Merchants Bank Of Bangor Mortgage Rates, Fees & Info

Bangor, PA

LEI: 549300UOH5LMKWZ8OD48

Tax ID: 24-0660110

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 Bank Of Bangor is a smaller bank specializing in Home Purchase and Refi loans. Merchants Bank Of Bangor has a high proportion of conventional loans. Their top (well, only) market is Allentown.

    Merchants Bank Of Bangor 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

    29

    Origination Dollar Volume (All Markets)

    $5,095,000

    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
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 29 $5,095,000 $175,690 $0 0.00%
    Merchants Bank Of Bangor's top markets include and Allentown among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 29 $5,095,000 $175,690 $0 0.00%

    For 2020, Merchants Bank Of Bangor's most frequently originated type of loan was Conventional, with 29 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 16 $2,240,000 $140,000 $0 0.00%
    Refi 12 $2,800,000 $233,333 $0 0.00%
    Home Improvement 1 $55,000 $55,000 $0 0.00%

    For 2020, Merchants Bank Of Bangor's most frequently cited loan purpose was Home Purchase, with 16 originations. The 2nd most popular reason was Refi, with 12 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 29 $5,095,000 $175,690 $0 0.00%

    For 2020, Merchants Bank Of Bangor's most frequently cited loan duration was Other, with 29 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 10 $800,000 $80,000 $0 0.00%
    $200k-400k 10 $2,550,000 $255,000 $0 0.00%
    $100k-200k 8 $1,270,000 $158,750 $0 0.00%
    $400k-600k 1 $475,000 $475,000 $0 0.00%

    2020 saw Merchants Bank Of Bangor place emphasis on $100,000 or less loans with 10 originations, totaling $800,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $150k-250k 9 $1,545,000 $171,667 $0 0.00%
    $250k+ 4 $420,000 $105,000 $0 0.00%
    $100k-150k 3 $1,005,000 $335,000 $0 0.00%
    $50k-75k 2 $430,000 $215,000 $0 0.00%
    $75k-100k 2 $400,000 $200,000 $0 0.00%

    Merchants Bank Of Bangor lent most frequently to those with incomes in the $150k-250k range, with 9 originations. The second most popular income band? $250k+, with 4 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 29 $5,095,000 $175,690 $0 0.00%

    Merchants Bank Of Bangor lent most frequently to those with DTI ratios of Exempt%, with 29 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 18 $3,470,000 $192,778 $0 0.00%
    Not applicable 8 $1,040,000 $130,000 $0 0.00%
    Asian 2 $490,000 $245,000 $0 0.00%
    Not provided 1 $95,000 $95,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.89%

    Merchants Bank Of Bangor has an average approval rate.

    Pick Rate

    Approvals leading to origination
    82.76%

    Merchants Bank Of Bangor has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 29 $5,095,000 $175,690

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $255,000 $255,000
    Single Family (1-4 Units):Site-Built 28 $4,840,000 $172,857

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MORGAN STANLEY & CO. LLC Conventional home mortgage Closing on a mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Struggling to pay mortgage 2 22.2%
    MORGAN STANLEY & CO. LLC Conventional home mortgage Trouble during payment process 4 44.4%
    MORGAN STANLEY & CO. LLC Other type of mortgage Struggling to pay mortgage 1 11.1%
    MORGAN STANLEY & CO. LLC Other type of mortgage Trouble during payment process 1 11.1%