Pennsylvania State Employees Credit Union Mortgage Rates, Fees & Info

Harrisburg, PA

LEI: 549300PT6CCDYU4VHM41

Tax ID: 23-0961140

5 stars - out of 5 stars, based on 76 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Pennsylvania State Employees Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Pennsylvania State Employees Credit Union has a high proportion of conventional loans. Their top markets include Harrisburg, Philadelphia, Pittsburgh, Lancaster, and York among others. Pennsylvania State Employees Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Pennsylvania State Employees Credit Union is typically a low fee lendor.


Originations

5,748

Origination Dollar Volume (All Markets)

$623,130,000
Show all (26) awards

Relative Rate

Pennsylvania State Employees Credit Union's average 30 year fixed rate mortgage of loans were 3.32%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.17%.

Relative Fees

Pennsylvania State Employees Credit Union's average total fees for a 30 year fixed rate mortgage are $2,696.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1,186 $126,910,000 $107,007 $2,024 3.29%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 694 $97,450,000 $140,418 $2,179 3.35%
PITTSBURGH, PA (FHA|USDA|VA) 531 $54,565,000 $102,759 $1,918 3.32%
LANCASTER, PA (FHA|USDA|VA) 452 $53,050,000 $117,367 $2,017 3.31%
YORK-HANOVER, PA (FHA|USDA|VA) 305 $32,565,000 $106,770 $1,863 3.35%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 246 $30,260,000 $123,008 $2,084 3.36%
SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 264 $25,130,000 $95,189 $1,961 3.29%
READING, PA (FHA|USDA|VA) 197 $23,715,000 $120,381 $1,914 3.29%
Outside of Metro Areas 224 $18,910,000 $84,420 $1,851 3.27%
LEBANON, PA (FHA|USDA|VA) 140 $16,710,000 $119,357 $1,877 3.27%
STATE COLLEGE, PA (FHA|USDA|VA) 135 $15,655,000 $115,963 $2,267 3.28%
Pottsville, PA (FHA|USDA|VA) 161 $13,845,000 $85,994 $1,674 3.34%
BLOOMSBURG-BERWICK, PA (FHA|USDA|VA) 86 $9,840,000 $114,419 $1,907 3.24%
WILLIAMSPORT, PA (FHA|USDA|VA) 87 $8,805,000 $101,207 $1,819 3.36%
Sunbury, PA (FHA|USDA|VA) 90 $7,400,000 $82,222 $1,720 3.32%
EAST STROUDSBURG, PA (FHA|USDA|VA) 63 $7,325,000 $116,270 $2,169 3.26%
Indiana, PA (FHA|USDA|VA) 80 $7,180,000 $89,750 $1,938 3.29%
Huntingdon, PA (FHA|USDA|VA) 72 $6,810,000 $94,583 $1,798 3.26%
GETTYSBURG, PA (FHA|USDA|VA) 50 $6,070,000 $121,400 $1,955 3.25%
DuBois, PA (FHA|USDA|VA) 77 $5,955,000 $77,338 $1,984 3.23%
ALTOONA, PA (FHA|USDA|VA) 64 $5,840,000 $91,250 $1,702 3.28%
Selinsgrove, PA (FHA|USDA|VA) 52 $5,340,000 $102,692 $2,221 3.19%
Lock Haven, PA (FHA|USDA|VA) 57 $5,305,000 $93,070 $1,912 3.29%
ERIE, PA (FHA|USDA|VA) 53 $5,115,000 $96,509 $1,989 3.29%
CHAMBERSBURG-WAYNESBORO, PA (FHA|USDA|VA) 43 $4,315,000 $100,349 $2,000 3.21%
JOHNSTOWN, PA (FHA|USDA|VA) 59 $4,005,000 $67,881 $1,665 3.35%
Lewisburg, PA (FHA|USDA|VA) 31 $3,975,000 $128,226 $2,037 3.07%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 31 $3,755,000 $121,129 $2,238 3.18%
Lewistown, PA (FHA|USDA|VA) 39 $2,875,000 $73,718 $2,026 3.11%
Meadville, PA (FHA|USDA|VA) 41 $2,755,000 $67,195 $1,840 3.19%
Oil City, PA (FHA|USDA|VA) 32 $2,710,000 $84,688 $1,842 3.24%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 19 $1,875,000 $98,684 $1,772 3.25%
Warren, PA (FHA|USDA|VA) 23 $1,795,000 $78,043 $1,518 3.30%
Somerset, PA (FHA|USDA|VA) 21 $1,565,000 $74,524 $1,437 3.52%
New Castle, PA (FHA|USDA|VA) 19 $1,415,000 $74,474 $1,630 3.47%
St. Marys, PA (FHA|USDA|VA) 9 $875,000 $97,222 $2,207 3.24%
Sayre, PA (FHA|USDA|VA) 7 $825,000 $117,857 $2,288 3.25%
Bradford, PA (FHA|USDA|VA) 8 $640,000 $80,000 $2,142 2.92%

