State Employees Federal Credit Union Mortgage Rates, Fees & Info
Albany, NY
LEI: 5493008RNHC5I1E3IZ56
Tax ID: 14-1338566
Overview
State Employees Federal Credit Union is a
smaller
credit union
specializing in
Home Improvement and Refi loans.
State Employees Federal Credit Union has a high proportion of conventional loans.
Their top markets include Albany, Buffalo, Syracuse, Binghamton, and Hudson among others. State Employees Federal Credit Union has
a below average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Originations
2,805
Origination Dollar Volume (All Markets)
$240,135,000
Top Markets
| Market |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
|
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA)
|
1,824
|
$162,420,000 |
$89,046 |
$14 |
3.12% |
|
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA)
|
256
|
$20,090,000 |
$78,477 |
$44 |
3.11% |
|
SYRACUSE, NY (FHA|USDA|VA)
|
202
|
$14,310,000 |
$70,842 |
$11 |
3.12% |
|
BINGHAMTON, NY (FHA|USDA|VA)
|
123
|
$8,545,000 |
$69,472 |
$0 |
3.13% |
|
Hudson, NY (FHA|USDA|VA)
|
79
|
$7,375,000 |
$93,354 |
$0 |
3.23% |
|
Outside of Metro Areas
|
69 |
$5,285,000 |
$76,594 |
$0 |
3.16% |
|
Gloversville, NY (FHA|USDA|VA)
|
55
|
$4,655,000 |
$84,636 |
$0 |
3.18% |
|
GLENS FALLS, NY (FHA|USDA|VA)
|
52
|
$3,990,000 |
$76,731 |
$0 |
3.06% |
|
Amsterdam, NY (FHA|USDA|VA)
|
56
|
$3,570,000 |
$63,750 |
$16 |
3.22% |
|
ITHACA, NY (FHA|USDA|VA)
|
4
|
$2,280,000 |
$570,000 |
$0 |
2.99% |
|
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA)
|
13
|
$1,845,000 |
$141,923 |
$13 |
3.10% |
|
ROCHESTER, NY (FHA|USDA|VA)
|
17
|
$1,495,000 |
$87,941 |
$0 |
2.84% |
|
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA)
|
8
|
$860,000 |
$107,500 |
$0 |
3.30% |
|
UTICA-ROME, NY (FHA|USDA|VA)
|
13
|
$595,000 |
$45,769 |
$0 |
3.22% |
|
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA)
|
4
|
$530,000 |
$132,500 |
$0 |
3.03% |
|
Oneonta, NY (FHA|USDA|VA)
|
7
|
$525,000 |
$75,000 |
$0 |
3.27% |
|
Olean, NY (FHA|USDA|VA)
|
3
|
$345,000 |
$115,000 |
$0 |
3.12% |
|
KINGSTON, NY (FHA|USDA|VA)
|
2
|
$310,000 |
$155,000 |
$0 |
3.70% |
|
Auburn, NY (FHA|USDA|VA)
|
5
|
$245,000 |
$49,000 |
$0 |
2.86% |
|
Cortland, NY (FHA|USDA|VA)
|
5
|
$235,000 |
$47,000 |
$0 |
2.82% |
|
Malone, NY (FHA|USDA|VA)
|
3
|
$215,000 |
$71,667 |
$0 |
3.20% |
|
Ogdensburg-Massena, NY (FHA|USDA|VA)
|
1
|
$145,000 |
$145,000 |
$0 |
2.00% |
|
Batavia, NY (FHA|USDA|VA)
|
3
|
$145,000 |
$48,333 |
$0 |
3.13% |
|
ELMIRA, NY (FHA|USDA|VA)
|
1
|
$125,000 |
$125,000 |
$0 |
3.20% |
State Employees Federal Credit Union's top markets include Albany, Buffalo, Syracuse, Binghamton, and Hudson among others.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
2,805 |
$240,135,000 |
$85,610 |
$13 |
3.12% |
For the 2021 period, State Employees Federal Credit Union's most frequently
originated loan type
of loans were Conventional, with 2,805 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Home Improvement |
1,509 |
$92,845,000 |
$61,528 |
$12 |
3.21% |
| Refi |
899 |
$107,845,000 |
$119,961 |
$10 |
2.92% |
| Other |
288 |
$18,780,000 |
$65,208 |
$25 |
3.34% |
| Home Purchase |
107 |
$18,505,000 |
$172,944 |
$36 |
2.91% |
| Cash Out Refi |
2 |
$2,160,000 |
$1,080,000 |
$0 |
3.50% |
For the 2021, State Employees Federal Credit Union's most frequently cited loan
purpose
of loans were Home Improvement, with 1,509
originations.
