Parsons Federal Credit Union Mortgage Rates, Fees & Info
Pasadena, CALEI: 5493001A8DPRB21YBS87
Tax ID: 51-0155270
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Mortgage Data
Review & Overview
Parsons Federal Credit Union is a smaller credit union specializing in Refi loans. Parsons Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Phoenix, and Washington among others. We have data for 37 markets. (Some data included below & more in-depth data is available with an active subscription.)Parsons Federal 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. Parsons 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) | 6.27% | 3/24/24 |
| 30 Year Conventional Purchase | 5.25% | 3/24/24 |
| 30 Year Conventional Refi | 6.62% | 3/24/24 |
| 30 Year Cash-out Refi | 6.46% | 3/24/24 |
| 15 Year Conventional Purchase | 5.39% | 3/24/24 |
| 15 Year Conventional Refi | 4.56% | 3/24/24 |
| 15 Year Cash-out Refi | 4.56% | 3/24/24 |
| 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. | ||
Parsons 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
122Origination Dollar Volume (All Markets)
$28,100,000Awards
PARSONS Federal Credit Union - 2020
PARSONS Federal Credit Union is a 2020 , due to their low .
For 2020, 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 60 | $15,990,000 | $266,500 | $1,263 | 2.94% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 12 | $3,190,000 | $265,833 | $1,810 | 3.01% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $2,403 | 3.08% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $2,696 | 2.96% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $1,462 | 2.74% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $4,117 | 3.13% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $1,699 | 2.75% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $739 | 3.18% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $3,640 | 3.38% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 3 | $385,000 | $128,333 | $2,417 | 3.17% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $2,310 | 2.88% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $1,210 | 2.65% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $298 | 2.83% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $364 | 2.70% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,995 | 2.75% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,354 | 3.25% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $464 | 2.75% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $1,537 | 2.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,912 | 3.00% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $1,233 | 2.75% |
| LEBANON, PA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,715 | 2.75% |
| TYLER, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,572 | 3.38% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $379 | 2.75% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $473 | 3.00% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $531 | 2.75% |
| Norwalk, OH (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,339 | 2.65% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $443 | 3.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $343 | 2.75% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $464 | 2.75% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $270 | 2.75% |
| LEXINGTON-FAYETTE, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $466 | 2.75% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $384 | 3.35% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $583 | 3.35% |
| Outside of Metro Areas | 2 | $40,000 | $20,000 | $654 | 3.05% |
| FLINT, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $228 | 3.35% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $986 | 2.75% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $281 | 2.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against PARSONS 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 |
|---|---|---|---|---|---|
| Conventional | 122 | $28,100,000 | $230,328 | $1,385 | 2.94% |
For 2020, Parsons Federal Credit Union's most frequently originated type of loan was Conventional, with 122 originations.
Loan Reason
For 2020, Parsons Federal Credit Union's most frequently cited loan purpose was Refi, with 44 originations. The 2nd most popular reason was Home Improvement, with 33 originations.
Loan Duration/Length
For 2020, Parsons Federal Credit Union's most frequently cited loan duration was 15 Year, with 83 originations. The 2nd most popular length was 30 Year, with 22 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 21 | $9,285,000 | $442,143 |
| $1k-2k | 5 | $1,185,000 | $237,000 |
| $2k-3k | 3 | $725,000 | $241,667 |
| $3k-4k | 1 | $275,000 | $275,000 |
Parsons Federal Credit Union's average total fees were $3,128, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 88 | $17,310,000 | $196,705 |
| 3-4% | 30 | $8,420,000 | $280,667 |
| <2.5% | 3 | $1,705,000 | $568,333 |
| 4-5% | 1 | $665,000 | $665,000 |
During 2020, Parsons Federal Credit Union's average interest rate for loans was 3.32%, while their most frequently originated rate bucket for loans was 2.5-3%, with 88 originations.
Loan Sizing
2020 saw Parsons Federal Credit Union place emphasis on $100,000 or less loans with 38 originations, totaling $2,250,000 in origination value.
Applicant Income
Parsons Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 40 originations. The second most popular income band? $100k-150k, with 27 originations.
Applicant Debt to Income Ratio
Parsons Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 28 originations. The next most common DTI ratio? 50-60%, with 21 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.07%
Parsons Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.69%
Parsons Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 122 | $28,100,000 | $230,328 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 122 | $28,100,000 | $230,328 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Paragon Mortgage Services, Inc. | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |