Compare Mortgage Lenders
Select two lenders to compare side by side using 2023 HMDA federal data: approval rates, denial rates, loan sizes, loan types, and geographic reach.
Key Metrics
| Metric | Gerber Federal Credit | Lake Michigan Credit |
|---|---|---|
| Total Applications | 225 | 16,222 ▲ |
| Loans Originated | 157 | 12,245 |
| Approval Rate (higher is better) | 69.8% | 75.5% ✓ |
| Denial Rate (lower is better) | 11.1% | 8.3% ✓ |
| Avg Loan Amount | $93,000 | $263,459 |
| Avg Interest Rate (lower is better) | N/A | 7.313% |
| Avg Applicant Income | $34,000 | $35,000 |
| Applications Denied | 25 | 1,342 |
| Applications Withdrawn | 42 | 1,803 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | Gerber Federal Credit | Lake Michigan Credit |
|---|---|---|
| Conventional | 225 (100.0%) | 15,669 (96.6%) |
| FHA | — | 417 (2.6%) |
| VA | — | 125 (0.8%) |
| USDA | — | 11 (0.1%) |
Loan Purpose Breakdown
| Purpose | Gerber Federal Credit | Lake Michigan Credit |
|---|---|---|
| Other | 74 | 1,796 |
| Home Improvement | 62 | 3,423 |
| Cash-out Refinancing | 47 | 436 |
| Home Purchase | 36 | 8,724 |
| Refinancing | 6 | 1,816 |
Top States by Loan Volume
No state data available.
| State | Originated | Rank |
|---|---|---|
| Michigan | 10,918 | #3 |
Summary
- 225 total applications · 157 originated
- Approval rate: 69.8%
- Denial rate: 11.1%
- Avg loan: $93,000
- HQ: Fremont, MI
- 16,222 total applications · 12,245 originated
- Approval rate: 75.5%
- Denial rate: 8.3%
- Avg loan: $263,459
- Avg rate: 7.313%
- HQ: Grand Rapids, MI
Methodology
Comparisons are drawn from the CFPB 2024 HMDA Snapshot National Loan-Level Dataset, published by the Consumer Financial Protection Bureau and distributed via the FFIEC. Every figure on this page comes from lenders' mandatory HMDA filings — not voluntary marketing claims.
Approval (origination) rate = originated ÷ total applications. Denial rate = denied ÷ total applications. Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes. Denial rates reflect a lender's applicant mix as much as its underwriting stance; compare alongside loan-type mix and geography before drawing conclusions.
Side-by-side comparisons are informational only and do not constitute financial, legal, or mortgage advice. Always obtain and compare written Loan Estimates before applying.