Pen Air Federal Credit Union Mortgage Rates, Fees & Info

Pensacola, FL

LEI: 254900T576VYG7I55390

Tax ID: 59-0642991

3.5 stars - out of 5 stars, based on 27 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pen Air Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Pen Air Federal Credit Union has a high proportion of conventional loans. Their top markets include Pensacola, Daphne, Crestview, Panama City, and Atmore among others. Pen Air Federal Credit Union has a below average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Pen Air Federal Credit Union is typically an average fee lendor.


Originations

749

Origination Dollar Volume (All Markets)

$119,225,000

Awards

Pen Air Federal Credit Union 30 Year Conventional Loans bronze Pen Air Federal Credit Union 30 Year Conventional Loans silver Pen Air Federal Credit Union 30 Year Conventional Loans bronze
Show all (3) awards

Relative Rate

Pen Air Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.77%.

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

This yields a difference of 0.62%.

Relative Fees

Pen Air Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $4,386.

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
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 534 $87,240,000 $163,371 $4,813 3.65%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 153 $18,135,000 $118,529 $3,246 3.62%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 29 $7,885,000 $271,897 $6,559 3.08%
PANAMA CITY, FL (FHA|USDA|VA) 9 $3,075,000 $341,667 $6,935 3.00%
Atmore, AL (FHA|USDA|VA) 8 $1,640,000 $205,000 $5,166 3.79%
MOBILE, AL (FHA|USDA|VA) 14 $1,100,000 $78,571 $1,425 4.02%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $115,000 $115,000 $2,864 2.13%
TALLAHASSEE, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 4.24%

Pen Air Federal Credit Union's top markets include Pensacola, Daphne, Crestview, Panama City, and Atmore among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 749 $119,225,000 $159,179 $4,659 3.62%

For the 2021 period, Pen Air Federal Credit Union's most frequently originated loan type of loans were Conventional, with 749 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 232 $15,350,000 $66,164 $267 3.95%
Home Purchase 163 $58,535,000 $359,110 $8,131 3.08%
Other 158 $11,910,000 $75,380 $187 4.05%
Refi 118 $17,570,000 $148,898 $2,590 3.55%
Cash Out Refi 78 $15,860,000 $203,333 $3,215 3.03%

For the 2021, Pen Air Federal Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 232 originations. The 2nd most popular reason of loans were Home Purchase, with 163 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 511 $65,005,000 $127,211 $4,386 3.77%
30+ year 105 $37,635,000 $358,429 $9,130 3.07%
20 Year 61 $7,155,000 $117,295 $939 3.52%
15 Year 49 $6,235,000 $127,245 $1,634 3.04%
10 Year 16 $2,580,000 $161,250 $672 4.17%
5 Year 7 $615,000 $87,857 $183 4.66%

For the 2021, Pen Air Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 511 originations. The 2nd most popular length of loans were 30+ year, with 105 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 222 $35,910,000 $161,757
$3k-4k 55 $18,075,000 $328,636
$5k+ 38 $24,290,000 $639,211
$2k-3k 37 $7,305,000 $197,432
$1k-2k 7 $945,000 $135,000

$4,386 of loans were Pen Air Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 222 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
4-5% 314 $25,410,000 $80,924
2.5-3% 241 $50,835,000 $210,934
3-4% 159 $38,395,000 $241,478
<2.5% 23 $4,035,000 $175,435
5-6% 12 $550,000 $45,833

During 2021, Pen Air Federal Credit Union's average interest rate of loans were 3.77%, while their most frequently originated rate bucket of loans were 4-5%, with 314 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 382 $20,220,000 $52,932 $680 3.94%
$100k-200k 162 $22,820,000 $140,864 $3,388 3.43%
$200k-400k 137 $37,555,000 $274,124 $5,649 3.20%
$400k-600k 51 $24,205,000 $474,608 $8,806 3.06%
$600k-1MM 13 $9,245,000 $711,154 $12,709 3.19%
$1MM+ 4 $5,180,000 $1,295,000 $23,405 3.44%

2021 saw Pen Air Federal Credit Union place emphasis on $100,000 or less loans with 382 originations, totaling $20,220,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 189 $27,575,000 $145,899 $3,707 3.67%
$50k-75k 173 $17,955,000 $103,786 $3,379 3.61%
$75k-100k 124 $16,860,000 $135,968 $4,295 3.62%
$150k-250k 110 $28,320,000 $257,455 $6,239 3.45%
$50k or less 93 $10,105,000 $108,656 $3,642 3.80%
$250k+ 36 $16,560,000 $460,000 $10,115 3.31%

Pen Air Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 189 originations. The second most popular income band? $50k-75k, with 173 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 214 $36,790,000 $171,916 $5,078 3.51%
30-36% 181 $30,095,000 $166,271 $4,905 3.58%
<20% 81 $11,245,000 $138,827 $3,579 3.52%
39% 59 $7,485,000 $126,864 $5,455 3.78%
42% 50 $6,030,000 $120,600 $3,391 3.96%
40% 36 $6,680,000 $185,556 $4,526 3.48%
41% 35 $5,755,000 $164,429 $5,257 3.82%
36% 30 $4,020,000 $134,000 $3,590 3.66%
38% 29 $3,265,000 $112,586 $3,642 3.70%
37% 21 $2,845,000 $135,476 $4,224 3.70%
43% 1 $755,000 $755,000 $14,006 3.00%
46% 1 $175,000 $175,000 $0 4.24%
47% 1 $395,000 $395,000 $2,985 2.88%

Pen Air Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 214 originations. The next most common DTI ratio? 30-36%, with 181 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 625 $94,655,000 $151,448 $4,592 3.63%
Not provided 67 $15,425,000 $230,224 $5,791 3.64%
Black 31 $3,605,000 $116,290 $3,551 3.67%
Asian 8 $2,950,000 $368,750 $7,320 3.00%
Asian Indian 3 $745,000 $248,333 $5,860 3.58%
American Indian 9 $635,000 $70,556 $1,241 3.59%
Filipino 2 $370,000 $185,000 $3,480 3.00%
Native Hawaiian 1 $355,000 $355,000 $3,028 2.75%
Korean 1 $245,000 $245,000 $7,658 3.88%
Chinese 1 $135,000 $135,000 $2,441 3.00%
Other Pacific Islander 1 $105,000 $105,000 $1,648 2.88%

Approval Rates

Total approvals of all applications
66.87%

Pen Air Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.

Pick Rate

Approvals leading to origination
39.00%

Pen Air Federal 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 749 $119,225,000 $159,179

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
749 $119,225,000 $159,179

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 200 $16,470,000 $82,350 $893 3.93%
40-60% 76 $13,240,000 $174,211 $4,265 3.34%
60-80% 148 $40,890,000 $276,284 $5,206 3.22%
80-100% 120 $39,090,000 $325,750 $7,780 3.16%
Under 20% 205 $9,535,000 $46,512 $188 3.99%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PMR Progressive, LLC Conventional home mortgage Trouble during payment process 1 100.0%