Profed Federal Credit Union Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 549300BSIYFJ3FALVK78

Tax ID: 35-0886187

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Profed Federal Credit Union is a smaller credit union specializing in Home Purchase and Cash Out Refi loans. Profed Federal Credit Union has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fort Wayne, Angola, Auburn, Bluffton, and Kendallville among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Profed Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Profed Federal Credit Union is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.81% 4/21/24
    30 Year Conventional Refi 6.65% 4/21/24
    30 Year Cash-out Refi 6.89% 4/21/24
    30 Year USDA Purchase 6.94% 4/21/24
    15 Year Conventional Purchase 6.44% 4/21/24
    15 Year Conventional Refi 6.44% 4/21/24
    15 Year Cash-out Refi 6.44% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Profed Federal Credit Union Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Profed Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    617

    Origination Dollar Volume (All Markets)

    $63,635,000
    Show all (5) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    FORT WAYNE, IN (FHA|USDA|VA) 325 $35,415,000 $108,969 $1,517 5.13%
    Angola, IN (FHA|USDA|VA) 70 $6,790,000 $97,000 $1,388 5.31%
    Auburn, IN (FHA|USDA|VA) 51 $5,595,000 $109,706 $1,657 5.07%
    Bluffton, IN (FHA|USDA|VA) 54 $4,300,000 $79,630 $1,217 5.31%
    Kendallville, IN (FHA|USDA|VA) 46 $3,910,000 $85,000 $1,281 5.34%
    Outside of Metro Areas 21 $2,775,000 $132,143 $1,696 5.24%
    Decatur, IN (FHA|USDA|VA) 28 $2,430,000 $86,786 $1,561 5.11%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 5 $795,000 $159,000 $2,231 4.55%
    Huntington, IN (FHA|USDA|VA) 4 $290,000 $72,500 $1,459 4.84%
    Warsaw, IN (FHA|USDA|VA) 2 $270,000 $135,000 $2,219 5.37%
    Hillsdale, MI (FHA|USDA|VA) 2 $170,000 $85,000 $1,248 7.62%
    Wabash, IN (FHA|USDA|VA) 1 $155,000 $155,000 $2,292 4.38%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $150,000 $75,000 $992 4.93%
    Celina, OH (FHA|USDA|VA) 1 $145,000 $145,000 $2,678 4.88%
    Van Wert, OH (FHA|USDA|VA) 1 $115,000 $115,000 $2,787 4.50%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,553 4.38%
    Marion, IN (FHA|USDA|VA) 1 $85,000 $85,000 $1,818 4.75%
    Coldwater, MI (FHA|USDA|VA) 1 $75,000 $75,000 $2,157 4.75%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,739 4.75%
    Profed Federal Credit Union's top markets include Fort Wayne, Angola, Auburn, Bluffton, and Kendallville among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against ProFed Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Fire Police City County Federal Credit Union
    Similarity Rank: 48
    Bank of Geneva
    Similarity Rank: 50
    INTERRA CREDIT UNION
    Similarity Rank: 64
    The Garrett State Bank
    Similarity Rank: 152
    First Federal Savings Bank
    Similarity Rank: 833
    MIDWEST AMERICA
    Similarity Rank: 1012
    1st Source Bank
    Similarity Rank: 1178
    ProFed Federal Credit Union
    Similarity Rank: 1273
    STAR Financial Bank
    Similarity Rank: 1302
    Union Savings Bank
    Similarity Rank: 1408

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 612 $62,930,000 $102,827 $1,475 5.18%
    USDA 5 $705,000 $141,000 $3,609 4.75%

    For 2018, Profed Federal Credit Union's most frequently originated type of loan was Conventional, with 612 originations. Their 2nd most popular type was USDA, with 5 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 245 $37,535,000 $153,204 $2,251 4.76%
    Cash Out Refi 208 $18,810,000 $90,433 $1,374 5.29%
    Other 128 $4,050,000 $31,641 $133 5.97%
    Refi 33 $3,055,000 $92,576 $1,832 4.56%
    Home Improvement 3 $185,000 $61,667 $1,963 4.33%

    For 2018, Profed Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 245 originations. The 2nd most popular reason was Cash Out Refi, with 208 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 305 $43,015,000 $141,033 $2,119 4.81%
    10 Year 187 $7,085,000 $37,888 $221 5.93%
    15 Year 59 $5,465,000 $92,627 $1,967 4.57%
    20 Year 30 $3,700,000 $123,333 $2,006 4.93%
    5 Year 18 $430,000 $23,889 $123 5.45%
    30+ year 11 $3,705,000 $336,818 $4,886 5.19%
    Other 7 $235,000 $33,571 $118 6.10%

