Miami Postal Service Credit Union Mortgage Rates, Fees & Info
Miami, FLLEI: 254900FB4VEI37KZPQ74
Tax ID: 59-0359710
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Mortgage Data
Review & Overview
Miami Postal Service Credit Union is a smaller credit union specializing in Home Improvement and Other loans. Miami Postal Service Credit Union has a high proportion of conventional loans. Their top markets by origination volume include: Miami, Tampa, Gainesville, Lakeland, and Cape Coral among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)Miami Postal Service 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
110Origination Dollar Volume (All Markets)
$12,840,000Top 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 |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 100 | $11,740,000 | $117,400 | $0 | 4.15% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 4 | $720,000 | $180,000 | $0 | 5.04% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 2.90% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 4.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.25% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 5.25% |
| Key West, FL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.90% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 60 | $8,750,000 | $145,833 | n/a | 3.45% |
| Conventional | 50 | $4,090,000 | $81,800 | $0 | 5.06% |
For 2024, Miami Postal Service Credit Union's most frequently originated type of loan was HELOC, with 60 originations. Their 2nd most popular type was Conventional, with 50 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 55 | $6,075,000 | $110,455 | $0 | 4.04% |
| Other | 45 | $4,825,000 | $107,222 | $0 | 4.43% |
| Refi | 10 | $1,940,000 | $194,000 | $0 | 3.84% |
For 2024, Miami Postal Service Credit Union's most frequently cited loan purpose was Home Improvement, with 55 originations. The 2nd most popular reason was Other, with 45 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 51 | $7,405,000 | $145,196 | $0 | 2.98% |
| 10 Year | 46 | $4,490,000 | $97,609 | $0 | 5.43% |
| Other | 13 | $945,000 | $72,692 | $0 | 4.50% |
For 2024, Miami Postal Service Credit Union's most frequently cited loan duration was 15 Year, with 51 originations. The 2nd most popular length was 10 Year, with 46 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $100,000 | $50,000 |
Miami Postal Service Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 2 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 50 | $7,200,000 | $144,000 |
| 5-6% | 44 | $4,260,000 | $96,818 |
| 4-5% | 13 | $945,000 | $72,692 |
| 6-7% | 3 | $435,000 | $145,000 |
During 2024, Miami Postal Service Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 50 originations.
Loan Sizing
2024 saw Miami Postal Service Credit Union place emphasis on $100,000 or less loans with 58 originations, totaling $3,440,000 in origination value.
Applicant Income
Miami Postal Service Credit Union lent most frequently to those with incomes in the $100k-150k range, with 23 originations. The second most popular income band? $50k-75k, with 23 originations.
Applicant Debt to Income Ratio
Miami Postal Service Credit Union lent most frequently to those with DTI ratios of <20%, with 22 originations. The next most common DTI ratio? 30-36%, with 17 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 95 | $11,455,000 | $120,579 | $0 | 4.06% |
| Black | 14 | $1,330,000 | $95,000 | $0 | 5.07% |
| Asian | 1 | $55,000 | $55,000 | $0 | 2.90% |
Approval Rates
Total approvals of all applications71.93%
Miami Postal Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination88.18%
Miami Postal Service Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $340,000 | $170,000 |
| NA | 108 | $12,500,000 | $115,741 |