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 low ratio 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% | 12/4/24 |
| 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
42Origination Dollar Volume (All Markets)
$4,220,000Top 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) | 42 | $4,220,000 | $100,476 | $0 | 3.22% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 40 | $4,120,000 | $103,000 | n/a | 3.13% |
| Conventional | 2 | $100,000 | $50,000 | $0 | 4.88% |
For 2020, Miami Postal Service Credit Union's most frequently originated type of loan was HELOC, with 40 originations. Their 2nd most popular type was Conventional, with 2 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 28 | $2,910,000 | $103,929 | $0 | 3.32% |
| Other | 12 | $1,030,000 | $85,833 | $0 | 3.03% |
| Refi | 2 | $280,000 | $140,000 | $0 | 2.90% |
For 2020, Miami Postal Service Credit Union's most frequently cited loan purpose was Home Improvement, with 28 originations. The 2nd most popular reason was Other, with 12 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 37 | $3,935,000 | $106,351 | $0 | 2.90% |
| 10 Year | 4 | $250,000 | $62,500 | $0 | 5.81% |
| Other | 1 | $35,000 | $35,000 | $0 | 4.50% |
For 2020, Miami Postal Service Credit Union's most frequently cited loan duration was 15 Year, with 37 originations. The 2nd most popular length was 10 Year, with 4 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 37 | $3,935,000 | $106,351 |
| 5-6% | 4 | $250,000 | $62,500 |
| 4-5% | 1 | $35,000 | $35,000 |
During 2020, 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 37 originations.
Loan Sizing
2020 saw Miami Postal Service Credit Union place emphasis on $100,000 or less loans with 22 originations, totaling $1,250,000 in origination value.
Applicant Income
Miami Postal Service Credit Union lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $150k-250k, with 9 originations.
Applicant Debt to Income Ratio
Miami Postal Service Credit Union lent most frequently to those with DTI ratios of 20-30%, with 13 originations. The next most common DTI ratio? <20%, with 11 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 34 | $3,620,000 | $106,471 | $0 | 3.20% |
| Black | 6 | $390,000 | $65,000 | $0 | 3.42% |
| Not provided | 2 | $210,000 | $105,000 | $0 | 2.90% |
Approval Rates
Total approvals of all applications67.50%
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 origination71.43%
Miami Postal Service Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 42 | $4,220,000 | $100,476 |