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 Refi, Cash Out 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, Española, and Los Alamos among others. We have data for 11 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 about average 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% | 5/4/24 |
| 30 Year Conventional Purchase | 7.66% | 5/4/24 |
| 30 Year Conventional Refi | 8.75% | 5/4/24 |
| 30 Year Cash-out Refi | 9.58% | 5/4/24 |
| 15 Year Conventional Purchase | 5.99% | 5/4/24 |
| 15 Year Conventional Refi | 8.68% | 5/4/24 |
| 15 Year Cash-out Refi | 8.68% | 5/4/24 |
| 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. | ||
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
290Origination Dollar Volume (All Markets)
$37,070,000Top 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 |
|---|---|---|---|---|---|
| SANTA FE, NM (FHA|USDA|VA) | 116 | $22,160,000 | $191,034 | $3,775 | 5.03% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 68 | $5,770,000 | $84,853 | $2,087 | 5.17% |
| Las Vegas, NM (FHA|USDA|VA) | 68 | $5,220,000 | $76,765 | $1,572 | 5.38% |
| Española, NM (FHA|USDA|VA) | 12 | $1,300,000 | $108,333 | $1,795 | 5.27% |
| Outside of Metro Areas | 12 | $1,170,000 | $97,500 | $2,415 | 5.40% |
| Los Alamos, NM (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $2,921 | 3.88% |
| Silver City, NM (FHA|USDA|VA) | 3 | $285,000 | $95,000 | $2,757 | 4.91% |
| Gallup, NM (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $4,824 | 3.99% |
| Taos, NM (FHA|USDA|VA) | 4 | $230,000 | $57,500 | $1,272 | 5.74% |
| Grants, NM (FHA|USDA|VA) | 4 | $210,000 | $52,500 | $1,556 | 4.99% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $1,202 | 3.99% |
Their top states include:
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 290 | $37,070,000 | $127,828 | $2,625 | 5.17% |
For 2019, State Employees's most frequently originated type of loan was Conventional, with 290 originations.
Loan Reason
For 2019, State Employees's most frequently cited loan purpose was Refi, with 114 originations. The 2nd most popular reason was Cash Out Refi, with 95 originations.
Loan Duration/Length
For 2019, State Employees's most frequently cited loan duration was 10 Year, with 205 originations. The 2nd most popular length was 20 Year, with 28 originations.
Origination Fees/Closing Costs
State Employees's average total fees were $4,066, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 165 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 92 | $15,550,000 | $169,022 |
| 5-6% | 80 | $7,500,000 | $93,750 |
| 3-4% | 63 | $9,865,000 | $156,587 |
| 6-7% | 45 | $3,565,000 | $79,222 |
| 7-8% | 10 | $590,000 | $59,000 |
During 2019, State Employees's average interest rate for loans was 3.83%, while their most frequently originated rate bucket for loans was 4-5%, with 92 originations.
Loan Sizing
2019 saw State Employees place emphasis on $100,000 or less loans with 170 originations, totaling $8,290,000 in origination value.
Applicant Income
State Employees lent most frequently to those with incomes in the $50k-75k range, with 52 originations. The second most popular income band? $100k-150k, with 45 originations.
Applicant Debt to Income Ratio
State Employees lent most frequently to those with DTI ratios of 20-30%, with 62 originations. The next most common DTI ratio? <20%, with 34 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.55%
State Employees has an average approval rate.
Pick Rate
Approvals leading to origination71.72%
State Employees has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 290 | $37,070,000 | $127,828 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 60 | $4,560,000 | $76,000 |
| Single Family (1-4 Units):Site-Built | 230 | $32,510,000 | $141,348 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Struggling to pay mortgage | 2 | 40.0% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| STATE EMPLOYEES CREDIT UNION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 20.0% |