Parda Federal Credit Union Mortgage Rates, Fees & Info

AUBURN HILLS, MI

LEI: 549300L6BONVKN6UXC26

Tax ID: 38-0906855

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Mortgage Data

Review & Overview

Parda Federal Credit Union is a smaller credit union specializing in Other loans. Parda Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Holland, Rockford, Greenwood, and New York among others. We have data for 21 markets. (Some data included below & more in-depth data is available with an active subscription.)

Parda 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.

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Originations

74

Origination Dollar Volume (All Markets)

$6,100,000

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
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 16 $900,000 $56,250 $0 0.00%
Outside of Metro Areas 6 $800,000 $133,333 $0 0.00%
Holland, MI (FHA|USDA|VA) 7 $795,000 $113,571 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 4 $660,000 $165,000 $0 0.00%
Greenwood, SC (FHA|USDA|VA) 8 $620,000 $77,500 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $480,000 $120,000 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 8 $390,000 $48,750 $0 0.00%
TOLEDO, OH (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 3 $205,000 $68,333 $0 0.00%
LANCASTER, PA (FHA|USDA|VA) 3 $205,000 $68,333 $0 0.00%
JACKSON, MI (FHA|USDA|VA) 2 $150,000 $75,000 $0 0.00%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 2 $140,000 $70,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 2 $130,000 $65,000 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $65,000 $65,000 $0 0.00%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Adrian, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
MUSKEGON, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
WILMINGTON, NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Parda Federal Credit Union's top markets include Grand Rapids, Holland, Rockford, Greenwood, and New York among others.

Their top states include:
  • Michigan (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)
  • New Jersey (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 74 $6,100,000 $82,432 $0 0.00%

    For 2023, Parda Federal Credit Union's most frequently originated type of loan was Conventional, with 74 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 29 $2,565,000 $88,448 $0 0.00%
    Home Improvement 24 $1,040,000 $43,333 $0 0.00%
    Refi 15 $1,195,000 $79,667 $0 0.00%
    Home Purchase 5 $1,195,000 $239,000 $0 0.00%
    Cash Out Refi 1 $105,000 $105,000 $0 0.00%

    For 2023, Parda Federal Credit Union's most frequently cited loan purpose was Other, with 29 originations. The 2nd most popular reason was Home Improvement, with 24 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 74 $6,100,000 $82,432 $0 0.00%

    For 2023, Parda Federal Credit Union's most frequently cited loan duration was Other, with 74 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 60 $2,960,000 $49,333 $0 0.00%
    $100k-200k 7 $965,000 $137,857 $0 0.00%
    $200k-400k 6 $1,590,000 $265,000 $0 0.00%
    $400k-600k 1 $585,000 $585,000 $0 0.00%

    2023 saw Parda Federal Credit Union place emphasis on $100,000 or less loans with 60 originations, totaling $2,960,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 19 $1,815,000 $95,526 $0 0.00%
    $75k-100k 16 $820,000 $51,250 $0 0.00%
    $50k-75k 13 $735,000 $56,538 $0 0.00%
    $50k or less 11 $485,000 $44,091 $0 0.00%
    $150k-250k 10 $1,550,000 $155,000 $0 0.00%
    $250k+ 5 $695,000 $139,000 $0 0.00%

    Parda Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 19 originations. The second most popular income band? $75k-100k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 74 $6,100,000 $82,432 $0 0.00%

    Parda Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 74 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 44 $3,380,000 $76,818 $0 0.00%
    Not provided 19 $1,815,000 $95,526 $0 0.00%
    Black 9 $595,000 $66,111 $0 0.00%
    Asian Indian 1 $255,000 $255,000 $0 0.00%
    American Indian 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    85.22%

    Parda Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.08%

    Parda Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 74 $6,100,000 $82,432

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    74 $6,100,000 $82,432