State Employees Mortgage Rates, Fees & Info
Santa Fe, NMLEI: 549300248R1MFWPWXA09
Tax ID: 85-6010733
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Mortgage Data
Review & Overview
State Employees is a smaller mortgage company specializing in Cash Out Refi, Refi, and Home Purchase loans. State Employees has a high proportion of conventional loans. Their top markets by origination volume include: Santa Fe, Albuquerque, Las Vegas, Grants, and Española among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)State Employees 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. State Employees is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 10.73% | 12/16/24 |
| 30 Year Conventional Purchase | 7.66% | 12/16/24 |
| 30 Year Conventional Refi | 8.75% | 12/16/24 |
| 30 Year Cash-out Refi | 9.58% | 12/16/24 |
| 15 Year Conventional Purchase | 5.99% | 12/16/24 |
| 15 Year Conventional Refi | 8.68% | 12/16/24 |
| 15 Year Cash-out Refi | 8.68% | 12/16/24 |
| 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. | ||
State Employees Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
257Origination Dollar Volume (All Markets)
$31,865,000Relative Rate
State Employees's average 30 year fixed mortgage rate was
6.63%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.15%.
Relative Fees (Closing Costs)
State Employees's average total fees/closing costs for a 30 year fixed rate
mortgage were $4,378.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| SANTA FE, NM (FHA|USDA|VA) | 101 | $18,785,000 | $185,990 | $3,047 | 7.37% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 88 | $8,010,000 | $91,023 | $2,471 | 7.60% |
| Las Vegas, NM (FHA|USDA|VA) | 33 | $2,265,000 | $68,636 | $1,753 | 7.34% |
| Outside of Metro Areas | 14 | $1,090,000 | $77,857 | $1,702 | 7.52% |
| Grants, NM (FHA|USDA|VA) | 5 | $575,000 | $115,000 | $2,620 | 7.70% |
| Española, NM (FHA|USDA|VA) | 7 | $455,000 | $65,000 | $1,928 | 7.84% |
| Los Alamos, NM (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $2,088 | 7.63% |
| LAS CRUCES, NM (FHA|USDA|VA) | 2 | $150,000 | $75,000 | $513 | 7.00% |
| Taos, NM (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,150 | 7.00% |
| Ruidoso, NM (FHA|USDA|VA) | 2 | $80,000 | $40,000 | $620 | 7.75% |
| Deming, NM (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,572 | 8.50% |
| Portales, NM (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 9.00% |
Their top states include:
Similar Lenders
We use machine learning to identify the top lenders compared against STATE EMPLOYEES based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 205 | $24,915,000 | $121,537 | $2,478 | 7.26% |
| HELOC | 52 | $6,950,000 | $133,654 | n/a | 8.38% |
For 2023, State Employees's most frequently originated type of loan was Conventional, with 205 originations. Their 2nd most popular type was HELOC, with 52 originations.
Loan Reason
For 2023, State Employees's most frequently cited loan purpose was Cash Out Refi, with 104 originations. The 2nd most popular reason was Refi, with 64 originations.
Loan Duration/Length
For 2023, State Employees's most frequently cited loan duration was 10 Year, with 147 originations. The 2nd most popular length was 20 Year, with 52 originations.
Origination Fees/Closing Costs
State Employees's average total fees were $4,378, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 147 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| Over 8% | 82 | $7,660,000 | $93,415 |
| 7-8% | 79 | $9,215,000 | $116,646 |
| 6-7% | 63 | $7,835,000 | $124,365 |
| 5-6% | 32 | $6,690,000 | $209,063 |
| 3-4% | 1 | $465,000 | $465,000 |
During 2023, State Employees's average interest rate for loans was 6.63%, while their most frequently originated rate bucket for loans was Over 8%, with 82 originations.
Loan Sizing
2023 saw State Employees place emphasis on $100,000 or less loans with 160 originations, totaling $8,660,000 in origination value.
Applicant Income
State Employees lent most frequently to those with incomes in the $100k-150k range, with 63 originations. The second most popular income band? $50k or less, with 36 originations.
Applicant Debt to Income Ratio
State Employees lent most frequently to those with DTI ratios of 30-36%, with 56 originations. The next most common DTI ratio? 20-30%, with 50 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.75%
State Employees has an average approval rate.
Pick Rate
Approvals leading to origination61.09%
State Employees 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 | 257 | $31,865,000 | $123,988 |