Merchants & Farmers Bank Mortgage Rates, Fees & Info
DUMAS, ARLEI: 5493000A2XS66AH5XM81
Tax ID: 71-0120590
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Mortgage Data
Review & Overview
Merchants & Farmers Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Merchants & Farmers Bank has a high proportion of conventional loans. Merchants & Farmers Bank has an average proportion of conventional loans. Their top markets by origination volume include: Little Rock, Crestview, Pine Bluff, and Laurel among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Merchants & Farmers Bank has an average approval rate when compared to the average across all lenders.
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Originations
36Origination Dollar Volume (All Markets)
$4,950,000Top 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 |
|---|---|---|---|---|---|
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 15 | $2,425,000 | $161,667 | $1,970 | 5.00% |
| Outside of Metro Areas | 18 | $2,050,000 | $113,889 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| PINE BLUFF, AR (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 0.00% |
| Laurel, MS (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 35 | $4,625,000 | $132,143 | $0 | 0.00% |
| Conventional | 1 | $325,000 | $325,000 | $1,970 | 5.00% |
For 2018, Merchants & Farmers Bank's most frequently originated type of loan was Conventional, with 35 originations. Their 2nd most popular type was Conventional, with 1 originations.
Loan Reason
For 2018, Merchants & Farmers Bank's most frequently cited loan purpose was Home Purchase, with 13 originations. The 2nd most popular reason was Refi, with 9 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 36 | $4,950,000 | $137,500 | $1,970 | 5.00% |
For 2018, Merchants & Farmers Bank's most frequently cited loan duration was Other, with 36 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 1 | $325,000 | $325,000 |
Merchants & Farmers Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 1 | $325,000 | $325,000 |
During 2018, Merchants & Farmers Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 1 originations.
Loan Sizing
2018 saw Merchants & Farmers Bank place emphasis on $100,000 or less loans with 19 originations, totaling $875,000 in origination value.
Applicant Income
Merchants & Farmers Bank lent most frequently to those with incomes in the $100k-150k range, with 8 originations. The second most popular income band? $50k-75k, with 6 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 35 | $4,625,000 | $132,143 | $0 | 0.00% |
| 20-30% | 1 | $325,000 | $325,000 | $1,970 | 5.00% |
Merchants & Farmers Bank lent most frequently to those with DTI ratios of Exempt%, with 35 originations. The next most common DTI ratio? 20-30%, with 1 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications87.80%
Merchants & Farmers Bank has an average approval rate.
Pick Rate
Approvals leading to originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 35 | $4,625,000 | $132,143 |
| NA | 1 | $325,000 | $325,000 |
Occupancy Type Mix
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 60-80% | 1 | $325,000 | $325,000 | $1,970 | 5.00% |
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORGAN STANLEY & CO. LLC | Conventional home mortgage | Struggling to pay mortgage | 1 | 33.3% |
| MORGAN STANLEY & CO. LLC | Home equity loan or line of credit (HELOC) | Trouble during payment process | 1 | 33.3% |
| MORGAN STANLEY & CO. LLC | Other type of mortgage | Closing on a mortgage | 1 | 33.3% |