Palmetto Citizens Federal Credit Union Mortgage Rates, Fees & Info

Columbia, SC

LEI: 5493004JGZVB2EPI6W51

Tax ID: 57-0314480

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Palmetto Citizens Federal Credit Union is a smaller credit union specializing in Refi loans. Palmetto Citizens Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Columbia, Newberry, Greenville, Augusta, and Myrtle Beach among others. Palmetto Citizens Federal Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Palmetto Citizens Federal Credit Union is typically an average fee lendor.


Originations

1,193

Origination Dollar Volume (All Markets)

$122,755,000

Awards

Palmetto Citizens Federal Credit Union 30 Year Conventional Loans bronze
Show all (1) awards

Relative Rate

Palmetto Citizens Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.13%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.02%.

Relative Fees

Palmetto Citizens Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $3,429.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
COLUMBIA, SC (FHA|USDA|VA) 1,118 $114,110,000 $102,066 $3,278 2.95%
Newberry, SC (FHA|USDA|VA) 21 $2,465,000 $117,381 $4,128 2.97%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 8 $1,340,000 $167,500 $3,819 2.95%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 7 $715,000 $102,143 $3,575 2.78%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 3 $685,000 $228,333 $3,276 3.25%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 5 $685,000 $137,000 $2,644 3.25%
Outside of Metro Areas 4 $520,000 $130,000 $3,953 2.69%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 8 $500,000 $62,500 $2,921 2.38%
Orangeburg, SC (FHA|USDA|VA) 7 $475,000 $67,857 $3,164 2.67%
FLORENCE, SC (FHA|USDA|VA) 3 $315,000 $105,000 $4,427 3.00%
SUMTER, SC (FHA|USDA|VA) 3 $255,000 $85,000 $3,648 2.13%
JOHNSON CITY, TN (FHA|USDA|VA) 1 $235,000 $235,000 $5,338 2.63%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $145,000 $145,000 $3,630 2.25%
OCALA, FL (FHA|USDA|VA) 1 $135,000 $135,000 $5,243 2.75%
SPARTANBURG, SC (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
Greenwood, SC (FHA|USDA|VA) 1 $55,000 $55,000 $1,576 4.75%

Palmetto Citizens Federal Credit Union's top markets include Columbia, Newberry, Greenville, Augusta, and Myrtle Beach among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,191 $122,295,000 $102,683 $3,287 2.95%
VA 1 $295,000 $295,000 $11,949 2.38%
USDA 1 $165,000 $165,000 $5,493 2.63%

For the 2021 period, Palmetto Citizens Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,191 originations. Their 2nd most popular type is VA, with 1 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 743 $83,495,000 $112,376 $3,047 2.89%
Home Improvement 367 $21,985,000 $59,905 $3,571 3.00%
Home Purchase 74 $13,540,000 $182,973 $3,949 3.02%
Other 9 $3,735,000 $415,000 $8,391 4.75%

For the 2021, Palmetto Citizens Federal Credit Union's most frequently cited loan purpose of loans were Refi, with 743 originations. The 2nd most popular reason of loans were Home Improvement, with 367 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 749 $48,175,000 $64,319 $2,811 2.35%
30 Year 284 $48,460,000 $170,634 $3,429 3.13%
15 Year 101 $15,335,000 $151,832 $2,876 2.60%
20 Year 46 $6,800,000 $147,826 $3,256 2.93%
30+ year 9 $3,735,000 $415,000 $8,391 4.75%
10 Year 3 $215,000 $71,667 $2,087 4.11%
5 Year 1 $35,000 $35,000 $764 3.25%

For the 2021, Palmetto Citizens Federal Credit Union's most frequently cited loan length of loans were Other, with 749 originations. The 2nd most popular length of loans were 30 Year, with 284 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 180 $23,440,000 $130,222
$<1k 97 $15,435,000 $159,124
$2k-3k 96 $20,510,000 $213,646
$3k-4k 51 $16,405,000 $321,667
$5k+ 5 $2,595,000 $519,000

$3,429 of loans were Palmetto Citizens Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 180 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 229 $44,055,000 $192,380
<2.5% 127 $17,975,000 $141,535
3-4% 53 $11,185,000 $211,038
4-5% 15 $4,625,000 $308,333
5-6% 4 $440,000 $110,000
6-7% 1 $105,000 $105,000

During 2021, Palmetto Citizens Federal Credit Union's average interest rate of loans were 3.13%, while their most frequently originated rate bucket of loans were 2.5-3%, with 229 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 705 $34,305,000 $48,660 $2,191 2.86%
$100k-200k 349 $47,275,000 $135,458 $2,880 2.89%
$200k-400k 122 $33,140,000 $271,639 $4,169 3.04%
$400k-600k 16 $7,400,000 $462,500 $7,132 3.39%
$600k-1MM 1 $635,000 $635,000 $10,782 4.75%

