People's Alliance Federal Credit Union Mortgage Rates, Fees & Info
Hauppauge, NYLEI: 549300R0CN5YKL3VTP86
Tax ID: 11-1644848
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Mortgage Data
Review & Overview
People's Alliance Federal Credit Union is a smaller credit union specializing in Home Improvement loans. People's Alliance Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Miami, Warner Robins, Bridgeport, and Washington among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)People's Alliance Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.27% | 11/17/24 |
| 30 Year Conventional Refi | 6.27% | 11/17/24 |
| 15 Year Conventional Refi | 5.68% | 11/17/24 |
| 15 Year Cash-out Refi | 5.68% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
People's Alliance Federal Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
18Origination Dollar Volume (All Markets)
$1,640,000Relative Rate
People's Alliance Federal Credit Union's average 30 year fixed mortgage rate was
6%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.48%.
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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 11 | $925,000 | $84,091 | $0 | 6.86% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $0 | 6.25% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 6.00% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.84% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 7.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.84% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 18 | $1,640,000 | $91,111 | $0 | 6.85% |
For 2023, People's Alliance Federal Credit Union's most frequently originated type of loan was Conventional, with 18 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 15 | $1,285,000 | $85,667 | $0 | 7.02% |
| Other | 2 | $180,000 | $90,000 | $0 | 6.00% |
| Home Purchase | 1 | $175,000 | $175,000 | $0 | 6.00% |
For 2023, People's Alliance Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 15 originations. The 2nd most popular reason was Other, with 2 originations.
Loan Duration/Length
For 2023, People's Alliance Federal Credit Union's most frequently cited loan duration was 20 Year, with 11 originations. The 2nd most popular length was 10 Year, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 6 | $540,000 | $90,000 |
| 6-7% | 5 | $545,000 | $109,000 |
| 7-8% | 5 | $345,000 | $69,000 |
| Over 8% | 2 | $210,000 | $105,000 |
During 2023, People's Alliance Federal Credit Union's average interest rate for loans was 6.00%, while their most frequently originated rate bucket for loans was 5-6%, with 6 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 11 | $615,000 | $55,909 | $0 | 6.94% |
| $100k-200k | 6 | $800,000 | $133,333 | $0 | 6.80% |
| $200k-400k | 1 | $225,000 | $225,000 | $0 | 6.25% |
2023 saw People's Alliance Federal Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $615,000 in origination value.
Applicant Income
People's Alliance Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $150k-250k, with 3 originations.
Applicant Debt to Income Ratio
People's Alliance Federal Credit Union lent most frequently to those with DTI ratios of 39%, with 3 originations. The next most common DTI ratio? 30-36%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 11 | $885,000 | $80,455 | $0 | 6.94% |
| Black | 3 | $395,000 | $131,667 | $0 | 6.25% |
| Not provided | 4 | $360,000 | $90,000 | $0 | 7.07% |
Approval Rates
Total approvals of all applications53.57%
People's Alliance Federal Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination66.67%
People's Alliance Federal Credit Union has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1763.61 | 1 | $55,000 | $55,000 |
| 1843.2 | 1 | $45,000 | $45,000 |
| 1961.82 | 1 | $35,000 | $35,000 |
| 2142.6 | 1 | $45,000 | $45,000 |
| 2222.2 | 1 | $35,000 | $35,000 |
| 2225.78 | 1 | $75,000 | $75,000 |
| 2290.35 | 1 | $105,000 | $105,000 |
| 2445.84 | 1 | $45,000 | $45,000 |
| 2448.16 | 1 | $75,000 | $75,000 |
| 2497.75 | 1 | $125,000 | $125,000 |
| 2689.22 | 1 | $65,000 | $65,000 |
| 2759.86 | 1 | $165,000 | $165,000 |
| 2812.82 | 1 | $55,000 | $55,000 |
| 2957.56 | 1 | $105,000 | $105,000 |
| 3331.41 | 1 | $125,000 | $125,000 |
| 3562.48 | 1 | $85,000 | $85,000 |
| 5758.43 | 1 | $225,000 | $225,000 |
| 7172.45 | 1 | $175,000 | $175,000 |