Provident Credit Union Mortgage Rates, Fees & Info

Redwood City, CA

LEI: 254900P2JMSUZCYLE858

Tax ID: 94-1482957

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • 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

    Provident Credit Union is a smaller credit union specializing in Refi and Home Purchase loans. Provident Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: San Francisco, San Jose, Sacramento, Santa Cruz, and Stockton among others. We have data for 28 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Provident Credit Union has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Provident 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 about average 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.

    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
    30 Year Conventional Purchase 5.94% 4/14/24
    30 Year Conventional Refi 6.11% 4/14/24
    15 Year Conventional Purchase 5.49% 4/14/24
    15 Year Conventional Refi 6.42% 4/14/24
    15 Year Cash-out Refi 6.42% 4/14/24
    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.

    Provident Credit Union Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Provident 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

    764

    Origination Dollar Volume (All Markets)

    $383,810,000
    Show all (11) awards

    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
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 437 $227,085,000 $519,645 $3,014 4.12%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 142 $96,310,000 $678,239 $2,816 4.13%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 50 $13,570,000 $271,400 $2,599 4.19%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 9 $8,145,000 $905,000 $2,551 3.83%
    STOCKTON, CA (FHA|USDA|VA) 21 $6,605,000 $314,524 $2,444 3.74%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 14 $6,560,000 $468,571 $2,873 4.13%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $4,040,000 $505,000 $4,204 4.22%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 10 $3,410,000 $341,000 $3,100 4.08%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 10 $3,130,000 $313,000 $4,150 4.25%
    Outside of Metro Areas 7 $2,125,000 $303,571 $2,962 4.30%
    SALINAS, CA (FHA|USDA|VA) 9 $1,985,000 $220,556 $1,977 4.46%
    VALLEJO, CA (FHA|USDA|VA) 7 $1,665,000 $237,857 $3,293 4.32%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 3 $1,235,000 $411,667 $2,769 4.08%
    NAPA, CA (FHA|USDA|VA) 2 $960,000 $480,000 $3,128 4.00%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $885,000 $295,000 $594 4.38%
    MODESTO, CA (FHA|USDA|VA) 4 $780,000 $195,000 $2,594 4.50%
    Eureka-Arcata, CA (FHA|USDA|VA) 8 $750,000 $93,750 $934 4.41%
    MERCED, CA (FHA|USDA|VA) 3 $745,000 $248,333 $3,996 4.21%
    FRESNO, CA (FHA|USDA|VA) 3 $605,000 $201,667 $2,888 4.25%
    REDDING, CA (FHA|USDA|VA) 3 $515,000 $171,667 $2,293 4.08%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $415,000 $415,000 $2,236 3.63%
    CHICO, CA (FHA|USDA|VA) 2 $410,000 $205,000 $2,141 3.56%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 2 $410,000 $205,000 $3,680 4.75%
    MADERA, CA (FHA|USDA|VA) 1 $375,000 $375,000 $2,668 3.75%
    Clearlake, CA (FHA|USDA|VA) 1 $325,000 $325,000 $0 4.25%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $315,000 $315,000 $342 5.13%
    Sonora, CA (FHA|USDA|VA) 2 $260,000 $130,000 $2,155 4.13%
    VISALIA, CA (FHA|USDA|VA) 1 $195,000 $195,000 $2,616 4.50%
    Provident Credit Union's top markets include San Francisco, San Jose, Sacramento, Santa Cruz, and Stockton among others.

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

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Provident Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Monterey Credit Union
    Similarity Rank: 16
    SANTA CLARA COUNTY
    Similarity Rank: 20
    Educational Employees Credit Union
    Similarity Rank: 84
    FRONTWAVE
    Similarity Rank: 92
    LBS FINANCIAL
    Similarity Rank: 210
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 240
    LA Financial Federal Credit Union
    Similarity Rank: 321
    Water and Power Community Credit Union
    Similarity Rank: 500
    Christian Community Credit Union
    Similarity Rank: 515
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 544

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 764 $383,810,000 $502,369 $2,904 4.13%

    For 2018, Provident Credit Union's most frequently originated type of loan was Conventional, with 764 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 422 $171,820,000 $407,156 $2,143 4.21%
    Home Purchase 280 $195,890,000 $699,607 $4,264 3.98%
    Cash Out Refi 58 $15,340,000 $264,483 $2,125 4.29%
    Home Improvement 3 $675,000 $225,000 $1,154 4.04%
    Other 1 $85,000 $85,000 $146 4.63%

    For 2018, Provident Credit Union's most frequently cited loan purpose was Refi, with 422 originations. The 2nd most popular reason was Home Purchase, with 280 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 551 $357,035,000 $647,976 $3,712 3.96%
    15 Year 84 $13,180,000 $156,905 $1,230 4.48%
    20 Year 42 $5,130,000 $122,143 $301 5.06%
    10 Year 37 $2,495,000 $67,432 $422 4.77%
    5 Year 32 $1,900,000 $59,375 $186 3.96%
    Other 17 $3,825,000 $225,000 $4,627 4.67%
    3 Year 1 $245,000 $245,000 $2,028 3.75%

