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Michigan First Credit Union

Credit Union•Lathrup Village, MIHQ•Direct•Reviews near you on Google

We analyzed every closed loan from Michigan First Credit Union — 801 loans across 1k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.

Safe Rate 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 · 6 mkts
Safe Rate Awards
Conventional Superstar
Conventional
Superstar
FHA Superstar
FHA
Superstar
Purchase Superstar
Purchase
Superstar
Refinance Superstar
Refinance
Superstar

Safe Rate 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 loans

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Report Card

Michigan First Credit Union performance at a glance

Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Strong
+31.4 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
Sound
Top 60% 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 · 7 markets
Sound
Top 60% of lenders

Loan Product Performance

Performance by Loan Product

Conventional
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume672
Mix83.9%
Spread
+0.279%Above
Fees
$1,346Fees
FHA Loans
Overall
Strong
Product
Strong
Pricing
Sound
Pull Through
Strong
Volume104
Mix13.0%
Spread
+0.700%Above
Fees
$1,365Fees
VA Loans
Overall
Sound
Product
Sound
Pricing—
Pull Through—
Volume13
Mix1.6%
Spread
-0.290%Below
Fees
$1,998Fees
Jumbo Loans
Overall
Sound
Product
Sound
Pricing—
Pull Through—
Volume11
Mix1.4%
Spread
+0.404%Above
Fees
$2,213Fees

Loan Purpose Performance

Performance by Loan Purpose

Purchase
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Sound
Volume612
Mix76.4%
Spread
+0.322%Above
Fees
$1,410Fees
Refinance
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume189
Mix23.6%
Spread
+0.283%Above
Fees
$1,209Fees

At a Glance

Lender Overview

Lending Activity
Loans Originated
801
Applications
1,070
Volume
$199 million
Pricing & Closing
Avg Rate Spread
+0.314%
vs. market APOR
Avg Net Fees
$1,370
Origination − Credits
Pullthrough Rate
74.9%
Applications → Closed
Typical Borrower
Avg Loan Amount
$248,770
Avg Borrower Income
$126,956
Avg Property Value
$329,007

Geographic Coverage

Geographic Performance

Metro Areas
6
markets with activity
States Served
12
of 50 states + DC
Avg Place Specialization
Strong
4/5

States with Loan Originations

12
12 states with loan originationsAlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutWashington, DCDelawareFloridaGeorgiaHawaiiIowaIdahoIllinoisIndianaKansasKentuckyLouisianaMassachusettsMarylandMaineMichiganMinnesotaMissouriMississippiMontanaNorth CarolinaNorth DakotaNebraskaNew HampshireNew JerseyNew MexicoNevadaNew YorkOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVirginiaVermontWashingtonWisconsinWest VirginiaWyoming
Northeast1
PA
Midwest4
ILINMIOH
South6
FLKYNCSCTNVA
West1
WA

Top Metro Areas by Place Specialization Score

1© Ken Lund from Reno, Nevada, USA · CC BY-SA 2.0
Detroit, MIMetro
Volume 268Mix 33.46% of portfolio
84/100
Exceptional
2© Darren56brown · CC BY-SA 4.0
Warren, MIMetro
Volume 277Mix 34.58% of portfolio
79/100
Strong
3© WMrapids · CC0
Grand Rapids, MIMetro
Volume 120Mix 14.98% of portfolio
69/100
Strong
4© w_lemay · CC BY-SA 2.0
Ann Arbor, MIMetro
Volume 16Mix 2.00% of portfolio
51/100
Sound
5© WeaponizingArchitecture · CC BY-SA 4.0
Lansing, MIMetro
Volume 13Mix 1.62% of portfolio
45/100
Sound
6© Michael Barera · CC BY-SA 4.0
Flint, MIMetro
Volume 12Mix 1.50% of portfolio
44/100
Sound

Top States by Place Specialization Score

Michigan
Michigan
1
MichiganState
Volume 777Mix 97.00% of portfolio
85/100
Exceptional

How 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.