Applications / Mortgage Analytics / Lenders / New Mexico / State Employees Credit Union
Santa Fe, NM · Credit union · NCUA · $1.3 billion assets · 250 loans in 2025
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250
loans originated, 2025
423
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
State Employees Credit Union is a small New Mexico lender of refinances and home-improvement loans, and it lends far more in poorer and majority-minority neighborhoods than similar credit unions do.
Refinances made up 54.4% of its loans in 2025 and home improvement 28.4%; purchases were only 16.8%. That mix may keep loans small. Its typical loan was $85,000, against $105,000 at similar lenders, meaning credit unions making between half and twice as many loans. Manufactured homes took 4.4% of its lending, against 0.2% for peers.
Of its loans, 36.2% went to low- and moderate-income (LMI) neighborhoods, more than twice the 16.1% at similar lenders and higher than nearly all of them. In majority-minority neighborhoods the share was 76.4%, against 11.8%. Yet its share of loans to LMI borrowers, 27.6%, sits at the peer norm. All its lending is in New Mexico, where such neighborhoods may make up much of its market.
Santa Fe is its biggest market. There it ranked 20 of 239 lenders with 1.6% of lending, up slightly from 1.5%, and it has lent there since 1991. United Wholesale Mortgage and Waterstone Mortgage lead that market. In Albuquerque its share is 0.2%.
Its loans rose 2% to 250, while similar lenders grew 6% and the whole market 10%. It made 385 loans in 2021 and has made fewer each year since, bar a small uptick in 2025. Its typical rate rose from 3.88% in 2020 to 7.25%; with more than half its loans refinances, higher rates may have hurt it more than lenders that rely on purchases.
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
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. State Employees Credit Union took 423 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 54.4% · Home improvement 28.4% · Purchase 16.8% · Other 0.4%
Conventional 100.0% · of 250 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
| State | Loans | Share |
|---|---|---|
| New Mexico | 246 | 98.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Santa Fe | 116 |
| Albuquerque | 93 |
| Las Cruces | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300248R1MFWPWXA09 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 301293 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 565513 | 1991–2017 |
Established 1 January 1958. Reported under HMDA 1991-2025.
Mergers, name changes, data editions and corrections: State Employees Credit Union's data.
State Employees Credit Union's data
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State Employees Credit Union and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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