Park Community Credit Union Mortgage Rates, Fees & Info

Louisville, KY

LEI: 549300AZBM8V8SE0IT33

Tax ID: 61-0654642

5 stars - out of 5 stars, based on 30 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Park Community Credit Union is a smaller credit union specializing in Home Purchase, Refi, and Cash Out Refi loans. Park Community Credit Union has a high proportion of conventional loans. Their top markets include Louisville/jefferson County, Lexington, Richmond, Mount Sterling, and Cincinnati among others. Park Community Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Park Community Credit Union is typically a low fee lendor.


Originations

871

Origination Dollar Volume (All Markets)

$161,495,000

Awards

PARK COMMUNITY CREDIT UNION  30 Year Conventional Loans silver PARK COMMUNITY CREDIT UNION  30 Year Conventional Loans gold PARK COMMUNITY CREDIT UNION  30 Year Conventional Loans gold PARK COMMUNITY CREDIT UNION  30 Year Conventional Loans gold
Show all (4) awards

Relative Rate

Park Community Credit Union 's average 30 year fixed rate mortgage of loans were 3.37%.

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

This yields a difference of 0.22%.

Relative Fees

Park Community Credit Union 's average total fees for a 30 year fixed rate mortgage are $2,162.

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
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 709 $130,785,000 $184,464 $2,082 3.42%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 55 $12,705,000 $231,000 $2,162 3.61%
Richmond-Berea, KY (FHA|USDA|VA) 54 $9,700,000 $179,630 $2,010 3.23%
Mount Sterling, KY (FHA|USDA|VA) 8 $1,490,000 $186,250 $2,324 3.11%
Outside of Metro Areas 11 $1,315,000 $119,545 $1,824 3.56%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 2 $780,000 $390,000 $2,845 4.00%
Danville, KY (FHA|USDA|VA) 7 $765,000 $109,286 $2,107 3.68%
Frankfort, KY (FHA|USDA|VA) 4 $710,000 $177,500 $2,311 3.84%
Bardstown, KY (FHA|USDA|VA) 6 $700,000 $116,667 $1,606 3.50%
London, KY (FHA|USDA|VA) 2 $640,000 $320,000 $2,587 3.38%
ELIZABETHTOWN-FORT KNOX, KY (FHA|USDA|VA) 4 $380,000 $95,000 $1,299 4.12%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1 $345,000 $345,000 $2,295 2.75%
Somerset, KY (FHA|USDA|VA) 1 $275,000 $275,000 $2,421 3.00%
RALEIGH-CARY, NC (FHA|USDA|VA) 1 $195,000 $195,000 $2,433 2.50%
Central City, KY (FHA|USDA|VA) 1 $185,000 $185,000 $2,440 2.75%
BOWLING GREEN, KY (FHA|USDA|VA) 1 $155,000 $155,000 $1,632 3.25%
Madison, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,067 4.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $95,000 $95,000 $0 3.75%
Scottsburg, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,982 3.00%
Maysville, KY (FHA|USDA|VA) 1 $75,000 $75,000 $2,371 4.00%

Park Community Credit Union 's top markets include Louisville/jefferson County, Lexington, Richmond, Mount Sterling, and Cincinnati among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 871 $161,495,000 $185,413 $2,077 3.43%

For the 2021 period, Park Community Credit Union 's most frequently originated loan type of loans were Conventional, with 871 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 369 $76,955,000 $208,550 $2,280 3.66%
Refi 245 $39,055,000 $159,408 $1,966 2.98%
Cash Out Refi 222 $43,400,000 $195,495 $2,112 3.33%
Home Improvement 19 $1,285,000 $67,632 $636 4.49%
Other 16 $800,000 $50,000 $673 5.06%

For the 2021, Park Community Credit Union 's most frequently cited loan purpose of loans were Home Purchase, with 369 originations. The 2nd most popular reason of loans were Refi, with 245 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 529 $96,545,000 $182,505 $2,162 3.37%
15 Year 293 $58,075,000 $198,208 $2,024 3.45%
10 Year 22 $1,590,000 $72,273 $917 4.52%
20 Year 13 $2,605,000 $200,385 $2,121 2.91%
5 Year 8 $160,000 $20,000 $190 4.43%
Other 4 $1,950,000 $487,500 $2,309 3.50%
1 Year 2 $570,000 $285,000 $0 3.00%