Pennsylvania State Employees Credit Union's top markets include Harrisburg, Philadelphia, Pittsburgh, Lancaster, and York among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,748 $623,130,000 $108,408 $1,973 3.30%

For the 2021 period, Pennsylvania State Employees Credit Union's most frequently originated loan type of loans were Conventional, with 5,748 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Improvement 1,813 $96,585,000 $53,274 $13 3.57%
Other 1,165 $81,065,000 $69,584 $13 3.66%
Cash Out Refi 1,115 $203,415,000 $182,435 $2,534 2.88%
Refi 1,025 $147,685,000 $144,083 $2,303 2.97%
Home Purchase 630 $94,380,000 $149,810 $2,800 3.18%

For the 2021, Pennsylvania State Employees Credit Union's most frequently cited loan purpose of loans were Home Improvement, with 1,813 originations. The 2nd most popular reason of loans were Other, with 1,165 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 3,495 $364,105,000 $104,179 $2,696 3.32%
15 Year 898 $127,110,000 $141,548 $2,540 2.73%
10 Year 719 $55,965,000 $77,837 $748 3.91%
20 Year 367 $67,395,000 $183,638 $2,589 2.99%
5 Year 268 $8,540,000 $31,866 $12 3.73%
1 Year 1 $15,000 $15,000 $0 4.87%

For the 2021, Pennsylvania State Employees Credit Union's most frequently cited loan length of loans were 30 Year, with 3,495 originations. The 2nd most popular length of loans were 15 Year, with 898 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,976 $420,670,000 $141,354
$3k-4k 58 $7,760,000 $133,793
$2k-3k 55 $6,325,000 $115,000
$1k-2k 33 $2,765,000 $83,788
$5k+ 30 $6,600,000 $220,000

$2,696 of loans were Pennsylvania State Employees Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,976 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 3,718 $350,910,000 $94,381
2.5-3% 1,128 $190,760,000 $169,113
<2.5% 411 $59,795,000 $145,487
4-5% 406 $17,740,000 $43,695
5-6% 85 $3,925,000 $46,176

During 2021, Pennsylvania State Employees Credit Union's average interest rate of loans were 3.32%, while their most frequently originated rate bucket of loans were 3-4%, with 3,718 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 3,250 $156,850,000 $48,262 $860 3.51%
$100k-200k 1,656 $235,970,000 $142,494 $2,383 3.04%
$200k-400k 781 $201,605,000 $258,137 $2,969 3.03%
$400k-600k 60 $27,260,000 $454,333 $3,877 3.06%
$1MM+ 1 $1,445,000 $1,445,000 $0 3.75%

2021 saw Pennsylvania State Employees Credit Union place emphasis on $100,000 or less loans with 3,250 originations, totaling $156,850,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,602 $188,680,000 $117,778 $1,980 3.32%
$50k-75k 1,264 $115,610,000 $91,464 $1,995 3.22%
$75k-100k 1,204 $128,500,000 $106,728 $2,006 3.29%
$150k-250k 995 $125,805,000 $126,437 $1,990 3.38%
$50k or less 522 $38,400,000 $73,563 $1,741 3.31%
$250k+ 161 $26,135,000 $162,329 $2,417 3.33%

