Merchants & Farmers Bank Mortgage Rates, Fees & Info

DUMAS, AR

LEI: 5493000A2XS66AH5XM81

Tax ID: 71-0120590

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

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Merchants & Farmers Bank is a smaller bank specializing in Home Purchase loans. Merchants & Farmers Bank has a high proportion of conventional loans. Their top two markets are Little Rock and Pensacola .

    Merchants & Farmers 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.

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    Originations

    38

    Origination Dollar Volume (All Markets)

    $4,070,000

    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
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 20 $2,520,000 $126,000 $0 0.00%
    Outside of Metro Areas 17 $1,385,000 $81,471 $0 0.00%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
    Merchants & Farmers Bank's top markets include Little Rock and Pensacola among others.

    Their top states include:
  • Arkansas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 38 $4,070,000 $107,105 $0 0.00%

    For 2019, Merchants & Farmers Bank's most frequently originated type of loan was Conventional, with 38 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $2,440,000 $110,909 $0 0.00%
    Refi 6 $570,000 $95,000 $0 0.00%
    Cash Out Refi 6 $620,000 $103,333 $0 0.00%
    Home Improvement 3 $145,000 $48,333 $0 0.00%
    Other 1 $295,000 $295,000 $0 0.00%

    For 2019, Merchants & Farmers Bank's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 38 $4,070,000 $107,105 $0 0.00%

    For 2019, Merchants & Farmers Bank's most frequently cited loan duration was Other, with 38 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 19 $705,000 $37,105 $0 0.00%
    $100k-200k 14 $2,110,000 $150,714 $0 0.00%
    $200k-400k 5 $1,255,000 $251,000 $0 0.00%

    2019 saw Merchants & Farmers Bank place emphasis on $100,000 or less loans with 19 originations, totaling $705,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 6 $500,000 $83,333 $0 0.00%
    $50k or less 6 $330,000 $55,000 $0 0.00%
    $100k-150k 3 $605,000 $201,667 $0 0.00%
    $75k-100k 3 $475,000 $158,333 $0 0.00%
    $250k+ 2 $290,000 $145,000 $0 0.00%

    Merchants & Farmers Bank lent most frequently to those with incomes in the $50k-75k range, with 6 originations. The second most popular income band? $50k or less, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 38 $4,070,000 $107,105 $0 0.00%

    Merchants & Farmers Bank lent most frequently to those with DTI ratios of Exempt%, with 38 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 18 $2,200,000 $122,222 $0 0.00%
    Not applicable 15 $1,765,000 $117,667 $0 0.00%
    Black 5 $105,000 $21,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.00%

    Merchants & Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    81.58%

    Merchants & Farmers Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 38 $4,070,000 $107,105

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 2 $20,000 $10,000
    Single Family (1-4 Units):Site-Built 36 $4,050,000 $112,500

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Closing on a mortgage 1 8.3%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Incorrect information on your report 1 8.3%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 3 25.0%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Trouble during payment process 6 50.0%
    MORGAN STANLEY & CO. LLC Other type of mortgage Struggling to pay mortgage 1 8.3%