We analyzed every closed loan from Lake Michigan Credit Union — 7.2k loans across 9k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.
Ratings· each scored 1–5 against peer lenders
Pricing
Exceptional
5/5
vs. all lenders
Pull-through
Exceptional
5/5
closing strength
Product
Exceptional
5/5
FHA · Conventional · VA · Jumbo
Place
Strong
4/5
Multi-Region · 30 mkts
Awards
Conventional
Champion
Jumbo
Champion
Purchase
Champion
FHA
Superstar
VA
Superstar
Refinance
Superstar
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
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Report Card
Lake Michigan Credit Union performance at a glance
Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Exceptional
Rates 5.9 bps below market avg
Pull Through
Closing strength
Exceptional
Top 20% of lenders
By Loan Product· Specialization by type
Conventional
Exceptional
Top 20% of lenders
FHA
Strong
Top 40% of lenders
VA
Strong
Top 40% of lenders
Jumbo
Exceptional
Top 10% of lenders
By Loan Purpose· Transaction purpose mix
Purchase
Exceptional
Top 20% of lenders
Refinance
Exceptional
Top 20% of lenders
By Location· Geographic coverage
Geographic Reach
Multi-Regional · 31 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 | 6,299 | 87.9% | -0.063%Below | $1,095Fees | ||||
FHA Loans | 256 | 3.6% | +0.267%Above | $1,580Fees | ||||
VA Loans | 90 | 1.3% | -0.533%Below | $1,355Fees | ||||
Jumbo Loans | 519 | 7.2% | -0.148%Below | $638Fees |
Conventional
OverallExceptional
ProductExceptional
PricingExceptional
Pull ThroughExceptional
Volume6,299
Mix87.9%
Spread
-0.063%Below
Fees
$1,095Fees
FHA Loans
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume256
Mix3.6%
Spread
+0.267%Above
Fees
$1,580Fees
VA Loans
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume90
Mix1.3%
Spread
-0.533%Below
Fees
$1,355Fees
Jumbo Loans
OverallExceptional
ProductExceptional
PricingStrong
Pull ThroughStrong
Volume519
Mix7.2%
Spread
-0.148%Below
Fees
$638Fees
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 6,478 | 90.4% | -0.061%Below | $1,115Fees | ||||
Refinance | 689 | 9.6% | -0.036%Below | $978Fees |
Purchase
OverallExceptional
ProductExceptional
PricingExceptional
Pull ThroughStrong
Volume6,478
Mix90.4%
Spread
-0.061%Below
Fees
$1,115Fees
Refinance
OverallStrong
ProductExceptional
PricingStrong
Pull ThroughStrong
Volume689
Mix9.6%
Spread
-0.036%Below
Fees
$978Fees
At a Glance
Lender Overview
Lending Activity
Loans Originated
7,167
Applications
8,814
Volume
$2 billion
Pricing & Closing
Avg Rate Spread
-0.059%
vs. market APOR
Avg Net Fees
$1,100
Origination − Credits
Pullthrough Rate
81.3%
Applications → Closed
Typical Borrower
Avg Loan Amount
$391,835
Avg Borrower Income
$176,003
Avg Property Value
$514,217
Geographic Coverage
Geographic Performance
Metro Areas
30
markets with activity
States Served
11
of 50 states + DC
Avg Place Specialization
Strong
4/5
States with Loan Originations
11Northeast1
PA
Midwest6
ILINMIMNOHWI
South4
FLNCSCTN
Top Metro Areas by Place Specialization Score
Volume 2,736Mix 38.17% of portfolio
100/100
Exceptional
Volume 439Mix 6.13% of portfolio
100/100
Exceptional
Volume 221Mix 3.08% of portfolio
100/100
Exceptional
Volume 217Mix 3.03% of portfolio
97/100
Exceptional
Volume 313Mix 4.37% of portfolio
91/100
Exceptional
Volume 1,018Mix 14.20% of portfolio
88/100
Exceptional
Volume 151Mix 2.11% of portfolio
87/100
Exceptional
Volume 271Mix 3.78% of portfolio
81/100
Exceptional
Volume 97Mix 1.35% of portfolio
81/100
Exceptional
Volume 278Mix 3.88% of portfolio
77/100
StrongShowing 10 of 30 metro areas
Top States by Place Specialization Score
1
MichiganState
Volume 6,220Mix 86.79% of portfolio
100/100
Exceptional2
FloridaState
Volume 726Mix 10.13% of portfolio
72/100
Strong3
IllinoisState
Volume 67Mix 0.93% of portfolio
53/100
Sound4
OhioState
Volume 58Mix 0.81% of portfolio
50/100
Sound5
IndianaState
Volume 48Mix 0.67% of portfolio
50/100
Sound6
WisconsinState
Volume 36Mix 0.50% of portfolio
49/100
SoundHow 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.