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 Other and Home Improvement loans. Miami Postal Service Credit Union has an average proportion of conventional loans. Their top (well, only) market is Miami.Miami Postal Service Credit Union has a below 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.36% | 4/28/24 |
| 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. | ||
Miami Postal Service Credit Union Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
75Origination Dollar Volume (All Markets)
$6,915,000Top 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) | 75 | $6,915,000 | $92,200 | $0 | 3.59% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 57 | $5,965,000 | $104,649 | n/a | 3.12% |
| Conventional | 18 | $950,000 | $52,778 | $0 | 5.08% |
For 2019, Miami Postal Service Credit Union's most frequently originated type of loan was HELOC, with 57 originations. Their 2nd most popular type was Conventional, with 18 originations.
Loan Reason
For 2019, Miami Postal Service Credit Union's most frequently cited loan purpose was Other, with 47 originations. The 2nd most popular reason was Home Improvement, with 22 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 53 | $5,515,000 | $104,057 | $0 | 2.90% |
| 10 Year | 18 | $1,140,000 | $63,333 | $0 | 5.42% |
| Other | 4 | $260,000 | $65,000 | $0 | 4.50% |
For 2019, Miami Postal Service Credit Union's most frequently cited loan duration was 15 Year, with 53 originations. The 2nd most popular length was 10 Year, with 18 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 4 | $130,000 | $32,500 |
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 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 53 | $5,515,000 | $104,057 |
| 5-6% | 18 | $1,140,000 | $63,333 |
| 4-5% | 4 | $260,000 | $65,000 |
During 2019, 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 53 originations.
Loan Sizing
2019 saw Miami Postal Service Credit Union place emphasis on $100,000 or less loans with 44 originations, totaling $2,350,000 in origination value.
Applicant Income
Miami Postal Service Credit Union lent most frequently to those with incomes in the $50k-75k range, with 19 originations. The second most popular income band? $100k-150k, with 17 originations.
Applicant Debt to Income Ratio
Miami Postal Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 20 originations. The next most common DTI ratio? <20%, with 20 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications68.25%
Miami Postal Service Credit Union has a low approval rate. They may have poor market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination85.33%
Miami Postal Service Credit Union has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 1 | $35,000 | $35,000 |
| NA | 74 | $6,880,000 | $92,973 |