Merchants & Farmers Bank Mortgage Rates, Fees & Info

Holly Springs, MS

LEI: 549300SERU6A9D2UN186

Tax ID: 64-0202950

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
  • 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 Memphis and Oxford .

    Merchants & Farmers 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

    25

    Origination Dollar Volume (All Markets)

    $3,415,000

    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
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 17 $2,635,000 $155,000 $2,670 8.58%
    Outside of Metro Areas 6 $520,000 $86,667 $1,518 8.47%
    Oxford, MS (FHA|USDA|VA) 2 $260,000 $130,000 $0 8.25%
    Merchants & Farmers Bank's top markets include Memphis and Oxford among others.

    Their top states include:
  • Mississippi (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 25 $3,415,000 $136,600 $2,227 8.53%

    For 2023, Merchants & Farmers Bank's most frequently originated type of loan was Conventional, with 25 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 12 $2,310,000 $192,500 $3,124 8.68%
    Cash Out Refi 5 $375,000 $75,000 $1,740 8.41%
    Other 3 $185,000 $61,667 $1,350 8.60%
    Refi 3 $215,000 $71,667 $0 8.15%
    Home Improvement 2 $330,000 $165,000 $2,721 8.38%

    For 2023, Merchants & Farmers Bank's most frequently cited loan purpose was Home Purchase, with 12 originations. The 2nd most popular reason was Cash Out Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 13 $1,905,000 $146,538 $2,391 8.63%
    15 Year 6 $410,000 $68,333 $1,678 8.59%
    20 Year 5 $1,065,000 $213,000 $0 8.20%
    5 Year 1 $35,000 $35,000 $0 8.45%

    For 2023, Merchants & Farmers Bank's most frequently cited loan duration was Other, with 13 originations. The 2nd most popular length was 15 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 11 $815,000 $74,091
    $1k-2k 1 $295,000 $295,000
    $2k-3k 1 $565,000 $565,000

    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 11 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    Over 8% 16 $2,360,000 $147,500
    7-8% 8 $1,010,000 $126,250
    6-7% 1 $45,000 $45,000

    During 2023, Merchants & Farmers Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was Over 8%, with 16 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 12 $630,000 $52,500 $1,641 8.38%
    $100k-200k 10 $1,440,000 $144,000 $2,606 8.77%
    $400k-600k 2 $1,050,000 $525,000 $4,305 8.50%
    $200k-400k 1 $295,000 $295,000 $3,701 8.00%

    2023 saw Merchants & Farmers Bank place emphasis on $100,000 or less loans with 12 originations, totaling $630,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 5 $375,000 $75,000 $2,307 9.20%
    $100k-150k 4 $1,260,000 $315,000 $3,311 8.90%
    $50k or less 4 $180,000 $45,000 $1,346 7.75%
    $75k-100k 3 $225,000 $75,000 $1,773 9.02%
    $150k-250k 1 $195,000 $195,000 $0 8.50%
    $250k+ 1 $295,000 $295,000 $3,701 8.00%

    Merchants & Farmers Bank lent most frequently to those with incomes in the $50k-75k range, with 5 originations. The second most popular income band? $100k-150k, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 8 $790,000 $98,750 $2,224 8.40%
    37% 2 $280,000 $140,000 $3,091 10.30%
    20-30% 2 $70,000 $35,000 $1,737 7.50%
    40% 1 $75,000 $75,000 $2,049 9.80%
    41% 1 $565,000 $565,000 $4,305 8.50%
    43% 1 $85,000 $85,000 $666 8.00%
    30-36% 1 $35,000 $35,000 $1,741 8.75%
    38% 1 $145,000 $145,000 $1,636 9.80%

    Merchants & Farmers Bank lent most frequently to those with DTI ratios of <20%, with 8 originations. The next most common DTI ratio? 37%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 10 $1,410,000 $141,000 $2,322 8.71%
    Not applicable 7 $885,000 $126,429 $0 8.14%
    Not provided 1 $565,000 $565,000 $4,305 8.50%
    Black 6 $360,000 $60,000 $1,678 8.68%
    Asian 1 $195,000 $195,000 $0 8.50%

    Approval Rates

    Total approvals of all applications
    86.49%

    Merchants & Farmers Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    72.00%

    Merchants & Farmers Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 25 $3,415,000 $136,600

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    25 $3,415,000 $136,600

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $105,000 $35,000 $1,639 8.32%
    40-60% 4 $300,000 $75,000 $1,473 8.31%
    60-80% 8 $1,380,000 $172,500 $2,718 8.69%
    80-100% 9 $1,555,000 $172,778 $2,763 8.40%
    Under 20% 1 $75,000 $75,000 $2,049 9.80%