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. 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
21Origination Dollar Volume (All Markets)
$1,115,000Top 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) | 20 | $1,080,000 | $54,000 | $0 | 4.68% |
| MONROE, MI (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 21 | $1,115,000 | $53,095 | n/a | 4.64% |
For 2020, Promedica Federal Credit Union's most frequently originated type of loan was HELOC, with 21 originations.
Loan Reason
For 2020, Promedica Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 16 originations. The 2nd most popular reason was Other, with 2 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 21 | $1,115,000 | $53,095 | $0 | 4.64% |
For 2020, Promedica Federal Credit Union's most frequently cited loan duration was 20 Year, with 21 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 9 | $655,000 | $72,778 |
| 5-6% | 5 | $195,000 | $39,000 |
| 4-5% | 4 | $190,000 | $47,500 |
| 6-7% | 1 | $15,000 | $15,000 |
During 2020, Promedica Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 9 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 18 | $660,000 | $36,667 | $0 | 4.77% |
| $100k-200k | 3 | $455,000 | $151,667 | $0 | 4.00% |
2020 saw Promedica Federal Credit Union place emphasis on $100,000 or less loans with 18 originations, totaling $660,000 in origination value.
Applicant Income
Promedica Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 7 originations. The second most popular income band? $50k or less, with 5 originations.
Applicant Debt to Income Ratio
Promedica Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 6 originations. The next most common DTI ratio? <20%, with 3 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not provided | 13 | $755,000 | $58,077 | $0 | 4.69% |
| White | 8 | $360,000 | $45,000 | $0 | 4.57% |
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 | 21 | $1,115,000 | $53,095 |