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 Home Improvement and Other loans. People Driven Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Detroit, Ann Arbor, and Monroe among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)People Driven 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.
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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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
26Origination Dollar Volume (All Markets)
$1,080,000Top 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) | 15 | $625,000 | $41,667 | $0 | 6.04% |
| ANN ARBOR, MI (FHA|USDA|VA) | 5 | $225,000 | $45,000 | $0 | 5.56% |
| Outside of Metro Areas | 5 | $195,000 | $39,000 | $0 | 5.44% |
| MONROE, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 17 | $595,000 | $35,000 | $0 | 5.75% |
| HELOC | 9 | $485,000 | $53,889 | n/a | 5.88% |
For 2019, People Driven Credit Union's most frequently originated type of loan was Conventional, with 17 originations. Their 2nd most popular type was HELOC, with 9 originations.
Loan Reason
For 2019, People Driven Credit Union's most frequently cited loan purpose was Home Improvement, with 9 originations. The 2nd most popular reason was Other, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 15 | $655,000 | $43,667 | $0 | 5.15% |
| 10 Year | 6 | $200,000 | $33,333 | $0 | 6.88% |
| 15 Year | 5 | $225,000 | $45,000 | $0 | 5.70% |
For 2019, People Driven Credit Union's most frequently cited loan duration was Other, with 15 originations. The 2nd most popular length was 10 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $555,000 | $50,455 |
| 4-5% | 7 | $215,000 | $30,714 |
| Over 8% | 2 | $70,000 | $35,000 |
| 6-7% | 1 | $25,000 | $25,000 |
During 2019, 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 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 24 | $870,000 | $36,250 | $0 | 5.80% |
| $100k-200k | 2 | $210,000 | $105,000 | $0 | 5.50% |
2019 saw People Driven Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $870,000 in origination value.
Applicant Income
People Driven Credit Union lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $50k or less, with 4 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $610,000 | $50,833 | $0 | 5.35% |
| Not applicable | 7 | $255,000 | $36,429 | $0 | 5.55% |
| Black | 7 | $215,000 | $30,714 | $0 | 6.67% |
Approval Rates
Total approvals of all applications90.12%
People Driven Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination69.23%
People Driven 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 | 26 | $1,080,000 | $41,538 |