Lenders › Independent Bank
Independent Bank
HMDA reporter, headquartered in Grand Rapids, Michigan. Record for calendar year 2024.
HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws. The data do not include some legitimate credit risk considerations for loan approval and loan pricing decisions. Figures are from the 2024 public HMDA loan/application register; cells under 25 applications are withheld.
In 2024, Independent Bank filed HMDA records for 3,502 applications and 2,360 originations in 3 states, worth $639m.
Its denial rate, the share of decided applications the lender denied, was 19.6%, below the national rate of 24.3% and below the Michigan rate of 23.9%. 448 applications were withdrawn by the applicant and 100 files were closed for incompleteness; those are not counted in the denial rate.
The median rate spread on its originated loans, the difference between the loan's APR and the average prime offer rate, was 0.3 percentage points (national median 0.3); 3.3% of its originations had a spread of 1.5 points or more.
By loan purpose the originations were mostly home purchase (60%) and home improvement (17%); by loan type, conventional (96%) and FHA (3%).
The largest volumes were in Michigan (2,270 originations), Ohio (54 originations) and Florida (21 originations).
Applications were about level with 2023.
Compared with Michigan and the nation
| Measure | This lender | Michigan, all lenders | United States |
|---|---|---|---|
| Denial rate (denied ÷ decided applications) | 19.6% | 23.9% | 24.3% |
| Median rate spread, percentage points | 0.3 | 0.5 | 0.3 |
| Originations with spread of 1.5 pp or more | 3.3% | 18.4% | 15.6% |
| Average originated loan | $271k | $212k | $329k |
| Home purchase share of originations | 60.4% | 51.2% | 57.0% |
| FHA-insured share of originations | 3.3% | 10.0% | 13.4% |
| VA-guaranteed share of originations | 0.8% | 4.5% | 7.9% |
| Applications withdrawn by applicant | 12.8% | 12.8% | 14.3% |
Michigan is the lender's largest state by applications. State and national columns cover every HMDA reporter. Rate spread is reported on originated loans only.
Trend by year
ApplicationsOriginations
This lenderMichiganUnited States
| Year | Applications | Originations | Amount | Denial rate | Median spread | LAR records |
|---|---|---|---|---|---|---|
| 2018 | — | — | — | — | — | 5,950 |
| 2019 | — | — | — | — | — | 6,700 |
| 2020 | — | — | — | — | — | 10,505 |
| 2021 | — | — | — | — | — | 9,809 |
| 2022 | 5,413 | 3,748 | $1.1bn | 13.8% | 0.4 | 5,477 |
| 2023 | 3,661 | 2,428 | $649m | 18.4% | 0.4 | 3,695 |
| 2024 | 3,502 | 2,360 | $639m | 19.6% | 0.3 | 3,544 |
Applications, originations and rates are computed from the public LAR for 2022, 2023, 2024; LAR record counts come from each year's transmittal sheet.
Loan purpose and loan type
By purpose
Home purchase 60% (1,425)Home improvement 17% (394)Refinancing 8% (188)Cash-out refinancing 4% (105)Other purpose 11% (248)
By type
Conventional 96% (2,260)FHA 3% (77)VA 1% (20)USDA 0% (3)
| Loan type | Applications | Originations | Denied | Denial rate (of applications) |
|---|---|---|---|---|
| Conventional | 3,342 | 2,260 | 558 | 16.7% |
| FHA-insured | 128 | 77 | 20 | 15.6% |
| VA-guaranteed | 25 | 20 | 1 | 4.0% |
| USDA Rural Housing Service or Farm Service Agency guaranteed | 7 | 3 | 1 | — |
Shares are of originated loans. The per-type denial rate here divides denials by all applications of that type, because decided counts are not kept per type.
Action taken
| HMDA action taken | Records | Share |
|---|---|---|
| 1 Loan originated | 2,360 | 66.6% |
| 2 Application approved but not accepted | 14 | 0.4% |
| 3 Application denied | 580 | 16.4% |
| 4 Application withdrawn by applicant | 448 | 12.6% |
| 5 File closed for incompleteness | 100 | 2.8% |
| 6 Purchased loan | 40 | 1.1% |
| 7 Preapproval request denied | 2 | 0.1% |
| 8 Preapproval request approved but not accepted | 0 | 0.0% |
Codes and labels are the HMDA action-taken codes. Applications are codes 1–5; the denial rate divides code 3 by codes 1–3.
Denial reasons as coded
Share of the lender's 580 denials by the first denial reason it coded (outlined bar: all lenders nationally). Lenders may record up to four reasons; only the first is counted here.
States
| State | Applications | Originations | Amount | Denial rate | Median spread |
|---|---|---|---|---|---|
| Michigan | 3,376 | 2,270 | $612m | 19.9% | 0.3 |
| Ohio | 77 | 54 | $13m | 14.3% | 0.2 |
| Florida | 32 | 21 | $8.7m | 16.0% | — |
States with at least 25 applications. States with 100 or more link to the lender's page for that state.
