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
  • 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 and Cash Out Refi 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 an above 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

    27

    Origination Dollar Volume (All Markets)

    $2,655,000

    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) 9 $1,225,000 $136,111 $0 0.00%
    Outside of Metro Areas 15 $1,045,000 $69,667 $0 0.00%
    Oxford, MS (FHA|USDA|VA) 3 $385,000 $128,333 $0 0.00%
    Merchants & Farmers Bank's top markets include Memphis and Oxford among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 27 $2,655,000 $98,333 $0 0.00%

    For 2018, Merchants & Farmers Bank's most frequently originated type of loan was Conventional, with 27 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 10 $1,300,000 $130,000 $0 0.00%
    Cash Out Refi 8 $730,000 $91,250 $0 0.00%
    Refi 4 $410,000 $102,500 $0 0.00%
    Other 3 $135,000 $45,000 $0 0.00%
    Home Improvement 2 $80,000 $40,000 $0 0.00%

    For 2018, Merchants & Farmers Bank's most frequently cited loan purpose was Home Purchase, with 10 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 27 $2,655,000 $98,333 $0 0.00%

    For 2018, Merchants & Farmers Bank's most frequently cited loan duration was Other, with 27 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 16 $790,000 $49,375 $0 0.00%
    $100k-200k 8 $1,120,000 $140,000 $0 0.00%
    $200k-400k 3 $745,000 $248,333 $0 0.00%

    2018 saw Merchants & Farmers Bank place emphasis on $100,000 or less loans with 16 originations, totaling $790,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 9 $405,000 $45,000 $0 0.00%
    $50k-75k 6 $420,000 $70,000 $0 0.00%
    $100k-150k 2 $400,000 $200,000 $0 0.00%
    $75k-100k 2 $310,000 $155,000 $0 0.00%

    Merchants & Farmers Bank lent most frequently to those with incomes in the $50k or less range, with 9 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% 27 $2,655,000 $98,333 $0 0.00%

    Merchants & Farmers Bank lent most frequently to those with DTI ratios of Exempt%, with 27 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 16 $1,330,000 $83,125 $0 0.00%
    Not applicable 8 $1,120,000 $140,000 $0 0.00%
    Black 3 $205,000 $68,333 $0 0.00%

    Approval Rates

    Total approvals of all applications
    80.00%

    Merchants & Farmers Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    96.30%

    Merchants & Farmers Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 27 $2,655,000 $98,333

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 1 $45,000 $45,000
    Single Family (1-4 Units):Site-Built 26 $2,610,000 $100,385

    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%