Farmers & Merchants State Bank Mortgage Rates, Fees & Info
Pierz, MNLEI: 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
46Origination Dollar Volume (All Markets)
$7,500,000Top 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% |
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
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
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
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
Approval Rates
Total approvals of all applications96.36%
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 origination84.78%
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 |