Promedica Federal Credit Union Mortgage Rates, Fees & Info
Toledo, OHLEI: 549300UOLCM9I7THWB63
Tax ID: 34-1137072
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Mortgage Data
Review & Overview
Promedica Federal Credit Union is a smaller credit union specializing in Home Improvement loans. Promedica Federal Credit Union has an average proportion of conventional loans. Their top two markets are Toledo and Monroe .Promedica Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
25Origination Dollar Volume (All Markets)
$495,000Top 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 |
|---|---|---|---|---|---|
| TOLEDO, OH (FHA|USDA|VA) | 21 | $465,000 | $22,143 | $3,216 | 5.21% |
| MONROE, MI (FHA|USDA|VA) | 4 | $30,000 | $7,500 | $0 | 4.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 19 | $375,000 | $19,737 | n/a | 4.94% |
| Conventional | 6 | $120,000 | $20,000 | $3,216 | 6.37% |
For 2018, Promedica Federal Credit Union's most frequently originated type of loan was HELOC, with 19 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
For 2018, Promedica Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Other, with 4 originations.
Loan Duration/Length
For 2018, Promedica Federal Credit Union's most frequently cited loan duration was 20 Year, with 19 originations. The 2nd most popular length was 3 Year, with 3 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $35,000 | $35,000 |
Promedica Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 12 | $350,000 | $29,167 |
| 5-6% | 1 | $15,000 | $15,000 |
| Over 8% | 1 | $35,000 | $35,000 |
During 2018, Promedica Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 12 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 25 | $495,000 | $19,800 | $3,216 | 5.14% |
2018 saw Promedica Federal Credit Union place emphasis on $100,000 or less loans with 25 originations, totaling $495,000 in origination value.
Applicant Income
Promedica Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 10 originations. The second most popular income band? $100k-150k, with 5 originations.
Applicant Debt to Income Ratio
Promedica Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 3 originations. The next most common DTI ratio? 30-36%, with 2 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 21 | $435,000 | $20,714 | $3,216 | 5.12% |
| Not provided | 4 | $60,000 | $15,000 | $0 | 5.25% |
Approval Rates
Total approvals of all applications96.15%
Promedica 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 25 | $495,000 | $19,800 |