Proponent Federal Credit Union Mortgage Rates, Fees & Info

Nutley, NJ

LEI: 549300SI3EZ7U02L5E39

Tax ID: 23-7092063

5 stars - Updated: 10/29/24 - out of 5 stars, based on 19 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Proponent Federal Credit Union is a smaller credit union specializing in Home Purchase loans. Proponent Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: New York, Burlington, Tampa, Raleigh, and Greensboro among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

Proponent Federal Credit Union has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Proponent Federal Credit Union is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) 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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 0.71% 10/29/24
30 Year Conventional Purchase 10.68% 10/29/24
30 Year Conventional Refi 10.19% 10/29/24
30 Year Cash-out Refi 10.14% 10/29/24
15 Year Conventional Purchase 9.27% 10/29/24
15 Year Conventional Refi 7.15% 10/29/24
15 Year Cash-out Refi 7.15% 10/29/24
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.

Proponent Federal Credit Union Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Proponent Federal Credit Union. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

377

Origination Dollar Volume (All Markets)

$55,245,000

Awards

PROPONENT Federal Credit Union 30 Year Conventional Loans silver PROPONENT Federal Credit Union 30 Year Conventional Loans silver PROPONENT Federal Credit Union 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Proponent Federal Credit Union's average 30 year fixed mortgage rate was 7.07%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.59%.

Relative Fees (Closing Costs)

Proponent Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $5,705.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

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) 178 $26,820,000 $150,674 $1,310 6.94%
BURLINGTON, NC (FHA|USDA|VA) 65 $5,595,000 $86,077 $872 7.14%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 6 $4,460,000 $743,333 $5,932 6.25%
RALEIGH-CARY, NC (FHA|USDA|VA) 11 $2,575,000 $234,091 $4,538 6.02%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 26 $2,370,000 $91,154 $1,262 7.32%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 8 $1,540,000 $192,500 $3,163 7.11%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 5 $845,000 $169,000 $4,375 7.33%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 2 $820,000 $410,000 $4,750 6.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 3 $795,000 $265,000 $2,347 7.17%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 2 $680,000 $340,000 $1,075 7.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 5 $635,000 $127,000 $1,947 6.65%
ROCHESTER, MN (FHA|USDA|VA) 1 $585,000 $585,000 $6,364 6.13%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 1 $575,000 $575,000 $3,731 5.75%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 8 $570,000 $71,250 $445 5.81%
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $535,000 $76,429 $324 6.77%
KNOXVILLE, TN (FHA|USDA|VA) 1 $505,000 $505,000 $3,857 6.25%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 3 $465,000 $155,000 $571 7.17%
Outside of Metro Areas 4 $420,000 $105,000 $2,003 7.53%
Celina, OH (FHA|USDA|VA) 1 $395,000 $395,000 $5,280 5.50%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $285,000 $285,000 $3,438 5.88%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $265,000 $265,000 $4,331 5.38%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $255,000 $85,000 $445 7.46%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $245,000 $245,000 $1,345 8.38%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $230,000 $115,000 $416 7.69%
WINSTON-SALEM, NC (FHA|USDA|VA) 1 $225,000 $225,000 $3,840 7.13%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $220,000 $110,000 $416 7.81%
Marietta, OH (FHA|USDA|VA) 1 $185,000 $185,000 $4,868 7.13%
LYNCHBURG, VA (FHA|USDA|VA) 1 $165,000 $165,000 $3,149 6.50%
New Castle, PA (FHA|USDA|VA) 1 $135,000 $135,000 $4,057 6.75%
OCALA, FL (FHA|USDA|VA) 1 $105,000 $105,000 $766 6.25%
Lawrenceburg, TN (FHA|USDA|VA) 1 $95,000 $95,000 $524 6.13%
SAVANNAH, GA (FHA|USDA|VA) 1 $95,000 $95,000 $0 8.50%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 1 $95,000 $95,000 $445 7.00%
North Wilkesboro, NC (FHA|USDA|VA) 1 $85,000 $85,000 $445 7.00%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 1 $85,000 $85,000 $416 7.38%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $80,000 $40,000 $547 5.75%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 2 $80,000 $40,000 $416 6.94%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $75,000 $75,000 $0 8.00%
Cambridge, OH (FHA|USDA|VA) 1 $75,000 $75,000 $416 6.25%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $65,000 $65,000 $416 6.50%
DOTHAN, AL (FHA|USDA|VA) 1 $65,000 $65,000 $416 6.25%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $55,000 $55,000 $0 7.50%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $55,000 $55,000 $416 6.38%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $55,000 $55,000 $0 2.99%
LAWRENCE, KS (FHA|USDA|VA) 1 $55,000 $55,000 $416 6.00%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $55,000 $55,000 $416 9.13%
Jefferson, GA (FHA|USDA|VA) 1 $55,000 $55,000 $416 7.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $45,000 $45,000 $0 7.88%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $35,000 $35,000 $571 6.00%
RICHMOND, VA (FHA|USDA|VA) 1 $35,000 $35,000 $0 8.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $35,000 $35,000 $445 7.63%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $15,000 $15,000 $416 6.00%
Proponent Federal Credit Union's top markets include New York, Burlington, Tampa, Raleigh, and Greensboro among others.

