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 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 by origination volume include: Fort Wayne, Angola, Auburn, Kendallville, and Bluffton among others. We have data for 24 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Profed Federal Credit Union has an above 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% 4/18/24
    30 Year Conventional Refi 6.65% 4/18/24
    30 Year Cash-out Refi 6.89% 4/18/24
    30 Year USDA Purchase 6.94% 4/18/24
    15 Year Conventional Purchase 6.44% 4/18/24
    15 Year Conventional Refi 6.44% 4/18/24
    15 Year Cash-out Refi 6.44% 4/18/24
    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

    1,135

    Origination Dollar Volume (All Markets)

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

    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: 144
    Farmers State Bank
    Similarity Rank: 264
    First Bank of Berne
    Similarity Rank: 306
    Crossroads Bank
    Similarity Rank: 330
    INTERRA CREDIT UNION
    Similarity Rank: 342
    Fire Police City County Federal Credit Union
    Similarity Rank: 632
    ProFed Federal Credit Union
    Similarity Rank: 1224
    PARTNERS 1ST Federal Credit Union
    Similarity Rank: 1672
    MIDWEST AMERICA
    Similarity Rank: 2178
    STAR Financial Bank
    Similarity Rank: 2652

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Profed Federal Credit Union's most frequently originated type of loan was Conventional, with 1,124 originations. Their 2nd most popular type was USDA, with 11 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Profed Federal Credit Union's most frequently cited loan purpose was Cash Out Refi, with 453 originations. The 2nd most popular reason was 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 2021, Profed Federal Credit Union's most frequently cited loan duration was 30 Year, with 599 originations. The 2nd most popular length was 15 Year, with 229 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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

    Profed Federal Credit Union's average total fees were $2,174, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.07%, while their most frequently originated rate bucket for loans was 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
    91.91%

    Profed Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.09%

    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%