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 Cash Out Refi loans. Parsons Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Washington, Riverside, San Francisco, and Dallas among others. We have data for 54 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
250Origination Dollar Volume (All Markets)
$44,280,000Awards
PARSONS Federal Credit Union - 2021
PARSONS 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 78 | $15,890,000 | $203,718 | $3,874 | 2.90% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 17 | $4,105,000 | $241,471 | $4,106 | 2.82% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 20 | $3,270,000 | $163,500 | $5,584 | 2.79% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 6 | $2,610,000 | $435,000 | $3,058 | 3.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 7 | $2,035,000 | $290,714 | $8,683 | 2.90% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 10 | $1,670,000 | $167,000 | $0 | 2.93% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 7 | $1,325,000 | $189,286 | $4,515 | 3.04% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 7 | $1,085,000 | $155,000 | $6,496 | 3.06% |
| BEND, OR (FHA|USDA|VA) | 1 | $1,045,000 | $1,045,000 | $4,839 | 3.38% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $3,072 | 3.04% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $800,000 | $200,000 | $3,310 | 3.06% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 6 | $700,000 | $116,667 | $0 | 3.03% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 7 | $625,000 | $89,286 | $0 | 3.01% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $570,000 | $142,500 | $4,806 | 2.90% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 6 | $520,000 | $86,667 | $0 | 2.97% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $3,356 | 2.88% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $9,233 | 3.25% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 2.92% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $0 | 3.25% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,045 | 3.13% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 7 | $335,000 | $47,857 | $0 | 3.18% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $0 | 2.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $315,000 | $63,000 | $0 | 2.95% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 2.92% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $260,000 | $130,000 | $0 | 2.92% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 4 | $260,000 | $65,000 | $0 | 2.82% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,873 | 3.25% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $0 | 2.82% |
| Shelby, NC (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $0 | 3.25% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $0 | 2.57% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 2.45% |
| TULSA, OK (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,924 | 3.00% |
| VALLEJO, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 3.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 2.75% |
| Richmond-Berea, KY (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.39% |
| PROVO-OREM, UT (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 3.25% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $130,000 | $65,000 | $0 | 3.50% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $120,000 | $60,000 | $0 | 2.59% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.25% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 2.59% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.75% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.25% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.25% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 2.59% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.25% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 2.75% |
| FRESNO, CA (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 2.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.25% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.75% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 2.75% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 2.75% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.25% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $5,000 | $5,000 | $0 | 3.25% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 148 | $36,400,000 | $245,946 | $4,435 | 2.70% |
| HELOC | 102 | $7,880,000 | $77,255 | n/a | 3.27% |
For 2021, Parsons Federal Credit Union's most frequently originated type of loan was Conventional, with 148 originations. Their 2nd most popular type was HELOC, with 102 originations.
Loan Reason
For 2021, Parsons Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 226 originations. The 2nd most popular reason was Refi, with 13 originations.
Loan Duration/Length
For 2021, Parsons Federal Credit Union's most frequently cited loan duration was 30 Year, with 91 originations. The 2nd most popular length was 15 Year, with 82 originations.
Origination Fees/Closing Costs
Parsons Federal Credit Union's average total fees were $4,322, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 25 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 113 | $13,865,000 | $122,699 |
| 2.5-3% | 106 | $23,650,000 | $223,113 |
| <2.5% | 31 | $6,765,000 | $218,226 |
During 2021, Parsons Federal Credit Union's average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 113 originations.
Loan Sizing
2021 saw Parsons Federal Credit Union place emphasis on $100,000 or less loans with 121 originations, totaling $5,915,000 in origination value.
Applicant Income
Parsons Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 74 originations. The second most popular income band? $150k-250k, with 68 originations.
Applicant Debt to Income Ratio
Parsons Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 49 originations. The next most common DTI ratio? 20-30%, with 45 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.45%
Parsons Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination78.80%
Parsons Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 250 | $44,280,000 | $177,120 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Personal Finance Center | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |