Palmetto Citizens Federal Credit Union Mortgage Rates, Fees & Info
Columbia, SCLEI: 5493004JGZVB2EPI6W51
Tax ID: 57-0314480
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,193Origination Dollar Volume (All Markets)
$122,755,000Awards
Palmetto Citizens Federal Credit Union - 2021
Palmetto Citizens 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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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 applications86.98%
Palmetto Citizens Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination84.81%
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% |