The 2nd most popular reason of loans were Refi,
with 899 originations.
Loan Duration/Length
| Loan Length |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 15 Year |
1,507 |
$126,115,000 |
$83,686 |
$22 |
3.46% |
| Other |
635 |
$53,775,000 |
$84,685 |
$0 |
2.35% |
| 10 Year |
450 |
$49,770,000 |
$110,600 |
$4 |
3.24% |
| 5 Year |
213 |
$10,475,000 |
$49,178 |
$13 |
2.78% |
For the 2021, State Employees Federal Credit Union's most frequently cited loan
length
of loans were 15 Year, with 1,507 originations.
The 2nd most popular length of loans were Other,
with 635 originations.
Origination Fees
| Origination Fee |
Originations |
Total Value |
Average Loan |
| $<1k |
1,161 |
$94,925,000 |
$81,761 |
$0 of loans were State Employees Federal Credit Union's
average total fees, while their most
frequently occuring range of origination fees were in the
$<1k bucket,
with 1,161 originations.
Interest Rates
| Loan Rate |
Originations |
Total Value |
Average Loan |
| 3-4% |
1,279 |
$110,245,000 |
$86,196 |
| <2.5% |
709 |
$60,915,000 |
$85,917 |
| 2.5-3% |
614 |
$55,080,000 |
$89,707 |
| 4-5% |
203 |
$13,895,000 |
$68,448 |
During 2021, State Employees Federal Credit Union's average interest
rate of loans were 0.00%, while their
most frequently originated rate bucket of loans were 3-4%,
with 1,279 originations.
Loan Sizing
| Loan Size |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100,000 or less |
1,987 |
$97,875,000 |
$49,258 |
$7 |
3.20% |
| $100k-200k |
662 |
$88,100,000 |
$133,082 |
$27 |
2.96% |
| $200k-400k |
148 |
$35,620,000 |
$240,676 |
$34 |
2.83% |
| $1MM+ |
6 |
$17,410,000 |
$2,901,667 |
$0 |
3.58% |
| $400k-600k |
1 |
$505,000 |
$505,000 |
$0 |
2.00% |
| $600k-1MM |
1 |
$625,000 |
$625,000 |
$0 |
1.75% |
2021 saw State Employees Federal Credit Union place emphasis on
$100,000 or less loans
with 1,987 originations, totaling
$97,875,000 in origination value.
Applicant Income
| Applicant Income |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| $100k-150k |
821 |
$65,955,000 |
$80,335 |
$5 |
3.18% |
| $150k-250k |
594 |
$56,090,000 |
$94,428 |
$9 |
3.17% |
| $75k-100k |
577 |
$42,665,000 |
$73,943 |
$6 |
3.11% |
| $50k-75k |
482 |
$31,680,000 |
$65,726 |
$39 |
3.09% |
| $50k or less |
191 |
$9,875,000 |
$51,702 |
$0 |
2.85% |
| $250k+ |
92 |
$12,740,000 |
$138,478 |
$30 |
3.06% |
State Employees Federal Credit Union lent most frequently to those with incomes in the
$100k-150k range, with
821 originations.
The second most popular income band? $150k-250k,
with 594 originations.
