State Employees Mortgage Rates, Fees & Info

Santa Fe, NM

LEI: 549300248R1MFWPWXA09

Tax ID: 85-6010733

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    State Employees is a smaller mortgage company specializing in Refi and Cash Out Refi loans. State Employees has a high proportion of conventional loans. Their top markets by origination volume include: Santa Fe, Albuquerque, Las Vegas, Los Alamos, and Española among others. We have data for 10 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 10.73% 12/29/24
    30 Year Conventional Purchase 7.66% 12/29/24
    30 Year Conventional Refi 8.75% 12/29/24
    30 Year Cash-out Refi 9.58% 12/29/24
    15 Year Conventional Purchase 5.99% 12/29/24
    15 Year Conventional Refi 8.68% 12/29/24
    15 Year Cash-out Refi 8.68% 12/29/24
    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






    Your Estimates

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    This is not an official calculator from State Employees. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    366

    Origination Dollar Volume (All Markets)

    $61,920,000

    Awards

    STATE EMPLOYEES 30 Year Conventional Loans gold STATE EMPLOYEES 30 Year Conventional Loans gold STATE EMPLOYEES 30 Year Conventional Loans gold
    Show all (3) awards

    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) 155 $35,995,000 $232,226 $3,780 3.91%
    ALBUQUERQUE, NM (FHA|USDA|VA) 115 $14,975,000 $130,217 $2,481 3.82%
    Las Vegas, NM (FHA|USDA|VA) 65 $5,865,000 $90,231 $1,844 4.46%
    Los Alamos, NM (FHA|USDA|VA) 4 $1,890,000 $472,500 $7,316 3.66%
    Outside of Metro Areas 10 $1,110,000 $111,000 $2,529 4.87%
    Española, NM (FHA|USDA|VA) 7 $1,055,000 $150,714 $1,643 4.69%
    Taos, NM (FHA|USDA|VA) 4 $520,000 $130,000 $2,574 5.08%
    Grants, NM (FHA|USDA|VA) 4 $460,000 $115,000 $2,284 3.93%
    Roswell, NM (FHA|USDA|VA) 1 $25,000 $25,000 $0 4.25%
    Ruidoso, NM (FHA|USDA|VA) 1 $25,000 $25,000 $1,047 3.88%
    State Employees's top markets include Santa Fe, Albuquerque, Las Vegas, Los Alamos, and Española among others.

    Their top states include:
  • New Mexico (FHA|USDA|VA)

    • 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.

    RIO GRANDE
    Similarity Rank: 135
    SANDIA LABORATORY
    Similarity Rank: 244
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 299
    First Financial Credit Union
    Similarity Rank: 429
    STATE EMPLOYEES
    Similarity Rank: 730
    First American Bank
    Similarity Rank: 760
    Del Norte Credit Union
    Similarity Rank: 1044
    SANDIA AREA
    Similarity Rank: 1341
    Kirtland Federal Credit Union
    Similarity Rank: 2133
    BKCO MORTGAGE, LLC
    Similarity Rank: 2904

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 329 $58,205,000 $176,915 $2,908 4.02%
    HELOC 37 $3,715,000 $100,405 n/a 4.17%

    For 2020, State Employees's most frequently originated type of loan was Conventional, with 329 originations. Their 2nd most popular type was HELOC, with 37 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 140 $21,740,000 $155,286 $2,355 4.02%
    Cash Out Refi 132 $24,520,000 $185,758 $3,168 3.93%
    Home Purchase 54 $10,140,000 $187,778 $3,887 4.27%
    Home Improvement 38 $4,410,000 $116,053 $2,727 4.01%
    Other 2 $1,110,000 $555,000 $0 5.88%

    For 2020, State Employees's most frequently cited loan purpose was Refi, with 140 originations. The 2nd most popular reason was Cash Out Refi, with 132 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 204 $33,920,000 $166,275 $2,650 4.23%
    20 Year 52 $6,980,000 $134,231 $3,678 3.73%
    30 Year 46 $10,870,000 $236,304 $4,295 2.89%
    5 Year 25 $1,075,000 $43,000 $1,203 5.46%
    15 Year 24 $5,340,000 $222,500 $3,743 3.29%
    Other 10 $2,210,000 $221,000 $2,805 4.27%
    1 Year 4 $1,510,000 $377,500 $0 5.63%
    3 Year 1 $15,000 $15,000 $0 6.65%

    For 2020, State Employees's most frequently cited loan duration was 10 Year, with 204 originations. The 2nd most popular length was 20 Year, with 52 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 158 $15,730,000 $99,557
    $1k-2k 87 $14,715,000 $169,138
    $2k-3k 43 $10,995,000 $255,698
    $3k-4k 16 $5,830,000 $364,375
    $5k+ 11 $7,755,000 $705,000
    $4k-5k 5 $2,225,000 $445,000

