State Employees Federal Credit Union Mortgage Rates, Fees & Info

Albany, NY

LEI: 5493008RNHC5I1E3IZ56

Tax ID: 14-1338566

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Mortgage Data

Review & Overview

State Employees Federal Credit Union is a smaller credit union specializing in Home Improvement loans. State Employees Federal Credit Union has a low ratio of conventional loans. Their top markets by origination volume include: Albany, Buffalo, Syracuse, Hudson, and Binghamton among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)

State Employees Federal Credit Union 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) 5.67% 4/5/25
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 Federal Credit Union Mortgage Calculator






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


Originations

3,769

Origination Dollar Volume (All Markets)

$337,695,000

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
ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 2,774 $237,130,000 $85,483 $0 7.61%
BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) 203 $29,105,000 $143,374 $0 7.58%
SYRACUSE, NY (FHA|USDA|VA) 207 $19,835,000 $95,821 $0 7.41%
Hudson, NY (FHA|USDA|VA) 71 $7,715,000 $108,662 $0 7.46%
Outside of Metro Areas 87 $7,455,000 $85,690 $0 7.65%
BINGHAMTON, NY (FHA|USDA|VA) 108 $7,300,000 $67,593 $0 7.52%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 41 $6,355,000 $155,000 $0 7.23%
GLENS FALLS, NY (FHA|USDA|VA) 70 $5,430,000 $77,571 $0 7.69%
Amsterdam, NY (FHA|USDA|VA) 76 $5,330,000 $70,132 $0 7.80%
Gloversville, NY (FHA|USDA|VA) 53 $4,245,000 $80,094 $0 7.92%
UTICA-ROME, NY (FHA|USDA|VA) 17 $1,595,000 $93,824 $0 7.43%
POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 10 $1,110,000 $111,000 $0 7.37%
Oneonta, NY (FHA|USDA|VA) 11 $1,045,000 $95,000 $0 7.34%
KINGSTON, NY (FHA|USDA|VA) 6 $1,000,000 $166,667 $0 7.92%
ROCHESTER, NY (FHA|USDA|VA) 8 $600,000 $75,000 $0 7.31%
Auburn, NY (FHA|USDA|VA) 6 $490,000 $81,667 $0 6.96%
Cortland, NY (FHA|USDA|VA) 4 $360,000 $90,000 $0 7.31%
ITHACA, NY (FHA|USDA|VA) 3 $325,000 $108,333 $0 6.66%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 1 $255,000 $255,000 $0 7.00%
Batavia, NY (FHA|USDA|VA) 1 $235,000 $235,000 $0 8.00%
Jamestown-Dunkirk-Fredonia, NY (FHA|USDA|VA) 3 $215,000 $71,667 $0 8.00%
Plattsburgh, NY (FHA|USDA|VA) 2 $200,000 $100,000 $0 7.38%
Corning, NY (FHA|USDA|VA) 2 $130,000 $65,000 $0 8.50%
Olean, NY (FHA|USDA|VA) 2 $130,000 $65,000 $0 9.00%
Malone, NY (FHA|USDA|VA) 2 $70,000 $35,000 $0 7.13%
ELMIRA, NY (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.00%
State Employees Federal Credit Union's top markets include Albany, Buffalo, Syracuse, Hudson, and Binghamton among others.

Their top states include:
  • New York (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    HELOC 3,760 $324,270,000 $86,242 n/a 7.60%
    Conventional 9 $13,425,000 $1,491,667 $0 6.87%

    For 2024, State Employees Federal Credit Union's most frequently originated type of loan was HELOC, with 3,760 originations. Their 2nd most popular type was Conventional, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Improvement 2,393 $187,445,000 $78,331 $0 7.57%
    Other 739 $53,395,000 $72,253 $0 7.83%
    Refi 385 $56,505,000 $146,766 $0 7.36%
    Home Purchase 202 $33,790,000 $167,277 $0 7.41%
    Cash Out Refi 50 $6,560,000 $131,200 $0 7.61%

    For 2024, State Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 2,393 originations. The 2nd most popular reason was Other, with 739 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    15 Year 1,108 $87,390,000 $78,872 $0 7.64%
    20 Year 1,029 $91,475,000 $88,897 $0 8.45%
    10 Year 935 $77,895,000 $83,310 $0 6.94%
    Other 697 $80,935,000 $116,119 $0 7.12%