Applicant Debt to Income Ratio
| DTI Ratio |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-30% |
775 |
$60,265,000 |
$77,761 |
$16 |
3.03% |
| 30-36% |
579 |
$44,465,000 |
$76,796 |
$4 |
3.18% |
| <20% |
317 |
$25,925,000 |
$81,782 |
$0 |
2.77% |
| 42% |
235 |
$17,505,000 |
$74,489 |
$16 |
3.15% |
| 39% |
157 |
$10,475,000 |
$66,720 |
$0 |
3.45% |
| 41% |
125 |
$11,735,000 |
$93,880 |
$53 |
3.19% |
| 36% |
118 |
$10,210,000 |
$86,525 |
$40 |
3.20% |
| 38% |
115 |
$9,185,000 |
$79,870 |
$0 |
3.36% |
| 37% |
93 |
$7,525,000 |
$80,914 |
$11 |
3.34% |
| 40% |
92 |
$6,810,000 |
$74,022 |
$31 |
3.23% |
| 44% |
49 |
$4,175,000 |
$85,204 |
$29 |
3.31% |
| 43% |
35 |
$3,415,000 |
$97,571 |
$0 |
3.19% |
| 49% |
33 |
$3,635,000 |
$110,152 |
$0 |
3.19% |
| 47% |
21 |
$1,945,000 |
$92,619 |
$0 |
3.06% |
| 48% |
21 |
$2,265,000 |
$107,857 |
$0 |
3.20% |
| 46% |
18 |
$1,660,000 |
$92,222 |
$0 |
3.07% |
| 45% |
16 |
$1,530,000 |
$95,625 |
$0 |
3.16% |
State Employees Federal Credit Union lent most frequently to those with DTI ratios
of 20-30%, with
775 originations.
The next most common DTI ratio? 30-36%,
with 579 originations.
Ethnicity Mix
| Applicant Ethnicity |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| White |
2,440 |
$194,590,000 |
$79,750 |
$9 |
3.12% |
| Not applicable |
6 |
$17,410,000 |
$2,901,667 |
$0 |
3.58% |
| Not provided |
205 |
$15,855,000 |
$77,341 |
$17 |
3.07% |
| Black |
88 |
$6,440,000 |
$73,182 |
$127 |
3.20% |
| Asian |
43 |
$4,395,000 |
$102,209 |
$0 |
3.10% |
| American Indian |
11 |
$685,000 |
$62,273 |
$262 |
3.34% |
| Native Hawaiian |
8 |
$560,000 |
$70,000 |
$0 |
3.43% |
| Filipino |
1 |
$85,000 |
$85,000 |
$0 |
3.70% |
| Asian Indian |
2 |
$80,000 |
$40,000 |
$0 |
3.10% |
| Other Pacific Islander |
1 |
$35,000 |
$35,000 |
$0 |
3.20% |
Approval Rates
Total approvals of all applications
68.28%
State Employees Federal Credit Union has a low approval rate. They may have poor
market targeting or stringent lending standards.
Pick Rate
Approvals leading to origination
80.81%
State Employees Federal Credit Union has a below average pick rate.
Points and Fees
| Points |
Originations |
Total Value |
Average Loan |
| 0.0 |
1 |
$45,000 |
$45,000 |
| NA |
2,804 |
$240,090,000 |
$85,624 |
Occupancy Type Mix
| Dwelling Type |
Originations |
Total Value |
Average Loan |
|
2,805 |
$240,135,000 |
$85,610 |
LTV Distribution
| Loan to Value |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| 20-40% |
891 |
$69,725,000 |
$78,255 |
$3 |
3.08% |
| 40-60% |
452 |
$55,750,000 |
$123,341 |
$38 |
2.99% |
| 60-80% |
264 |
$57,690,000 |
$218,523 |
$33 |
3.00% |
| 80-100% |
73 |
$12,575,000 |
$172,260 |
$19 |
2.82% |
| Under 20% |
1,125 |
$44,395,000 |
$39,462 |
$0 |
3.26% |
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% |
