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, Stockton, and Los Angeles among others. We have data for 26 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% 12/16/24
    30 Year Conventional Refi 6.11% 12/16/24
    15 Year Conventional Purchase 5.49% 12/16/24
    15 Year Conventional Refi 6.42% 12/16/24
    15 Year Cash-out Refi 6.42% 12/16/24
    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

    1,249

    Origination Dollar Volume (All Markets)

    $570,825,000
    Show all (12) 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) 722 $353,050,000 $488,989 $3,414 4.08%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 229 $121,825,000 $531,987 $2,821 3.97%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 92 $25,040,000 $272,174 $3,048 3.94%
    STOCKTON, CA (FHA|USDA|VA) 37 $12,945,000 $349,865 $3,532 3.67%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 25 $10,565,000 $422,600 $3,272 3.80%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 17 $6,775,000 $398,529 $2,310 4.29%
    VALLEJO, CA (FHA|USDA|VA) 18 $5,610,000 $311,667 $2,729 3.90%
    SALINAS, CA (FHA|USDA|VA) 9 $3,855,000 $428,333 $2,622 3.86%
    Outside of Metro Areas 12 $3,600,000 $300,000 $2,910 3.71%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 10 $3,220,000 $322,000 $2,911 3.68%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 10 $3,170,000 $317,000 $2,693 3.95%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 6 $3,130,000 $521,667 $3,871 3.50%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 8 $3,010,000 $376,250 $3,809 3.81%
    NAPA, CA (FHA|USDA|VA) 7 $2,805,000 $400,714 $2,373 3.70%
    MERCED, CA (FHA|USDA|VA) 10 $2,210,000 $221,000 $3,123 3.81%
    MODESTO, CA (FHA|USDA|VA) 8 $2,030,000 $253,750 $1,755 3.91%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 5 $1,975,000 $395,000 $5,002 3.95%
    CHICO, CA (FHA|USDA|VA) 6 $1,540,000 $256,667 $2,875 3.50%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $1,205,000 $401,667 $2,997 3.54%
    Eureka-Arcata, CA (FHA|USDA|VA) 5 $1,135,000 $227,000 $2,684 4.18%
    Sonora, CA (FHA|USDA|VA) 3 $785,000 $261,667 $2,943 3.79%
    Ukiah, CA (FHA|USDA|VA) 2 $480,000 $240,000 $3,097 4.19%
    VISALIA, CA (FHA|USDA|VA) 2 $480,000 $240,000 $4,394 3.50%
    MADERA, CA (FHA|USDA|VA) 1 $205,000 $205,000 $1,385 3.00%
    REDDING, CA (FHA|USDA|VA) 1 $105,000 $105,000 $2,379 2.88%
    Clearlake, CA (FHA|USDA|VA) 1 $75,000 $75,000 $4,012 4.75%
    Provident Credit Union's top markets include San Francisco, San Jose, Sacramento, Stockton, and Los Angeles 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.

    Educational Employees Credit Union
    Similarity Rank: 51
    Christian Community Credit Union
    Similarity Rank: 220
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 290
    COMMUNITY FIRST CREDIT UNION
    Similarity Rank: 290
    HERITAGE COMMUNITY CREDIT UNION
    Similarity Rank: 318
    SAFEAMERICA CREDIT UNION
    Similarity Rank: 368
    SOUTHLAND CREDIT UNION
    Similarity Rank: 464
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 707
    EXCITE Credit Union
    Similarity Rank: 817
    CommonWealth Central Credit Union
    Similarity Rank: 840

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,076 $552,200,000 $513,197 $3,214 3.67%
    HELOC 173 $18,625,000 $107,659 n/a 6.10%

    For 2019, Provident Credit Union's most frequently originated type of loan was Conventional, with 1,076 originations. Their 2nd most popular type was HELOC, with 173 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 969 $388,915,000 $401,357 $2,861 4.12%
    Home Purchase 266 $178,670,000 $671,692 $4,316 3.54%
    Home Improvement 9 $1,795,000 $199,444 $1,769 5.42%
    Cash Out Refi 5 $1,445,000 $289,000 $2,588 4.88%

    For 2019, Provident Credit Union's most frequently cited loan purpose was Refi, with 969 originations. The 2nd most popular reason was Home Purchase, with 266 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 855 $506,135,000 $591,971 $3,593 3.56%
    Other 177 $20,345,000 $114,944 $3,772 6.03%
    15 Year 141 $37,935,000 $269,043 $2,491 3.55%
    10 Year 35 $2,115,000 $60,429 $273 5.31%
    20 Year 22 $3,440,000 $156,364 $595 5.36%
    5 Year 19 $855,000 $45,000 $198 4.65%

    For 2019, Provident Credit Union's most frequently cited loan duration was 30 Year, with 855 originations. The 2nd most popular length was Other, with 177 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 482 $257,000,000 $533,195
    $1k-2k 149 $54,545,000 $366,074
    $2k-3k 47 $19,925,000 $423,936
    $5k+ 45 $30,535,000 $678,556
    $3k-4k 19 $8,725,000 $459,211
    $4k-5k 16 $6,630,000 $414,375