    For 2024, State Employees Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,108 originations. The 2nd most popular length was 20 Year, with 1,029 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    7-8% 1,561 $137,145,000 $87,857
    6-7% 1,044 $107,670,000 $103,132
    Over 8% 972 $73,390,000 $75,504
    5-6% 180 $18,050,000 $100,278
    4-5% 12 $1,440,000 $120,000

    During 2024, State Employees Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 7-8%, with 1,561 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,561 $135,115,000 $52,759 $0 7.66%
    $100k-200k 936 $123,340,000 $131,774 $0 7.54%
    $200k-400k 260 $63,450,000 $244,038 $0 7.16%
    $400k-600k 8 $3,450,000 $431,250 $0 6.90%
    $1MM+ 2 $11,130,000 $5,565,000 $0 6.65%
    $600k-1MM 2 $1,210,000 $605,000 $0 6.72%

    2024 saw State Employees Federal Credit Union place emphasis on $100,000 or less loans with 2,561 originations, totaling $135,115,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 1,101 $92,955,000 $84,428 $0 7.64%
    $150k-250k 999 $109,235,000 $109,344 $0 7.56%
    $75k-100k 665 $44,605,000 $67,075 $0 7.65%
    $50k-75k 556 $33,670,000 $60,558 $0 7.61%
    $250k+ 221 $32,605,000 $147,534 $0 7.43%
    $50k or less 214 $10,710,000 $50,047 $0 7.51%

    State Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 1,101 originations. The second most popular income band? $150k-250k, with 999 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 749 $62,755,000 $83,785 $0 7.39%
    30-36% 695 $56,675,000 $81,547 $0 7.73%
    <20% 255 $22,805,000 $89,431 $0 7.05%
    39% 212 $17,130,000 $80,802 $0 8.11%
    49% 196 $19,090,000 $97,398 $0 7.46%
    50-60% 192 $18,780,000 $97,813 $0 7.55%
    44% 180 $15,110,000 $83,944 $0 7.73%
    40% 150 $11,900,000 $79,333 $0 7.80%
    38% 136 $10,990,000 $80,809 $0 7.79%
    37% 133 $10,415,000 $78,308 $0 7.71%
    43% 129 $11,745,000 $91,047 $0 7.70%
    36% 127 $11,215,000 $88,307 $0 7.70%
    42% 123 $10,825,000 $88,008 $0 7.62%
    45% 110 $11,220,000 $102,000 $0 7.67%
    41% 106 $10,230,000 $96,509 $0 7.68%
    48% 97 $8,505,000 $87,680 $0 7.44%
    46% 96 $8,470,000 $88,229 $0 7.60%
    47% 74 $6,410,000 $86,622 $0 7.53%

    State Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 749 originations. The next most common DTI ratio? 30-36%, with 695 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,127 $263,435,000 $84,245 $0 7.59%
    Not provided 374 $37,540,000 $100,374 $0 7.47%
    Not applicable 9 $13,425,000 $1,491,667 $0 6.87%
    Black 161 $12,755,000 $79,224 $0 7.93%
    Asian Indian 27 $3,755,000 $139,074 $0 7.49%
    Asian 35 $3,705,000 $105,857 $0 7.54%
    American Indian 9 $785,000 $87,222 $0 7.44%
    Filipino 7 $735,000 $105,000 $0 7.93%
    Chinese 6 $550,000 $91,667 $0 7.33%
    Other Asian 10 $540,000 $54,000 $0 7.92%
    Other Pacific Islander 2 $360,000 $180,000 $0 7.12%
    Native Hawaiian or Islander 2 $110,000 $55,000 $0 7.75%

    Approval Rates

    Total approvals of all applications
    78.29%

    State Employees Federal Credit Union has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    81.98%

    State Employees Federal Credit Union has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,769 $337,695,000 $89,598

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    3,769 $337,695,000 $89,598

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,441 $144,895,000 $100,552 $0 7.65%
    40-60% 392 $70,690,000 $180,332 $0 7.45%
    60-80% 116 $26,270,000 $226,466 $0 7.36%
    80-100% 42 $8,210,000 $195,476 $0 7.26%
    Under 20% 1,778 $87,630,000 $49,286 $0 7.60%