People Driven Credit Union Mortgage Rates, Fees & Info

Southfield, MI

LEI: 254900Y68GMFAL410847

Tax ID: 84-0571011

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

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Mortgage Data

Review & Overview

People Driven Credit Union is a smaller credit union specializing in Other and Home Improvement loans. People Driven Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Kalamazoo, Monroe, and Adrian among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

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

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
15 Year Conventional Purchase 8.70% 3/25/24
15 Year Conventional Refi 8.40% 3/25/24
15 Year Cash-out Refi 8.40% 3/25/24
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.

People Driven Credit Union Mortgage Calculator






Your Estimates

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

This is not an official calculator from People Driven 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

186

Origination Dollar Volume (All Markets)

$9,880,000

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
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 88 $4,340,000 $49,318 $37 7.38%
Outside of Metro Areas 78 $4,240,000 $54,359 $0 5.57%
ANN ARBOR, MI (FHA|USDA|VA) 12 $930,000 $77,500 $0 6.18%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.50%
MONROE, MI (FHA|USDA|VA) 3 $95,000 $31,667 $115 6.74%
Adrian, MI (FHA|USDA|VA) 2 $90,000 $45,000 $0 8.62%
Traverse City, MI (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.99%
MUSKEGON, MI (FHA|USDA|VA) 1 $35,000 $35,000 $344 9.49%
People Driven Credit Union's top markets include Detroit, Ann Arbor, Kalamazoo, Monroe, and Adrian among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 161 $7,885,000 $48,975 $22 6.82%
    HELOC 25 $1,995,000 $79,800 n/a 4.81%

    For 2022, People Driven Credit Union's most frequently originated type of loan was Conventional, with 161 originations. Their 2nd most popular type was HELOC, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 92 $4,870,000 $52,935 $30 6.65%
    Home Improvement 80 $4,260,000 $53,250 $0 6.39%
    Refi 11 $535,000 $48,636 $101 6.97%
    Home Purchase 3 $215,000 $71,667 $0 5.99%

    For 2022, People Driven Credit Union's most frequently cited loan purpose was Other, with 92 originations. The 2nd most popular reason was Home Improvement, with 80 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 69 $2,585,000 $37,464 $15 6.82%
    15 Year 68 $4,630,000 $68,088 $28 7.25%
    20 Year 25 $1,995,000 $79,800 $0 4.81%
    5 Year 24 $670,000 $27,917 $29 5.56%

    For 2022, People Driven Credit Union's most frequently cited loan duration was 10 Year, with 69 originations. The 2nd most popular length was 15 Year, with 68 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 148 $7,020,000 $47,432

    People Driven Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 148 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 56 $3,230,000 $57,679
    Over 8% 37 $1,745,000 $47,162
    4-5% 31 $1,505,000 $48,548
    6-7% 27 $1,405,000 $52,037
    7-8% 21 $915,000 $43,571
    3-4% 14 $1,080,000 $77,143

    During 2022, People Driven Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 56 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 163 $6,895,000 $42,301 $19 6.67%
    $100k-200k 22 $2,720,000 $123,636 $63 5.45%
    $200k-400k 1 $265,000 $265,000 $0 11.49%

    2022 saw People Driven Credit Union place emphasis on $100,000 or less loans with 163 originations, totaling $6,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 55 $2,425,000 $44,091 $35 6.71%
    $100k-150k 40 $2,260,000 $56,500 $20 6.05%
    $50k or less 31 $1,245,000 $40,161 $24 7.56%
    $75k-100k 30 $1,760,000 $58,667 $0 6.33%
    $150k-250k 26 $1,820,000 $70,000 $0 6.19%
    $250k+ 4 $370,000 $92,500 $172 5.43%

    People Driven Credit Union lent most frequently to those with incomes in the $50k-75k range, with 55 originations. The second most popular income band? $100k-150k, with 40 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 45 $2,275,000 $50,556 $0 6.92%
    <20% 42 $1,920,000 $45,714 $37 6.37%
    30-36% 24 $1,120,000 $46,667 $0 6.68%
    50-60% 20 $1,180,000 $59,000 $0 5.92%
    >60% 6 $260,000 $43,333 $77 5.62%
    39% 6 $240,000 $40,000 $0 6.95%
    44% 6 $360,000 $60,000 $138 6.95%
    41% 5 $255,000 $51,000 $0 6.39%
    49% 5 $515,000 $103,000 $0 4.65%
    40% 5 $315,000 $63,000 $69 6.14%
    37% 4 $170,000 $42,500 $86 8.62%
    43% 4 $200,000 $50,000 $0 6.93%
    46% 3 $95,000 $31,667 $0 6.32%
    36% 3 $145,000 $48,333 $0 7.41%
    38% 3 $365,000 $121,667 $0 7.16%
    45% 2 $130,000 $65,000 $344 8.25%
    42% 2 $260,000 $130,000 $0 6.24%
    47% 1 $75,000 $75,000 $0 3.25%

    People Driven Credit Union lent most frequently to those with DTI ratios of 20-30%, with 45 originations. The next most common DTI ratio? <20%, with 42 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Black 111 $5,215,000 $46,982 $29 6.94%
    White 69 $4,105,000 $59,493 $6 5.95%
    Not provided 6 $560,000 $93,333 $86 6.12%

    Approval Rates

    Total approvals of all applications
    78.67%

    People Driven Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    79.03%

    People Driven Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    0.0 2 $160,000 $80,000
    NA 184 $9,720,000 $52,826

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    186 $9,880,000 $53,118

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 43 $3,175,000 $73,837 $31 6.29%
    40-60% 23 $1,525,000 $66,304 $16 7.27%
    60-80% 10 $600,000 $60,000 $0 6.32%
    80-100% 1 $45,000 $45,000 $0 6.49%
    Under 20% 109 $4,535,000 $41,606 $22 6.52%