Tropical Financial Credit Union Mortgage Rates, Fees & Info
Miramar, FLLEI: 549300BZDER2ZANLA242
Tax ID: 59-0637653
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Tropical Financial Credit Union is a smaller credit union specializing in Cash Out Refi, Refi, and Home Purchase loans. Tropical Financial Credit Union has a high proportion of conventional loans. Their top markets include Miami, Port St. Lucie, North Port, Cape Coral, and Key West among others. Tropical Financial Credit Union has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Tropical Financial Credit Union is typically an average fee lendor.Originations
760Origination Dollar Volume (All Markets)
$173,240,000Awards
TROPICAL FINANCIAL CREDIT UNION - 2021
TROPICAL FINANCIAL CREDIT UNION is a 2021 , due to their low .
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Relative Rate
Tropical Financial Credit Union's average 30 year fixed rate mortgage of loans were
3.15%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of 0%.
Relative Fees
Tropical Financial Credit Union's average total fees for a 30 year fixed rate
mortgage are $4,635.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 692 | $156,430,000 | $226,055 | $4,119 | 3.45% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 18 | $5,350,000 | $297,222 | $4,431 | 3.22% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 10 | $1,970,000 | $197,000 | $2,853 | 3.09% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 5 | $1,595,000 | $319,000 | $5,635 | 3.15% |
| Key West, FL (FHA|USDA|VA) | 2 | $1,410,000 | $705,000 | $7,114 | 3.06% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 7 | $1,205,000 | $172,143 | $2,890 | 3.39% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 4 | $970,000 | $242,500 | $3,786 | 3.16% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $4,883 | 2.63% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $9,182 | 2.88% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 3 | $565,000 | $188,333 | $3,240 | 3.33% |
| OCALA, FL (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,176 | 2.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 3 | $405,000 | $135,000 | $3,136 | 3.04% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $5,786 | 3.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $365,000 | $121,667 | $0 | 4.00% |
| Outside of Metro Areas | 2 | $270,000 | $135,000 | $5,231 | 3.56% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $4,834 | 2.88% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,210 | 3.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.00% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.75% |
Tropical Financial Credit Union's top markets include Miami, Port St. Lucie, North Port, Cape Coral, and Key West among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 760 | $173,240,000 | $227,947 | $4,119 | 3.43% |
For the 2021 period, Tropical Financial Credit Union's most frequently originated loan type of loans were Conventional, with 760 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 434 | $76,940,000 | $177,281 | $3,994 | 3.72% |
| Refi | 168 | $43,470,000 | $258,750 | $3,600 | 2.98% |
| Home Purchase | 158 | $52,830,000 | $334,367 | $4,850 | 3.09% |
For the 2021, Tropical Financial Credit Union's most frequently cited loan purpose of loans were Cash Out Refi, with 434 originations. The 2nd most popular reason of loans were Refi, with 168 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 384 | $118,130,000 | $307,630 | $4,635 | 3.15% |
| 20 Year | 221 | $21,685,000 | $98,122 | $4,065 | 4.16% |
| 15 Year | 130 | $31,270,000 | $240,538 | $3,122 | 2.94% |
| 10 Year | 23 | $1,515,000 | $65,870 | $821 | 3.69% |
| Other | 2 | $640,000 | $320,000 | $3,838 | 3.38% |
For the 2021, Tropical Financial Credit Union's most frequently cited loan length of loans were 30 Year, with 384 originations. The 2nd most popular length of loans were 20 Year, with 221 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 212 | $70,380,000 | $331,981 |
| $1k-2k | 208 | $41,170,000 | $197,933 |
| $2k-3k | 65 | $16,605,000 | $255,462 |
