Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Pierz, MN

LEI: 25490085TUTOSF6Q7Y94

Tax ID: 41-0249760

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Mortgage Data

Review & Overview

Farmers & Merchants State Bank is a smaller bank specializing in Home Purchase loans. Farmers & Merchants State Bank has a high proportion of conventional loans. Their top (well, only) market is St. Cloud.

Farmers & Merchants State Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.

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Originations

46

Origination Dollar Volume (All Markets)

$7,500,000

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
Outside of Metro Areas 41 $6,725,000 $164,024 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 5 $775,000 $155,000 $0 0.00%
Farmers & Merchants State Bank's top markets include and St. Cloud among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 46 $7,500,000 $163,043 $0 0.00%

    For 2023, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 46 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 29 $5,815,000 $200,517 $0 0.00%
    Home Improvement 8 $590,000 $73,750 $0 0.00%
    Other 5 $185,000 $37,000 $0 0.00%
    Refi 4 $910,000 $227,500 $0 0.00%

    For 2023, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 29 originations. The 2nd most popular reason was Home Improvement, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 46 $7,500,000 $163,043 $0 0.00%

    For 2023, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 46 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 22 $1,120,000 $50,909 $0 0.00%
    $100k-200k 11 $1,475,000 $134,091 $0 0.00%
    $200k-400k 9 $2,745,000 $305,000 $0 0.00%
    $400k-600k 4 $2,160,000 $540,000 $0 0.00%

    2023 saw Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 22 originations, totaling $1,120,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 10 $1,220,000 $122,000 $0 0.00%
    $100k-150k 7 $1,335,000 $190,714 $0 0.00%
    $75k-100k 7 $1,595,000 $227,857 $0 0.00%
    $50k or less 6 $300,000 $50,000 $0 0.00%
    $150k-250k 5 $1,505,000 $301,000 $0 0.00%
    $250k+ 2 $240,000 $120,000 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k-75k range, with 10 originations. The second most popular income band? $100k-150k, with 7 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 46 $7,500,000 $163,043 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 46 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 33 $5,305,000 $160,758 $0 0.00%
    Not applicable 9 $1,305,000 $145,000 $0 0.00%
    Not provided 3 $525,000 $175,000 $0 0.00%
    Black 1 $365,000 $365,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.36%

    Farmers & Merchants State Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    84.78%

    Farmers & Merchants State Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 46 $7,500,000 $163,043

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    46 $7,500,000 $163,043