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Preferred Credit Union

Grand Rapids, MI

Preferred Credit Union processed 206 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 116 loans with a 21.8% denial rate. Home Improvement was the primary loan purpose. Based in Grand Rapids, MI. The approval rate of 56.3% 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. Preferred Credit Union processed 206 HMDA-reported mortgage applications in 2024, originating 116 loans and denying 45 for a denial rate of 21.8% (applicants themselves withdrew 37 files before a decision). The average loan amount was $91,990 at a 7.423% average note rate, and applicants self-reported an average income of $31,000. The lender reports under LEI 254900DOBILWQF3MQ479 from Grand Rapids, 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several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. Preferred Credit Union's 56.3% 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 Debt-to-income ratio, Credit history, Other, which together explain the majority of rejections. Most activity concentrated in Conventional loans (197 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.

206
Applications
116
Originated
21.8%
Denial Rate
$91,990
Avg Loan Amount
Avg Interest Rate: 7.423% Avg Applicant Income: $31,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 197 115 39 $89,975
USDA 9 1 6 $136,111

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for Preferred Credit Union (LEI: 254900DOBILWQF3MQ479) · 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

Debt-to-income ratio
27
Credit history
24
Other
4
Employment history
2
Insufficient cash
1
Collateral
1

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Improvement 64 38 $53,750
Other 59 44 $59,576
Home Purchase 41 15 $179,146
Cash-out Refinancing 32 13 $108,125
Refinancing 10 6 $119,000

Geographic Coverage — Lending by Race

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

Race Applications Approval Rate Denial Rate
White 182 60.4% 18.1%
Black or African American 5 0.0% 80.0%
Joint 5 40.0% 20.0%
American Indian or Alaska Native 1 100.0% 0.0%
Asian 1 0.0% 100.0%

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 187 58.8% 19.3%
Hispanic or Latino 2 0.0% 100.0%
Joint 2 50.0% 50.0%

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 Preferred 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 Preferred Credit Union process?
Preferred Credit Union processed 206 mortgage applications in the 2023 HMDA reporting year. Of these, 116 were originated (approved and funded), 37 were withdrawn by the applicant, and 45 were denied.
What is Preferred Credit Union's mortgage approval rate?
Preferred Credit Union has an approval (origination) rate of 56.3%, meaning 56.3% of all applications resulted in a funded mortgage. The denial rate is 21.8%.
What is the average loan amount at Preferred Credit Union?
The average mortgage loan amount at Preferred Credit Union is $91,990. The average interest rate is 7.423%. The average applicant income is $31,000.
What are the most common reasons for mortgage denial at Preferred Credit Union?
The most common reasons for mortgage denial at Preferred Credit Union are: Debt-to-income ratio, Credit history, Other. In total, 45 applications were denied out of 206 total applications.
What types of mortgage loans does Preferred Credit Union offer?
Preferred Credit Union processes Conventional, USDA loans. The most common type is Conventional with 197 applications and an average loan amount of $89,975.
What loan purposes does Preferred Credit Union serve?
Preferred Credit Union serves the following loan purposes: Home Improvement (64 applications), Other (59 applications), Home Purchase (41 applications), Cash-out Refinancing (32 applications), Refinancing (10 applications). Home Improvement is the most common purpose.
Where is Preferred Credit Union located?
Preferred Credit Union is headquartered in Grand Rapids, MI. The lender is identified by LEI 254900DOBILWQF3MQ479 in HMDA data.
How does Preferred Credit Union compare in lending across racial demographics?
Preferred Credit Union reports demographic lending data under HMDA requirements. White applicants have an approval rate of 60.4% and denial rate of 18.1%; Black or African American applicants have an approval rate of 0.0% and denial rate of 80.0%; Joint applicants have an approval rate of 40.0% and denial rate of 20.0%. 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.