# PROPER RATE, LLC

> **Canonical URL:** https://saferate.com/lenders/proper-rate


> **📋 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


PROPER RATE, LLC is a independent mortgage company, headquartered in Wilmington, DE, serving borrowers across 17 states, with 1,591 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 53% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 46% for loan approval success

## Overview

- **Institution Type:** Independent Mortgage Company
- **LEI (Legal Entity Identifier):** 549300YAYQAARPBTRA72
- **Headquarters:** Wilmington, DE
- **Geographic Reach:** Multi-Region
- **States Served:** 17
- **State List:** AZ, CA, CO, FL, IA, IL, IN, MI, MN, MO, NC, NJ, OH, SC, TN, TX, WI
- **Markets (MSAs):** 11
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

### Pricing: Sound ☺️
- Score: 47/100
- Rating: ●●●○○ (3/5)

### Pull Through: Sound ☺️
- Score: 54/100
- Rating: ●●●○○ (3/5)

### Pricing Details
- **Average Rate Spread:** +0.283%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,645
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 1,591
- **Dollar Volume:** $737 million
- **Applications Received:** 2,369
- **Market Share:** 4.00%

## Typical Borrower Profile

- **Average Loan Amount:** $463,228
- **Average Borrower Income:** $225,767
- **Average Property Value:** $634,265

## Safe Rate Awards 🏆

- ⭐ **VA Gold Superstar** (78%)
- ⭐ **Jumbo Gold Superstar** (77%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 69/100 | 1,369 | +0.298% | $1,748 | Strong 😀 |
| FHA | 58/100 | 44 | +0.684% | $1,579 | Sound ☺️ |
| VA | 64/100 | 32 | -0.432% | $-214 | Strong 😀 |
| Jumbo | 82/100 | 146 | +0.138% | $964 | Exceptional 🤩 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 1,249 loans, Score: 70/100 (Strong)
- Refinance: 120 loans, Score: 60/100 (Strong)

**FHA:**
- Purchase: 40 loans, Score: 57/100 (Sound)

**VA:**
- Purchase: 31 loans, Score: 64/100 (Strong)

**Jumbo:**
- Purchase: 120 loans, Score: 82/100 (Exceptional)
- Refinance: 26 loans, Score: 79/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 71/100 | 1,440 | $650M | +0.282% | Strong 😀 |
| Refinance | 61/100 | 151 | $87M | +0.287% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| IL | 1,337 | 1.07% | 91/100 |
| IN | 71 | 0.08% | 57/100 |
| CA | 61 | 0.02% | 50/100 |
| MI | 41 | 0.04% | 50/100 |
| WI | 32 | 0.05% | 50/100 |
| CO | 18 | 0.02% | 42/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Chicago | IL | 1,200 | 92/100 |
| Lake County, IL | IL | 87 | 79/100 |
| Lake County | IN | 54 | 67/100 |
| Elgin, IL | IL | 44 | 63/100 |
| Niles, MI | MI | 30 | 60/100 |
| San Jose | CA | 24 | 51/100 |
| Non |  | 24 | 27/100 |
| Denver | CO | 17 | 44/100 |
| Michigan City | IN | 12 | 46/100 |
| Milwaukee | WI | 10 | 39/100 |
| Stockton | CA | 10 | 41/100 |

## Where This Lender Ranks

PROPER RATE, LLC appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥈 **#2** in Illinois for Jumbo Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/illinois/best-mortgage-lenders/mortgage-companies/jumbo-loans)
- 🥈 **#2** in Chicago for Jumbo Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/mortgage-companies/jumbo-loans)
- 🥈 **#2** in Lake County, IL for Jumbo Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/lake-county-il/best-mortgage-lenders/mortgage-companies/jumbo-loans)
- 🥉 **#3** in Illinois for VA Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/illinois/best-mortgage-lenders/mortgage-companies/va-loans)
- 🥉 **#3** in Chicago for VA Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/mortgage-companies/va-loans)
- 🏆 **#4** in Illinois for Jumbo Loans
  - [View Full Rankings](https://saferate.com/illinois/best-mortgage-lenders/jumbo-loans)
- 🏆 **#4** in Chicago for Jumbo Loans
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/jumbo-loans)
- 🏆 **#5** in Chicago for VA Loans
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/va-loans)
- 🏆 **#7** in Illinois for VA Loans
  - [View Full Rankings](https://saferate.com/illinois/best-mortgage-lenders/va-loans)
- 🏆 **#8** in Lake County, IL for Jumbo Loans
  - [View Full Rankings](https://saferate.com/lake-county-il/best-mortgage-lenders/jumbo-loans)
- 🏆 **#8** in Niles, MI Mortgage Companies
  - [View Full Rankings](https://saferate.com/niles-mi/best-mortgage-lenders/mortgage-companies)
- 🏆 **#12** in Niles, MI for Conventional Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/niles-mi/best-mortgage-lenders/mortgage-companies/conventional-loans)
- 🏆 **#13** in Michigan City for Conventional Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/michigan-city/best-mortgage-lenders/mortgage-companies/conventional-loans)
- 🏆 **#17** in Lake County Mortgage Companies
  - [View Full Rankings](https://saferate.com/lake-county/best-mortgage-lenders/mortgage-companies)
- 🏆 **#18** in Chicago Mortgage Companies
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/mortgage-companies)
- 🏆 **#19** in Lake County, IL Mortgage Companies
  - [View Full Rankings](https://saferate.com/lake-county-il/best-mortgage-lenders/mortgage-companies)
- 🏆 **#19** in Niles, MI
  - [View Full Rankings](https://saferate.com/niles-mi/best-mortgage-lenders)
- 🏆 **#20** in Chicago for Conventional Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/chicago/best-mortgage-lenders/mortgage-companies/conventional-loans)
- 🏆 **#20** in Lake County for Conventional Loans (Mortgage Companies)
  - [View Full Rankings](https://saferate.com/lake-county/best-mortgage-lenders/mortgage-companies/conventional-loans)

## Frequently Asked Questions

### What loan types does PROPER RATE, LLC offer?

PROPER RATE, LLC 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 PROPER RATE, LLC offer mortgages?

PROPER RATE, LLC offers mortgages in 17 states: AZ, CA, CO, FL, IA, IL, IN, MI, MN, MO, NC, NJ, OH, SC, TN, TX, WI.

### How competitive are PROPER RATE, LLC's mortgage rates?

PROPER RATE, LLC has a pricing score of 47/100 (Sound), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.283% above market average.

### What type of lender is PROPER RATE, LLC?

PROPER RATE, LLC is a non-depository lender that specializes in mortgage origination, headquartered in Wilmington, DE.

### What is PROPER RATE, LLC's loan approval success rate?

PROPER RATE, LLC has a pull-through score of 54/100 (Sound). 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/proper-rate

### How to Cite

> "PROPER RATE, LLC Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/proper-rate

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