Pennsylvania State Employees Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,602 originations. The second most popular income band? $50k-75k, with 1,264 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,683 $183,585,000 $109,082 $2,102 3.23%
30-36% 1,112 $127,140,000 $114,335 $1,894 3.32%
<20% 978 $84,320,000 $86,217 $1,843 3.24%
37% 185 $21,225,000 $114,730 $1,938 3.43%
36% 180 $22,220,000 $123,444 $1,894 3.33%
40% 178 $21,500,000 $120,787 $1,972 3.41%
50-60% 176 $15,450,000 $87,784 $1,328 3.48%
38% 159 $18,775,000 $118,082 $1,727 3.49%
41% 157 $16,915,000 $107,739 $1,505 3.55%
42% 150 $17,260,000 $115,067 $1,563 3.43%
39% 146 $16,170,000 $110,753 $1,601 3.54%
44% 128 $17,170,000 $134,141 $2,637 3.08%
43% 120 $15,760,000 $131,333 $2,083 3.22%
47% 88 $9,530,000 $108,295 $2,448 3.35%
45% 75 $10,765,000 $143,533 $2,843 3.21%
48% 71 $7,795,000 $109,789 $2,844 3.21%
46% 70 $7,730,000 $110,429 $2,958 3.27%
49% 68 $7,670,000 $112,794 $2,078 3.33%
>60% 24 $2,150,000 $89,583 $931 3.48%

Pennsylvania State Employees Credit Union lent most frequently to those with DTI ratios of 20-30%, with 1,683 originations. The next most common DTI ratio? 30-36%, with 1,112 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,839 $521,155,000 $107,699 $1,968 3.30%
Not provided 627 $69,575,000 $110,965 $1,941 3.32%
Black 186 $19,860,000 $106,774 $2,154 3.32%
Asian 44 $6,570,000 $149,318 $2,212 3.35%
Asian Indian 15 $1,615,000 $107,667 $2,011 3.31%
American Indian 19 $1,465,000 $77,105 $1,209 3.77%
Other Asian 5 $605,000 $121,000 $2,664 2.97%
Native Hawaiian 4 $580,000 $145,000 $2,369 3.00%
Chinese 1 $465,000 $465,000 $3,627 3.13%
Korean 2 $380,000 $190,000 $2,610 2.94%
Other Pacific Islander 2 $300,000 $150,000 $2,334 2.75%
Japanese 2 $300,000 $150,000 $5,295 2.94%
Vietnamese 2 $260,000 $130,000 $1,136 4.12%

Approval Rates

Total approvals of all applications
82.18%

Pennsylvania State Employees Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
76.75%

Pennsylvania State Employees Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 5,748 $623,130,000 $108,408

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
5,748 $623,130,000 $108,408

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 1,098 $82,240,000 $74,900 $876 3.50%
40-60% 801 $104,505,000 $130,468 $2,178 3.04%
60-80% 1,436 $257,180,000 $179,095 $2,608 2.98%
80-100% 630 $112,840,000 $179,111 $2,651 3.13%
Under 20% 1,783 $66,365,000 $37,221 $47 3.62%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
PENNSYLVANIA HOUSING FINANCE AGENCY Conventional home mortgage Incorrect information on your report 1 11.1%
PENNSYLVANIA HOUSING FINANCE AGENCY Conventional home mortgage Struggling to pay mortgage 1 11.1%
PENNSYLVANIA HOUSING FINANCE AGENCY Conventional home mortgage Trouble during payment process 2 22.2%
PENNSYLVANIA HOUSING FINANCE AGENCY FHA mortgage Struggling to pay mortgage 3 33.3%
PENNSYLVANIA HOUSING FINANCE AGENCY FHA mortgage Trouble during payment process 2 22.2%