State Employees Federal Credit Union Mortgage Rates, Fees & Info

Albany, NY

LEI: 5493008RNHC5I1E3IZ56

Tax ID: 14-1338566

2021 Data | 2020 Data | 2019 Data | 2018 Data


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%