Sofi Bank in Michigan vs the state
7.4%Denial rate-11.17 pts vs state
20.4%Decision denial rate-2.18 pts vs state
28.1%Origination rate-31.84 pts vs state
7.74%Median rate+0.99 pts vs state
1.73Rate spread (pts)+1.33 pts vs state
$110kMedian applicant income
393Loans originated
103Denied
Trend in Michigan
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 167 | 55 | 18.6% | 6.99% | #202 |
| 2024 | 393 | 138 | 19.9% | 6.63% | #135 |
| 2025 | 1,401 | 393 | 7.4% | 7.74% | #59 |
What Sofi Bank lends in Michigan
By loan purpose
By loan type
Why it denied Michigan applicants
Where in Michigan
Counties with the most Sofi Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Oakland County | 255 | 79 | 21 | 8.2% |
| Wayne County | 179 | 48 | 12 | 6.7% |
| Macomb County | 114 | 37 | 6 | 5.3% |
| Kent County | 91 | 31 | 7 | 7.7% |
| Washtenaw County | 67 | 17 | 6 | 9.0% |
| Ingham County | 52 | 11 | 3 | 5.8% |
| Ottawa County | 52 | 17 | 3 | 5.8% |
| Genesee County | 48 | 13 | 8 | 16.7% |
| Kalamazoo County | 38 | 9 | 2 | 5.3% |
| Livingston County | 36 | 19 | 1 | 2.8% |
Other large lenders in Michigan
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Rocket Mortgage | C | 30,644 | 16.3% | 6.75% |
| United Shore Financial Services | B | 29,330 | 11.7% | 6.60% |
| The Huntington National Bank | D | 20,047 | 30.0% | 7.49% |
| Lake Michigan Credit Union | A | 16,662 | 5.6% | 6.75% |
| Fifth Third Bank | D | 11,176 | 26.4% | 7.50% |
| 21st Mortgage | F | 7,424 | 53.4% | 11.04% |
| Citizens Bank | C | 6,592 | 29.0% | 7.65% |
| Triad Financial Services | D | 6,426 | 56.1% | 8.49% |
| Union Home Mortgage | B | 5,303 | 4.3% | 6.75% |
| PNC Bank | D | 5,161 | 26.3% | 7.36% |
Frequently asked questions
Michigan: 1,401 applications in 2025, of which 393 were originated and 103 denied.
7.4% of all applications, or 20.4% of the applications it actually decided on. The Michigan statewide average across all lenders was 18.5%.
The median rate on loans Sofi Bank originated in Michigan in 2025 was 7.74%, against a statewide median of 6.75%.
About this data. Figures are Sofi Bank's own HMDA filing for properties located in Michigan, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology