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 | Lake Michigan Credit | Independent Bank |
|---|---|---|
| Total Applications | 16,222 ▲ | 3,544 |
| Loans Originated | 12,245 | 2,360 |
| Approval Rate (higher is better) | 75.5% ✓ | 66.6% |
| Denial Rate (lower is better) | 8.3% ✓ | 16.4% |
| Avg Loan Amount | $263,459 | $246,405 |
| Avg Interest Rate (lower is better) | 7.313% | 7.298% ✓ |
| Avg Applicant Income | $35,000 | $34,000 |
| Applications Denied | 1,342 | 580 |
| Applications Withdrawn | 1,803 | 448 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | Lake Michigan Credit | Independent Bank |
|---|---|---|
| Conventional | 15,669 (96.6%) | 3,384 (95.5%) |
| FHA | 417 (2.6%) | 128 (3.6%) |
| VA | 125 (0.8%) | 25 (0.7%) |
| USDA | 11 (0.1%) | 7 (0.2%) |
Loan Purpose Breakdown
| Purpose | Lake Michigan Credit | Independent Bank |
|---|---|---|
| Home Purchase | 8,724 | 1,858 |
| Home Improvement | 3,423 | 684 |
| Refinancing | 1,816 | 287 |
| Other | 1,796 | 510 |
| Cash-out Refinancing | 436 | 204 |
Top States by Loan Volume
Summary
- 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
- 3,544 total applications · 2,360 originated
- Approval rate: 66.6%
- Denial rate: 16.4%
- Avg loan: $246,405
- Avg rate: 7.298%
- 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 Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes.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.