Counties
| County | State | Applications | Originations | Amount | Denial rate |
|---|---|---|---|---|---|
| Kent County | MI | 503 | 354 | $97m | 17.0% |
| Wayne County | MI | 321 | 225 | $84m | 15.2% |
| Oakland County | MI | 311 | 222 | $111m | 18.5% |
| Grand Traverse County | MI | 131 | 103 | $35m | 12.7% |
| Ionia County | MI | 155 | 97 | $14m | 23.0% |
| Ottawa County | MI | 123 | 96 | $31m | 7.6% |
| Saginaw County | MI | 138 | 79 | $13m | 24.8% |
| Newaygo County | MI | 113 | 69 | $11m | 23.3% |
| Bay County | MI | 120 | 68 | $10m | 26.1% |
| Macomb County | MI | 98 | 62 | $16m | 28.7% |
| Montcalm County | MI | 89 | 58 | $8.2m | 22.7% |
| Eaton County | MI | 82 | 52 | $7.3m | 22.1% |
| Ingham County | MI | 91 | 50 | $9.7m | 35.9% |
| Leelanau County | MI | 74 | 48 | $17m | 20.0% |
| Livingston County | MI | 71 | 47 | $12m | 19.0% |
| Washtenaw County | MI | 66 | 45 | $12m | 15.1% |
| Muskegon County | MI | 70 | 42 | $11m | 30.0% |
| Berrien County | MI | 54 | 36 | $11m | 10.0% |
| Huron County | MI | 52 | 33 | $3.7m | 29.8% |
| Genesee County | MI | 51 | 31 | $5.4m | 20.0% |
Up to 30 counties with at least 50 applications, by originations.
VA-guaranteed loans by month
All VA loansPurchase
| Month | All | Purchase | Cash-out | IRRRL |
|---|---|---|---|---|
| Aug 2026 | 0 | 0 | 0 | 0 |
| Jul 2026 | 2 | 2 | 0 | 0 |
| Jun 2026 | 2 | 2 | 0 | 0 |
| May 2026 | 1 | 0 | 0 | 1 |
| Apr 2026 | 3 | 3 | 0 | 0 |
| Mar 2026 | 0 | 0 | 0 | 0 |
| Feb 2026 | 0 | 0 | 0 | 0 |
| Jan 2026 | 0 | 0 | 0 | 0 |
| Dec 2025 | 1 | 1 | 0 | 0 |
| Nov 2025 | 2 | 2 | 0 | 0 |
| Oct 2025 | 1 | 1 | 0 | 0 |
| Sep 2025 | 2 | 2 | 0 | 0 |
Fiscal-year totals (VA): FY2018 38,056,286 · FY2019 39,998,165 · FY2020 55,228,560 · FY2021 59,476,210 · FY2022 25,831,251 · FY2023 17,515,493 · FY2024 18,155,128 · FY2025 12,291,081. Matched to the VA lender name "INDEPENDENT BANK"; VA counts loans by guarantee date, HMDA by application year, so the two series differ.
Questions and answers
How many mortgages did Independent Bank originate in 2024?
2,360 loans totalling $639m, from 3,502 applications reported under HMDA. It also purchased 40 loans from other institutions, which are counted separately.
What is Independent Bank's denial rate and how does it compare?
19.6% of decided applications were denied in 2024, against 24.3% nationally and 23.9% in Michigan. HMDA data alone cannot be used to determine whether a lender is complying with fair lending laws; the data do not include some legitimate credit risk considerations.
Which counties does Independent Bank lend in most?
By originations: Kent County, MI (354), Wayne County, MI (225), Oakland County, MI (222), Grand Traverse County, MI (103) and Ionia County, MI (97).
What loan types does Independent Bank make?
Conventional 2,260, FHA 77, VA 20 and USDA 3 originations in 2024; by purpose, home purchase 1,425, home improvement 394, refinancing 188, cash-out refinancing 105 and other purpose 248.
What reasons did Independent Bank report for denials?
The first denial reason recorded most often was debt-to-income ratio (301), credit history (189) and collateral (52), as coded by the lender in its HMDA filing.
Where does this data come from?
From the 2024 public HMDA loan/application register published by the FFIEC and CFPB, with the lender's name from its HMDA transmittal sheet and VA loan volume from the Department of Veterans Affairs lender statistics. Cells under 25 applications are withheld.
Provenance
Source: Home Mortgage Disclosure Act public loan/application register for 2024 (trend years 2022, 2023, 2024) and transmittal sheets 2018–2024, published by the FFIEC and CFPB at ffiec.cfpb.gov, public domain; VA lender statistics from the Department of Veterans Affairs. Lender identity is the LEI and name on its transmittal sheet. This site was built 30 Sep 2026. Errors in processing are corrected at the next build; see corrections. Data through 1 Aug 2026.