Popa Federal Credit Union Mortgage Rates, Fees & InfoCerritos, CA
Tax ID: 95-3432640
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewPopa Federal Credit Union is a smaller credit union specializing in Cash Out Refi and Refi loans. Popa Federal Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, Riverside, San Diego, Oxnard, and Tucson among others. We have data for 5 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 an average 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.11%||3/19/23|
|30 Year Conventional Refi||6.35%||3/19/23|
|30 Year Cash-out Refi||6.37%||3/19/23|
|15 Year Conventional Refi||6.25%||3/19/23|
|15 Year Cash-out Refi||6.25%||3/19/23|
|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.|
Origination Dollar Volume (All Markets)$35,940,000
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)||105||$24,295,000||$231,381||$5,437||3.56%|
|RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA)||38||$10,290,000||$270,789||$5,387||3.53%|
|SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA)||2||$830,000||$415,000||$6,366||3.75%|
|OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA)||2||$280,000||$140,000||$0||4.25%|
|TUCSON, AZ (FHA|USDA|VA)||1||$245,000||$245,000||$3,819||3.25%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2020, Popa Federal Credit Union's most frequently originated type of loan was Conventional, with 120 originations. Their 2nd most popular type was HELOC, with 28 originations.
For 2020, Popa Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 70 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.
For 2020, Popa Federal Credit Union's most frequently cited loan duration was 30 Year, with 51 originations. The 2nd most popular length was 15 Year, with 42 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
Popa Federal Credit Union's average total fees were $5,637, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 24 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2020, Popa Federal Credit Union's average interest rate for loans was 3.06%, while their most frequently originated rate bucket for loans was 3-4%, with 79 originations.
2020 saw Popa Federal Credit Union place emphasis on $100,000 or less loans with 53 originations, totaling $3,065,000 in origination value.
Popa Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 57 originations. The second most popular income band? $150k-250k, with 52 originations.
Applicant Debt to Income Ratio
Popa Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 36 originations. The next most common DTI ratio? 20-30%, with 27 originations.
Approval RatesTotal approvals of all applications
Popa Federal Credit Union has an average approval rate.
Pick RateApprovals leading to origination
Popa 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|
Occupancy Type Mix
|Dwelling Type||Originations||Total Value||Average Loan|
|Single Family (1-4 Units):Site-Built||148||$35,940,000||$242,838|