State Employees' Mortgage Rates, Fees & Info

Raleigh, NC

LEI: 549300SHE1JTCOWBP090

Tax ID: 56-0475645

2020 Data | 2019 Data | 2018 Data


Overview

State Employees' is a mid-sized mortgage company specializing in Home Purchase and Refi loans. State Employees' has a high proportion of conventional loans. Their top markets include Raleigh, Charlotte, Durham, Greensboro, and Asheville among others. They have an average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. State Employees' is typically a low fee lendor.


Originations

34,327

Origination Dollar Volume (All Markets)

$5,140,485,000

Relative Rate

State Employees''s average 30 year fixed rate mortgage was 4.02%.

The 2020 average 30 year fixed rate mortgage across all markets was 3.36%.

This yields a difference of 0.66%.

Relative Fees

State Employees''s average total fees for a 30 year fixed rate mortgage are $2,754.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $5,021.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 34,327 $5,140,485,000 $149,750 $2,373 3.76%

For the 2020 period, State Employees''s most frequently originated loan type was Conventional, with 34,327 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 13,691 $2,579,805,000 $188,431 $3,010 4.09%
Refi 13,649 $2,150,995,000 $157,594 $1,678 3.51%
Home Improvement 3,665 $208,185,000 $56,804 $1,898 3.58%
Other 3,322 $201,500,000 $60,656 $1,929 3.60%

For the 2020, State Employees''s most frequently cited loan purpose was Home Purchase, with 13,691 originations. The 2nd most popular reason was Refi, with 13,649 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 13,999 $2,859,455,000 $204,261 $2,757 4.02%
Other 8,326 $542,830,000 $65,197 $2,472 3.60%
15 Year 4,558 $594,110,000 $130,344 $1,807 3.47%
20 Year 4,477 $723,995,000 $161,714 $2,038 3.93%
10 Year 2,427 $263,645,000 $108,630 $1,352 3.04%
30+ year 520 $155,240,000 $298,538 $4,163 3.70%
5 Year 20 $1,210,000 $60,500 $1,034 3.20%

For the 2020, State Employees''s most frequently cited loan length was 30 Year, with 13,999 originations. The 2nd most popular length was Other, with 8,326 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 15,713 $3,644,005,000 $231,910
$<1k 9,078 $844,080,000 $92,981
$2k-3k 3 $1,045,000 $348,333

