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 and Refi loans. People's Alliance Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Palm Bay, Miami, and Winston among others. We have data for 4 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 about average 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% | 5/4/24 |
| 30 Year Conventional Refi | 6.27% | 5/4/24 |
| 15 Year Conventional Refi | 5.68% | 5/4/24 |
| 15 Year Cash-out Refi | 5.68% | 5/4/24 |
| 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
41Origination Dollar Volume (All Markets)
$5,265,000Top 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 |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 38 | $5,120,000 | $134,737 | $3,278 | 3.90% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 2.63% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.75% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.35% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 36 | $4,570,000 | $126,944 | $3,278 | 4.14% |
| HELOC | 5 | $695,000 | $139,000 | n/a | 1.99% |
For 2019, People's Alliance Federal Credit Union's most frequently originated type of loan was Conventional, with 36 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
For 2019, People's Alliance Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 26 originations. The 2nd most popular reason was Refi, with 8 originations.
Loan Duration/Length
For 2019, People's Alliance Federal Credit Union's most frequently cited loan duration was 15 Year, with 11 originations. The 2nd most popular length was 20 Year, with 11 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 3 | $165,000 | $55,000 |
| $1k-2k | 3 | $515,000 | $171,667 |
| $2k-3k | 2 | $440,000 | $220,000 |
| $5k+ | 1 | $705,000 | $705,000 |
People's Alliance Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 3 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 18 | $1,720,000 | $95,556 |
| 3-4% | 13 | $2,065,000 | $158,846 |
| <2.5% | 5 | $695,000 | $139,000 |
| 5-6% | 3 | $295,000 | $98,333 |
| 2.5-3% | 2 | $490,000 | $245,000 |
During 2019, People's Alliance Federal Credit Union's average interest rate for loans was 3.84%, while their most frequently originated rate bucket for loans was 4-5%, with 18 originations.
Loan Sizing
2019 saw People's Alliance Federal Credit Union place emphasis on $100,000 or less loans with 24 originations, totaling $1,370,000 in origination value.
Applicant Income
People's Alliance Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 13 originations. The second most popular income band? $50k-75k, with 8 originations.
Applicant Debt to Income Ratio
People's Alliance Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 7 originations. The next most common DTI ratio? 30-36%, with 4 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications59.02%
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 origination75.61%
People's Alliance Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 10587.0 | 1 | $205,000 | $205,000 |
| 11.0 | 1 | $55,000 | $55,000 |
| 110.0 | 1 | $15,000 | $15,000 |
| 13445.0 | 1 | $355,000 | $355,000 |
| 1393.0 | 1 | $95,000 | $95,000 |
| 1691.74 | 1 | $55,000 | $55,000 |
| 2209.0 | 1 | $45,000 | $45,000 |
| 229.0 | 1 | $45,000 | $45,000 |
| 23528.0 | 1 | $415,000 | $415,000 |
| 2371.0 | 1 | $75,000 | $75,000 |
| 28160.0 | 1 | $705,000 | $705,000 |
| 2897.0 | 1 | $155,000 | $155,000 |
| 342.0 | 1 | $35,000 | $35,000 |
| 413.0 | 1 | $255,000 | $255,000 |
| 4534.0 | 1 | $75,000 | $75,000 |
| 536.0 | 1 | $75,000 | $75,000 |
| 5381.0 | 1 | $215,000 | $215,000 |
| 577.0 | 1 | $125,000 | $125,000 |
| 581.0 | 1 | $55,000 | $55,000 |
| 6040.0 | 1 | $285,000 | $285,000 |
| 647.0 | 1 | $65,000 | $65,000 |
| 72.0 | 1 | $65,000 | $65,000 |
| 7891.0 | 1 | $205,000 | $205,000 |
| 8497.0 | 1 | $155,000 | $155,000 |
| 8599.0 | 1 | $155,000 | $155,000 |
| 886.0 | 1 | $175,000 | $175,000 |
| 9104.0 | 1 | $155,000 | $155,000 |
| NA | 14 | $950,000 | $67,857 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 41 | $5,265,000 | $128,415 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Struggling to pay mortgage | 3 | 21.4% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Conventional home mortgage | Trouble during payment process | 4 | 28.6% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Closing on a mortgage | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Struggling to pay mortgage | 2 | 14.3% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 7.1% |
| PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION | Other type of mortgage | Trouble during payment process | 2 | 14.3% |