State Employees Federal Credit Union Mortgage Rates, Fees & Info
Albany, NYLEI: 5493008RNHC5I1E3IZ56
Tax ID: 14-1338566
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & 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 by origination volume include: Albany, Buffalo, Syracuse, Binghamton, and Hudson among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)State Employees Federal Credit Union has a below average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 4.37% | 12/16/24 |
| 15 Year Conventional Purchase | 5.51% | 12/16/24 |
| 15 Year Conventional Refi | 5.44% | 12/16/24 |
| 15 Year Cash-out Refi | 5.44% | 12/16/24 |
| 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 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
2,208Origination Dollar Volume (All Markets)
$161,880,000Top 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 |
|---|---|---|---|---|---|
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 1,509 | $117,125,000 | $77,618 | $13 | 4.02% |
| BUFFALO-CHEEKTOWAGA, NY (FHA|USDA|VA) | 178 | $10,770,000 | $60,506 | $14 | 4.12% |
| SYRACUSE, NY (FHA|USDA|VA) | 136 | $7,950,000 | $58,456 | $31 | 4.01% |
| BINGHAMTON, NY (FHA|USDA|VA) | 98 | $6,150,000 | $62,755 | $13 | 4.03% |
| Hudson, NY (FHA|USDA|VA) | 65 | $4,685,000 | $72,077 | $20 | 4.09% |
| Amsterdam, NY (FHA|USDA|VA) | 61 | $4,075,000 | $66,803 | $23 | 4.17% |
| Outside of Metro Areas | 55 | $3,245,000 | $59,000 | $34 | 4.04% |
| GLENS FALLS, NY (FHA|USDA|VA) | 31 | $2,365,000 | $76,290 | $81 | 4.13% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 10 | $1,260,000 | $126,000 | $452 | 3.88% |
| Gloversville, NY (FHA|USDA|VA) | 18 | $810,000 | $45,000 | $0 | 4.03% |
| Oneonta, NY (FHA|USDA|VA) | 8 | $720,000 | $90,000 | $0 | 4.12% |
| KINGSTON, NY (FHA|USDA|VA) | 6 | $700,000 | $116,667 | $0 | 4.07% |
| ROCHESTER, NY (FHA|USDA|VA) | 9 | $405,000 | $45,000 | $25 | 4.13% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 2 | $350,000 | $175,000 | $0 | 3.78% |
| Auburn, NY (FHA|USDA|VA) | 5 | $335,000 | $67,000 | $0 | 3.54% |
| Batavia, NY (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $0 | 3.60% |
| Olean, NY (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $25 | 3.98% |
| Cortland, NY (FHA|USDA|VA) | 3 | $155,000 | $51,667 | $0 | 4.29% |
| UTICA-ROME, NY (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $0 | 4.23% |
| Malone, NY (FHA|USDA|VA) | 2 | $90,000 | $45,000 | $0 | 3.95% |
| ITHACA, NY (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.50% |
| Plattsburgh, NY (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $25 | 4.40% |
| Corning, NY (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 3.40% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| HELOC | 1,189 | $80,535,000 | $67,733 | n/a | 3.99% |
| Conventional | 1,019 | $81,345,000 | $79,828 | $18 | 4.09% |
For 2019, State Employees Federal Credit Union's most frequently originated type of loan was HELOC, with 1,189 originations. Their 2nd most popular type was Conventional, with 1,019 originations.
Loan Reason
For 2019, State Employees Federal Credit Union's most frequently cited loan purpose was Home Improvement, with 1,198 originations. The 2nd most popular reason was Refi, with 607 originations.
Loan Duration/Length
For 2019, State Employees Federal Credit Union's most frequently cited loan duration was 15 Year, with 1,283 originations. The 2nd most popular length was 10 Year, with 377 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 972 | $59,420,000 | $61,132 |
State Employees Federal Credit Union's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 972 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1,107 | $76,895,000 | $69,463 |
| 3-4% | 931 | $63,885,000 | $68,620 |
| 2.5-3% | 96 | $7,350,000 | $76,563 |
| 5-6% | 68 | $13,500,000 | $198,529 |
| <2.5% | 6 | $250,000 | $41,667 |
During 2019, State Employees Federal Credit Union's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 1,107 originations.
Loan Sizing
2019 saw State Employees Federal Credit Union place emphasis on $100,000 or less loans with 1,774 originations, totaling $80,020,000 in origination value.
Applicant Income
State Employees Federal Credit Union lent most frequently to those with incomes in the $100k-150k range, with 635 originations. The second most popular income band? $75k-100k, with 468 originations.
Applicant Debt to Income Ratio
State Employees Federal Credit Union lent most frequently to those with DTI ratios of 20-30%, with 588 originations. The next most common DTI ratio? 30-36%, with 480 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications66.91%
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 origination81.84%
State Employees Federal Credit Union has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 4 | $260,000 | $65,000 |
| NA | 2,204 | $161,620,000 | $73,330 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 20.0% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Struggling to pay mortgage | 2 | 40.0% |
| STATE EMPLOYEES CREDIT UNION | Conventional home mortgage | Trouble during payment process | 1 | 20.0% |
| STATE EMPLOYEES CREDIT UNION | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 20.0% |