$2,754 was State Employees''s average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 15,713 originations.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
RALEIGH-CARY, NC 6,070 $1,034,400,000 $170,412 $2,365 3.72%
Outside of Metro Areas 7,162 $930,640,000 $129,941 $2,354 3.77%
CHARLOTTE-CONCORD-GASTONIA, NC-SC 4,805 $767,965,000 $159,826 $2,412 3.77%
DURHAM-CHAPEL HILL, NC 2,872 $471,940,000 $164,325 $2,347 3.70%
GREENSBORO-HIGH POINT, NC 2,500 $338,400,000 $135,360 $2,306 3.80%
ASHEVILLE, NC 1,620 $277,070,000 $171,031 $2,529 3.69%
WINSTON-SALEM, NC 1,783 $246,195,000 $138,079 $2,258 3.81%
HICKORY-LENOIR-MORGANTON, NC 1,725 $209,595,000 $121,504 $2,111 3.72%
WILMINGTON, NC 838 $146,190,000 $174,451 $2,488 3.72%
BURLINGTON, NC 878 $132,820,000 $151,276 $2,426 3.83%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 707 $123,745,000 $175,028 $2,663 3.73%
FAYETTEVILLE, NC 780 $99,690,000 $127,808 $2,376 3.77%
GREENVILLE, NC 684 $84,560,000 $123,626 $2,351 3.81%
ROCKY MOUNT, NC 461 $60,185,000 $130,553 $2,497 3.90%
GOLDSBORO, NC 440 $53,360,000 $121,273 $2,216 3.84%
JACKSONVILLE, NC 267 $39,395,000 $147,547 $2,530 3.87%
NEW BERN, NC 285 $38,875,000 $136,404 $2,327 3.76%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 127 $18,715,000 $147,362 $2,558 3.71%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 46 $9,450,000 $205,435 $3,244 3.89%
SPARTANBURG, SC 45 $8,085,000 $179,667 $3,194 4.09%
GREENVILLE-ANDERSON, SC 35 $5,915,000 $169,000 $2,896 3.78%
CHARLESTON-NORTH CHARLESTON, SC 23 $5,795,000 $251,957 $3,162 3.84%
HILTON HEAD ISLAND-BLUFFTON, SC 17 $4,085,000 $240,294 $3,141 3.79%
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 13 $3,835,000 $295,000 $3,659 3.84%
RICHMOND, VA 16 $3,740,000 $233,750 $3,381 3.62%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 10 $3,670,000 $367,000 $3,910 3.96%
JOHNSON CITY, TN 23 $3,645,000 $158,478 $2,665 4.02%
ROANOKE, VA 10 $2,650,000 $265,000 $3,095 3.72%
COLUMBIA, SC 17 $2,605,000 $153,235 $2,893 3.93%
KNOXVILLE, TN 11 $2,385,000 $216,818 $3,370 4.05%
SAVANNAH, GA 6 $1,430,000 $238,333 $3,581 4.13%
FLORENCE, SC 6 $1,290,000 $215,000 $3,346 3.96%
AUGUSTA-RICHMOND COUNTY, GA-SC 11 $1,275,000 $115,909 $3,066 3.74%
LYNCHBURG, VA 5 $1,025,000 $205,000 $3,225 3.90%
GAINESVILLE, GA 3 $905,000 $301,667 $3,785 3.92%
CHARLOTTESVILLE, VA 4 $860,000 $215,000 $3,447 3.88%
MORRISTOWN, TN 3 $745,000 $248,333 $3,120 4.00%
KINGSPORT-BRISTOL, TN-VA 4 $620,000 $155,000 $2,592 4.13%
SUMTER, SC 2 $400,000 $200,000 $3,594 3.88%
WINCHESTER, VA-WV 1 $375,000 $375,000 $3,924 4.38%
MEMPHIS, TN-MS-AR 2 $310,000 $155,000 $2,596 3.88%
BLACKSBURG-CHRISTIANSBURG, VA 2 $290,000 $145,000 $2,716 4.38%
HARRISONBURG, VA 1 $255,000 $255,000 $4,016 4.38%
VALDOSTA, GA 1 $245,000 $245,000 $3,543 4.38%
CLEVELAND, TN 2 $230,000 $115,000 $2,138 3.56%
CHATTANOOGA, TN-GA 1 $205,000 $205,000 $3,442 3.38%
BRUNSWICK, GA 1 $155,000 $155,000 $3,483 3.75%
ALBANY, GA 1 $155,000 $155,000 $2,501 3.75%
ATHENS-CLARKE COUNTY, GA 1 $115,000 $115,000 $0 3.38%

State Employees''s top markets include Raleigh, Charlotte, Durham, Greensboro, and Asheville among others.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 20,964 $3,043,320,000 $145,169
4-5% 9,442 $1,768,330,000 $187,283
2.5-3% 3,918 $328,160,000 $83,757
5-6% 3 $675,000 $225,000

During 2020, State Employees''s average interest rate was 4.02%, while their most frequently originated rate bucket was 3-4%, with 20,964 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 12,966 $1,891,430,000 $145,876 $2,280 3.81%
$100,000 or less 12,627 $711,555,000 $56,352 $1,570 3.59%
$200k-400k 7,938 $2,117,100,000 $266,704 $2,950 3.94%
$400k-600k 630 $292,870,000 $464,873 $3,218 3.75%
$600k-1MM 151 $108,315,000 $717,318 $3,395 3.65%
$1MM+ 15 $19,215,000 $1,281,000 $4,176 3.48%

