Farmers & Merchants Bank Mortgage Rates, Fees & Info

Salisbury, NC

LEI: 54930018CRFUH37BKR13

Tax ID: 56-0220355

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

Review & Overview

Farmers & Merchants Bank is a smaller bank specializing in Home Purchase loans. Farmers & Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlotte, Raleigh, Durham, Morehead City, and Asheville among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers & Merchants Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.

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Originations

118

Origination Dollar Volume (All Markets)

$38,670,000

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
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA\|USDA\|VA)	103	$30,465,000	$295,777	$0	0.00%
RALEIGH-CARY, NC (FHA\|USDA\|VA)	7	$4,555,000	$650,714	$0	0.00%
DURHAM-CHAPEL HILL, NC (FHA\|USDA\|VA)	1	$1,055,000	$1,055,000	$0	0.00%
Morehead City, NC (FHA\|USDA\|VA)	2	$950,000	$475,000	$0	0.00%
ASHEVILLE, NC (FHA\|USDA\|VA)	1	$805,000	$805,000	$0	0.00%
Outside of Metro Areas	1	$405,000	$405,000	$0	0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA\|USDA\|VA)	2	$320,000	$160,000	$0	0.00%
Shelby, NC (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	0.00%

Farmers & Merchants Bank's top markets include Charlotte, Raleigh, Durham, Morehead City, and Asheville among others.

Their top states include:

North Carolina (FHA|USDA|VA)

South Carolina (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	118	$38,670,000	$327,712	$0	0.00%

For 2022, Farmers & Merchants Bank's most frequently originated type of loan was Conventional, with 118 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	58	$27,320,000	$471,034	$0	0.00%
Refi	38	$7,290,000	$191,842	$0	0.00%
Cash Out Refi	19	$3,425,000	$180,263	$0	0.00%
Other	2	$540,000	$270,000	$0	0.00%
Home Improvement	1	$95,000	$95,000	$0	0.00%

For 2022, Farmers & Merchants Bank's most frequently cited loan purpose was Home Purchase, with 58 originations. The 2nd most popular reason was Refi, with 38 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	118	$38,670,000	$327,712	$0	0.00%

For 2022, Farmers & Merchants Bank's most frequently cited loan duration was Other, with 118 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	34	$9,590,000	$282,059	$0	0.00%
$100k-200k	33	$4,665,000	$141,364	$0	0.00%
$100,000 or less	23	$1,475,000	$64,130	$0	0.00%
$400k-600k	15	$6,925,000	$461,667	$0	0.00%
$600k-1MM	8	$6,130,000	$766,250	$0	0.00%
$1MM+	5	$9,885,000	$1,977,000	$0	0.00%

2022 saw Farmers & Merchants Bank place emphasis on $200k-400k loans with 34 originations, totaling $9,590,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	22	$5,860,000	$266,364	$0	0.00%
$50k or less	22	$2,100,000	$95,455	$0	0.00%
$150k-250k	15	$4,295,000	$286,333	$0	0.00%
$50k-75k	13	$1,815,000	$139,615	$0	0.00%
$75k-100k	13	$3,025,000	$232,692	$0	0.00%
$250k+	12	$10,070,000	$839,167	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $50k or less, with 22 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	118	$38,670,000	$327,712	$0	0.00%

Farmers & Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 118 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	94	$26,690,000	$283,936	$0	0.00%
Not applicable	21	$11,505,000	$547,857	$0	0.00%
Black	2	$320,000	$160,000	$0	0.00%
Not provided	1	$155,000	$155,000	$0	0.00%

Approval Rates

Total approvals of all applications
91.10%

Farmers & Merchants Bank has an average approval rate.

Pick Rate

Approvals leading to origination
90.68%

Farmers & Merchants Bank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	118	$38,670,000	$327,712

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	118	$38,670,000	$327,712