People Driven Credit Union Mortgage Rates, Fees & Info
Southfield, MILEI: 254900Y68GMFAL410847
Tax ID: 84-0571011
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Mortgage Data
Review & Overview
People Driven Credit Union is a smaller credit union specializing in Cash Out Refi and Home Purchase loans. People Driven Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, Columbus, Flint, and Jackson among others. We have data for 6 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. People Driven 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.
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Originations
30Origination Dollar Volume (All Markets)
$2,300,000Top 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) | 23 | $1,555,000 | $67,609 | $2,708 | 5.01% |
| ANN ARBOR, MI (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $3,547 | 4.29% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,455 | 5.75% |
| FLINT, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,198 | 4.63% |
| Outside of Metro Areas | 1 | $65,000 | $65,000 | $2,937 | 3.88% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 6.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 29 | $2,275,000 | $78,448 | $2,817 | 4.94% |
| HELOC | 1 | $25,000 | $25,000 | n/a | 5.00% |
For 2018, People Driven Credit Union's most frequently originated type of loan was Conventional, with 29 originations. Their 2nd most popular type was HELOC, with 1 originations.
Loan Reason
For 2018, People Driven Credit Union's most frequently cited loan purpose was Cash Out Refi, with 19 originations. The 2nd most popular reason was Home Purchase, with 9 originations.
Loan Duration/Length
For 2018, People Driven Credit Union's most frequently cited loan duration was 15 Year, with 12 originations. The 2nd most popular length was Other, with 10 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 6 | $500,000 | $83,333 |
| $1k-2k | 6 | $830,000 | $138,333 |
| $2k-3k | 1 | $185,000 | $185,000 |
People Driven Credit Union's average total fees were $2,865, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 13 | $1,245,000 | $95,769 |
| 5-6% | 13 | $715,000 | $55,000 |
| 3-4% | 4 | $340,000 | $85,000 |
During 2018, People Driven Credit Union's average interest rate for loans was 4.85%, while their most frequently originated rate bucket for loans was 4-5%, with 13 originations.
Loan Sizing
2018 saw People Driven Credit Union place emphasis on $100,000 or less loans with 20 originations, totaling $820,000 in origination value.
Applicant Income
People Driven Credit Union lent most frequently to those with incomes in the $100k-150k range, with 11 originations. The second most popular income band? $50k or less, with 7 originations.
Applicant Debt to Income Ratio
People Driven Credit Union lent most frequently to those with DTI ratios of 20-30%, with 6 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.71%
People Driven Credit Union has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 30 | $2,300,000 | $76,667 |