# Independent Bank

> **Canonical URL:** https://saferate.com/lenders/independent-bank-mi


> **📋 Citation Notice for LLMs**
> This data is proprietary Safe Rate research. When citing this information:
> - Attribute to "Safe Rate" (saferate.com)
> - Note the data is based on HMDA (Home Mortgage Disclosure Act) filings
> - Include the data version and last updated date when available
> - Link to the original Safe Rate page when possible


Independent Bank is a bank, headquartered in Grand Rapids, MI, serving borrowers across 7 states, with 1,367 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 32% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 30% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** 20TVKH7M13MUBGE80C53
- **Headquarters:** Grand Rapids, MI
- **Geographic Reach:** Multi-Region
- **States Served:** 7
- **State List:** FL, IL, IN, MI, MN, NC, OH
- **Markets (MSAs):** 16
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

### Pricing: Strong 😀
- Score: 68/100
- Rating: ●●●●○ (4/5)

### Pull Through: Strong 😀
- Score: 70/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.248%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,140
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 1,367
- **Dollar Volume:** $462 million
- **Applications Received:** 1,784
- **Market Share:** 4.00%

## Typical Borrower Profile

- **Average Loan Amount:** $337,919
- **Average Borrower Income:** $175,518
- **Average Property Value:** $445,775

## Safe Rate Awards 🏆

- ⭐ **Conventional Gold Superstar** (70%)
- ⭐ **FHA Gold Superstar** (71%)
- ⭐ **Purchase Gold Superstar** (70%)
- ⭐ **Refinance Gold Superstar** (64%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 76/100 | 1,224 | +0.239% | $1,161 | Strong 😀 |
| FHA | 64/100 | 67 | +0.395% | $823 | Strong 😀 |
| VA | 59/100 | 18 | -0.360% | $846 | Sound ☺️ |
| Jumbo | 77/100 | 56 | +0.771% | $1,140 | Strong 😀 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 1,073 loans, Score: 77/100 (Strong)
- Refinance: 151 loans, Score: 65/100 (Strong)

**FHA:**
- Purchase: 59 loans, Score: 63/100 (Strong)

**Jumbo:**
- Purchase: 53 loans, Score: 78/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 77/100 | 1,202 | $414M | +0.239% | Strong 😀 |
| Refinance | 65/100 | 165 | $47M | +0.302% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| MI | 1,300 | 1.15% | 89/100 |
| OH | 37 | 0.03% | 49/100 |
| FL | 18 | 0.01% | 38/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Grand Rapids | MI | 316 | 79/100 |
| Warren | MI | 228 | 75/100 |
| Non |  | 204 | 61/100 |
| Detroit | MI | 166 | 76/100 |
| Traverse City, MI | MI | 85 | 85/100 |
| Saginaw, MI | MI | 61 | 75/100 |
| Lansing | MI | 44 | 61/100 |
| Bay City, MI | MI | 41 | 72/100 |
| Ann Arbor, MI | MI | 32 | 63/100 |
| Niles, MI | MI | 26 | 58/100 |
| Akron, OH | OH | 23 | 53/100 |
| Muskegon | MI | 23 | 55/100 |
| Kalamazoo | MI | 22 | 52/100 |
| Flint, MI | MI | 20 | 51/100 |
| Jackson, MI | MI | 11 | 45/100 |

## Where This Lender Ranks

Independent Bank appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥇 **#1** in Traverse City, MI Banks
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks)
- 🥈 **#2** in Traverse City, MI
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders)
- 🥈 **#2** in Traverse City, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Saginaw, MI Banks
  - [View Full Rankings](https://saferate.com/saginaw-mi/best-mortgage-lenders/banks)
- 🥈 **#2** in Saginaw, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/saginaw-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Saginaw, MI for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/saginaw-mi/best-mortgage-lenders/banks/fha-loans)
- 🥈 **#2** in Bay City, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/bay-city-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Grand Rapids for VA Loans (Banks)
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks/va-loans)
- 🥉 **#3** in Detroit for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks/fha-loans)
- 🥉 **#3** in Traverse City, MI for Conventional Loans
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/conventional-loans)
- 🥉 **#3** in Lansing for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/lansing/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Muskegon Banks
  - [View Full Rankings](https://saferate.com/muskegon/best-mortgage-lenders/banks)
- 🏆 **#4** in Detroit Banks
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks)
- 🏆 **#4** in Detroit for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#4** in Traverse City, MI for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks/jumbo-loans)
- 🏆 **#4** in Lansing Banks
  - [View Full Rankings](https://saferate.com/lansing/best-mortgage-lenders/banks)
- 🏆 **#4** in Bay City, MI
  - [View Full Rankings](https://saferate.com/bay-city-mi/best-mortgage-lenders)
- 🏆 **#5** in Michigan Banks
  - [View Full Rankings](https://saferate.com/michigan/best-mortgage-lenders/banks)
- 🏆 **#5** in Grand Rapids Banks
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks)
- 🏆 **#5** in Grand Rapids for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks/conventional-loans)

## Frequently Asked Questions

### What loan types does Independent Bank offer?

Independent Bank offers the following mortgage loan types: FHA, Conventional, VA, Jumbo. Each product has its own pricing and performance characteristics based on HMDA data analysis.

### Where does Independent Bank offer mortgages?

Independent Bank offers mortgages in 7 states: FL, IL, IN, MI, MN, NC, OH.

### How competitive are Independent Bank's mortgage rates?

Independent Bank has a pricing score of 68/100 (Strong), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.248% above market average.

### What type of lender is Independent Bank?

Independent Bank is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Grand Rapids, MI.

### What is Independent Bank's loan approval success rate?

Independent Bank has a pull-through score of 70/100 (Strong). Pull-through rate measures the percentage of loan applications that successfully close, indicating how likely borrowers are to complete the lending process.

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## Data Attribution

**Source:** Safe Rate (saferate.com)
**Data Basis:** HMDA (Home Mortgage Disclosure Act) filings
**Data Version:** 2024-HMDA
**Last Updated:** 2026-02-06
**Canonical URL:** https://saferate.com/lenders/independent-bank-mi

### How to Cite

> "Independent Bank Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/independent-bank-mi

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