Profed Federal Credit Union Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 549300BSIYFJ3FALVK78

Tax ID: 35-0886187

5 stars - out of 5 stars, based on 34 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Profed Federal Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Profed Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Fort Wayne, Angola, Auburn, Kendallville, and Bluffton among others. Profed 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. Profed Federal Credit Union is typically a low fee lendor.


Originations

1,135

Origination Dollar Volume (All Markets)

$168,375,000
Show all (11) awards

Relative Rate

Profed Federal Credit Union's average 30 year fixed rate mortgage of loans were 3.07%.

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

This yields a difference of -0.08%.

Relative Fees

Profed Federal Credit Union's average total fees for a 30 year fixed rate mortgage are $2,174.

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
FORT WAYNE, IN (FHA|USDA|VA) 586 $86,680,000 $147,918 $1,868 2.92%
Angola, IN (FHA|USDA|VA) 118 $18,690,000 $158,390 $1,939 2.96%
Auburn, IN (FHA|USDA|VA) 107 $15,745,000 $147,150 $1,764 3.09%
Kendallville, IN (FHA|USDA|VA) 92 $14,360,000 $156,087 $1,848 3.10%
Bluffton, IN (FHA|USDA|VA) 82 $10,370,000 $126,463 $1,727 3.05%
Outside of Metro Areas 43 $6,225,000 $144,767 $2,200 3.08%
Decatur, IN (FHA|USDA|VA) 49 $5,745,000 $117,245 $2,024 2.81%
Huntington, IN (FHA|USDA|VA) 17 $2,275,000 $133,824 $1,793 3.31%
Warsaw, IN (FHA|USDA|VA) 8 $2,160,000 $270,000 $2,480 2.84%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 8 $1,390,000 $173,750 $2,064 3.17%
Seymour, IN (FHA|USDA|VA) 2 $660,000 $330,000 $3,131 3.06%
Coldwater, MI (FHA|USDA|VA) 3 $515,000 $171,667 $2,159 2.88%
MUNCIE, IN (FHA|USDA|VA) 4 $510,000 $127,500 $2,092 2.88%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $500,000 $250,000 $2,391 3.06%
Wabash, IN (FHA|USDA|VA) 2 $490,000 $245,000 $3,433 3.00%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $360,000 $180,000 $2,103 2.44%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $325,000 $325,000 $2,553 3.00%
Defiance, OH (FHA|USDA|VA) 2 $320,000 $160,000 $2,803 2.50%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $215,000 $215,000 $2,570 2.88%
KOKOMO, IN (FHA|USDA|VA) 1 $205,000 $205,000 $1,999 2.75%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,604 2.88%
Holland, MI (FHA|USDA|VA) 1 $195,000 $195,000 $2,091 2.88%
Marion, IN (FHA|USDA|VA) 2 $150,000 $75,000 $2,069 2.63%
Hillsdale, MI (FHA|USDA|VA) 1 $95,000 $95,000 $2,414 3.25%

Profed Federal Credit Union's top markets include Fort Wayne, Angola, Auburn, Kendallville, and Bluffton among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,124 $166,890,000 $148,479 $1,875 2.97%
USDA 11 $1,485,000 $135,000 $3,460 3.06%

For the 2021 period, Profed Federal Credit Union's most frequently originated loan type of loans were Conventional, with 1,124 originations. Their 2nd most popular type is USDA, with 11 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Cash Out Refi 453 $65,115,000 $143,742 $1,959 2.88%
Refi 317 $45,895,000 $144,779 $1,899 2.67%
Home Purchase 286 $54,200,000 $189,510 $2,264 2.98%
Other 73 $3,015,000 $41,301 $111 4.59%
Home Improvement 6 $150,000 $25,000 $46 5.99%

For the 2021, Profed Federal Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 453 originations. The 2nd most popular reason of loans were Refi, with 317 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 599 $98,675,000 $164,733 $2,174 3.07%
15 Year 229 $32,015,000 $139,803 $2,037 2.42%
10 Year 185 $14,255,000 $77,054 $527 3.40%
20 Year 95 $14,945,000 $157,316 $2,114 2.83%
30+ year 22 $8,010,000 $364,091 $3,328 2.98%
Other 3 $405,000 $135,000 $1,202 3.62%
5 Year 2 $70,000 $35,000 $25 4.99%

For the 2021, Profed Federal Credit Union's most frequently cited loan length of loans were 30 Year, with 599 originations. The 2nd most popular length of loans were 15 Year, with 229 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,096 $156,280,000 $142,591
$1k-2k 36 $11,630,000 $323,056
$2k-3k 3 $465,000 $155,000

