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 loans. State Employees has a high proportion of conventional loans. Their top markets by origination volume include: Santa Fe, Albuquerque, Las Vegas, Española, and Taos 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.
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
385Origination Dollar Volume (All Markets)
$64,615,000Top 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) | 162 | $37,230,000 | $229,815 | $0 | 4.04% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 114 | $16,340,000 | $143,333 | $0 | 4.06% |
| Las Vegas, NM (FHA|USDA|VA) | 58 | $5,000,000 | $86,207 | $0 | 4.00% |
| Outside of Metro Areas | 26 | $2,350,000 | $90,385 | $0 | 4.50% |
| Española, NM (FHA|USDA|VA) | 11 | $1,745,000 | $158,636 | $0 | 4.00% |
| Taos, NM (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $0 | 0.00% |
| Los Alamos, NM (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $0 | 4.00% |
| Grants, NM (FHA|USDA|VA) | 5 | $455,000 | $91,000 | $0 | 4.00% |
| Silver City, NM (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 0.00% |
| Ruidoso, NM (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
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 | 334 | $58,450,000 | $175,000 | $0 | 0.00% |
| HELOC | 51 | $6,165,000 | $120,882 | n/a | 4.06% |
For 2021, State Employees's most frequently originated type of loan was Conventional, with 334 originations. Their 2nd most popular type was HELOC, with 51 originations.
Loan Reason
For 2021, State Employees's most frequently cited loan purpose was Refi, with 246 originations. The 2nd most popular reason was Home Purchase, with 54 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 334 | $58,450,000 | $175,000 | $0 | 0.00% |
| 20 Year | 50 | $6,140,000 | $122,800 | $0 | 4.04% |
| 5 Year | 1 | $25,000 | $25,000 | $0 | 5.00% |
For 2021, State Employees's most frequently cited loan duration was Other, with 334 originations. The 2nd most popular length was 20 Year, with 50 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 46 | $5,890,000 | $128,043 |
| 4-5% | 5 | $275,000 | $55,000 |
During 2021, State Employees's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 3-4%, with 46 originations.
Loan Sizing
2021 saw State Employees place emphasis on $100,000 or less loans with 153 originations, totaling $9,175,000 in origination value.
Applicant Income
State Employees lent most frequently to those with incomes in the $50k or less range, with 53 originations. The second most popular income band? $50k-75k, with 39 originations.
Applicant Debt to Income Ratio
State Employees lent most frequently to those with DTI ratios of Exempt%, with 334 originations. The next most common DTI ratio? 30-36%, with 5 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications82.22%
State Employees has a below average approval rate.
Pick Rate
Approvals leading to origination54.81%
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 |
|---|---|---|---|
| Exempt | 334 | $58,450,000 | $175,000 |
| NA | 51 | $6,165,000 | $120,882 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 7 | $1,145,000 | $163,571 | $0 | 4.00% |
| 40-60% | 4 | $640,000 | $160,000 | $0 | 4.25% |
| Under 20% | 11 | $785,000 | $71,364 | $0 | 4.00% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 18.2% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Closing on a mortgage | 2 | 18.2% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Struggling to pay mortgage | 2 | 18.2% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Trouble during payment process | 1 | 9.1% |
| STATE EMPLOYEES CREDIT UNION | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 9.1% |
| STATE EMPLOYEES CREDIT UNION | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 9.1% |
| STATE EMPLOYEES CREDIT UNION | Other type of mortgage | Closing on a mortgage | 1 | 9.1% |
| STATE EMPLOYEES CREDIT UNION | Other type of mortgage | Trouble during payment process | 1 | 9.1% |