Tropical Financial Credit Union Mortgage Rates, Fees & Info

Miramar, FL

LEI: 549300BZDER2ZANLA242

Tax ID: 59-0637653

5 stars - out of 5 stars, based on 28 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

760

Origination Dollar Volume (All Markets)

$173,240,000

Awards

TROPICAL FINANCIAL CREDIT UNION 30 Year Conventional Loans silver TROPICAL FINANCIAL CREDIT UNION 30 Year Conventional Loans silver
Show all (2) awards

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 applications
82.80%

Tropical Financial Credit Union has a below average approval rate.

Pick Rate

Approvals leading to origination
50.74%

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%