Farmers & Merchants State Bank Mortgage Rates, Fees & Info

Pierz, MN

LEI: 25490085TUTOSF6Q7Y94

Tax ID: 41-0249760

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

68

Origination Dollar Volume (All Markets)

$18,110,000

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 57 $17,175,000 $301,316 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 11 $935,000 $85,000 $0 0.00%
Farmers & Merchants State Bank's top markets include and St. Cloud among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 68 $18,110,000 $266,324 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 68 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 39 $15,375,000 $394,231 $0 0.00%
    Refi 14 $1,740,000 $124,286 $0 0.00%
    Home Improvement 12 $890,000 $74,167 $0 0.00%
    Other 3 $105,000 $35,000 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 39 originations. The 2nd most popular reason was Refi, with 14 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 68 $18,110,000 $266,324 $0 0.00%

    For 2018, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 68 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 37 $1,775,000 $47,973 $0 0.00%
    $100k-200k 16 $2,240,000 $140,000 $0 0.00%
    $200k-400k 10 $2,870,000 $287,000 $0 0.00%
    $1MM+ 2 $9,510,000 $4,755,000 $0 0.00%
    $400k-600k 2 $980,000 $490,000 $0 0.00%
    $600k-1MM 1 $735,000 $735,000 $0 0.00%

    2018 saw Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 37 originations, totaling $1,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 18 $2,310,000 $128,333 $0 0.00%
    $50k or less 17 $855,000 $50,294 $0 0.00%
    $75k-100k 12 $1,280,000 $106,667 $0 0.00%
    $100k-150k 7 $945,000 $135,000 $0 0.00%
    $150k-250k 4 $1,740,000 $435,000 $0 0.00%
    $250k+ 2 $100,000 $50,000 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k-75k range, with 18 originations. The second most popular income band? $50k or less, with 17 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 68 $18,110,000 $266,324 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 68 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 8 $10,880,000 $1,360,000 $0 0.00%
    White 58 $6,960,000 $120,000 $0 0.00%
    Not provided 1 $165,000 $165,000 $0 0.00%
    American Indian 1 $105,000 $105,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.15%

    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
    89.71%

    Farmers & Merchants State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 68 $18,110,000 $266,324

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $9,510,000 $4,755,000
    Single Family (1-4 Units):Manufactured 13 $815,000 $62,692
    Single Family (1-4 Units):Site-Built 53 $7,785,000 $146,887