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First Northern Credit Union

Chicago, IL

First Northern Credit Union processed 535 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 324 loans with a 14.8% denial rate. Home Purchase was the primary loan purpose. Based in Chicago, IL. The approval rate of 60.6% reflects originated loans as a share of all applications.

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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. First Northern Credit Union's 60.6% origination rate tells you how often an application turned into funded money; the 14.8% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Other, Debt-to-income ratio, Credit history, which together explain the majority of rejections. Most activity concentrated in Conventional loans (535 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.

535
Applications
324
Originated
14.8%
Denial Rate
$132,290
Avg Loan Amount
Avg Interest Rate: 7.290% Avg Applicant Income: $31,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 535 324 79 $132,290

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for First Northern Credit Union (LEI: 549300LI5KT42YX5L588) · 2024 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Other
42
Debt-to-income ratio
35
Credit history
20
Collateral
16
Employment history
3
Unverifiable information
1
Insufficient cash
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 243 138 $209,938
Other 132 83 $48,030
Home Improvement 101 64 $60,941
Cash-out Refinancing 49 32 $117,857
Refinancing 10 7 $149,000

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 358 61.5% 14.5%
Black or African American 72 62.5% 23.6%
Asian * 23 65.2% 8.7%
Joint * 9 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

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 434 63.1% 15.4%
Hispanic or Latino * 40 47.5% 12.5%
Joint * 3 100.0% 0.0%

* Fewer than 50 applications -- percentages for this group have wide statistical uncertainty and should not be read as precise.

Nearby Lenders in IL

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

Guaranteed Rate, INC.

CHICAGO, IL

124,492 apps 62,820 originated 5.1% denied

BMO Harris Bank NA

Chicago, IL

42,165 apps 18,166 originated 29.4% denied

Mutual of Omaha Mortgage

Lombard, IL

34,393 apps 19,951 originated 20.2% denied

Guaranteed Rate Affinity, LLC

CHICAGO, IL

21,826 apps 14,587 originated 6.0% denied

The Federal Savings Bank

CHICAGO, IL

20,656 apps 8,146 originated 9.3% denied
Compare First Northern Credit Union vs Guaranteed Rate, INC. →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did First Northern Credit Union process?
First Northern Credit Union processed 535 mortgage applications in the 2024 HMDA reporting year. Of these, 324 were originated (approved and funded), 60 were withdrawn by the applicant, and 79 were denied.
What is First Northern Credit Union's mortgage approval rate?
First Northern Credit Union has an approval (origination) rate of 60.6%, meaning 60.6% of all applications resulted in a funded mortgage. The denial rate is 14.8%.
What is the average loan amount at First Northern Credit Union?
The average mortgage loan amount at First Northern Credit Union is $132,290. The average interest rate is 7.290%. The average applicant income is $31,000.
What are the most common reasons for mortgage denial at First Northern Credit Union?
The most common reasons for mortgage denial at First Northern Credit Union are: Other, Debt-to-income ratio, Credit history. In total, 79 applications were denied out of 535 total applications.
What types of mortgage loans does First Northern Credit Union offer?
First Northern Credit Union processes Conventional loans. The most common type is Conventional with 535 applications and an average loan amount of $132,290.
What loan purposes does First Northern Credit Union serve?
First Northern Credit Union serves the following loan purposes: Home Purchase (243 applications), Other (132 applications), Home Improvement (101 applications), Cash-out Refinancing (49 applications), Refinancing (10 applications). Home Purchase is the most common purpose.
Where is First Northern Credit Union located?
First Northern Credit Union is headquartered in Chicago, IL. The lender is identified by LEI 549300LI5KT42YX5L588 in HMDA data.
How does First Northern Credit Union compare in lending across racial demographics?
First Northern Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 61.5% and denial rate of 14.5%; Black or African American applicants have an approval rate of 62.5% and denial rate of 23.6%; Asian applicants have an approval rate of 65.2% and denial rate of 8.7%. 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.

Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error.