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ELGA Credit Union

Grand Blanc, MI

ELGA Credit Union processed 981 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 665 loans with a 21.8% denial rate. Other was the primary loan purpose. Based in Grand Blanc, MI. The approval rate of 67.8% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. ELGA Credit Union processed 981 HMDA-reported mortgage applications in 2024, originating 665 loans and denying 214 for a denial rate of 21.8% (applicants themselves withdrew 76 files before a decision). The average loan amount was $89,465 at a 8.412% average note rate, and applicants self-reported an average income of $34,000. The lender reports under LEI 549300ORTZ3CWXPNL693 from Grand Blanc, MI.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. ELGA Credit Union's 67.8% origination rate tells you how often an application turned into funded money; the 21.8% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Credit history, Debt-to-income ratio, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (976 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

981
Applications
665
Originated
21.8%
Denial Rate
$89,465
Avg Loan Amount
Avg Interest Rate: 8.412% Avg Applicant Income: $34,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 976 663 214 $89,047
USDA 3 1 0 $135,000
VA 2 1 0 $225,000

Top loan types — ELGA Credit Union

Top loan types — ELGA Credit Union Horizontal bar chart of the top 3 items by value (applications). Top loan types — ELGA Credit Union Top 3 1. Conventional 976 2. USDA 3 3. VA 2 Top 5 loan types by application volume at ELGA Credit Union (HMDA 2023). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for ELGA Credit Union (LEI: 549300ORTZ3CWXPNL693) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Credit history
105
Debt-to-income ratio
102
Collateral
19
Other
5
Employment history
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Other 599 404 $51,411
Cash-out Refinancing 143 98 $147,587
Home Purchase 122 98 $184,836
Refinancing 90 65 $126,000
Home Improvement 17 0 $87,941

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 847 70.3% 19.7%
Black or African American 101 46.5% 41.6%
Asian 4 50.0% 25.0%
Joint 4 75.0% 25.0%
American Indian or Alaska Native 1 100.0% 0.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 934 67.9% 21.7%
Joint 16 75.0% 18.8%
Hispanic or Latino 11 45.5% 45.5%

Nearby Lenders in MI

Other HMDA-reporting lenders in MI with similar activity. Compare any two side-by-side.

ROCKET MORTGAGE

DETROIT, MI

553,854 apps 361,071 originated 14.9% denied

United Wholesale Mortgage

Pontiac, MI

493,978 apps 366,078 originated 11.7% denied

Flagstar Bank NA

Troy, MI

67,778 apps 29,443 originated 18.5% denied

Lake Michigan Credit Union

Grand Rapids, MI

16,222 apps 12,245 originated 8.3% denied

Northpointe Bank

Grand Rapids, MI

9,882 apps 5,580 originated 5.5% denied
Compare ELGA Credit Union vs ROCKET MORTGAGE →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did ELGA Credit Union process?
ELGA Credit Union processed 981 mortgage applications in the 2023 HMDA reporting year. Of these, 665 were originated (approved and funded), 76 were withdrawn by the applicant, and 214 were denied.
What is ELGA Credit Union's mortgage approval rate?
ELGA Credit Union has an approval (origination) rate of 67.8%, meaning 67.8% of all applications resulted in a funded mortgage. The denial rate is 21.8%.
What is the average loan amount at ELGA Credit Union?
The average mortgage loan amount at ELGA Credit Union is $89,465. The average interest rate is 8.412%. The average applicant income is $34,000.
What are the most common reasons for mortgage denial at ELGA Credit Union?
The most common reasons for mortgage denial at ELGA Credit Union are: Credit history, Debt-to-income ratio, Collateral. In total, 214 applications were denied out of 981 total applications.
What types of mortgage loans does ELGA Credit Union offer?
ELGA Credit Union processes Conventional, USDA, VA loans. The most common type is Conventional with 976 applications and an average loan amount of $89,047.
What loan purposes does ELGA Credit Union serve?
ELGA Credit Union serves the following loan purposes: Other (599 applications), Cash-out Refinancing (143 applications), Home Purchase (122 applications), Refinancing (90 applications), Home Improvement (17 applications). Other is the most common purpose.
Where is ELGA Credit Union located?
ELGA Credit Union is headquartered in Grand Blanc, MI. The lender is identified by LEI 549300ORTZ3CWXPNL693 in HMDA data.
How does ELGA Credit Union compare in lending across racial demographics?
ELGA Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 70.3% and denial rate of 19.7%; Black or African American applicants have an approval rate of 46.5% and denial rate of 41.6%; Asian applicants have an approval rate of 50.0% and denial rate of 25.0%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.