We analyzed every closed loan from Independent Bank — 1.4k loans across 2k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.
Ratings· each scored 1–5 against peer lenders
Pricing
Strong
4/5
vs. all lenders
Pull-through
Strong
4/5
closing strength
Product
Strong
4/5
FHA · Conventional · VA · Jumbo
Place
Strong
4/5
Multi-Region · 15 mkts
Awards
Conventional
Superstar
FHA
Superstar
Purchase
Superstar
Refinance
Superstar
Summary
What They Do Well
- Competitive pricing compared to the market
- Lower than average lender fees
- Strong pull through performance
- Particularly strong in Conventional and FHA and Jumbo loans
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Report Card
Independent Bank performance at a glance
Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Strong
+24.8 bps above market avg
Pull Through
Closing strength
Strong
Top 40% of lenders
By Loan Product· Specialization by type
Conventional
Strong
Top 40% of lenders
FHA
Strong
Top 40% of lenders
VA
Sound
Top 60% of lenders
Jumbo
Strong
Top 40% of lenders
By Loan Purpose· Transaction purpose mix
Purchase
Strong
Top 40% of lenders
Refinance
Strong
Top 40% of lenders
By Location· Geographic coverage
Geographic Reach
Multi-Regional · 16 markets
Strong
Top 40% of lenders
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 1,224 | 89.5% | +0.239%Above | $1,161Fees | ||||
FHA Loans | 67 | 4.9% | +0.395%Above | $823Fees | ||||
VA Loans | — | 18 | 1.3% | -0.360%Below | $846Fees | |||
Jumbo Loans | 56 | 4.1% | +0.771%Above | $1,140Fees |
Conventional
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume1,224
Mix89.5%
Spread
+0.239%Above
Fees
$1,161Fees
FHA Loans
OverallStrong
ProductStrong
PricingExceptional
Pull ThroughSound
Volume67
Mix4.9%
Spread
+0.395%Above
Fees
$823Fees
VA Loans
OverallStrong
ProductSound
Pricing—
Pull ThroughStrong
Volume18
Mix1.3%
Spread
-0.360%Below
Fees
$846Fees
Jumbo Loans
OverallSound
ProductStrong
PricingMediocre
Pull ThroughStrong
Volume56
Mix4.1%
Spread
+0.771%Above
Fees
$1,140Fees
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,202 | 87.9% | +0.239%Above | $1,146Fees | ||||
Refinance | 165 | 12.1% | +0.302%Above | $1,099Fees |
Purchase
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume1,202
Mix87.9%
Spread
+0.239%Above
Fees
$1,146Fees
Refinance
OverallStrong
ProductStrong
PricingStrong
Pull ThroughSound
Volume165
Mix12.1%
Spread
+0.302%Above
Fees
$1,099Fees
At a Glance
Lender Overview
Lending Activity
Loans Originated
1,367
Applications
1,784
Volume
$461 million
Pricing & Closing
Avg Rate Spread
+0.248%
vs. market APOR
Avg Net Fees
$1,140
Origination − Credits
Pullthrough Rate
76.6%
Applications → Closed
Typical Borrower
Avg Loan Amount
$337,919
Avg Borrower Income
$175,518
Avg Property Value
$445,775
Geographic Coverage
Geographic Performance
Metro Areas
15
markets with activity
States Served
7
of 50 states + DC
Avg Place Specialization
Strong
4/5
States with Loan Originations
7Midwest5
ILINMIMNOH
South2
FLNC
Top Metro Areas by Place Specialization Score
Volume 85Mix 6.22% of portfolio
85/100
Exceptional
Volume 316Mix 23.12% of portfolio
79/100
Strong
Volume 166Mix 12.14% of portfolio
76/100
Strong
Volume 228Mix 16.68% of portfolio
75/100
Strong
Volume 61Mix 4.46% of portfolio
75/100
Strong
Volume 41Mix 3.00% of portfolio
72/100
Strong
Volume 32Mix 2.34% of portfolio
63/100
Strong
Volume 44Mix 3.22% of portfolio
61/100
Strong
Volume 26Mix 1.90% of portfolio
58/100
Sound
Volume 23Mix 1.68% of portfolio
55/100
SoundShowing 10 of 15 metro areas
Top States by Place Specialization Score
1
MichiganState
Volume 1,300Mix 95.10% of portfolio
89/100
Exceptional2
OhioState
Volume 37Mix 2.71% of portfolio
49/100
Sound3
FloridaState
Volume 18Mix 1.32% of portfolio
38/100
AcceptableHow We Rank Lenders
Our rankings use an equal-weight average of scores across our core categories (Pricing, Product, Pull-Through, Place), with lender promptness blended in when a lender has responded to real shopper quote requests.
Our Point System (Max 30 Points)
10/ 30 pts
Pricing
Rate and fee competitiveness (33%)
10/ 30 pts
Pull Through
Reliability in closing loans (33%)
10/ 30 pts
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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The 5 PsRankings are calculated from observed lender differences on closed loans across Pricing, Pull-through, Product, and Place, plus Promptness when a lender has answered real shopper quote requests.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.