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 Home Improvement and Refi loans. Parda Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Grand Rapids, Detroit, Greenwood, Holland, and New York among others. We have data for 16 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 an average pick rate when compared to similar lenders.

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Originations

55

Origination Dollar Volume (All Markets)

$3,895,000

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) 15 $1,295,000 $86,333 $0 0.00%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 10 $700,000 $70,000 $0 0.00%
Greenwood, SC (FHA|USDA|VA) 7 $315,000 $45,000 $0 0.00%
Holland, MI (FHA|USDA|VA) 6 $260,000 $43,333 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 3 $215,000 $71,667 $0 0.00%
Coldwater, MI (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
LANCASTER, PA (FHA|USDA|VA) 2 $210,000 $105,000 $0 0.00%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $155,000 $155,000 $0 0.00%
ROCKFORD, IL (FHA|USDA|VA) 2 $120,000 $60,000 $0 0.00%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 2 $90,000 $45,000 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Outside of Metro Areas 1 $75,000 $75,000 $0 0.00%
ANN ARBOR, MI (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
YORK-HANOVER, PA (FHA|USDA|VA) 1 $45,000 $45,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $35,000 $35,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Parda Federal Credit Union's top markets include Grand Rapids, Detroit, Greenwood, Holland, and New York among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 55 $3,895,000 $70,818 $0 0.00%

    For 2019, Parda Federal Credit Union's most frequently originated type of loan was Conventional, with 55 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 20 $900,000 $45,000 $0 0.00%
    Refi 16 $1,190,000 $74,375 $0 0.00%
    Other 12 $700,000 $58,333 $0 0.00%
    Home Purchase 4 $770,000 $192,500 $0 0.00%
    Cash Out Refi 3 $335,000 $111,667 $0 0.00%

    For 2019, Parda Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 20 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 55 $3,895,000 $70,818 $0 0.00%

    For 2019, Parda Federal Credit Union's most frequently cited loan duration was Other, with 55 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 44 $1,910,000 $43,409 $0 0.00%
    $100k-200k 7 $955,000 $136,429 $0 0.00%
    $200k-400k 4 $1,030,000 $257,500 $0 0.00%

    2019 saw Parda Federal Credit Union place emphasis on $100,000 or less loans with 44 originations, totaling $1,910,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 13 $1,385,000 $106,538 $0 0.00%
    $50k-75k 13 $795,000 $61,154 $0 0.00%
    $50k or less 12 $420,000 $35,000 $0 0.00%
    $150k-250k 8 $950,000 $118,750 $0 0.00%
    $75k-100k 8 $280,000 $35,000 $0 0.00%
    $250k+ 1 $65,000 $65,000 $0 0.00%

    Parda Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 55 $3,895,000 $70,818 $0 0.00%

    Parda Federal Credit Union lent most frequently to those with DTI ratios of Exempt%, with 55 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 50 $3,690,000 $73,800 $0 0.00%
    Not provided 3 $145,000 $48,333 $0 0.00%
    Black 2 $60,000 $30,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    87.10%

    Parda Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    94.55%

    Parda Federal Credit Union has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 55 $3,895,000 $70,818

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 5 $225,000 $45,000
    Single Family (1-4 Units):Site-Built 50 $3,670,000 $73,400

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Peer Advisors, LLC Conventional home mortgage Struggling to pay mortgage 4 4.9%
    Peer Advisors, LLC Conventional home mortgage Trouble during payment process 3 3.7%
    Peer Advisors, LLC FHA mortgage Trouble during payment process 1 1.2%
    Peer Advisors, LLC Other type of mortgage Closing on a mortgage 1 1.2%
    Peer Advisors, LLC Other type of mortgage Struggling to pay mortgage 2 2.4%
    Peer Advisors, LLC Other type of mortgage Trouble during payment process 2 2.4%
    Peer Advisors, LLC Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 4 4.9%
    Peer Advisors, LLC Reverse mortgage Closing on a mortgage 4 4.9%
    Peer Advisors, LLC Reverse mortgage Incorrect information on your report 2 2.4%
    Peer Advisors, LLC Reverse mortgage Struggling to pay mortgage 18 22.0%
    Peer Advisors, LLC Reverse mortgage Trouble during payment process 40 48.8%
    Peer Advisors, LLC VA mortgage Struggling to pay mortgage 1 1.2%