Parda Federal Credit Union Mortgage Rates, Fees & Info
AUBURN HILLS, MILEI: 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
55Origination Dollar Volume (All Markets)
$3,895,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Their top states include:
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
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
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
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 applications87.10%
Parda Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination94.55%
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% |