    Provident Credit Union's average total fees were $3,593, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 482 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 804 $453,010,000 $563,445
    5-6% 152 $14,620,000 $96,184
    6-7% 100 $10,800,000 $108,000
    4-5% 92 $43,550,000 $473,370
    2.5-3% 87 $39,325,000 $452,011
    <2.5% 14 $9,520,000 $680,000

    During 2019, Provident Credit Union's average interest rate for loans was 3.56%, while their most frequently originated rate bucket for loans was 3-4%, with 804 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 342 $100,730,000 $294,532 $3,183 3.83%
    $400k-600k 272 $132,690,000 $487,831 $3,575 3.54%
    $600k-1MM 247 $189,275,000 $766,296 $3,572 3.45%
    $100,000 or less 155 $8,435,000 $54,419 $432 5.58%
    $100k-200k 154 $20,870,000 $135,519 $1,898 4.84%
    $1MM+ 79 $118,825,000 $1,504,114 $5,410 3.43%

    2019 saw Provident Credit Union place emphasis on $200k-400k loans with 342 originations, totaling $100,730,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 426 $212,020,000 $497,700 $3,364 4.01%
    $100k-150k 355 $127,995,000 $360,549 $3,185 4.00%
    $250k+ 203 $154,915,000 $763,128 $3,450 3.84%
    $75k-100k 153 $41,645,000 $272,190 $2,929 4.08%
    $50k-75k 83 $17,675,000 $212,952 $2,680 4.28%
    $50k or less 25 $3,735,000 $149,400 $2,083 4.04%

    Provident Credit Union lent most frequently to those with incomes in the $150k-250k range, with 426 originations. The second most popular income band? $100k-150k, with 355 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 316 $138,410,000 $438,006 $2,976 3.96%
    30-36% 252 $117,350,000 $465,675 $3,109 3.79%
    <20% 193 $56,105,000 $290,699 $2,734 4.90%
    39% 60 $36,120,000 $602,000 $3,517 3.61%
    38% 56 $38,090,000 $680,179 $3,522 3.58%
    36% 52 $28,850,000 $554,808 $3,377 3.70%
    37% 48 $29,650,000 $617,708 $3,127 3.84%
    44% 45 $16,485,000 $366,333 $3,803 4.38%
    40% 45 $20,585,000 $457,444 $3,801 3.81%
    41% 45 $24,505,000 $544,556 $4,549 3.81%
    42% 39 $17,235,000 $441,923 $2,393 3.93%
    43% 30 $11,850,000 $395,000 $3,167 3.99%
    45% 20 $8,880,000 $444,000 $4,514 3.98%
    48% 11 $3,745,000 $340,455 $2,921 3.73%
    46% 9 $3,095,000 $343,889 $3,329 3.93%
    49% 9 $3,045,000 $338,333 $2,936 3.54%
    >60% 9 $9,935,000 $1,103,889 $2,815 2.49%
    47% 6 $2,440,000 $406,667 $3,236 4.04%
    50-60% 4 $4,450,000 $1,112,500 $5,913 3.00%

    Provident Credit Union lent most frequently to those with DTI ratios of 20-30%, with 316 originations. The next most common DTI ratio? 30-36%, with 252 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 783 $314,825,000 $402,075 $3,275 4.06%
    Asian 310 $188,330,000 $607,516 $3,412 3.67%
    Not provided 100 $39,350,000 $393,500 $2,279 4.69%
    Black 40 $13,000,000 $325,000 $2,491 3.86%
    Not applicable 4 $10,230,000 $2,557,500 $2,691 4.22%
    Native Hawaiian or Islander 7 $3,205,000 $457,857 $2,508 4.07%
    American Indian 4 $1,150,000 $287,500 $3,224 4.06%
    Other Pacific Islander 1 $735,000 $735,000 $2,811 3.75%

    Approval Rates

    Total approvals of all applications
    97.52%

    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
    84.23%

    Provident Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,249 $570,825,000 $457,026

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $42,430,000 $2,121,500
    Single Family (1-4 Units):Site-Built 1,229 $528,395,000 $429,939

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 190 $80,540,000 $423,895 $2,717 3.76%
    40-60% 256 $138,580,000 $541,328 $3,468 3.50%
    60-80% 334 $209,870,000 $628,353 $3,898 3.51%
    80-100% 158 $104,360,000 $660,506 $3,860 3.46%
    Under 20% 311 $37,475,000 $120,498 $1,119 5.39%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 20.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 2 6.7%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Incorrect information on your report 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Struggling to pay mortgage 5 16.7%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 12 40.0%
    PROVIDENT FUNDING ASSOCIATES FHA mortgage Trouble during payment process 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Closing on a mortgage 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Trouble during payment process 2 6.7%