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

Jump to:

  • 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, Cash Out Refi, and 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, Kendallville, and Bluffton among others. We have data for 22 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    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

    746

    Origination Dollar Volume (All Markets)

    $86,130,000
    Show all (8) 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) 400 $47,910,000 $119,775 $1,524 4.41%
    Angola, IN (FHA|USDA|VA) 83 $9,715,000 $117,048 $1,681 4.23%
    Auburn, IN (FHA|USDA|VA) 63 $7,985,000 $126,746 $1,797 4.53%
    Kendallville, IN (FHA|USDA|VA) 56 $6,090,000 $108,750 $1,395 4.36%
    Bluffton, IN (FHA|USDA|VA) 50 $4,360,000 $87,200 $1,295 4.54%
    Outside of Metro Areas 28 $3,010,000 $107,500 $1,596 4.36%
    Decatur, IN (FHA|USDA|VA) 22 $1,870,000 $85,000 $1,333 4.32%
    Warsaw, IN (FHA|USDA|VA) 12 $1,500,000 $125,000 $2,210 4.56%
    Huntington, IN (FHA|USDA|VA) 9 $1,295,000 $143,889 $1,775 4.15%
    INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 3 $555,000 $185,000 $2,124 3.92%
    Coldwater, MI (FHA|USDA|VA) 4 $380,000 $95,000 $795 4.75%
    Van Wert, OH (FHA|USDA|VA) 5 $285,000 $57,000 $1,541 4.57%
    Big Rapids, MI (FHA|USDA|VA) 1 $235,000 $235,000 $2,466 3.88%
    LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,021 3.13%
    Hillsdale, MI (FHA|USDA|VA) 2 $150,000 $75,000 $2,118 3.31%
    Sturgis, MI (FHA|USDA|VA) 1 $115,000 $115,000 $2,596 4.38%
    Defiance, OH (FHA|USDA|VA) 1 $105,000 $105,000 $2,480 3.63%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 1 $105,000 $105,000 $2,087 4.13%
    Wabash, IN (FHA|USDA|VA) 1 $95,000 $95,000 $1,785 3.63%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $1,955 3.13%
    Marion, IN (FHA|USDA|VA) 1 $55,000 $55,000 $1,608 4.13%
    LOUISVILLE, KY (FHA|USDA|VA) 1 $35,000 $35,000 $89 4.13%
    Profed Federal Credit Union's top markets include Fort Wayne, Angola, Auburn, Kendallville, and Bluffton among others.

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

    BEACON CREDIT UNION
    Similarity Rank: 52
    Fire Police City County Federal Credit Union
    Similarity Rank: 72
    INTERRA CREDIT UNION
    Similarity Rank: 234
    MIDWEST AMERICA
    Similarity Rank: 640
    First Federal Bank of the Midwest
    Similarity Rank: 781
    ProFed Federal Credit Union
    Similarity Rank: 902
    MutualBank
    Similarity Rank: 1060
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 1134
    First Federal Savings Bank
    Similarity Rank: 1176
    Union Savings Bank
    Similarity Rank: 1562

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 738 $85,270,000 $115,542 $1,538 4.39%
    USDA 8 $860,000 $107,500 $3,157 4.22%

    For 2019, Profed Federal Credit Union's most frequently originated type of loan was Conventional, with 738 originations. Their 2nd most popular type was USDA, with 8 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 239 $38,155,000 $159,644 $2,170 4.05%
    Cash Out Refi 235 $24,745,000 $105,298 $1,681 4.28%
    Other 153 $4,935,000 $32,255 $79 5.63%
    Refi 119 $18,295,000 $153,739 $1,973 3.70%

    For 2019, Profed Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 239 originations. The 2nd most popular reason was Cash Out Refi, with 235 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 360 $55,450,000 $154,028 $2,090 4.12%
    10 Year 204 $8,310,000 $40,735 $294 5.27%
    15 Year 107 $12,435,000 $116,215 $1,956 3.53%
    20 Year 43 $5,455,000 $126,860 $2,041 4.09%
    30+ year 14 $4,070,000 $290,714 $3,521 4.32%
    5 Year 11 $185,000 $16,818 $81 5.58%
    Other 7 $225,000 $32,143 $107 6.33%

    For 2019, Profed Federal Credit Union's most frequently cited loan duration was 30 Year, with 360 originations. The 2nd most popular length was 10 Year, with 204 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 717 $78,335,000 $109,254
    $1k-2k 23 $6,385,000 $277,609
    $2k-3k 3 $455,000 $151,667
    $4k-5k 2 $690,000 $345,000
    $5k+ 1 $265,000 $265,000

