Preferred Credit Union at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the C grade breaks down
Each component is a percentile rank among 1,883 small mortgage lenders. Higher is better. Components the lender does not report are left out and the weights redistributed.
Approval oddsdecision denial rate, weight 45%
32nd14.6% deniedPricingmedian rate spread over APOR, weight 30%
44th0.32 ptsProcesswithdrawn + incomplete share, weight 15%
12th24.1%Closing coststotal loan costs ÷ loan amount, weight 10%
18th3.06% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 173 | 82 | 20.2% | 29.9% | 7.44% | $5.9M |
| 2024 | 206 | 116 | 21.8% | 28.0% | 7.38% | $9.2M |
| 2025 | 262 | 170 | 11.1% | 14.6% | 6.38% | $15M |
What Preferred Credit Union lends
Applications by purpose and loan type in 2025, with the denial rate for each. A lender's mix explains a lot of its headline rate: HELOCs and FHA loans are denied far more often than conventional purchase loans.
By loan purpose
By loan type
Also: 0 home-equity lines, 0 reverse mortgages, 30 manufactured homes, 1 investment properties.
Why Preferred Credit Union denies applications
Primary reason reported for each of the 29 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Preferred Credit Union
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| Under $50k | 57 | 29 | 32.6% |
| $50k – $100k | 106 | 72 | 12.2% |
| $100k – $150k | 63 | 40 | 9.1% |
| $150k – $250k | 24 | 20 | 4.8% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 30 | 20 | 13.0% |
| 35–44 | 46 | 27 | 18.2% |
| 45–54 | 64 | 43 | 14.0% |
| 55–64 | 63 | 42 | 17.7% |
| 65–74 | 43 | 27 | 10.0% |
Where Preferred Credit Union lends
2 states and 21 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Michigan | 260 | 170 | 10.8% | 6.38% | #189 |
Frequently asked questions
Preferred Credit Union denied 14.6% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 32nd percentile of small mortgage lenders.
The most common reason Preferred Credit Union gave in 2025 was "debt-to-income ratio", cited on 82.8% of its denials. Lenders report up to four reasons per denial to the CFPB; the full breakdown is on this page.
The median interest rate on loans Preferred Credit Union originated in 2025 was 6.38%, and its median rate spread over the average prime offer rate was 0.32 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 13% of its applications were for home purchases, 22% for refinancing (including cash-out), and 66% for home improvement or other purposes. By loan type: 100% conventional, 0% FHA, 0% VA.
Every figure on this page comes from the Home Mortgage Disclosure Act (HMDA) Loan/Application Register published by the CFPB, which lenders are required by federal law to file. We add the grade and the comparisons; we do not add facts.