2021 saw Palmetto Citizens Federal Credit Union place emphasis on $100,000 or less loans with 705 originations, totaling $34,305,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 302 $26,630,000 $88,179 $2,926 2.88%
$100k-150k 296 $33,230,000 $112,264 $3,780 2.99%
$75k-100k 223 $22,995,000 $103,117 $3,484 2.84%
$50k or less 204 $16,500,000 $80,882 $2,722 3.08%
$150k-250k 110 $15,510,000 $141,000 $4,606 2.91%
$250k+ 35 $5,085,000 $145,286 $3,659 3.20%

Palmetto Citizens Federal Credit Union lent most frequently to those with incomes in the $50k-75k range, with 302 originations. The second most popular income band? $100k-150k, with 296 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 347 $38,855,000 $111,974 $3,423 2.93%
30-36% 220 $23,130,000 $105,136 $3,406 2.97%
<20% 191 $20,525,000 $107,461 $3,190 2.83%
50-60% 62 $3,220,000 $51,935 $0 0.00%
37% 42 $4,190,000 $99,762 $2,932 2.97%
42% 35 $4,275,000 $122,143 $3,556 3.00%
39% 31 $3,775,000 $121,774 $2,767 2.95%
41% 31 $3,325,000 $107,258 $3,192 3.18%
38% 30 $3,260,000 $108,667 $3,234 2.94%
36% 30 $3,090,000 $103,000 $3,218 2.97%
40% 29 $3,065,000 $105,690 $3,375 2.80%
43% 22 $1,080,000 $49,091 $2,352 3.00%
44% 19 $1,455,000 $76,579 $4,512 2.91%
46% 19 $1,495,000 $78,684 $6,020 3.63%
45% 17 $1,575,000 $92,647 $3,176 2.88%
48% 14 $820,000 $58,571 $0 0.00%
47% 13 $1,325,000 $101,923 $3,032 3.71%
49% 8 $660,000 $82,500 $5,719 2.99%
>60% 8 $760,000 $95,000 $3,832 3.83%

Palmetto Citizens Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 347 originations. The next most common DTI ratio? 30-36%, with 220 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 901 $95,335,000 $105,810 $3,276 2.95%
Black 195 $16,365,000 $83,923 $3,520 3.01%
Not provided 74 $8,800,000 $118,919 $3,355 2.91%
Asian 13 $1,485,000 $114,231 $2,766 2.75%
American Indian 3 $395,000 $131,667 $4,282 2.50%
Asian Indian 4 $260,000 $65,000 $0 0.00%
Native Hawaiian 3 $115,000 $38,333 $0 0.00%

Approval Rates

Total approvals of all applications
86.98%

Palmetto Citizens Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
84.81%

Palmetto Citizens Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,193 $122,755,000 $102,896

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,193 $122,755,000 $102,896

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 275 $19,315,000 $70,236 $2,555 2.62%
40-60% 130 $16,010,000 $123,154 $3,024 2.71%
60-80% 228 $40,750,000 $178,728 $3,635 2.93%
80-100% 146 $28,940,000 $198,219 $3,100 3.18%
Over 100% 1 $295,000 $295,000 $11,949 2.38%
Under 20% 350 $16,500,000 $47,143 $1,929 3.22%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PLANET HOME LENDING, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 5.0%
PLANET HOME LENDING, LLC Conventional home mortgage Closing on a mortgage 3 2.5%
PLANET HOME LENDING, LLC Conventional home mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC Conventional home mortgage Struggling to pay mortgage 15 12.5%
PLANET HOME LENDING, LLC Conventional home mortgage Trouble during payment process 35 29.2%
PLANET HOME LENDING, LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Closing on a mortgage 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Credit monitoring or identity theft protection services 1 0.8%
PLANET HOME LENDING, LLC FHA mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Problem with a credit reporting company's investigation into an existing problem 2 1.7%
PLANET HOME LENDING, LLC FHA mortgage Struggling to pay mortgage 7 5.8%
PLANET HOME LENDING, LLC FHA mortgage Trouble during payment process 11 9.2%
PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Closing on a mortgage 1 0.8%
PLANET HOME LENDING, LLC Home equity loan or line of credit (HELOC) Struggling to pay mortgage 4 3.3%
PLANET HOME LENDING, LLC Other type of mortgage Incorrect information on your report 1 0.8%
PLANET HOME LENDING, LLC Other type of mortgage Struggling to pay mortgage 3 2.5%
PLANET HOME LENDING, LLC Other type of mortgage Trouble during payment process 4 3.3%
PLANET HOME LENDING, LLC VA mortgage Applying for a mortgage or refinancing an existing mortgage 7 5.8%
PLANET HOME LENDING, LLC VA mortgage Closing on a mortgage 1 0.8%
PLANET HOME LENDING, LLC VA mortgage Incorrect information on your report 2 1.7%
PLANET HOME LENDING, LLC VA mortgage Trouble during payment process 9 7.5%