Tampa Postal Federal Credit Union Mortgage Rates, Fees & Info
Lutz, FLLEI: 549300UICMP0IGY0RG32
Tax ID: 59-0633865
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Mortgage Data
Review & Overview
Tampa Postal Federal Credit Union is a smaller credit union specializing in Other and Home Improvement loans. Tampa Postal Federal Credit Union has a high proportion of conventional loans. Their top (well, only) market is Cape Coral.Tampa Postal Federal 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 |
|---|---|---|
| 30 Year Cash-out Refi | 6.27% | 4/19/24 |
| 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. | ||
Tampa Postal Federal Credit Union Mortgage Calculator
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Originations
15Origination Dollar Volume (All Markets)
$885,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 14 | $750,000 | $53,571 | $0 | 8.08% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,693 | 6.75% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 9 | $525,000 | $58,333 | n/a | 8.25% |
| Conventional | 6 | $360,000 | $60,000 | $4,693 | 7.25% |
For 2023, Tampa Postal Federal Credit Union's most frequently originated type of loan was HELOC, with 9 originations. Their 2nd most popular type was Conventional, with 6 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Other | 7 | $415,000 | $59,286 | $0 | 8.25% |
| Home Improvement | 6 | $320,000 | $53,333 | $0 | 8.25% |
| Refi | 2 | $150,000 | $75,000 | $4,693 | 7.25% |
For 2023, Tampa Postal Federal Credit Union's most frequently cited loan purpose was Other, with 7 originations. The 2nd most popular reason was Home Improvement, with 6 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 9 | $525,000 | $58,333 | $0 | 8.25% |
| Other | 5 | $225,000 | $45,000 | $0 | 7.75% |
| 20 Year | 1 | $135,000 | $135,000 | $4,693 | 6.75% |
For 2023, Tampa Postal Federal Credit Union's most frequently cited loan duration was 10 Year, with 9 originations. The 2nd most popular length was Other, with 5 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 1 | $135,000 | $135,000 |
Tampa Postal Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 2 | $110,000 | $55,000 |
| 6-7% | 1 | $135,000 | $135,000 |
| 7-8% | 1 | $15,000 | $15,000 |
During 2023, Tampa Postal Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 2 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100,000 or less | 11 | $425,000 | $38,636 | $0 | 8.08% |
| $100k-200k | 4 | $460,000 | $115,000 | $4,693 | 6.75% |
2023 saw Tampa Postal Federal Credit Union place emphasis on $100,000 or less loans with 11 originations, totaling $425,000 in origination value.
Applicant Income
Tampa Postal Federal Credit Union lent most frequently to those with incomes in the $50k or less range, with 4 originations. The second most popular income band? $75k-100k, with 4 originations.
Applicant Debt to Income Ratio
Tampa Postal Federal Credit Union lent most frequently to those with DTI ratios of 30-36%, with 3 originations. The next most common DTI ratio? 36%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 12 | $710,000 | $59,167 | $4,693 | 7.75% |
| Black | 2 | $120,000 | $60,000 | $0 | 7.75% |
| Not provided | 1 | $55,000 | $55,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications70.37%
Tampa Postal Federal Credit Union has a below average approval rate.
Pick Rate
Approvals leading to origination73.33%
Tampa Postal Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 15 | $885,000 | $59,000 |