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 an average proportion of conventional loans. Their top markets by origination volume include: Miami, Key West, and Deltona among others. We have data for 4 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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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
29Origination Dollar Volume (All Markets)
$3,595,000Top 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) | 24 | $2,960,000 | $123,333 | $0 | 3.42% |
| Key West, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $0 | 2.90% |
| Outside of Metro Areas | 2 | $80,000 | $40,000 | $0 | 3.70% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 2.90% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 25 | $3,385,000 | $135,400 | n/a | 3.15% |
| Conventional | 4 | $210,000 | $52,500 | $0 | 4.88% |
For 2021, Miami Postal Service Credit Union's most frequently originated type of loan was HELOC, with 25 originations. Their 2nd most popular type was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Improvement | 18 | $2,130,000 | $118,333 | $0 | 3.59% |
| Other | 10 | $1,360,000 | $136,000 | $0 | 3.06% |
| Refi | 1 | $105,000 | $105,000 | $0 | 2.90% |
For 2021, Miami Postal Service Credit Union's most frequently cited loan purpose was Home Improvement, with 18 originations. The 2nd most popular reason was Other, with 10 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 15 Year | 23 | $3,225,000 | $140,217 | $0 | 2.90% |
| 10 Year | 4 | $270,000 | $67,500 | $0 | 5.63% |
| Other | 2 | $100,000 | $50,000 | $0 | 4.50% |
For 2021, Miami Postal Service Credit Union's most frequently cited loan duration was 15 Year, with 23 originations. The 2nd most popular length was 10 Year, with 4 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 2 | $90,000 | $45,000 |
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% | 23 | $3,225,000 | $140,217 |
| 5-6% | 4 | $270,000 | $67,500 |
| 4-5% | 2 | $100,000 | $50,000 |
During 2021, 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 23 originations.
Loan Sizing
2021 saw Miami Postal Service Credit Union place emphasis on $100,000 or less loans with 14 originations, totaling $700,000 in origination value.
Applicant Income
Miami Postal Service Credit Union lent most frequently to those with incomes in the $75k-100k range, with 8 originations. The second most popular income band? $50k or less, with 7 originations.
Applicant Debt to Income Ratio
Miami Postal Service Credit Union lent most frequently to those with DTI ratios of <20%, with 9 originations. The next most common DTI ratio? 20-30%, with 8 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 21 | $3,105,000 | $147,857 | $0 | 2.98% |
| Black | 7 | $435,000 | $62,143 | $0 | 4.69% |
| Not provided | 1 | $55,000 | $55,000 | $0 | 2.90% |
Approval Rates
Total approvals of all applications77.78%
Miami Postal Service Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination55.17%
Miami Postal Service 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 |
|---|---|---|---|
| NA | 29 | $3,595,000 | $123,966 |