Promedica Federal Credit Union Mortgage Rates, Fees & Info
Toledo, OHLEI: 549300UOLCM9I7THWB63
Tax ID: 34-1137072
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Promedica Federal Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Promedica Federal Credit Union has an average proportion of conventional loans. Their top markets by origination volume include: Toledo, Monroe, and Adrian among others. We have data for 3 markets. (Some data included below & more in-depth data is available with an active subscription.)Promedica Federal Credit Union has an above average approval rate when compared to the average across all lenders.
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Originations
36Origination Dollar Volume (All Markets)
$1,440,000Top 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) | 31 | $1,275,000 | $41,129 | $0 | 6.49% |
| MONROE, MI (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 6.50% |
| Adrian, MI (FHA|USDA|VA) | 2 | $30,000 | $15,000 | $0 | 5.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 35 | $1,325,000 | $37,857 | n/a | 6.45% |
| Conventional | 1 | $115,000 | $115,000 | $0 | 0.00% |
For 2019, Promedica Federal Credit Union's most frequently originated type of loan was HELOC, with 35 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2019, Promedica Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 23 originations. The 2nd most popular reason was Other, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 29 | $1,265,000 | $43,621 | $0 | 5.90% |
| 10 Year | 6 | $170,000 | $28,333 | $0 | 6.10% |
| 3 Year | 1 | $5,000 | $5,000 | $0 | 18.00% |
For 2019, Promedica Federal Credit Union's most frequently cited loan duration was 20 Year, with 29 originations. The 2nd most popular length was 10 Year, with 6 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 11 | $445,000 | $40,455 |
| 6-7% | 7 | $335,000 | $47,857 |
| 4-5% | 3 | $165,000 | $55,000 |
| Over 8% | 2 | $20,000 | $10,000 |
| 7-8% | 1 | $45,000 | $45,000 |
During 2019, Promedica Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 11 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 33 | $1,115,000 | $33,788 | $0 | 6.58% |
| $100k-200k | 3 | $325,000 | $108,333 | $0 | 5.00% |
2019 saw Promedica Federal Credit Union place emphasis on $100,000 or less loans with 33 originations, totaling $1,115,000 in origination value.
Applicant Income
Promedica Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 13 originations. The second most popular income band? $100k-150k, with 7 originations.
Applicant Debt to Income Ratio
Promedica Federal Credit Union lent most frequently to those with DTI ratios of 50-60%, with 5 originations. The next most common DTI ratio? <20%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $1,310,000 | $38,529 | $0 | 6.45% |
| Not provided | 1 | $85,000 | $85,000 | $0 | 6.00% |
| Black | 1 | $45,000 | $45,000 | $0 | 6.75% |
Approval Rates
Total approvals of all applications100.00%
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 | 36 | $1,440,000 | $40,000 |