For the 2021, Park Community Credit Union 's most frequently cited loan length of loans were 30 Year, with 529 originations. The 2nd most popular length of loans were 15 Year, with 293 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 699 $119,415,000 $170,837

$2,162 of loans were Park Community Credit Union 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 699 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 435 $93,675,000 $215,345
2.5-3% 180 $29,070,000 $161,500
4-5% 152 $25,460,000 $167,500
<2.5% 88 $12,530,000 $142,386
5-6% 9 $325,000 $36,111
6-7% 6 $380,000 $63,333
7-8% 1 $55,000 $55,000

During 2021, Park Community Credit Union 's average interest rate of loans were 3.37%, while their most frequently originated rate bucket of loans were 3-4%, with 435 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 417 $60,425,000 $144,904 $2,091 3.39%
$100,000 or less 202 $14,290,000 $70,743 $1,593 3.61%
$200k-400k 194 $50,700,000 $261,340 $2,325 3.29%
$400k-600k 39 $18,315,000 $469,615 $3,025 3.46%
$600k-1MM 13 $9,905,000 $761,923 $3,166 3.73%
$1MM+ 6 $7,860,000 $1,310,000 $0 3.83%

2021 saw Park Community Credit Union place emphasis on $100k-200k loans with 417 originations, totaling $60,425,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 236 $28,410,000 $120,381 $2,012 3.35%
$50k-75k 186 $29,650,000 $159,409 $2,041 3.29%
$75k-100k 113 $19,405,000 $171,726 $2,034 3.22%
$100k-150k 109 $24,305,000 $222,982 $2,124 3.40%
$150k-250k 54 $14,780,000 $273,704 $2,384 3.18%
$250k+ 11 $4,835,000 $439,545 $2,617 2.85%

Park Community Credit Union lent most frequently to those with incomes in the $50k or less range, with 236 originations. The second most popular income band? $50k-75k, with 186 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 215 $34,805,000 $161,884 $2,042 3.15%
30-36% 145 $25,075,000 $172,931 $2,108 3.35%
<20% 87 $13,475,000 $154,885 $1,952 3.10%
38% 29 $4,675,000 $161,207 $2,034 3.84%
40% 27 $4,435,000 $164,259 $2,035 3.70%
37% 24 $5,050,000 $210,417 $2,218 3.22%
39% 24 $3,990,000 $166,250 $1,943 3.54%
36% 24 $4,560,000 $190,000 $2,243 3.42%
43% 18 $2,960,000 $164,444 $2,116 3.24%
41% 18 $3,730,000 $207,222 $2,342 3.63%
44% 17 $3,385,000 $199,118 $2,257 3.35%
42% 16 $2,840,000 $177,500 $2,094 3.37%
47% 8 $1,600,000 $200,000 $1,961 3.28%
45% 8 $1,320,000 $165,000 $2,248 3.50%
46% 6 $1,420,000 $236,667 $2,429 2.92%
50-60% 6 $990,000 $165,000 $1,879 3.21%
>60% 5 $1,235,000 $247,000 $2,194 3.15%
49% 5 $1,165,000 $233,000 $2,485 3.48%
48% 3 $335,000 $111,667 $2,097 2.50%

Park Community Credit Union lent most frequently to those with DTI ratios of 20-30%, with 215 originations. The next most common DTI ratio? 30-36%, with 145 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 541 $95,595,000 $176,701 $2,090 3.25%
Not applicable 162 $40,110,000 $247,593 $0 3.99%
Black 78 $11,790,000 $151,154 $2,145 3.41%
Not provided 73 $11,015,000 $150,890 $1,879 3.60%
Asian 12 $2,250,000 $187,500 $2,244 2.98%
American Indian 3 $395,000 $131,667 $2,253 3.21%
Native Hawaiian 1 $265,000 $265,000 $1,520 3.13%
Filipino 1 $75,000 $75,000 $2,119 2.50%

Approval Rates

Total approvals of all applications
90.04%

Park Community Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
82.50%

Park Community Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 871 $161,495,000 $185,413

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
871 $161,495,000 $185,413

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 56 $4,840,000 $86,429 $1,667 3.21%
40-60% 112 $17,350,000 $154,911 $1,964 2.96%
60-80% 295 $59,445,000 $201,508 $2,167 3.29%
80-100% 376 $74,100,000 $197,074 $2,232 3.61%
Over 100% 12 $5,040,000 $420,000 $0 3.94%
Under 20% 20 $720,000 $36,000 $302 5.09%