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 and Home Improvement 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
38Origination Dollar Volume (All Markets)
$2,820,000Top 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 | $2,550,000 | $75,000 | $437 | 4.56% |
| Outside of Metro Areas | 3 | $245,000 | $81,667 | $471 | 4.75% |
| Sayre, PA (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $455 | 4.75% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 38 | $2,820,000 | $74,211 | $440 | 4.58% |
For 2019, Pgmefcu's most frequently originated type of loan was Conventional, with 38 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Refi | 20 | $2,030,000 | $101,500 | $421 | 4.66% |
| Home Improvement | 15 | $695,000 | $46,333 | $460 | 4.53% |
| Other | 3 | $95,000 | $31,667 | $471 | 4.33% |
For 2019, Pgmefcu's most frequently cited loan purpose was Refi, with 20 originations. The 2nd most popular reason was Home Improvement, with 15 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 23 | $2,185,000 | $95,000 | $438 | 4.70% |
| 10 Year | 12 | $530,000 | $44,167 | $464 | 4.50% |
| 5 Year | 3 | $105,000 | $35,000 | $368 | 3.99% |
For 2019, Pgmefcu's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 12 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 38 | $2,820,000 | $74,211 |
Pgmefcu's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 38 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 35 | $2,715,000 | $77,571 |
| 3-4% | 3 | $105,000 | $35,000 |
During 2019, Pgmefcu's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 35 originations.
Loan Sizing
2019 saw Pgmefcu place emphasis on $100,000 or less loans with 31 originations, totaling $1,615,000 in origination value.
Applicant Income
Pgmefcu lent most frequently to those with incomes in the $50k-75k range, with 12 originations. The second most popular income band? $75k-100k, with 9 originations.
Applicant Debt to Income Ratio
Pgmefcu lent most frequently to those with DTI ratios of 30-36%, with 9 originations. The next most common DTI ratio? 20-30%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 38 | $2,820,000 | $74,211 | $440 | 4.58% |
Approval Rates
Total approvals of all applications63.64%
Pgmefcu has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination52.63%
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 | 38 | $2,820,000 | $74,211 |