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PROPER RATE, LLC
Independent Mortgage Company|Wilmington, DE|Multi-Region
Loans Originated
1,591
Applications
2,369
Volume
$736 million
Offers loans directly to consumers
Overall Pricing
Sound
Overall Pull Through
Sound
Safe Rate Awards⭐VA Superstar⭐Jumbo Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.283%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,645
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
67.2%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Particularly strong in Conventional and VA and Jumbo loans
Report Card
PROPER RATE, LLC performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Sound | Industry Standard | |
Pull Through Closing Strength | Sound | Industry Standard | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Strong | Highly Competitive | |
FHA | Sound | Industry Standard | |
VA | Strong | Highly Competitive | |
Jumbo | Exceptional | Market Leader | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Sound | Multi-Regional · 11 metro areas · 17 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$463,228
Average Borrower Income
$225,767
Average Property Value
$634,265
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Sound | Strong | Sound | Sound | 1,369 | 86.0% | +0.298% | $1,748 |
FHA Loans | Sound | Sound | Sound | Sound | 44 | 2.8% | +0.684% | $1,579 |
VA Loans | Strong | Strong | Exceptional | Strong | 32 | 2.0% | -0.432% | -$214 |
Jumbo Loans | Strong | Exceptional | Strong | Strong | 146 | 9.2% | +0.138% | $964 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Sound | Strong | Sound | Sound | 1,440 | 90.5% | +0.282% | $1,831 |
Refinance | Sound | Strong | Sound | Sound | 151 | 9.5% | +0.287% | -$84 |
Geographic Coverage
Metro Areas
10
States Served
17
We count Washington DC as a state
Avg Place Specialization
Sound
States with Loan Originations
AZCACOFLIAILINMIMNMONCNJOHSCTNTXWI
Top Metro Areas by Place Specialization Score
1
Chicago, ILMSA
Volume: 1,200Mix: 75.42%
Place Specialization
Exceptional
2
Lake County, IL, ILMSA
Volume: 87Mix: 5.47%
Place Specialization
Strong
3
Lake County, INMSA
Volume: 54Mix: 3.39%
Place Specialization
Strong
4
Elgin, IL, ILMSA
Volume: 44Mix: 2.77%
Place Specialization
Strong
5
Niles, MI, MIMSA
Volume: 30Mix: 1.89%
Place Specialization
Sound
6
San Jose, CAMSA
Volume: 24Mix: 1.51%
Place Specialization
Sound
7
Michigan City, INMSA
Volume: 12Mix: 0.75%
Place Specialization
Sound
8
Denver, COMSA
Volume: 17Mix: 1.07%
Place Specialization
Sound
9
Stockton, CAMSA
Volume: 10Mix: 0.63%
Place Specialization
Sound
10
Milwaukee, WIMSA
Volume: 10Mix: 0.63%
Place Specialization
Acceptable
Top States by Place Specialization Score
1
ILState
Volume: 1,337Mix: 84.04%
Place Specialization
Exceptional
2
INState
Volume: 71Mix: 4.46%
Place Specialization
Sound
3
CAState
Volume: 61Mix: 3.83%
Place Specialization
Sound
4
MIState
Volume: 41Mix: 2.58%
Place Specialization
Sound
5
WIState
Volume: 32Mix: 2.01%
Place Specialization
Sound
6
COState
Volume: 18Mix: 1.13%
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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