    State Employees's average total fees were $4,295, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 158 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 152 $28,510,000 $187,566
    2.5-3% 70 $14,620,000 $208,857
    4-5% 63 $9,215,000 $146,270
    5-6% 45 $5,605,000 $124,556
    6-7% 19 $1,555,000 $81,842
    <2.5% 11 $2,065,000 $187,727
    7-8% 4 $310,000 $77,500
    Over 8% 1 $25,000 $25,000

    During 2020, State Employees's average interest rate for loans was 2.89%, while their most frequently originated rate bucket for loans was 3-4%, with 152 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 160 $8,440,000 $52,750 $1,305 4.57%
    $100k-200k 102 $15,310,000 $150,098 $2,849 3.73%
    $200k-400k 76 $20,190,000 $265,658 $4,125 3.41%
    $400k-600k 19 $8,945,000 $470,789 $6,709 3.68%
    $600k-1MM 7 $5,375,000 $767,857 $8,889 4.00%
    $1MM+ 2 $3,660,000 $1,830,000 $14,108 4.25%

    2020 saw State Employees place emphasis on $100,000 or less loans with 160 originations, totaling $8,440,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 78 $14,980,000 $192,051 $3,330 3.92%
    $50k-75k 69 $8,755,000 $126,884 $2,555 4.11%
    $75k-100k 53 $7,165,000 $135,189 $2,827 3.98%
    $50k or less 52 $4,430,000 $85,192 $1,930 4.15%
    $150k-250k 48 $10,420,000 $217,083 $3,545 4.02%
    $250k+ 20 $9,700,000 $485,000 $6,005 3.90%

    State Employees lent most frequently to those with incomes in the $100k-150k range, with 78 originations. The second most popular income band? $50k-75k, with 69 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 100 $13,700,000 $137,000 $2,733 4.08%
    30-36% 57 $9,935,000 $174,298 $2,995 3.75%
    <20% 54 $8,840,000 $163,704 $3,196 3.73%
    41% 16 $4,250,000 $265,625 $4,670 4.06%
    38% 12 $1,510,000 $125,833 $2,903 4.20%
    50-60% 12 $1,660,000 $138,333 $2,093 4.46%
    40% 9 $1,965,000 $218,333 $3,364 4.00%
    36% 8 $1,210,000 $151,250 $2,313 4.17%
    43% 8 $1,710,000 $213,750 $4,939 3.99%
    >60% 5 $3,185,000 $637,000 $3,654 5.21%
    39% 5 $1,175,000 $235,000 $4,338 4.04%
    44% 5 $1,595,000 $319,000 $3,976 4.28%
    47% 5 $515,000 $103,000 $2,240 4.75%
    49% 5 $1,145,000 $229,000 $2,519 4.20%
    42% 4 $590,000 $147,500 $2,977 3.91%
    37% 4 $1,120,000 $280,000 $4,445 3.50%
    45% 4 $890,000 $222,500 $2,291 4.31%
    46% 3 $285,000 $95,000 $2,365 5.00%
    48% 2 $90,000 $45,000 $1,221 5.69%

    State Employees lent most frequently to those with DTI ratios of 20-30%, with 100 originations. The next most common DTI ratio? 30-36%, with 57 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 351 $59,795,000 $170,356 $2,922 4.05%
    Not provided 8 $970,000 $121,250 $2,073 3.74%
    Asian 2 $750,000 $375,000 $5,456 3.19%
    American Indian 2 $290,000 $145,000 $4,368 3.63%
    Black 3 $115,000 $38,333 $931 3.58%

    Approval Rates

    Total approvals of all applications
    85.45%

    State Employees has an average approval rate.

    Pick Rate

    Approvals leading to origination
    61.48%

    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 366 $61,920,000 $169,180

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 35 $2,735,000 $78,143
    Single Family (1-4 Units):Site-Built 331 $59,185,000 $178,807

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 55 $5,745,000 $104,455 $2,132 4.10%
    40-60% 52 $6,920,000 $133,077 $2,349 4.39%
    60-80% 108 $26,990,000 $249,907 $3,896 3.71%
    80-100% 42 $10,780,000 $256,667 $4,224 3.76%
    Over 100% 1 $415,000 $415,000 $963 3.75%
    Under 20% 53 $2,855,000 $53,868 $1,453 4.31%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    STATE EMPLOYEES CREDIT UNION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 2 22.2%
    STATE EMPLOYEES CREDIT UNION Conventional home mortgage Struggling to pay mortgage 3 33.3%
    STATE EMPLOYEES CREDIT UNION Conventional home mortgage Trouble during payment process 2 22.2%
    STATE EMPLOYEES CREDIT UNION Other type of mortgage Closing on a mortgage 2 22.2%