Farmers And Merchants Bank Mortgage Rates, Fees & Info

LaOtto, IN

LEI: 549300A6T9G3QXH9KZ27

Tax ID: 35-0303207

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Mortgage Data

Review & Overview

Farmers And Merchants Bank is a smaller bank specializing in Home Purchase and Refi loans. Farmers And Merchants Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fort Wayne, Kendallville, Angola, Auburn, and Warsaw among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)

Farmers And Merchants 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.

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Originations

67

Origination Dollar Volume (All Markets)

$11,705,000

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
FORT WAYNE, IN (FHA|USDA|VA) 34 $5,890,000 $173,235 $0 0.00%
Kendallville, IN (FHA|USDA|VA) 20 $3,060,000 $153,000 $0 0.00%
Angola, IN (FHA|USDA|VA) 3 $1,445,000 $481,667 $0 0.00%
Auburn, IN (FHA|USDA|VA) 9 $985,000 $109,444 $0 0.00%
Warsaw, IN (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
Farmers And Merchants Bank's top markets include Fort Wayne, Kendallville, Angola, Auburn, and Warsaw among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 67 $11,705,000 $174,701 $0 0.00%

    For 2019, Farmers And Merchants Bank's most frequently originated type of loan was Conventional, with 67 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 43 $8,575,000 $199,419 $0 0.00%
    Refi 23 $3,065,000 $133,261 $0 0.00%
    Other 1 $65,000 $65,000 $0 0.00%

    For 2019, Farmers And Merchants Bank's most frequently cited loan purpose was Home Purchase, with 43 originations. The 2nd most popular reason was Refi, with 23 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 67 $11,705,000 $174,701 $0 0.00%

    For 2019, Farmers And Merchants Bank's most frequently cited loan duration was Other, with 67 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 24 $1,570,000 $65,417 $0 0.00%
    $100k-200k 24 $3,570,000 $148,750 $0 0.00%
    $200k-400k 15 $4,175,000 $278,333 $0 0.00%
    $400k-600k 3 $1,485,000 $495,000 $0 0.00%
    $600k-1MM 1 $905,000 $905,000 $0 0.00%

    2019 saw Farmers And Merchants Bank place emphasis on $100,000 or less loans with 24 originations, totaling $1,570,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 18 $3,020,000 $167,778 $0 0.00%
    $50k-75k 13 $1,945,000 $149,615 $0 0.00%
    $50k or less 13 $1,215,000 $93,462 $0 0.00%
    $100k-150k 8 $1,200,000 $150,000 $0 0.00%
    $150k-250k 7 $1,925,000 $275,000 $0 0.00%
    $250k+ 2 $830,000 $415,000 $0 0.00%

    Farmers And Merchants Bank lent most frequently to those with incomes in the $75k-100k range, with 18 originations. The second most popular income band? $50k-75k, with 13 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 67 $11,705,000 $174,701 $0 0.00%

    Farmers And Merchants Bank lent most frequently to those with DTI ratios of Exempt%, with 67 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 61 $9,965,000 $163,361 $0 0.00%
    Not applicable 4 $1,330,000 $332,500 $0 0.00%
    Asian 1 $325,000 $325,000 $0 0.00%
    American Indian 1 $85,000 $85,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    97.44%

    Farmers And Merchants 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
    86.57%

    Farmers And Merchants Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 67 $11,705,000 $174,701

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 2 $780,000 $390,000
    Single Family (1-4 Units):Manufactured 1 $75,000 $75,000
    Single Family (1-4 Units):Site-Built 64 $10,850,000 $169,531