Pgmefcu Mortgage Rates, Fees & Info
Tunkhannock, PALEI: 549300IL3FQNU6YHBJ72
Tax ID: 23-1887056
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Mortgage Data
Review & Overview
Pgmefcu is a smaller credit union specializing in Refi loans. Pgmefcu has a high proportion of conventional loans. Their top two markets are Scranton and Sayre .Pgmefcu has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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Originations
45Origination Dollar Volume (All Markets)
$3,485,000Top 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 |
|---|---|---|---|---|---|
| SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) | 34 | $2,700,000 | $79,412 | $456 | 4.41% |
| Outside of Metro Areas | 7 | $495,000 | $70,714 | $457 | 4.46% |
| Sayre, PA (FHA|USDA|VA) | 4 | $290,000 | $72,500 | $466 | 4.38% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 45 | $3,485,000 | $77,444 | $457 | 4.42% |
For 2018, Pgmefcu's most frequently originated type of loan was Conventional, with 45 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 30 | $2,740,000 | $91,333 | $455 | 4.54% |
| Home Improvement | 14 | $610,000 | $43,571 | $484 | 4.12% |
| Other | 1 | $135,000 | $135,000 | $155 | 4.75% |
For 2018, Pgmefcu's most frequently cited loan purpose was Refi, with 30 originations. The 2nd most popular reason was Home Improvement, with 14 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 28 | $2,720,000 | $97,143 | $453 | 4.70% |
| 5 Year | 9 | $315,000 | $35,000 | $466 | 3.50% |
| 10 Year | 8 | $450,000 | $56,250 | $463 | 4.47% |
For 2018, Pgmefcu's most frequently cited loan duration was 15 Year, with 28 originations. The 2nd most popular length was 5 Year, with 9 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 45 | $3,485,000 | $77,444 |
Pgmefcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 45 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 36 | $3,170,000 | $88,056 |
| 3-4% | 5 | $135,000 | $27,000 |
| 2.5-3% | 4 | $180,000 | $45,000 |
During 2018, Pgmefcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 36 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 31 | $1,575,000 | $50,806 | $475 | 4.29% |
| $100k-200k | 14 | $1,910,000 | $136,429 | $418 | 4.70% |
2018 saw Pgmefcu place emphasis on $100,000 or less loans with 31 originations, totaling $1,575,000 in origination value.
Applicant Income
Pgmefcu lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $50k or less, with 11 originations.
Applicant Debt to Income Ratio
Pgmefcu lent most frequently to those with DTI ratios of 20-30%, with 10 originations. The next most common DTI ratio? 30-36%, with 6 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 45 | $3,485,000 | $77,444 | $457 | 4.42% |
Approval Rates
Total approvals of all applications66.67%
Pgmefcu has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination57.78%
Pgmefcu has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 45 | $3,485,000 | $77,444 |