Provident Credit Union place emphasis on $200k-400k loans with 891 originations, totaling $257,765,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 769 $326,235,000 $424,233 $3,673 2.94%
$100k-150k 635 $217,565,000 $342,622 $3,803 2.87%
$250k+ 406 $262,150,000 $645,690 $3,753 2.89%
$75k-100k 346 $101,910,000 $294,538 $3,360 2.80%
$50k-75k 224 $55,040,000 $245,714 $3,075 2.88%
$50k or less 65 $11,235,000 $172,846 $2,515 2.84%

Provident Credit Union lent most frequently to those with incomes in the $150k-250k range, with 769 originations. The second most popular income band? $100k-150k, with 635 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 742 $297,740,000 $401,267 $3,446 2.82%
<20% 458 $125,510,000 $274,039 $2,881 3.07%
30-36% 422 $199,270,000 $472,204 $3,726 2.81%
37% 89 $39,885,000 $448,146 $4,026 2.82%
38% 87 $39,785,000 $457,299 $4,027 2.95%
36% 87 $42,615,000 $489,828 $3,640 2.79%
40% 69 $33,265,000 $482,101 $3,150 2.90%
44% 69 $26,375,000 $382,246 $4,064 2.97%
39% 68 $31,470,000 $462,794 $3,955 2.86%
41% 61 $25,845,000 $423,689 $4,063 2.94%
42% 59 $25,085,000 $425,169 $4,869 2.99%
43% 58 $22,280,000 $384,138 $3,982 3.02%
45% 50 $18,020,000 $360,400 $3,753 2.97%
48% 35 $13,305,000 $380,143 $3,718 2.69%
47% 32 $11,570,000 $361,563 $3,438 2.61%
49% 29 $11,005,000 $379,483 $3,974 2.84%
46% 26 $9,950,000 $382,692 $4,441 2.68%
>60% 3 $555,000 $185,000 $2,508 2.38%
50-60% 1 $605,000 $605,000 $2,267 2.75%

Provident Credit Union lent most frequently to those with DTI ratios of 20-30%, with 742 originations. The next most common DTI ratio? <20%, with 458 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,689 $656,315,000 $388,582 $3,613 2.86%
Asian 479 $254,375,000 $531,054 $3,495 2.80%
Not provided 171 $62,045,000 $362,836 $3,812 3.37%
Black 95 $31,395,000 $330,474 $3,720 2.97%
Not applicable 9 $13,335,000 $1,481,667 $7,494 3.06%
American Indian 23 $6,965,000 $302,826 $4,186 2.96%
Native Hawaiian 8 $2,180,000 $272,500 $4,090 3.23%
Vietnamese 1 $205,000 $205,000 $0 4.00%

Approval Rates

Total approvals of all applications
98.29%

Provident Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
85.24%

Provident Credit Union has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 2,475 $1,026,815,000 $414,875

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
2,475 $1,026,815,000 $414,875

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 674 $250,690,000 $371,944 $3,039 2.64%
40-60% 716 $366,490,000 $511,858 $3,398 2.66%
60-80% 344 $210,030,000 $610,552 $5,045 2.75%
80-100% 142 $107,280,000 $755,493 $5,271 2.76%
Under 20% 599 $92,325,000 $154,132 $2,574 3.55%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 46.2%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 1 7.7%
PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 6 46.2%