Their top states include:
  • New Jersey (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Massachusetts (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against PROPONENT Federal Credit Union based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 126
    Columbia Bank
    Similarity Rank: 156
    GREATER ALLIANCE
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    Blue Foundry Bank
    Similarity Rank: 188
    PCSB Bank
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    LYONS MORTGAGE SERVICES, INC.
    Similarity Rank: 267
    Bogota Savings Bank
    Similarity Rank: 351

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 245 $39,485,000 $161,163 $1,570 6.62%
    HELOC 132 $15,760,000 $119,394 n/a 7.47%

    For 2023, Proponent Federal Credit Union's most frequently originated type of loan was Conventional, with 245 originations. Their 2nd most popular type was HELOC, with 132 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 121 $10,985,000 $90,785 $405 7.16%
    Home Improvement 108 $9,230,000 $85,463 $370 6.94%
    Refi 95 $10,815,000 $113,842 $611 7.04%
    Home Purchase 48 $21,760,000 $453,333 $5,697 6.10%
    Cash Out Refi 5 $2,455,000 $491,000 $5,157 5.93%

    For 2023, Proponent Federal Credit Union's most frequently cited loan purpose was Other, with 121 originations. The 2nd most popular reason was Home Improvement, with 108 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 183 $39,475,000 $215,710 $5,705 7.07%
    20 Year 72 $7,680,000 $106,667 $542 7.32%
    10 Year 47 $2,865,000 $60,957 $376 6.74%
    15 Year 40 $3,580,000 $89,500 $545 6.76%
    5 Year 35 $1,645,000 $47,000 $342 5.71%

    For 2023, Proponent Federal Credit Union's most frequently cited loan duration was 30 Year, with 183 originations. The 2nd most popular length was 20 Year, with 72 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 216 $28,770,000 $133,194
    $1k-2k 9 $1,735,000 $192,778
    $2k-3k 6 $3,050,000 $508,333
    $5k+ 6 $2,800,000 $466,667
    $3k-4k 4 $2,750,000 $687,500
    $4k-5k 1 $205,000 $205,000

    Proponent Federal Credit Union's average total fees were $5,705, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 216 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 116 $13,960,000 $120,345
    7-8% 105 $10,465,000 $99,667
    5-6% 81 $20,565,000 $253,889
    Over 8% 57 $6,865,000 $120,439
    2.5-3% 8 $1,730,000 $216,250
    4-5% 7 $1,075,000 $153,571
    <2.5% 3 $585,000 $195,000

    During 2023, Proponent Federal Credit Union's average interest rate for loans was 7.07%, while their most frequently originated rate bucket for loans was 6-7%, with 116 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 215 $11,265,000 $52,395 $410 6.99%
    $100k-200k 84 $11,250,000 $133,929 $1,084 7.35%
    $200k-400k 57 $15,325,000 $268,860 $3,489 6.44%
    $600k-1MM 11 $8,205,000 $745,909 $7,255 5.72%
    $400k-600k 8 $3,990,000 $498,750 $6,968 5.97%
    $1MM+ 2 $5,210,000 $2,605,000 $12,434 5.31%

    2023 saw Proponent Federal Credit Union place emphasis on $100,000 or less loans with 215 originations, totaling $11,265,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 115 $19,765,000 $171,870 $1,811 6.97%
    $100k-150k 93 $10,045,000 $108,011 $1,342 6.95%
    $75k-100k 55 $4,965,000 $90,273 $872 7.02%
    $50k-75k 49 $3,325,000 $67,857 $826 6.95%
    $250k+ 37 $14,025,000 $379,054 $3,807 6.30%
    $50k or less 24 $1,300,000 $54,167 $1,192 7.09%

    Proponent Federal Credit Union lent most frequently to those with incomes in the $150k-250k range, with 115 originations. The second most popular income band? $100k-150k, with 93 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 66 $9,860,000 $149,394 $2,301 6.64%
    50-60% 61 $7,255,000 $118,934 $357 7.03%
    30-36% 59 $8,695,000 $147,373 $1,886 6.69%
    46% 21 $2,715,000 $129,286 $2,469 7.05%
    <20% 19 $1,765,000 $92,895 $1,055 6.49%
    45% 17 $2,435,000 $143,235 $1,602 7.94%
    49% 16 $6,290,000 $393,125 $2,981 6.66%
    48% 14 $2,190,000 $156,429 $1,611 7.21%
    40% 14 $1,410,000 $100,714 $373 6.69%
    41% 12 $1,560,000 $130,000 $866 7.28%
    44% 12 $1,100,000 $91,667 $323 7.33%
    42% 11 $885,000 $80,455 $338 7.03%
    39% 10 $1,790,000 $179,000 $3,301 6.26%
    38% 9 $1,205,000 $133,889 $709 7.53%
    37% 9 $1,325,000 $147,222 $431 7.75%
    36% 9 $1,115,000 $123,889 $1,563 6.18%
    43% 9 $1,515,000 $168,333 $2,904 6.97%
    47% 5 $315,000 $63,000 $331 7.25%
    >60% 3 $215,000 $71,667 $338 8.33%

    Proponent Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 66 originations. The next most common DTI ratio? 50-60%, with 61 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 240 $33,830,000 $140,958 $1,385 6.91%
    Black 60 $6,520,000 $108,667 $1,595 7.30%
    Not provided 45 $5,915,000 $131,444 $1,663 6.79%
    Asian 24 $4,850,000 $202,083 $1,549 6.81%
    Asian Indian 5 $3,645,000 $729,000 $6,939 5.55%
    Filipino 2 $410,000 $205,000 $231 3.13%
    American Indian 1 $75,000 $75,000 $0 7.50%

    Approval Rates

    Total approvals of all applications
    77.10%

    Proponent Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    66.05%

    Proponent 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
    NA 377 $55,245,000 $146,538

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    377 $55,245,000 $146,538

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 109 $15,385,000 $141,147 $642 7.13%
    40-60% 28 $8,290,000 $296,071 $3,188 6.98%
    60-80% 22 $12,340,000 $560,909 $6,061 6.02%
    80-100% 21 $7,605,000 $362,143 $5,454 6.38%
    Under 20% 197 $11,625,000 $59,010 $345 6.95%