Miami Postal Service Credit Union Mortgage Rates, Fees & Info

Miami, FL

LEI: 254900FB4VEI37KZPQ74

Tax ID: 59-0359710

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 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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Originations

Origination Dollar Volume (All Markets)

$4,220,000

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
Miami-Fort Lauderdale-Pompano Beach, FL (FHA\|USDA\|VA)	42	$4,220,000	$100,476	$0	3.22%

Miami Postal Service Credit Union's top markets include and Miami among others.

Their top states include:

Florida (FHA|USDA|VA)

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

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	22	$1,250,000	$56,818	$0	3.36%
$100k-200k	15	$1,845,000	$123,000	$0	3.11%
$200k-400k	5	$1,125,000	$225,000	$0	2.90%

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

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	9	$735,000	$81,667	$0	3.16%
$150k-250k	9	$1,115,000	$123,889	$0	2.90%
$50k or less	9	$615,000	$68,333	$0	3.59%
$75k-100k	9	$1,285,000	$142,778	$0	3.08%
$50k-75k	5	$315,000	$63,000	$0	3.52%
$250k+	1	$155,000	$155,000	$0	2.90%

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

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	13	$1,395,000	$107,308	$0	2.90%
<20%	11	$1,025,000	$93,182	$0	3.75%
30-36%	6	$480,000	$80,000	$0	3.29%
40%	2	$410,000	$205,000	$0	2.90%
37%	1	$185,000	$185,000	$0	2.90%
38%	1	$35,000	$35,000	$0	2.90%
39%	1	$35,000	$35,000	$0	4.50%
36%	1	$105,000	$105,000	$0	2.90%
41%	1	$105,000	$105,000	$0	2.90%
43%	1	$125,000	$125,000	$0	2.90%
44%	1	$45,000	$45,000	$0	2.90%
46%	1	$95,000	$95,000	$0	2.90%
48%	1	$75,000	$75,000	$0	2.90%
50-60%	1	$105,000	$105,000	$0	2.90%

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 applications
67.50%

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 origination
71.43%

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

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Single Family (1-4 Units):Site-Built	42	$4,220,000	$100,476

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	9	$995,000	$110,556	$0	3.24%
40-60%	7	$1,365,000	$195,000	$0	2.90%
60-80%	5	$475,000	$95,000	$0	2.90%
Under 20%	21	$1,385,000	$65,952	$0	3.38%