Applications / Mortgage Analytics / Lenders / Illinois / Proper Rate
Chicago, IL · Independent non-bank lender · CFPB · 232 loans in 2025
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232
loans originated, 2025
447
applications, 2025
12
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Proper Rate, a Chicago lender to home buyers, made 232 loans in 2025, down from 1,689 the year before, while similar lenders held steady and the market grew.
Its loans fell 86% in a single year. Similar lenders (independent non-bank lenders making between half and twice as many loans) were flat, and the whole market rose 10%. In Michigan City-La Porte its share slipped to 0.2% from 1.1%. The figures do not say why. A change in the business and a change in what it reported are both possible.
Home purchases made up 94.0% of its loans. Conventional loans, without a government guarantee, were 91.4% against 76.2% at similar lenders. Loans insured by the Federal Housing Administration (FHA) were only 6.9%, against 17.5%.
Its typical loan was $370,000, against $325,000 at similar lenders and $315,000 five years before. Few of its loans were higher-priced (a rate well above the average for similar loans): 0.4%, against 1.5% at its peers.
Only 10.3% of its loans went to low- and moderate-income (LMI) neighborhoods, against 18.2% at similar lenders; that is lower than more than eight in ten of them. Its larger conventional purchase loans may point to buyers in costlier areas. The share has risen from 8.1% five years before.
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, 2020–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Proper Rate took 447 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 94.0% · Refinance 5.6% · Other 0.4%
Conventional 91.4% · FHA 6.9% · VA 1.7% · of 232 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 |
|---|---|---|
| Illinois | 194 | 83.6% |
| Indiana | 14 | 6.0% |
| Michigan | 7 | 3.0% |
| Wisconsin | 5 | 2.2% |
| California | 4 | 1.7% |
| Colorado | 2 | 0.9% |
| Arizona | 1 | 0.4% |
| Georgia | 1 | 0.4% |
| Kansas | 1 | 0.4% |
| Ohio | 1 | 0.4% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Chicago-Naperville-Schaumburg | 175 |
| Lake County | 14 |
| Lake County-Porter County-Jasper County | 11 |
| Elgin | 4 |
| Niles | 4 |
| Michigan City-La Porte | 3 |
| Vallejo | 2 |
| Atlanta-Sandy Springs-Roswell | 1 |
| Austin-Round Rock-San Marcos | 1 |
| Boulder | 1 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | 549300YAYQAARPBTRA72 | 2020–2025 |
Established 28 August 2019. Reported under HMDA 2020-2025.
Mergers, name changes, data editions and corrections: Proper Rate's data.
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