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 and Refi 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 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

48

Origination Dollar Volume (All Markets)

$6,040,000

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 39 $5,125,000 $131,410 $0 0.00%
ST. CLOUD, MN (FHA|USDA|VA) 9 $915,000 $101,667 $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 48 $6,040,000 $125,833 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently originated type of loan was Conventional, with 48 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 25 $3,915,000 $156,600 $0 0.00%
    Refi 15 $1,725,000 $115,000 $0 0.00%
    Home Improvement 5 $185,000 $37,000 $0 0.00%
    Other 3 $215,000 $71,667 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 48 $6,040,000 $125,833 $0 0.00%

    For 2019, Farmers & Merchants State Bank's most frequently cited loan duration was Other, with 48 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 21 $1,145,000 $54,524 $0 0.00%
    $100k-200k 20 $2,880,000 $144,000 $0 0.00%
    $200k-400k 7 $2,015,000 $287,857 $0 0.00%

    2019 saw Farmers & Merchants State Bank place emphasis on $100,000 or less loans with 21 originations, totaling $1,145,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 13 $1,715,000 $131,923 $0 0.00%
    $50k or less 13 $1,015,000 $78,077 $0 0.00%
    $100k-150k 9 $1,675,000 $186,111 $0 0.00%
    $75k-100k 6 $700,000 $116,667 $0 0.00%
    $250k+ 4 $330,000 $82,500 $0 0.00%
    $150k-250k 3 $605,000 $201,667 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with incomes in the $50k-75k range, with 13 originations. The second most popular income band? $50k or less, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 48 $6,040,000 $125,833 $0 0.00%

    Farmers & Merchants State Bank lent most frequently to those with DTI ratios of Exempt%, with 48 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $6,040,000 $125,833 $0 0.00%

    Approval Rates

    Total approvals of all applications
    86.89%

    Farmers & Merchants State Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.58%

    Farmers & Merchants State Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 48 $6,040,000 $125,833

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 11 $835,000 $75,909
    Single Family (1-4 Units):Site-Built 37 $5,205,000 $140,676