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 Other loans. Their top two markets are Toledo and Monroe .Promedica 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.
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Originations
30Origination Dollar Volume (All Markets)
$1,280,000Top 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) | 22 | $970,000 | $44,091 | $0 | 4.33% |
| Outside of Metro Areas | 5 | $165,000 | $33,000 | $0 | 4.25% |
| MONROE, MI (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $0 | 4.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 30 | $1,280,000 | $42,667 | n/a | 4.28% |
For 2021, Promedica Federal Credit Union's most frequently originated type of loan was HELOC, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 26 | $1,100,000 | $42,308 | $0 | 4.25% |
| Refi | 3 | $65,000 | $21,667 | $0 | 4.33% |
| Cash Out Refi | 1 | $115,000 | $115,000 | $0 | 5.00% |
For 2021, Promedica Federal Credit Union's most frequently cited loan purpose was Other, with 26 originations. The 2nd most popular reason was Refi, with 3 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20 Year | 29 | $1,265,000 | $43,621 | $0 | 4.26% |
| 10 Year | 1 | $15,000 | $15,000 | $0 | 5.00% |
For 2021, 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 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 22 | $890,000 | $40,455 |
| 4-5% | 5 | $215,000 | $43,000 |
| 6-7% | 2 | $140,000 | $70,000 |
| 5-6% | 1 | $35,000 | $35,000 |
During 2021, 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 22 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 27 | $905,000 | $33,519 | $0 | 4.19% |
| $100k-200k | 3 | $375,000 | $125,000 | $0 | 5.08% |
2021 saw Promedica Federal Credit Union place emphasis on $100,000 or less loans with 27 originations, totaling $905,000 in origination value.
Applicant Income
Promedica Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 7 originations.
Applicant Debt to Income Ratio
Promedica Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 9 originations. The next most common DTI ratio? 30-36%, with 7 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 28 | $1,240,000 | $44,286 | $0 | 4.30% |
| Not provided | 2 | $40,000 | $20,000 | $0 | 4.00% |
Approval Rates
Total approvals of all applications86.27%
Promedica Federal Credit Union has an average approval rate.
Pick Rate
Approvals leading to origination63.33%
Promedica 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 | 30 | $1,280,000 | $42,667 |