State Employees' Credit Union

Raleigh, NC 27611

LEI: 549300SHE1JTCOWBP090

Tax ID: 56-0475645

2019 Data | 2018 Data


Overview

State Employees' Credit Union is a small mortgage company specializing in Home Purchase and Refi loans. State Employees' Credit Union has a high proportion of conventional loans. Their top markets include Raleigh, Charlotte, Durham, Asheville, and Greensboro 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' Credit Union is typically a normal fee medium-low fee lendor.


Originations

30,643

Origination Dollar Volume (All Markets)

$4,411,695,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 30,643 $4,411,695,000 $143,971

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 13,798 $2,521,800,000 $182,766
Home Improvement 3,146 $156,170,000 $49,641
Other 3,834 $213,850,000 $55,777
Refi 9,865 $1,519,875,000 $154,067

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
RALEIGH-CARY, NC 5,626 $925,480,000 $164,501
Outside of Metro Areas 6,156 $761,540,000 $123,707
CHARLOTTE-CONCORD-GASTONIA, NC-SC 4,242 $630,100,000 $148,538
DURHAM-CHAPEL HILL, NC 2,816 $449,120,000 $159,489
ASHEVILLE, NC 1,717 $285,805,000 $166,456
GREENSBORO-HIGH POINT, NC 2,103 $271,325,000 $129,018
WINSTON-SALEM, NC 1,610 $218,850,000 $135,932
HICKORY-LENOIR-MORGANTON, NC 1,479 $176,305,000 $119,206
WILMINGTON, NC 806 $136,780,000 $169,702
BURLINGTON, NC 797 $115,655,000 $145,113
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC 637 $100,195,000 $157,292
FAYETTEVILLE, NC 600 $70,100,000 $116,833
GREENVILLE, NC 533 $64,895,000 $121,754
ROCKY MOUNT, NC 379 $46,555,000 $122,836
GOLDSBORO, NC 372 $40,390,000 $108,575
JACKSONVILLE, NC 198 $27,640,000 $139,596
NEW BERN, NC 231 $26,495,000 $114,697
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 80 $12,830,000 $160,375
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 46 $10,980,000 $238,696
GREENVILLE-ANDERSON, SC 30 $6,900,000 $230,000
SPARTANBURG, SC 38 $5,660,000 $148,947
CHARLESTON-NORTH CHARLESTON, SC 22 $4,600,000 $209,091
HILTON HEAD ISLAND-BLUFFTON, SC 9 $3,135,000 $348,333
COLUMBIA, SC 17 $2,455,000 $144,412
JOHNSON CITY, TN 15 $1,905,000 $127,000
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 8 $1,650,000 $206,250
ROANOKE, VA 5 $1,585,000 $317,000
BLACKSBURG-CHRISTIANSBURG, VA 4 $1,210,000 $302,500
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 3 $1,185,000 $395,000
RICHMOND, VA 8 $1,130,000 $141,250
KNOXVILLE, TN 4 $1,060,000 $265,000
LYNCHBURG, VA 6 $1,060,000 $176,667
CHATTANOOGA, TN-GA 4 $920,000 $230,000
AUGUSTA-RICHMOND COUNTY, GA-SC 7 $865,000 $123,571
SAVANNAH, GA 4 $860,000 $215,000
CHARLOTTESVILLE, VA 3 $675,000 $225,000
KINGSPORT-BRISTOL, TN-VA 4 $640,000 $160,000
MORRISTOWN, TN 4 $450,000 $112,500
STAUNTON, VA 2 $370,000 $185,000
FLORENCE, SC 3 $355,000 $118,333
VALDOSTA, GA 2 $350,000 $175,000
MEMPHIS, TN-MS-AR 2 $290,000 $145,000
ATHENS-CLARKE COUNTY, GA 3 $265,000 $88,333
GAINESVILLE, GA 1 $245,000 $245,000
JACKSON, TN 1 $235,000 $235,000
HARRISONBURG, VA 1 $185,000 $185,000
SUMTER, SC 2 $170,000 $85,000
WARNER ROBINS, GA 1 $105,000 $105,000
CLEVELAND, TN 1 $95,000 $95,000
DALTON, GA 1 $45,000 $45,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
3-4% 9,084 $1,589,400,000 $174,967
4-5% 19,149 $2,672,035,000 $139,539
5-6% 2,410 $150,260,000 $62,349

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 12,040 $646,280,000 $53,678
$100k-200k 11,064 $1,610,610,000 $145,572
$200k-400k 6,894 $1,820,000,000 $263,998
$400k-600k 508 $234,280,000 $461,181
$600k-1000k 126 $87,420,000 $693,810
$Over $1MM 11 $13,105,000 $1,191,364

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 3,509 $234,845,000 $66,926
40-60% 2,738 $329,390,000 $120,303
60-80% 5,576 $905,750,000 $162,437
80-100% 13,795 $2,674,735,000 $193,892
Over 100% 666 $113,190,000 $169,955
Under 20% 4,359 $153,785,000 $35,280

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 6,720 $1,129,290,000 $168,049
$150k-250k 2,936 $598,040,000 $203,692
$50k-75k 8,374 $1,035,820,000 $123,695
$50k-or less 5,785 $548,805,000 $94,867
$75k-100k 6,180 $915,990,000 $148,218
$Over $250k 648 $183,750,000 $283,565

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 22,869 $3,292,795,000 $143,985
Black 5,350 $739,450,000 $138,215
Not provided 1,879 $292,185,000 $155,500
Asian 288 $56,060,000 $194,653
American Indian 205 $25,705,000 $125,390
Native Hawaiian 20 $3,210,000 $160,500
Asian Indian 15 $1,275,000 $85,000
Other Asian 5 $345,000 $69,000
Other Pacific Islander 6 $260,000 $43,333
Japanese 1 $225,000 $225,000
Filipino 3 $135,000 $45,000
Samoan 1 $25,000 $25,000
Guamanian 1 $25,000 $25,000

Approval Rates

Total approvals of all applications
87.76%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
82.31%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 30,643 $4,411,695,000 $143,971

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 7,833 $722,095,000 $92,186
$1k-2k 13,613 $3,125,245,000 $229,578

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 1,167 $92,135,000 $78,950
Single Family (1-4 Units):Site-Built 29,476 $4,319,560,000 $146,545