Mostly refinancing, and growing
Refinances made up 75.2% of its loans and purchases 24.4%. Its originations rose 12% to 553, against 6% at similar lenders (credit unions making between half and twice as many loans) and 10% for the whole market.
Applications / Mortgage Analytics / Lenders / California / Bay Federal Credit Union
Bay Federal Credit Union
Capitola, CA · Credit union · NCUA · $1.9 billion assets · 553 loans in 2025
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553
loans originated, 2025
891
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Bay Federal Credit Union is a California credit union that lends mostly to refinance, ranks fifth in Santa Cruz-Watsonville and grew faster than similar lenders in 2025.
Larger loans than similar credit unions
Its typical loan was $205,000, about double similar lenders' $105,000 and higher than about nine in ten of them; 3.5% were jumbo (larger than the conforming limit), against 0.6%. 9.2% of its loans were for manufactured homes, against 0.3%.
Fifth in Santa Cruz-Watsonville
It ranked 5 of 271 in Santa Cruz-Watsonville, where it has lent since before 1990, with 5.6% of the market, down from 6.3%; faster growth by other lenders there is one possible reason. CrossCountry Mortgage and Wells Fargo Bank lead that market. In Salinas its share rose from 0.7% to 1.0%.
Many loans in majority-minority areas
35.3% of its loans were in majority-minority areas, against 10.5%, higher than about four in five similar lenders. Its share to low- and moderate-income (LMI) borrowers, 22.8%, was lower than similar lenders' 27.3%; its larger loans are one possible reason.
Questions the data can answer next
- How do its refinance rates compare with other lenders in Santa Cruz-Watsonville?
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
553 loans in 2025, against a peak of 737 in 2020.
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Bay Federal Credit Union took 891 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
75.2% of its 2025 loans were refinance loans; 100.0% were Conventional.
Refinance 75.2% · Purchase 24.4% · Other 0.4%
Conventional 100.0% · of 553 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
1 state, 18 metros, 26 counties
| State | Loans | Share |
|---|---|---|
| California | 553 | 100.0% |
Largest metro areas, 2025
Loans originated
| Metro area | Loans |
|---|---|
| Santa Cruz-Watsonville | 391 |
| Salinas | 107 |
| San Jose-Sunnyvale-Santa Clara | 15 |
| Sacramento-Roseville-Folsom | 8 |
| Merced | 7 |
| Stockton-Lodi | 4 |
| Fresno | 3 |
| Santa Rosa-Petaluma | 3 |
| Anaheim-Santa Ana-Irvine | 1 |
| Chico | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300KZC4KKV3F7W494 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 280688 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 512067 | 1990–2017 |
Established 1 January 1957. Reported under HMDA 1990-2025.
Mergers, name changes, data editions and corrections: Bay Federal Credit Union's data.
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