$2,174 of loans were Profed Federal Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,096 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 574 $91,850,000 $160,017
<2.5% 266 $34,520,000 $129,774
3-4% 218 $37,780,000 $173,303
4-5% 53 $3,525,000 $66,509
5-6% 16 $520,000 $32,500
7-8% 5 $115,000 $23,000
Over 8% 2 $50,000 $25,000
6-7% 1 $15,000 $15,000

During 2021, Profed Federal Credit Union's average interest rate of loans were 3.07%, while their most frequently originated rate bucket of loans were 2.5-3%, with 574 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 516 $73,580,000 $142,597 $2,029 2.85%
$100,000 or less 375 $23,995,000 $63,987 $1,384 3.19%
$200k-400k 221 $59,415,000 $268,846 $2,323 2.88%
$400k-600k 21 $10,125,000 $482,143 $2,938 3.01%
$600k-1MM 2 $1,260,000 $630,000 $2,146 3.06%

2021 saw Profed Federal Credit Union place emphasis on $100k-200k loans with 516 originations, totaling $73,580,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 305 $31,575,000 $103,525 $1,891 3.00%
$50k-75k 301 $38,785,000 $128,854 $1,896 2.93%
$75k-100k 221 $34,615,000 $156,629 $1,857 3.05%
$100k-150k 200 $37,400,000 $187,000 $1,865 2.89%
$150k-250k 94 $21,850,000 $232,447 $1,972 3.03%
$250k+ 14 $4,150,000 $296,429 $2,094 3.06%

Profed Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 305 originations. The second most popular income band? $50k-75k, with 301 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 365 $52,115,000 $142,781 $1,850 2.92%
30-36% 219 $32,685,000 $149,247 $1,960 2.99%
<20% 184 $24,200,000 $131,522 $1,732 2.82%
41% 37 $5,735,000 $155,000 $1,881 3.35%
36% 37 $5,285,000 $142,838 $2,088 3.10%
42% 36 $6,500,000 $180,556 $2,109 3.02%
39% 36 $6,210,000 $172,500 $2,063 2.95%
44% 31 $5,185,000 $167,258 $2,182 2.99%
38% 27 $3,775,000 $139,815 $1,767 3.11%
43% 27 $3,645,000 $135,000 $2,233 3.02%
37% 25 $4,285,000 $171,400 $2,101 3.03%
40% 24 $3,640,000 $151,667 $1,872 3.37%
47% 18 $2,620,000 $145,556 $1,771 3.06%
45% 17 $3,055,000 $179,706 $2,098 2.89%
46% 16 $3,420,000 $213,750 $1,940 2.95%
49% 9 $1,075,000 $119,444 $1,693 3.47%
48% 6 $1,140,000 $190,000 $2,080 3.33%
50-60% 3 $365,000 $121,667 $1,364 3.08%
>60% 3 $405,000 $135,000 $1,205 3.08%

Profed Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 365 originations. The next most common DTI ratio? 30-36%, with 219 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 829 $117,805,000 $142,105 $1,835 2.97%
Not provided 268 $44,220,000 $165,000 $2,064 2.99%
Black 20 $2,930,000 $146,500 $1,724 2.94%
American Indian 6 $1,270,000 $211,667 $2,040 2.83%
Asian 6 $1,230,000 $205,000 $2,328 2.81%
Asian Indian 2 $360,000 $180,000 $2,176 2.50%
Korean 1 $205,000 $205,000 $2,170 2.88%
Not applicable 1 $155,000 $155,000 $141 2.75%
Filipino 1 $135,000 $135,000 $2,031 2.88%
Other Asian 1 $65,000 $65,000 $1,662 2.25%

Approval Rates

Total approvals of all applications
89.29%

Profed Federal Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
79.64%

Profed Federal Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,135 $168,375,000 $148,348

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,135 $168,375,000 $148,348

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 100 $8,220,000 $82,200 $1,137 3.02%
40-60% 207 $24,675,000 $119,203 $1,801 2.69%
60-80% 466 $76,840,000 $164,893 $2,091 2.85%
80-100% 300 $56,400,000 $188,000 $2,243 3.01%
Over 100% 1 $415,000 $415,000 $2,538 2.88%
Under 20% 61 $1,825,000 $29,918 $150 4.63%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PROVIDENT FINANCIAL SERVICES, INC. Conventional home mortgage Struggling to pay mortgage 1 50.0%
PROVIDENT FINANCIAL SERVICES, INC. Home equity loan or line of credit (HELOC) Trouble during payment process 1 50.0%