| $3k-4k | 32 | $13,010,000 | $406,563 |
| $5k+ | 11 | $4,005,000 | $364,091 |
$4,635 of loans were Tropical Financial Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 212 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 389 | $86,625,000 | $222,686 |
| 2.5-3% | 222 | $65,480,000 | $294,955 |
| 4-5% | 77 | $7,515,000 | $97,597 |
| <2.5% | 56 | $12,690,000 | $226,607 |
| 5-6% | 15 | $905,000 | $60,333 |
During 2021, Tropical Financial Credit Union's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 3-4%, with 389 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 233 | $34,345,000 | $147,403 | $3,467 | 3.31% |
| $200k-400k | 232 | $63,710,000 | $274,612 | $4,326 | 3.12% |
| $100,000 or less | 202 | $11,020,000 | $54,554 | $1,930 | 4.05% |
| $400k-600k | 46 | $22,440,000 | $487,826 | $5,666 | 3.12% |
| $600k-1MM | 36 | $26,580,000 | $738,333 | $6,813 | 3.08% |
| $1MM+ | 11 | $15,145,000 | $1,376,818 | $7,715 | 3.34% |
2021 saw Tropical Financial Credit Union place emphasis on $100k-200k loans with 233 originations, totaling $34,345,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 167 | $24,965,000 | $149,491 | $3,638 | 3.34% |
| $100k-150k | 166 | $35,380,000 | $213,133 | $4,134 | 3.36% |
| $150k-250k | 141 | $36,995,000 | $262,376 | $4,592 | 3.55% |
| $75k-100k | 131 | $23,855,000 | $182,099 | $3,854 | 3.47% |
| $50k or less | 89 | $9,315,000 | $104,663 | $3,129 | 3.45% |
| $250k+ | 51 | $33,195,000 | $650,882 | $7,237 | 3.31% |
Tropical Financial Credit Union lent most frequently to those with incomes in the $50k-75k range, with 167 originations. The second most popular income band? $100k-150k, with 166 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 171 | $40,275,000 | $235,526 | $4,037 | 3.28% |
| 30-36% | 155 | $35,495,000 | $229,000 | $4,317 | 3.40% |
| 45% | 54 | $6,080,000 | $112,593 | $3,658 | 4.21% |
| 44% | 41 | $7,325,000 | $178,659 | $4,199 | 3.65% |
| 41% | 38 | $9,040,000 | $237,895 | $4,041 | 3.35% |
| 42% | 34 | $9,590,000 | $282,059 | $5,098 | 3.39% |
| <20% | 32 | $8,830,000 | $275,938 | $4,529 | 3.21% |
| 43% | 31 | $5,555,000 | $179,194 | $3,778 | 3.46% |
| 40% | 30 | $6,540,000 | $218,000 | $4,274 | 3.62% |
| 36% | 28 | $5,850,000 | $208,929 | $3,978 | 3.11% |
| 37% | 27 | $5,165,000 | $191,296 | $3,736 | 3.50% |
| 39% | 24 | $6,540,000 | $272,500 | $4,401 | 3.39% |
| 38% | 21 | $4,645,000 | $221,190 | $3,823 | 3.52% |
| 47% | 15 | $3,305,000 | $220,333 | $3,868 | 2.98% |
| 46% | 14 | $2,950,000 | $210,714 | $3,783 | 3.16% |
| 48% | 12 | $2,930,000 | $244,167 | $4,626 | 3.01% |
| >60% | 9 | $1,235,000 | $137,222 | $4,057 | 3.71% |
| 49% | 7 | $2,065,000 | $295,000 | $3,773 | 3.07% |
| 50-60% | 3 | $435,000 | $145,000 | $3,392 | 2.96% |
Tropical Financial Credit Union lent most frequently to those with DTI ratios of 20-30%, with 171 originations. The next most common DTI ratio? 30-36%, with 155 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 517 | $118,445,000 | $229,101 | $4,190 | 3.43% |
| Black | 151 | $25,055,000 | $165,927 | $3,927 | 3.48% |
| Not provided | 50 | $12,410,000 | $248,200 | $4,253 | 3.19% |
| Not applicable | 15 | $9,615,000 | $641,000 | $2,969 | 3.75% |
| Asian | 16 | $5,410,000 | $338,125 | $4,858 | 3.23% |
| Other Asian | 2 | $1,320,000 | $660,000 | $5,829 | 2.81% |
| American Indian | 8 | $780,000 | $97,500 | $2,538 | 3.92% |
| Asian Indian | 1 | $205,000 | $205,000 | $4,132 | 2.63% |
Approval Rates
Total approvals of all applications82.80%
Tropical Financial Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination50.74%
Tropical Financial 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 | 760 | $173,240,000 | $227,947 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 760 | $173,240,000 | $227,947 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 123 | $16,885,000 | $137,276 | $3,151 | 3.60% |
| 40-60% | 149 | $38,585,000 | $258,960 | $3,888 | 2.98% |
| 60-80% | 233 | $77,685,000 | $333,412 | $4,604 | 3.21% |
| 80-100% | 100 | $30,980,000 | $309,800 | $4,797 | 3.11% |
| Under 20% | 155 | $9,105,000 | $58,742 | $571 | 4.25% |
