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LAKE MICHIGAN CREDIT UNION
Credit Union|Caledonia, MI|Multi-Region
Loans Originated
7,167
Applications
8,814
Volume
$2 billion
Offers loans directly to consumers
Overall Pricing
Exceptional
Overall Pull Through
Exceptional
Safe Rate Awards💎Conventional Champion💎Purchase Champion⭐FHA Superstar⭐VA Superstar⭐Jumbo Superstar⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
-0.059%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,100
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
81.3%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Offers rates 5.90 basis points below market average
- Lower than average lender fees
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and Jumbo loans
Report Card
LAKE MICHIGAN CREDIT UNION performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Exceptional | Market Leader | |
Pull Through Closing Strength | Exceptional | Market Leader | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Exceptional | Market Leader | |
FHA | Strong | Highly Competitive | |
VA | Strong | Highly Competitive | |
Jumbo | Exceptional | Market Leader | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Exceptional | Market Leader | |
Refinance | Exceptional | Market Leader | |
Places Geographic coverage | Strong | Multi-Regional · 31 metro areas · 11 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$391,835
Average Borrower Income
$176,003
Average Property Value
$514,217
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Exceptional | Exceptional | Exceptional | Exceptional | 6,299 | 87.9% | -0.063% | $1,095 |
FHA Loans | Strong | Strong | Strong | Strong | 256 | 3.6% | +0.267% | $1,580 |
VA Loans | Strong | Strong | Strong | Strong | 90 | 1.3% | -0.533% | $1,355 |
Jumbo Loans | Strong | Exceptional | Strong | Strong | 519 | 7.2% | -0.148% | $638 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Exceptional | Exceptional | Exceptional | Strong | 6,478 | 90.4% | -0.061% | $1,115 |
Refinance | Strong | Exceptional | Strong | Strong | 689 | 9.6% | -0.036% | $978 |
Geographic Coverage
Metro Areas
30
States Served
11
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
FLILINMIMNNCOHPASCTNWI
Top Metro Areas by Place Specialization Score
1
Grand Rapids, MIMSA
Volume: 2,736Mix: 38.17%
Place Specialization
Exceptional
2
Muskegon, MIMSA
Volume: 439Mix: 6.13%
Place Specialization
Exceptional
3
Traverse City, MI, MIMSA
Volume: 221Mix: 3.08%
Place Specialization
Exceptional
4
Ann Arbor, MI, MIMSA
Volume: 217Mix: 3.03%
Place Specialization
Exceptional
5
Kalamazoo, MIMSA
Volume: 313Mix: 4.37%
Place Specialization
Exceptional
6
Warren, MIMSA
Volume: 1,018Mix: 14.20%
Place Specialization
Exceptional
7
Naples, FLMSA
Volume: 151Mix: 2.11%
Place Specialization
Exceptional
8
Cape Coral, FLMSA
Volume: 271Mix: 3.78%
Place Specialization
Exceptional
9
Saginaw, MI, MIMSA
Volume: 97Mix: 1.35%
Place Specialization
Exceptional
10
Detroit, MIMSA
Volume: 278Mix: 3.88%
Place Specialization
Strong
Showing 10 of 30 metro areas
Top States by Place Specialization Score
1
MIState
Volume: 6,220Mix: 86.79%
Place Specialization
Exceptional
2
FLState
Volume: 726Mix: 10.13%
Place Specialization
Strong
3
ILState
Volume: 67Mix: 0.93%
Place Specialization
Sound
4
OHState
Volume: 58Mix: 0.81%
Place Specialization
Sound
5
INState
Volume: 48Mix: 0.67%
Place Specialization
Sound
6
WIState
Volume: 36Mix: 0.50%
Place Specialization
Sound
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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