Profed Federal Credit Union Mortgage Rates, Fees & Info
Fort Wayne, INLEI: 549300BSIYFJ3FALVK78
Tax ID: 35-0886187
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
1,135Origination Dollar Volume (All Markets)
$168,375,000Awards
ProFed Federal Credit Union - 2021
ProFed 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
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 applications89.29%
Profed Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination79.64%
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% |
