Pen Air Federal Credit Union Mortgage Rates, Fees & Info
Pensacola, FLLEI: 254900T576VYG7I55390
Tax ID: 59-0642991
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Mortgage Data
Review & 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 by origination volume include: Pensacola, Daphne, Crestview, Panama City, and Atmore among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Pen Air Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Pen Air Federal 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.87% | 4/21/24 |
| 30 Year Conventional Purchase | 6.68% | 4/21/24 |
| 30 Year Conventional Refi | 6.72% | 4/21/24 |
| 30 Year Cash-out Refi | 6.71% | 4/21/24 |
| 30 Year FHA Purchase | 6.27% | 4/21/24 |
| 30 Year VA Purchase | 6.27% | 4/21/24 |
| 15 Year Conventional Purchase | 5.68% | 4/21/24 |
| 15 Year Conventional Refi | 6.23% | 4/21/24 |
| 15 Year Cash-out Refi | 6.23% | 4/21/24 |
| 15 Year VA Refi | 5.68% | 4/21/24 |
| 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. | ||
Pen Air Federal 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
749Origination Dollar Volume (All Markets)
$119,225,000Awards
Pen Air Federal Credit Union - 2021
Pen Air Federal Credit Union is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
We use machine learning to identify the top lenders compared against Pen Air Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 380 | $29,010,000 | $76,342 | n/a | 4.02% |
| Conventional | 369 | $90,215,000 | $244,485 | $4,659 | 3.21% |
For 2021, Pen Air Federal Credit Union's most frequently originated type of loan was HELOC, with 380 originations. Their 2nd most popular type was Conventional, with 369 originations.
Loan Reason
For 2021, Pen Air Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 232 originations. The 2nd most popular reason was Home Purchase, with 163 originations.
Loan Duration/Length
For 2021, Pen Air Federal Credit Union's most frequently cited loan duration was 30 Year, with 511 originations. The 2nd most popular length was 30+ year, with 105 originations.
Origination Fees/Closing Costs
Pen Air Federal Credit Union's average total fees were $4,386, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.77%, while their most frequently originated rate bucket for loans was 4-5%, with 314 originations.
Loan Sizing
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
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
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
Approval Rates
Total approvals of all applications67.39%
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 origination37.65%
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 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PMR Progressive, LLC | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |