Popa Federal Credit Union Mortgage Rates, Fees & Info

Cerritos, CA

LEI: 2549005B0YP23JCTYV51

Tax ID: 95-3432640

3.8 stars - out of 5 stars, based on 14 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Popa Federal Credit Union is a smaller credit union specializing in Home Improvement and Cash Out Refi loans. Popa Federal Credit Union has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Los Angeles, Riverside, Oxnard, and Bakersfield among others. We have data for 4 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Popa 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. Popa Federal Credit Union is typically a high 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 about average 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.

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    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.11% 1/29/23
    30 Year Conventional Refi 6.35% 1/29/23
    30 Year Cash-out Refi 6.37% 1/29/23
    15 Year Conventional Refi 6.25% 1/29/23
    15 Year Cash-out Refi 6.25% 1/29/23
    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.


    Originations

    191

    Origination Dollar Volume (All Markets)

    $31,235,000

    Awards

    POPA FEDERAL CREDIT UNION 30 Year Conventional Loans silver POPA FEDERAL CREDIT UNION 30 Year Conventional Loans gold
    Show all (2) awards

    Relative Rate

    Popa Federal Credit Union's average 30 year fixed mortgage rate was 2.85%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.3%.

    Relative Fees (Closing Costs)

    Popa Federal Credit Union's average total fees/closing costs for a 30 year fixed rate mortgage were $6,846.

    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 $4,750.

    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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 128 $21,590,000 $168,672 $6,533 3.77%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 59 $9,485,000 $160,763 $7,022 3.85%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 3 $135,000 $45,000 $0 3.25%
    BAKERSFIELD, CA (FHA|USDA|VA) 1 $25,000 $25,000 $0 3.25%
    Popa Federal Credit Union's top markets include Los Angeles, Riverside, Oxnard, and Bakersfield among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Similar Lenders

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

    Christian Community Credit Union
    Similarity Rank: 354
    Credence Funding Corporation
    Similarity Rank: 404
    Chaffey Federal Credit Union
    Similarity Rank: 966
    LA Financial Federal Credit Union
    Similarity Rank: 1374
    POPA FEDERAL CREDIT UNION
    Similarity Rank: 1380
    Los Angeles Federal Credit Union
    Similarity Rank: 1400
    ARROWHEAD CENTRAL CREDIT UNION
    Similarity Rank: 1488
    FRONTWAVE
    Similarity Rank: 1520

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 140 $24,650,000 $176,071 $6,691 3.90%
    HELOC 50 $6,330,000 $126,600 n/a 3.47%
    FHA 1 $255,000 $255,000 $0 3.25%

    For 2021, Popa Federal Credit Union's most frequently originated type of loan was Conventional, with 140 originations. Their 2nd most popular type was HELOC, with 50 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 129 $12,905,000 $100,039 $0 3.99%
    Cash Out Refi 29 $12,425,000 $428,448 $6,663 2.89%
    Other 21 $2,295,000 $109,286 $3,458 4.09%
    Refi 9 $2,835,000 $315,000 $6,442 3.03%
    Home Purchase 3 $775,000 $258,333 $11,692 3.79%

    For 2021, Popa Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 129 originations. The 2nd most popular reason was Cash Out Refi, with 29 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 57 $5,965,000 $104,649 $0 4.83%
    15 Year 56 $7,540,000 $134,643 $5,092 3.44%
    10 Year 44 $2,790,000 $63,409 $0 3.57%
    30 Year 32 $14,700,000 $459,375 $6,846 2.85%
    5 Year 1 $55,000 $55,000 $0 3.25%
    Other 1 $185,000 $185,000 $0 3.25%

    For 2021, Popa Federal Credit Union's most frequently cited loan duration was 20 Year, with 57 originations. The 2nd most popular length was 15 Year, with 56 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 10 $3,770,000 $377,000
    $5k+ 9 $5,225,000 $580,556
    $2k-3k 8 $3,300,000 $412,500
    $4k-5k 5 $2,275,000 $455,000
    $1k-2k 3 $955,000 $318,333

    Popa Federal Credit Union's average total fees were $6,846, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 10 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 76 $7,770,000 $102,237
    4-5% 43 $3,925,000 $91,279
    5-6% 37 $4,015,000 $108,514
    2.5-3% 33 $14,895,000 $451,364
    <2.5% 2 $630,000 $315,000

    During 2021, Popa Federal Credit Union's average interest rate for loans was 2.85%, while their most frequently originated rate bucket for loans was 3-4%, with 76 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 90 $5,450,000 $60,556 $0 3.93%
    $100k-200k 50 $6,580,000 $131,600 $5,006 4.16%
    $200k-400k 28 $7,320,000 $261,429 $5,807 3.44%
    $400k-600k 19 $9,035,000 $475,526 $6,770 2.82%
    $600k-1MM 4 $2,850,000 $712,500 $9,388 2.88%

    2021 saw Popa Federal Credit Union place emphasis on $100,000 or less loans with 90 originations, totaling $5,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 77 $10,135,000 $131,623 $5,520 3.94%
    $150k-250k 76 $13,060,000 $171,842 $7,191 3.79%
    $75k-100k 16 $3,490,000 $218,125 $8,466 3.45%
    $250k+ 11 $2,095,000 $190,455 $8,251 3.67%
    $50k-75k 7 $1,475,000 $210,714 $5,494 3.38%
    $50k or less 4 $980,000 $245,000 $6,177 3.00%

    Popa Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 77 originations. The second most popular income band? $150k-250k, with 76 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 42 $7,070,000 $168,333 $6,931 3.52%
    30-36% 38 $6,550,000 $172,368 $6,358 3.64%
    50-60% 14 $1,050,000 $75,000 $0 4.32%
    43% 14 $3,640,000 $260,000 $6,998 3.83%
    40% 11 $2,375,000 $215,909 $7,674 3.80%
    42% 8 $1,260,000 $157,500 $5,951 3.70%
    38% 8 $1,390,000 $173,750 $5,698 3.63%
    <20% 8 $1,250,000 $156,250 $0 3.50%
    44% 7 $1,205,000 $172,143 $5,262 3.71%
    48% 7 $515,000 $73,571 $0 3.96%
    45% 6 $500,000 $83,333 $0 4.58%
    41% 5 $385,000 $77,000 $0 4.25%
    46% 5 $1,065,000 $213,000 $11,692 4.18%
    47% 5 $375,000 $75,000 $0 3.85%
    37% 4 $1,460,000 $365,000 $6,588 3.81%
    49% 4 $510,000 $127,500 $0 4.25%
    39% 3 $265,000 $88,333 $4,413 3.50%
    36% 2 $370,000 $185,000 $5,438 4.06%

    Popa Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 42 originations. The next most common DTI ratio? 30-36%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 91 $14,665,000 $161,154 $7,194 3.91%
    White 71 $10,285,000 $144,859 $6,905 3.70%
    Black 16 $3,890,000 $243,125 $5,798 3.71%
    American Indian 5 $1,165,000 $233,000 $5,123 3.30%
    Asian 4 $630,000 $157,500 $0 3.16%
    Asian Indian 2 $450,000 $225,000 $0 3.25%
    Filipino 2 $150,000 $75,000 $0 4.75%

    Approval Rates

    Total approvals of all applications
    85.51%

    Popa Federal Credit Union has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.29%

    Popa Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 191 $31,235,000 $163,534

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    191 $31,235,000 $163,534

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $5,845,000 $177,121 $4,926 4.05%
    40-60% 8 $3,470,000 $433,750 $6,488 2.94%
    60-80% 23 $10,855,000 $471,957 $7,090 2.82%
    80-100% 2 $890,000 $445,000 $5,323 2.88%
    Under 20% 124 $10,120,000 $81,613 $5,599 3.96%