    Profed Federal Credit Union's average total fees were $2,090, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 717 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 335 $48,575,000 $145,000
    4-5% 288 $30,290,000 $105,174
    5-6% 82 $4,670,000 $56,951
    7-8% 11 $245,000 $22,273
    2.5-3% 10 $1,470,000 $147,000
    6-7% 10 $720,000 $72,000
    Over 8% 10 $160,000 $16,000

    During 2019, Profed Federal Credit Union's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 335 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 387 $19,475,000 $50,323 $993 4.74%
    $100k-200k 243 $34,545,000 $142,160 $2,027 4.00%
    $200k-400k 111 $29,935,000 $269,685 $2,431 4.03%
    $400k-600k 5 $2,175,000 $435,000 $2,742 3.95%

    2019 saw Profed Federal Credit Union place emphasis on $100,000 or less loans with 387 originations, totaling $19,475,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 229 $18,135,000 $79,192 $1,517 4.31%
    $50k-75k 198 $19,110,000 $96,515 $1,509 4.45%
    $75k-100k 141 $19,225,000 $136,348 $1,639 4.41%
    $100k-150k 120 $18,410,000 $153,417 $1,551 4.43%
    $150k-250k 40 $8,590,000 $214,750 $1,880 4.18%
    $250k+ 4 $1,050,000 $262,500 $2,282 4.41%

    Profed Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 229 originations. The second most popular income band? $50k-75k, with 198 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 201 $20,715,000 $103,060 $1,468 4.36%
    30-36% 143 $17,365,000 $121,434 $1,581 4.36%
    <20% 96 $9,330,000 $97,188 $1,648 4.01%
    44% 35 $5,405,000 $154,429 $1,717 4.38%
    42% 31 $3,415,000 $110,161 $1,450 4.63%
    37% 28 $3,340,000 $119,286 $1,404 4.64%
    36% 26 $3,100,000 $119,231 $1,559 4.32%
    43% 24 $2,830,000 $117,917 $1,463 4.61%
    41% 23 $3,005,000 $130,652 $1,487 4.67%
    39% 22 $2,460,000 $111,818 $1,705 4.19%
    40% 20 $2,250,000 $112,500 $1,132 5.20%
    38% 18 $2,390,000 $132,778 $2,157 4.33%
    46% 15 $2,105,000 $140,333 $1,456 4.73%
    48% 14 $2,150,000 $153,571 $2,084 4.79%
    45% 13 $1,595,000 $122,692 $1,825 4.54%
    49% 11 $1,795,000 $163,182 $2,035 4.20%
    47% 9 $805,000 $89,444 $1,711 4.28%
    >60% 1 $225,000 $225,000 $173 4.13%

    Profed Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 201 originations. The next most common DTI ratio? 30-36%, with 143 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 624 $71,680,000 $114,872 $1,532 4.41%
    Not provided 95 $11,685,000 $123,000 $1,698 4.27%
    Black 17 $1,755,000 $103,235 $1,631 4.33%
    Asian 4 $670,000 $167,500 $2,281 3.69%
    Not applicable 3 $275,000 $91,667 $1,944 3.79%
    American Indian 3 $65,000 $21,667 $220 5.32%

    Approval Rates

    Total approvals of all applications
    84.84%

    Profed Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    78.02%

    Profed Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 746 $86,130,000 $115,456

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 20 $1,460,000 $73,000
    Single Family (1-4 Units):Site-Built 726 $84,670,000 $116,625

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 112 $6,170,000 $55,089 $661 4.87%
    40-60% 62 $5,700,000 $91,935 $1,535 3.92%
    60-80% 198 $27,850,000 $140,657 $2,056 3.99%
    80-100% 272 $44,160,000 $162,353 $2,106 4.08%
    Under 20% 102 $2,250,000 $22,059 $109 5.77%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 6 20.0%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Closing on a mortgage 2 6.7%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Incorrect information on your report 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Struggling to pay mortgage 5 16.7%
    PROVIDENT FUNDING ASSOCIATES Conventional home mortgage Trouble during payment process 12 40.0%
    PROVIDENT FUNDING ASSOCIATES FHA mortgage Trouble during payment process 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Closing on a mortgage 1 3.3%
    PROVIDENT FUNDING ASSOCIATES Other type of mortgage Trouble during payment process 2 6.7%