Proper Rate at a glance, 2025
Every figure is from the lender's own HMDA filing. "vs national" compares with all lenders combined.
How the B 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%
78th4.0% deniedPricingmedian rate spread over APOR, weight 30%
39th0.36 ptsProcesswithdrawn + incomplete share, weight 15%
1st44.1%Closing coststotal loan costs ÷ loan amount, weight 10%
57th1.74% of loanTrend, 2023–2025
| Year | Applications | Originated | Denial rate | Decision denial | Median rate | Volume |
|---|---|---|---|---|---|---|
| 2023 | 2,130 | 1,386 | 2.4% | 3.6% | 6.75% | $548M |
| 2024 | 2,536 | 1,689 | 2.0% | 2.8% | 6.85% | $766M |
| 2025 | 447 | 232 | 2.2% | 4.0% | 6.95% | $101M |
What Proper Rate 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: 4 home-equity lines, 0 reverse mortgages, 1 manufactured homes, 23 investment properties.
Why Proper Rate denies applications
Primary reason reported for each of the 10 denials in 2025. Lenders can cite up to four reasons; this is the first one listed.
Who gets approved at Proper Rate
Decision denial rate by applicant profile. Groups with fewer than 20 applications are omitted.
| Applicant income | Applications | Originated | Decision denial rate |
|---|---|---|---|
| $50k – $100k | 82 | 46 | 4.1% |
| $100k – $150k | 98 | 61 | 4.6% |
| $150k – $250k | 122 | 60 | 3.2% |
| Over $250k | 130 | 60 | 3.0% |
| Applicant age | Applications | Originated | Decision denial rate |
|---|---|---|---|
| 25–34 | 146 | 82 | 1.2% |
| 35–44 | 136 | 79 | 1.2% |
| 45–54 | 80 | 36 | 7.5% |
| 55–64 | 46 | 16 | 18.2% |
| 65–74 | 21 | 11 | 0.0% |
Where Proper Rate lends
13 states and 41 counties in 2025. Click a state for the lender's full record there.
| State | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| Illinois | 377 | 194 | 2.4% | 6.90% | #158 |
| Indiana | 24 | 14 | 4.2% | 7.00% | #435 |
| Michigan | 15 | 7 | 0.0% | 7.25% | #475 |
| California | 12 | 4 | 0.0% | 6.88% | #710 |
| Wisconsin | 8 | 5 | 0.0% | 7.38% | #520 |
Frequently asked questions
Proper Rate denied 4.0% of the applications it decided on in 2025. The national figure across all lenders was 22.6%. On approval odds it ranks in the 78th percentile of small mortgage lenders.
The most common reason Proper Rate gave in 2025 was "debt-to-income ratio", cited on 30.0% 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 Proper Rate originated in 2025 was 6.95%, and its median rate spread over the average prime offer rate was 0.36 points. Rates on this page are what borrowers actually got, not advertised rates.
In 2025, 77% of its applications were for home purchases, 23% for refinancing (including cash-out), and 1% for home improvement or other purposes. By loan type: 91% conventional, 6% FHA, 2% 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.