    For 2018, Provident Credit Union's most frequently cited loan duration was 30 Year, with 551 originations. The 2nd most popular length was 15 Year, with 84 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 499 $240,885,000 $482,735
    $1k-2k 50 $18,830,000 $376,600
    $5k+ 28 $18,710,000 $668,214
    $2k-3k 18 $6,760,000 $375,556
    $3k-4k 11 $5,375,000 $488,636
    $4k-5k 6 $2,250,000 $375,000

    Provident Credit Union's average total fees were $3,712, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 499 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 362 $225,220,000 $622,155
    4-5% 336 $140,530,000 $418,244
    5-6% 48 $5,380,000 $112,083
    <2.5% 18 $12,680,000 $704,444

    During 2018, Provident Credit Union's average interest rate for loans was 3.96%, while their most frequently originated rate bucket for loans was 3-4%, with 362 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $600k-1MM 189 $144,245,000 $763,201 $3,860 3.89%
    $400k-600k 150 $74,770,000 $498,467 $3,584 3.92%
    $200k-400k 149 $44,855,000 $301,040 $3,008 4.17%
    $100,000 or less 121 $6,865,000 $56,736 $257 4.67%
    $100k-200k 88 $13,010,000 $147,841 $1,555 4.46%
    $1MM+ 67 $100,065,000 $1,493,507 $5,102 3.79%

    2018 saw Provident Credit Union place emphasis on $600k-1MM loans with 189 originations, totaling $144,245,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 266 $139,920,000 $526,015 $2,999 4.13%
    $100k-150k 181 $67,205,000 $371,298 $2,588 4.18%
    $250k+ 155 $130,495,000 $841,903 $3,750 4.04%
    $75k-100k 79 $20,975,000 $265,506 $2,528 4.26%
    $50k-75k 52 $10,400,000 $200,000 $2,092 4.26%
    $50k or less 27 $5,455,000 $202,037 $2,227 3.73%

    Provident Credit Union lent most frequently to those with incomes in the $150k-250k range, with 266 originations. The second most popular income band? $100k-150k, with 181 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 186 $92,630,000 $498,011 $2,916 4.13%
    30-36% 182 $91,460,000 $502,527 $2,845 4.22%
    <20% 53 $35,705,000 $673,679 $3,157 4.09%
    42% 42 $17,950,000 $427,381 $3,269 4.27%
    37% 42 $22,330,000 $531,667 $3,709 4.13%
    39% 41 $24,415,000 $595,488 $2,890 4.09%
    36% 34 $15,450,000 $454,412 $1,902 4.29%
    40% 32 $14,550,000 $454,688 $2,493 4.20%
    44% 24 $8,670,000 $361,250 $2,217 3.94%
    38% 24 $14,150,000 $589,583 $3,560 4.01%
    41% 22 $10,480,000 $476,364 $2,782 4.11%
    45% 21 $6,175,000 $294,048 $2,657 4.52%
    43% 17 $6,155,000 $362,059 $2,973 4.46%
    >60% 13 $7,565,000 $581,923 $2,036 1.63%
    47% 7 $3,405,000 $486,429 $3,050 3.70%
    49% 7 $2,525,000 $360,714 $4,362 4.23%
    46% 6 $2,700,000 $450,000 $2,823 4.35%
    50-60% 6 $5,210,000 $868,333 $1,983 3.83%
    48% 4 $1,660,000 $415,000 $5,721 4.22%

    Provident Credit Union lent most frequently to those with DTI ratios of 20-30%, with 186 originations. The next most common DTI ratio? 30-36%, with 182 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 475 $209,075,000 $440,158 $2,720 4.21%
    Asian 194 $121,730,000 $627,474 $3,415 3.95%
    Not provided 55 $27,215,000 $494,818 $2,747 4.01%
    Not applicable 7 $13,475,000 $1,925,000 $4,264 4.14%
    Black 21 $7,645,000 $364,048 $2,635 4.32%
    American Indian 7 $2,045,000 $292,143 $2,232 4.30%
    Asian Indian 1 $1,395,000 $1,395,000 $6,477 1.13%
    Native Hawaiian or Islander 3 $1,135,000 $378,333 $2,991 3.21%
    Japanese 1 $95,000 $95,000 $146 5.13%

    Approval Rates

    Total approvals of all applications
    97.88%

    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
    81.81%

    Provident Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 764 $383,810,000 $502,369

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 23 $37,305,000 $1,621,957
    Single Family (1-4 Units):Site-Built 741 $346,505,000 $467,618

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 107 $49,185,000 $459,673 $2,681 4.11%
    40-60% 134 $83,630,000 $624,104 $3,347 3.95%
    60-80% 205 $142,905,000 $697,098 $3,975 3.96%
    80-100% 133 $87,025,000 $654,323 $4,140 3.87%
    Under 20% 185 $21,065,000 $113,865 $610 4.65%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 12.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Struggling to pay mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 15 60.0%
    PROVIDENT FUNDING ASSOCIATES FHA mortgage Trouble during payment process 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Trouble during payment process 1 4.0%