Applications / Mortgage Analytics / Lenders / Michigan / Preferred Credit Union
Grand Rapids, MI · Credit union · NCUA · $308 million assets · 170 loans in 2025
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170
loans originated, 2025
262
applications, 2025
1
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Preferred Credit Union is mainly a home-improvement lender, and its loans rose 47% in 2025, faster than at most of its rivals.
Home-improvement loans were 41.2% of its lending and purchases only 11.8%. That keeps loans small: its typical loan was $65,000, against $105,000 at similar lenders (credit unions making between half and twice as many loans), lower than at about nine in ten of them.
Originations rose to 170, against growth of 7% at the typical similar lender and 10% for the whole market. That was higher than at about five in six similar lenders. The rise is a recovery from 82 loans in 2023; it made 330 in 2020.
Low- and moderate-income (LMI) borrowers took 40.7% of its loans, against 28.4% at similar lenders, and LMI neighborhoods 24.7%, against 17.2%. Both shares were higher than at about five in six similar lenders.
Manufactured homes took 8.8% of its loans, against 0.0% at the typical similar lender, higher than at about nine in ten. Those loans and its home-improvement lending could account for its higher-priced share (a rate well above the average for similar loans) of 5.3%, against 2.5%. Its typical rate, 6.38%, was lower than peers' 6.75%.
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Preferred Credit Union took 262 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Home improvement 41.2% · Other 25.9% · Refinance 21.2% · Purchase 11.8%
Conventional 100.0% · of 170 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Michigan | 170 | 100.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Grand Rapids-Wyoming-Kentwood | 113 |
| Kalamazoo-Portage | 6 |
| Muskegon-Norton Shores | 2 |
| Battle Creek | 1 |
| Lansing-East Lansing | 1 |
| Saginaw | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 254900DOBILWQF3MQ479 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 221793 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 562340 | 1992–2017 |
Established 1 January 1968. Reported under HMDA 1992-2025.
Mergers, name changes, data editions and corrections: Preferred Credit Union's data.
Preferred Credit Union's data
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Preferred Credit Union and its peers, 2018–2025: every application in the HMDA data, cleaned and corrected, as Parquet files, with the Jenner programs that made these pages.
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