Applications / Mortgage Analytics / Lenders / Washington / Salal Credit Union
Seattle, WA · Credit union · NCUA · $1.2 billion assets · 40 loans in 2025
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40
loans originated, 2025
91
applications, 2025
4
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Salal Credit Union, a Seattle credit union, made 40 home loans in 2025, down from 729 in 2022, and the few it still makes are far larger than at similar lenders.
Its loans fell 70% in 2025, from 132, a steeper drop than at almost every similar lender (credit unions making between half and twice as many loans). They have fallen each year since 2022. Why a lender with $1.2 billion in assets makes so few home loans is an open question.
Its typical loan was $450,000, against $90,000 at its peers and $105,000 a year earlier. Its total lending fell far less than its loan count, from $24.6 million to $21.3 million. Smaller loans may have fallen away while larger ones remained, though with 40 loans a handful can move the figures.
Low- and moderate-income (LMI) borrowers took 10.0% of its loans, among the lowest twentieth of similar lenders and down from 28.8% a year before. Its larger loans may point to better-off borrowers. Its share in majority-minority neighborhoods, 20.0%, is higher than its peers' 9.1%.
Its typical rate was 5.94%, lower than at about nine in ten similar lenders, and none of its loans was higher-priced (a rate well above the average for similar loans). Refinances make up 57.5% of its loans and purchases 35.0%.
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Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Salal Credit Union took 91 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Refinance 57.5% · Purchase 35.0% · Other 5.0% · Home improvement 2.5%
Conventional 100.0% · of 40 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 |
|---|---|---|
| Washington | 29 | 72.5% |
| California | 4 | 10.0% |
| Oregon | 4 | 10.0% |
| Colorado | 3 | 7.5% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Seattle-Bellevue-Kent | 15 |
| Everett | 5 |
| Portland-Vancouver-Hillsboro | 3 |
| Tacoma-Lakewood | 2 |
| Bellingham | 1 |
| Bend | 1 |
| Sacramento-Roseville-Folsom | 1 |
| Salinas | 1 |
| San Diego-Chula Vista-Carlsbad | 1 |
| San Luis Obispo-Paso Robles | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 5493000BAKE4VAHVCU55 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 706290 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 566349 | 1991–2017 |
Established 1 January 1948. Reported under HMDA 1991-2025.
Mergers, name changes, data editions and corrections: Salal Credit Union's data.
Salal Credit Union's data
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Salal 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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