Penn State Federal Credit Union Mortgage Rates, Fees & Info

State College, PA

LEI: 549300N4B8DUNK34FL02

Tax ID: 24-0857756

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Mortgage Data

Review & Overview

Penn State Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Penn State Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is State College.

Penn State Federal Credit Union has an above average approval rate when compared to the average across all lenders. They typically have relatively high rates.

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Originations

149

Origination Dollar Volume (All Markets)

$10,905,000

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
STATE COLLEGE, PA (FHA|USDA|VA) 107 $8,545,000 $79,860 $0 4.50%
Outside of Metro Areas 42 $2,360,000 $56,190 $0 4.44%
Penn State Federal Credit Union's top markets include and State College among others.

Their top states include:
  • Pennsylvania (FHA|USDA|VA)
  • (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 149 $10,905,000 $73,188 $0 4.49%

    For 2018, Penn State Federal Credit Union's most frequently originated type of loan was Conventional, with 149 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 149 $10,905,000 $73,188 $0 4.49%

    For 2018, Penn State Federal Credit Union's most frequently cited loan purpose was Home Purchase, with 149 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    5 Year 57 $2,345,000 $41,140 $0 3.44%
    15 Year 38 $3,580,000 $94,211 $0 5.53%
    10 Year 33 $2,695,000 $81,667 $0 5.09%
    Other 14 $650,000 $46,429 $0 4.29%
    30 Year 6 $1,620,000 $270,000 $0 5.19%
    3 Year 1 $15,000 $15,000 $0 3.00%

    For 2018, Penn State Federal Credit Union's most frequently cited loan duration was 5 Year, with 57 originations. The 2nd most popular length was 15 Year, with 38 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 49 $5,375,000 $109,694
    4-5% 35 $2,905,000 $83,000
    2.5-3% 34 $1,490,000 $43,824
    3-4% 26 $970,000 $37,308
    Over 8% 4 $110,000 $27,500
    6-7% 1 $55,000 $55,000

    During 2018, Penn State Federal Credit Union's average interest rate for loans was 5.19%, while their most frequently originated rate bucket for loans was 5-6%, with 49 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 114 $4,690,000 $41,140 $0 4.36%
    $100k-200k 23 $3,075,000 $133,696 $0 4.81%
    $200k-400k 12 $3,140,000 $261,667 $0 5.05%

    2018 saw Penn State Federal Credit Union place emphasis on $100,000 or less loans with 114 originations, totaling $4,690,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 39 $2,895,000 $74,231 $0 4.77%
    $50k-75k 38 $2,240,000 $58,947 $0 4.48%
    $100k-150k 33 $2,615,000 $79,242 $0 4.08%
    $50k or less 21 $1,125,000 $53,571 $0 5.16%
    $150k-250k 17 $1,945,000 $114,412 $0 3.75%
    $250k+ 1 $85,000 $85,000 $0 5.50%

    Penn State Federal Credit Union lent most frequently to those with incomes in the $75k-100k range, with 39 originations. The second most popular income band? $50k-75k, with 38 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 45 $3,455,000 $76,778 $0 4.32%
    <20% 33 $1,935,000 $58,636 $0 4.13%
    30-36% 28 $1,660,000 $59,286 $0 4.77%
    42% 7 $585,000 $83,571 $0 5.41%
    38% 6 $420,000 $70,000 $0 5.23%
    40% 6 $870,000 $145,000 $0 5.03%
    39% 5 $295,000 $59,000 $0 4.12%
    43% 4 $290,000 $72,500 $0 4.26%
    41% 3 $275,000 $91,667 $0 4.53%
    37% 3 $45,000 $15,000 $0 4.17%
    44% 2 $230,000 $115,000 $0 4.00%
    45% 2 $190,000 $95,000 $0 4.05%
    50-60% 2 $250,000 $125,000 $0 4.91%
    >60% 2 $300,000 $150,000 $0 4.92%
    49% 1 $105,000 $105,000 $0 5.31%

    Penn State Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 45 originations. The next most common DTI ratio? <20%, with 33 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 142 $10,100,000 $71,127 $0 4.48%
    Chinese 2 $350,000 $175,000 $0 3.00%
    Black 1 $275,000 $275,000 $0 5.50%
    Not provided 2 $90,000 $45,000 $0 5.75%
    Asian Indian 1 $45,000 $45,000 $0 4.00%
    Filipino 1 $45,000 $45,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    99.33%

    Penn State Federal Credit Union has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 149 $10,905,000 $73,188

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 149 $10,905,000 $73,188

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 30 $2,430,000 $81,000 $0 4.73%
    40-60% 12 $1,220,000 $101,667 $0 5.00%
    60-80% 23 $3,705,000 $161,087 $0 4.98%
    80-100% 5 $1,105,000 $221,000 $0 5.21%
    Under 20% 79 $2,445,000 $30,949 $0 4.12%