Lenders › Bay Federal Credit Union
Bay Federal Credit Union
HMDA reporter, headquartered in Capitola, California. Record for calendar year 2024.
HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Figures are from the 2024 public HMDA loan/application register; cells under 25 applications are withheld.
In 2024, Bay Federal Credit Union filed HMDA records for 784 applications and 495 originations in California, worth $136m.
Its denial rate, the share of decided applications the lender denied, was 20.6%, below the national rate of 24.3% and below the California rate of 24.8%. 105 applications were withdrawn by the applicant and 27 files were closed for incompleteness; those are not counted in the denial rate.
The median rate spread on its originated loans, the difference between the loan's APR and the average prime offer rate, was 0.8 percentage points (national median 0.3); 10.9% of its originations had a spread of 1.5 points or more.
By loan purpose the originations were mostly cash-out refinancing (61%) and home purchase (29%); by loan type, conventional (100%).
The largest volumes were in California (495 originations).
Applications were up 5% on 2023.
Compared with California and the nation
| Measure | This lender | California, all lenders | United States |
|---|---|---|---|
| Denial rate (denied ÷ decided applications) | 20.6% | 24.8% | 24.3% |
| Median rate spread, percentage points | 0.8 | 0.4 | 0.3 |
| Originations with spread of 1.5 pp or more | 10.9% | 19.9% | 15.6% |
| Average originated loan | $275k | $566k | $329k |
| Home purchase share of originations | 28.7% | 51.2% | 57.0% |
| FHA-insured share of originations | 0.0% | 11.4% | 13.4% |
| VA-guaranteed share of originations | 0.0% | 4.8% | 7.9% |
| Applications withdrawn by applicant | 13.4% | 15.4% | 14.3% |
California is the lender's largest state by applications. State and national columns cover every HMDA reporter. Rate spread is reported on originated loans only.
Trend by year
ApplicationsOriginations
This lenderCaliforniaUnited States
| Year | Applications | Originations | Amount | Denial rate | Median spread | LAR records |
|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | 836 |
| 2019 | — | — | — | — | — | 1,050 |
| 2020 | — | — | — | — | — | 1,502 |
| 2021 | — | — | — | — | — | 1,310 |
| 2022 | 1,227 | 620 | $161m | 36.4% | -0.5 | 1,228 |
| 2023 | 750 | 453 | $121m | 26.1% | 0.8 | 750 |
| 2024 | 784 | 495 | $136m | 20.6% | 0.8 | 785 |
Applications, originations and rates are computed from the public LAR for 2022, 2023, 2024; LAR record counts come from each year's transmittal sheet.
Loan purpose and loan type
By purpose
Home purchase 29% (142)Home improvement 0% (1)Refinancing 10% (48)Cash-out refinancing 61% (304)
By type
Conventional 100% (495)
| Loan type | Applications | Originations | Denied | Denial rate (of applications) |
|---|---|---|---|---|
| Conventional | 784 | 495 | 134 | 17.1% |
| FHA-insured | 0 | 0 | 0 | — |
| VA-guaranteed | 0 | 0 | 0 | — |
| USDA Rural Housing Service or Farm Service Agency guaranteed | 0 | 0 | 0 | — |
Shares are of originated loans. The per-type denial rate here divides denials by all applications of that type, because decided counts are not kept per type.
Action taken
| HMDA action taken | Records | Share |
|---|---|---|
| 1 Loan originated | 495 | 63.1% |
| 2 Application approved but not accepted | 23 | 2.9% |
| 3 Application denied | 134 | 17.1% |
| 4 Application withdrawn by applicant | 105 | 13.4% |
| 5 File closed for incompleteness | 27 | 3.4% |
| 6 Purchased loan | 0 | 0.0% |
| 7 Preapproval request denied | 0 | 0.0% |
| 8 Preapproval request approved but not accepted | 1 | 0.1% |
Codes and labels are the HMDA action-taken codes. Applications are codes 1–5; the denial rate divides code 3 by codes 1–3.
Denial reasons as coded
Share of the lender's 134 denials by the first denial reason it coded (outlined bar: all lenders nationally). Lenders may record up to four reasons; only the first is counted here.
States
| State | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|
| California | 784 | 495 | $136m | 20.6% | 0.8 |
States with at least 25 applications. States with 100 or more link to the lender's page for that state.
Counties
| County | State | Applications | Originations | Amount | Denial rate |
|---|---|---|---|---|---|
| Santa Cruz County | CA | 545 | 370 | $103m | 16.1% |
| Monterey County | CA | 157 | 76 | $16m | 34.4% |
Up to 30 counties with at least 50 applications, by originations.
Questions and answers
How many mortgages did Bay Federal Credit Union originate in 2024?
495 loans totalling $136m, from 784 applications reported under HMDA. It also purchased 0 loans from other institutions, which are counted separately.
What is Bay Federal Credit Union's denial rate and how does it compare?
20.6% of decided applications were denied in 2024, against 24.3% nationally and 24.8% in California. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws; the data do not include some legitimate credit risk considerations.
Which counties does Bay Federal Credit Union lend in most?
By originations: Santa Cruz County, CA (370) and Monterey County, CA (76).
What loan types does Bay Federal Credit Union make?
Conventional 495, FHA 0, VA 0 and USDA 0 originations in 2024; by purpose, home purchase 142, home improvement 1, refinancing 48, cash-out refinancing 304 and other purpose 0.
What reasons did Bay Federal Credit Union report for denials?
The first denial reason recorded most often was debt-to-income ratio (72), other (43) and collateral (10), as coded by the lender in its HMDA filing.
Where does this data come from?
From the 2024 public HMDA loan/application register published by the FFIEC and CFPB, with the lender's name from its HMDA transmittal sheet. Cells under 25 applications are withheld.
Provenance
Source: Home Mortgage Disclosure Act public loan/application register for 2024 (trend years 2022, 2023, 2024) and transmittal sheets 2018–2024, published by the FFIEC and CFPB at ffiec.cfpb.gov, public domain. Lender identity is the LEI and name on its transmittal sheet. This site was built 30 Sep 2026. Errors in processing are corrected at the next build; see corrections. Data through 1 Aug 2026.