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Independent Bank
Bank|Grand Rapids, MI|Multi-Region
Loans Originated
1,367
Applications
1,784
Volume
$461 million
Offers loans directly to consumers
Overall Pricing
Strong
Overall Pull Through
Strong
Safe Rate Awards⭐Conventional Superstar⭐FHA Superstar⭐Purchase Superstar⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.248%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,140
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
76.6%
Percentage of applications that result in closed loans
Safe Rate's 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
Report Card
Independent Bank performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Strong | Highly Competitive | |
Pull Through Closing Strength | Strong | Highly Competitive | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Strong | Highly Competitive | |
FHA | Strong | Highly Competitive | |
VA | Sound | Industry Standard | |
Jumbo | Strong | Highly Competitive | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Strong | Multi-Regional · 16 metro areas · 7 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$337,919
Average Borrower Income
$175,518
Average Property Value
$445,775
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Strong | Strong | Strong | Strong | 1,224 | 89.5% | +0.239% | $1,161 |
FHA Loans | Strong | Strong | Exceptional | Sound | 67 | 4.9% | +0.395% | $823 |
VA Loans | Sound | Sound | N/A | Strong | 18 | 1.3% | -0.360% | $846 |
Jumbo Loans | Sound | Strong | Mediocre | Strong | 56 | 4.1% | +0.771% | $1,140 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Strong | Strong | Strong | Strong | 1,202 | 87.9% | +0.239% | $1,146 |
Refinance | Strong | Strong | Strong | Sound | 165 | 12.1% | +0.302% | $1,099 |
Geographic Coverage
Metro Areas
15
States Served
7
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
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Top Metro Areas by Place Specialization Score
1
Traverse City, MI, MIMSA
Volume: 85Mix: 6.22%
Place Specialization
Exceptional
2
Grand Rapids, MIMSA
Volume: 316Mix: 23.12%
Place Specialization
Strong
3
Detroit, MIMSA
Volume: 166Mix: 12.14%
Place Specialization
Strong
4
Warren, MIMSA
Volume: 228Mix: 16.68%
Place Specialization
Strong
5
Saginaw, MI, MIMSA
Volume: 61Mix: 4.46%
Place Specialization
Strong
6
Bay City, MI, MIMSA
Volume: 41Mix: 3.00%
Place Specialization
Strong
7
Ann Arbor, MI, MIMSA
Volume: 32Mix: 2.34%
Place Specialization
Strong
8
Lansing, MIMSA
Volume: 44Mix: 3.22%
Place Specialization
Strong
9
Niles, MI, MIMSA
Volume: 26Mix: 1.90%
Place Specialization
Sound
10
Muskegon, MIMSA
Volume: 23Mix: 1.68%
Place Specialization
Sound
Showing 10 of 15 metro areas
Top States by Place Specialization Score
1
MIState
Volume: 1,300Mix: 95.10%
Place Specialization
Exceptional
2
OHState
Volume: 37Mix: 2.71%
Place Specialization
Sound
3
FLState
Volume: 18Mix: 1.32%
Place Specialization
Acceptable
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
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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