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Michigan First Credit Union

Lathrup Village, MI

Michigan First Credit Union processed 2,596 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 1,364 loans with a 31.6% denial rate. Home Purchase was the primary loan purpose. Based in Lathrup Village, MI. The approval rate of 52.5% 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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Michigan First Credit Union's 52.5% origination rate tells you how often an application turned into funded money; the 31.6% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (2,384 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.

2,596
Applications
1,364
Originated
31.6%
Denial Rate
$134,153
Avg Loan Amount
Avg Interest Rate: 8.842% Avg Applicant Income: $37,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 2,384 1,241 766 $128,612
FHA 190 108 52 $181,474
VA 20 14 2 $338,000
USDA 2 1 1 $205,000

Top loan types - Michigan First Credit Union

Top loan types - Michigan First Credit Union Horizontal bar chart of the top 4 items by value (applications). Top loan types - Michigan First Credit Union Top 4 1. Conventional 2,384 2. FHA 190 3. VA 20 4. USDA 2 Top 5 loan types by application volume at Michigan First Credit Union (HMDA 2024). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2024 LAR, application-level mortgage data for Michigan First Credit Union (LEI: 549300C6TQAJABMFOR79) · 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

Debt-to-income ratio
299
Credit history
263
Collateral
236
Credit application incomplete
115
Insufficient cash
30
Employment history
17
Unverifiable information
17
Other
9

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 839 637 $247,408
Home Improvement 712 280 $53,624
Other 525 170 $50,505
Cash-out Refinancing 370 187 $130,865
Refinancing 148 89 $185,878

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
Black or African American 1,356 40.2% 43.7%
White 933 70.1% 16.7%
Asian * 26 61.5% 19.2%
Joint * 15 60.0% 20.0%
American Indian or Alaska Native * 6 50.0% 16.7%
Native Hawaiian or Other Pacific Islander * 3 33.3% 33.3%
2 or more minority races * 2 0.0% 50.0%

* 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 2,209 51.4% 33.5%
Hispanic or Latino 115 75.7% 14.8%
Joint * 23 52.2% 17.4%

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

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 Michigan First Credit Union vs Rocket Mortgage →

Mortgage Lending Guides

Frequently Asked Questions

How many mortgage applications did Michigan First Credit Union process?
Michigan First Credit Union processed 2,596 mortgage applications in the 2024 HMDA reporting year. Of these, 1,364 were originated (approved and funded), 329 were withdrawn by the applicant, and 821 were denied.
What is Michigan First Credit Union's mortgage approval rate?
Michigan First Credit Union has an approval (origination) rate of 52.5%, meaning 52.5% of all applications resulted in a funded mortgage. The denial rate is 31.6%.
What is the average loan amount at Michigan First Credit Union?
The average mortgage loan amount at Michigan First Credit Union is $134,153. The average interest rate is 8.842%. The average applicant income is $37,000.
What are the most common reasons for mortgage denial at Michigan First Credit Union?
The most common reasons for mortgage denial at Michigan First Credit Union are: Debt-to-income ratio, Credit history, Collateral. In total, 821 applications were denied out of 2,596 total applications.
What types of mortgage loans does Michigan First Credit Union offer?
Michigan First Credit Union processes Conventional, FHA, VA, USDA loans. The most common type is Conventional with 2,384 applications and an average loan amount of $128,612.
What loan purposes does Michigan First Credit Union serve?
Michigan First Credit Union serves the following loan purposes: Home Purchase (839 applications), Home Improvement (712 applications), Other (525 applications), Cash-out Refinancing (370 applications), Refinancing (148 applications). Home Purchase is the most common purpose.
Where is Michigan First Credit Union located?
Michigan First Credit Union is headquartered in Lathrup Village, MI. The lender is identified by LEI 549300C6TQAJABMFOR79 in HMDA data.
How does Michigan First Credit Union compare in lending across racial demographics?
Michigan First Credit Union reports demographic lending data under HMDA requirements. Black or African American applicants have an approval rate of 40.2% and denial rate of 43.7%; White applicants have an approval rate of 70.1% and denial rate of 16.7%; Asian applicants have an approval rate of 61.5% and denial rate of 19.2%. 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.