    For 2018, Profed Federal Credit Union's most frequently cited loan duration was 30 Year, with 305 originations. The 2nd most popular length was 10 Year, with 187 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 595 $57,375,000 $96,429
    $1k-2k 7 $915,000 $130,714
    $2k-3k 7 $1,805,000 $257,857
    $4k-5k 4 $1,630,000 $407,500
    $5k+ 3 $1,585,000 $528,333
    $3k-4k 1 $325,000 $325,000

    Profed Federal Credit Union's average total fees were $2,119, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 595 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 368 $44,240,000 $120,217
    5-6% 153 $14,415,000 $94,216
    6-7% 30 $1,550,000 $51,667
    3-4% 27 $2,535,000 $93,889
    Over 8% 26 $550,000 $21,154
    7-8% 13 $345,000 $26,538

    During 2018, Profed Federal Credit Union's average interest rate for loans was 4.81%, while their most frequently originated rate bucket for loans was 4-5%, with 368 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 363 $17,895,000 $49,298 $946 5.44%
    $100k-200k 183 $25,465,000 $139,153 $2,001 4.77%
    $200k-400k 64 $16,710,000 $261,094 $2,670 4.85%
    $400k-600k 6 $2,900,000 $483,333 $5,257 5.06%
    $600k-1MM 1 $665,000 $665,000 $8,732 5.25%

    2018 saw Profed Federal Credit Union place emphasis on $100,000 or less loans with 363 originations, totaling $17,895,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 224 $17,110,000 $76,384 $1,479 5.04%
    $50k-75k 154 $14,060,000 $91,299 $1,451 5.32%
    $75k-100k 102 $12,100,000 $118,627 $1,487 5.10%
    $100k-150k 94 $11,870,000 $126,277 $1,301 5.31%
    $150k-250k 30 $6,500,000 $216,667 $2,229 5.26%
    $250k+ 3 $1,245,000 $415,000 $5,620 5.17%

    Profed Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 224 originations. The second most popular income band? $50k-75k, with 154 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 163 $14,565,000 $89,356 $1,389 5.05%
    30-36% 108 $10,070,000 $93,241 $1,359 5.30%
    <20% 61 $5,155,000 $84,508 $1,365 4.93%
    36% 28 $3,100,000 $110,714 $1,617 5.24%
    42% 26 $2,730,000 $105,000 $1,520 5.56%
    41% 26 $2,950,000 $113,462 $1,819 5.08%
    43% 25 $3,675,000 $147,000 $1,793 5.27%
    44% 21 $2,085,000 $99,286 $1,404 5.35%
    37% 19 $1,965,000 $103,421 $1,424 5.29%
    40% 17 $1,685,000 $99,118 $1,459 5.20%
    47% 17 $2,175,000 $127,941 $1,838 5.09%
    39% 16 $2,160,000 $135,000 $2,154 5.02%
    45% 16 $1,990,000 $124,375 $1,527 5.34%
    46% 14 $1,860,000 $132,857 $1,520 5.21%
    49% 14 $2,160,000 $154,286 $1,993 4.98%
    38% 14 $1,150,000 $82,143 $1,402 5.14%
    48% 13 $2,145,000 $165,000 $2,027 5.24%
    50-60% 4 $690,000 $172,500 $1,907 5.37%
    >60% 2 $40,000 $20,000 $75 7.49%

    Profed Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 163 originations. The next most common DTI ratio? 30-36%, with 108 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 525 $53,365,000 $101,648 $1,453 5.16%
    Not provided 71 $8,355,000 $117,676 $1,826 5.20%
    Black 15 $825,000 $55,000 $801 5.56%
    Not applicable 3 $635,000 $211,667 $4,000 4.63%
    Asian 1 $285,000 $285,000 $2,258 5.13%
    American Indian 2 $170,000 $85,000 $1,073 6.12%

    Approval Rates

    Total approvals of all applications
    87.63%

    Profed Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.69%

    Profed Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 617 $63,635,000 $103,136

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 19 $1,395,000 $73,421
    Single Family (1-4 Units):Site-Built 598 $62,240,000 $104,080

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 84 $3,860,000 $45,952 $514 5.73%
    40-60% 57 $4,545,000 $79,737 $1,484 4.68%
    60-80% 143 $18,465,000 $129,126 $1,943 4.97%
    80-100% 226 $33,980,000 $150,354 $2,188 4.77%
    Over 100% 1 $235,000 $235,000 $4,512 4.50%
    Under 20% 105 $2,485,000 $23,667 $139 6.16%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 12.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Struggling to pay mortgage 2 8.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 15 60.0%
    PROVIDENT FUNDING ASSOCIATES FHA mortgage Trouble during payment process 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 4.0%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Trouble during payment process 1 4.0%