2020 saw State Employees' place emphasis on $100k-200k loans with 12,966 originations, totaling $1,891,430,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 8,970 $1,172,600,000 $130,725 $2,364 3.82%
$100k-150k 7,671 $1,285,385,000 $167,564 $2,427 3.70%
$75k-100k 6,521 $979,615,000 $150,225 $2,475 3.78%
$50k or less 6,306 $643,840,000 $102,100 $2,159 3.84%
$150k-250k 3,664 $736,350,000 $200,969 $2,489 3.62%
$250k+ 880 $260,420,000 $295,932 $2,809 3.56%

State Employees' lent most frequently to those with incomes in the $50k-75k range, with 8,970 originations. The second most popular income band? $100k-150k, with 7,671 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 9,829 $1,416,795,000 $144,144 $2,258 3.72%
30-36% 7,222 $1,128,910,000 $156,315 $2,490 3.81%
<20% 4,415 $545,805,000 $123,625 $1,862 3.56%
42% 1,501 $223,495,000 $148,897 $2,583 3.80%
41% 1,354 $204,280,000 $150,871 $2,563 3.82%
39% 1,303 $216,105,000 $165,852 $2,602 3.86%
37% 1,284 $208,810,000 $162,625 $2,621 3.86%
38% 1,280 $198,430,000 $155,023 $2,551 3.87%
36% 1,251 $197,035,000 $157,502 $2,541 3.83%
40% 1,196 $189,100,000 $158,110 $2,571 3.85%
43% 657 $107,595,000 $163,767 $2,683 3.87%
44% 498 $85,400,000 $171,486 $2,586 3.86%
45% 465 $74,575,000 $160,376 $2,567 3.82%
50-60% 459 $81,565,000 $177,702 $2,495 3.72%
46% 419 $73,635,000 $175,740 $2,694 3.85%
47% 359 $56,955,000 $158,649 $2,559 3.76%
>60% 291 $51,205,000 $175,962 $2,259 3.55%
49% 264 $36,160,000 $136,970 $2,496 3.76%
48% 258 $41,870,000 $162,287 $2,545 3.75%

State Employees' lent most frequently to those with DTI ratios of 20-30%, with 9,829 originations. The next most common DTI ratio? 30-36%, with 7,222 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 24,314 $3,550,110,000 $146,011 $2,308 3.72%
Black 6,256 $938,310,000 $149,986 $2,477 3.89%
Not provided 3,175 $559,855,000 $176,332 $2,625 3.83%
Asian 268 $50,120,000 $187,015 $2,335 3.65%
American Indian 228 $31,840,000 $139,649 $2,416 3.67%
Native Hawaiian 28 $4,330,000 $154,643 $2,524 3.82%
Other Asian 23 $2,175,000 $94,565 $2,130 3.47%
Asian Indian 21 $2,115,000 $100,714 $2,048 3.60%
Filipino 5 $695,000 $139,000 $3,139 3.75%
Other Pacific Islander 6 $690,000 $115,000 $1,895 3.46%
Vietnamese 2 $190,000 $95,000 $2,903 4.19%
Chinese 1 $55,000 $55,000 $0 3.50%

Approval Rates

Total approvals of all applications
87.43%

State Employees' has an average approval rate.

Pick Rate

Approvals leading to origination
81.44%

State Employees' has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 34,327 $5,140,485,000 $149,750

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 1,308 $110,990,000 $84,855
Single Family (1-4 Units):Site-Built 33,019 $5,029,495,000 $152,321

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 4,030 $300,980,000 $74,685 $1,240 3.48%
40-60% 3,806 $461,810,000 $121,337 $1,534 3.40%
60-80% 6,631 $1,117,645,000 $168,548 $1,996 3.47%
80-100% 14,664 $2,950,390,000 $201,200 $2,763 4.08%
Over 100% 777 $141,665,000 $182,323 $2,974 4.38%
Under 20% 4,419 $167,995,000 $38,017 $911 3.59%