Merchants Bank Of Indiana Mortgage Rates, Fees & Info

Carmel, IN

LEI: 549300WRDGBHKR1BXL98

Tax ID: 35-0352710

5 stars - out of 5 stars, based on 60 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Merchants Bank Of Indiana is a small bank specializing in Refi and Home Purchase loans. Merchants Bank Of Indiana has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Indianapolis, Chicago, St. Louis, Providence, and Cincinnati among others. Merchants Bank Of Indiana has an above average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors. Merchants Bank Of Indiana is typically a low fee lendor.


Originations

3,602

Origination Dollar Volume (All Markets)

$2,789,120,000

Employee count

451 Show all (32) awards

Relative Rate

Merchants Bank Of Indiana's average 30 year fixed rate mortgage of loans were 2.97%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.18%.

Relative Fees

Merchants Bank Of Indiana's average total fees for a 30 year fixed rate mortgage are $3,293.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 477 $413,485,000 $866,845 $2,044 3.03%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 258 $245,380,000 $951,085 $2,830 2.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 563 $238,475,000 $423,579 $1,512 2.81%
PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) 487 $142,875,000 $293,378 $2,973 2.75%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 26 $96,980,000 $3,730,000 $3,951 3.19%
FORT WAYNE, IN (FHA|USDA|VA) 12 $96,340,000 $8,028,333 $1,998 3.25%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 19 $68,565,000 $3,608,684 $5,767 3.09%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 171 $66,125,000 $386,696 $3,768 2.68%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 48 $65,580,000 $1,366,250 $3,895 2.63%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 10 $62,210,000 $6,221,000 $4,277 2.66%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 15 $61,575,000 $4,105,000 $6,446 2.86%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 28 $60,630,000 $2,165,357 $5,467 2.70%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 1 $54,255,000 $54,255,000 $0 4.00%
Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) 121 $45,975,000 $379,959 $4,118 2.78%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 4 $43,710,000 $10,927,500 $14,195 3.88%
GRANTS PASS, OR (FHA|USDA|VA) 2 $36,000,000 $18,000,000 $0 6.63%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $35,485,000 $2,365,667 $4,034 3.12%
COLUMBUS, OH (FHA|USDA|VA) 125 $33,725,000 $269,800 $2,937 2.90%
EVANSVILLE, IN-KY (FHA|USDA|VA) 6 $33,520,000 $5,586,667 $0 3.44%
San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 55 $31,635,000 $575,182 $4,645 2.74%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 3 $31,605,000 $10,535,000 $2,721 3.21%
HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 5 $28,895,000 $5,779,000 $3,779 2.71%
BLOOMINGTON, IN (FHA|USDA|VA) 7 $26,745,000 $3,820,714 $3,729 3.27%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $26,240,000 $4,373,333 $6,983 3.10%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 11 $25,435,000 $2,312,273 $6,785 2.89%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 2 $25,220,000 $12,610,000 $8,080 2.81%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $25,005,000 $25,005,000 $0 3.60%
VALDOSTA, GA (FHA|USDA|VA) 1 $22,575,000 $22,575,000 $0 3.05%
RAPID CITY, SD (FHA|USDA|VA) 2 $20,430,000 $10,215,000 $0 3.75%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 3 $19,235,000 $6,411,667 $7,846 3.00%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 4 $19,150,000 $4,787,500 $1,108 3.29%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 10 $19,100,000 $1,910,000 $6,206 2.81%
Outside of Metro Areas 59 $17,675,000 $299,576 $3,293 2.97%
LUBBOCK, TX (FHA|USDA|VA) 1 $16,375,000 $16,375,000 $0 3.25%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 51 $16,175,000 $317,157 $3,895 2.70%
ALBANY, GA (FHA|USDA|VA) 3 $15,815,000 $5,271,667 $0 4.13%
BOWLING GREEN, KY (FHA|USDA|VA) 3 $15,655,000 $5,218,333 $7,907 3.63%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 26 $15,610,000 $600,385 $4,090 2.73%
WATERTOWN-FORT DRUM, NY (FHA|USDA|VA) 3 $14,845,000 $4,948,333 $0 3.05%
KOKOMO, IN (FHA|USDA|VA) 5 $14,825,000 $2,965,000 $1,502 3.74%
CANTON-MASSILLON, OH (FHA|USDA|VA) 61 $14,655,000 $240,246 $3,037 2.91%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 3 $14,265,000 $4,755,000 $7,376 3.26%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $14,005,000 $14,005,000 $0 5.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 40 $13,410,000 $335,250 $3,991 2.73%
HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) 3 $13,085,000 $4,361,667 $9,385 3.16%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 5 $12,975,000 $2,595,000 $2,450 3.13%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 43 $12,565,000 $292,209 $4,840 2.77%
NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) 53 $12,505,000 $235,943 $5,629 2.79%
ALEXANDRIA, LA (FHA|USDA|VA) 49 $12,235,000 $249,694 $3,676 2.65%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 33 $12,095,000 $366,515 $3,560 2.83%
Marion, IN (FHA|USDA|VA) 4 $11,680,000 $2,920,000 $0 3.72%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 5 $11,035,000 $2,207,000 $6,100 3.18%
PITTSBURGH, PA (FHA|USDA|VA) 37 $10,985,000 $296,892 $4,542 3.03%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 2 $10,720,000 $5,360,000 $6,834 2.83%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 7 $10,345,000 $1,477,857 $4,153 2.98%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $10,145,000 $2,029,000 $3,061 3.23%
GULFPORT-BILOXI, MS (FHA|USDA|VA) 3 $9,405,000 $3,135,000 $3,520 2.54%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 30 $9,380,000 $312,667 $4,055 2.54%
IOWA CITY, IA (FHA|USDA|VA) 1 $9,075,000 $9,075,000 $0 3.50%
COLUMBIA, MO (FHA|USDA|VA) 2 $8,650,000 $4,325,000 $2,008 3.06%
BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) 1 $8,405,000 $8,405,000 $0 3.50%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 11 $8,235,000 $748,636 $6,016 2.99%
SIOUX FALLS, SD (FHA|USDA|VA) 2 $7,200,000 $3,600,000 $0 3.75%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $7,190,000 $1,797,500 $5,291 2.71%
MUNCIE, IN (FHA|USDA|VA) 6 $6,950,000 $1,158,333 $2,515 3.18%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 18 $6,330,000 $351,667 $5,228 2.78%
BECKLEY, WV (FHA|USDA|VA) 2 $6,130,000 $3,065,000 $0 3.25%
SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 13 $5,785,000 $445,000 $4,813 2.49%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 14 $4,770,000 $340,714 $3,698 2.72%
WORCESTER, MA-CT (FHA|USDA|VA) 14 $4,680,000 $334,286 $3,090 2.72%
MONROE, LA (FHA|USDA|VA) 18 $4,470,000 $248,333 $4,360 2.74%
LAKE CHARLES, LA (FHA|USDA|VA) 16 $4,450,000 $278,125 $5,202 2.77%
DAYTON-KETTERING, OH (FHA|USDA|VA) 22 $4,260,000 $193,636 $3,227 3.26%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 10 $4,040,000 $404,000 $3,328 2.56%
LONGVIEW, TX (FHA|USDA|VA) 1 $4,035,000 $4,035,000 $0 3.25%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 15 $3,905,000 $260,333 $4,995 2.66%
AKRON, OH (FHA|USDA|VA) 19 $3,625,000 $190,789 $3,383 2.78%
SYRACUSE, NY (FHA|USDA|VA) 2 $3,410,000 $1,705,000 $0 3.63%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $3,375,000 $3,375,000 $0 3.55%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 3 $2,975,000 $991,667 $3,358 3.46%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 4 $2,890,000 $722,500 $5,421 2.92%
Salem, OH (FHA|USDA|VA) 22 $2,830,000 $128,636 $3,130 2.82%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 8 $2,770,000 $346,250 $3,725 2.73%
VALLEJO, CA (FHA|USDA|VA) 9 $2,715,000 $301,667 $3,110 2.74%
KANSAS CITY, MO-KS (FHA|USDA|VA) 3 $2,535,000 $845,000 $3,331 2.96%
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA) 14 $2,500,000 $178,571 $3,302 2.88%
MADISON, WI (FHA|USDA|VA) 11 $2,435,000 $221,364 $1,879 2.83%
STOCKTON, CA (FHA|USDA|VA) 8 $2,350,000 $293,750 $3,258 2.95%
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) 6 $2,340,000 $390,000 $6,547 2.73%
Warsaw, IN (FHA|USDA|VA) 6 $2,320,000 $386,667 $2,250 2.79%
BOISE CITY, ID (FHA|USDA|VA) 7 $2,305,000 $329,286 $5,338 2.66%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 6 $2,010,000 $335,000 $5,623 2.81%
BARNSTABLE TOWN, MA (FHA|USDA|VA) 5 $1,995,000 $399,000 $3,566 3.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 6 $1,880,000 $313,333 $3,805 2.90%
SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 4 $1,820,000 $455,000 $2,981 2.75%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 5 $1,695,000 $339,000 $3,544 2.68%
NORWICH-NEW LONDON, CT (FHA|USDA|VA) 5 $1,635,000 $327,000 $3,105 2.58%
NAPA, CA (FHA|USDA|VA) 3 $1,585,000 $528,333 $4,058 2.83%
BATON ROUGE, LA (FHA|USDA|VA) 5 $1,585,000 $317,000 $6,269 2.58%
COLORADO SPRINGS, CO (FHA|USDA|VA) 6 $1,520,000 $253,333 $6,011 2.69%
SALINAS, CA (FHA|USDA|VA) 4 $1,500,000 $375,000 $3,367 2.53%
MODESTO, CA (FHA|USDA|VA) 4 $1,470,000 $367,500 $4,166 2.78%
Richmond, IN (FHA|USDA|VA) 15 $1,455,000 $97,000 $1,432 3.58%
COLUMBUS, IN (FHA|USDA|VA) 4 $1,390,000 $347,500 $2,321 2.88%
OCEAN CITY, NJ (FHA|USDA|VA) 3 $1,375,000 $458,333 $4,464 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 4 $1,320,000 $330,000 $3,570 2.81%
WEIRTON-STEUBENVILLE, WV-OH (FHA|USDA|VA) 11 $1,315,000 $119,545 $3,191 2.70%
SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 4 $1,310,000 $327,500 $3,975 2.50%
Breckenridge, CO (FHA|USDA|VA) 2 $1,300,000 $650,000 $0 3.00%
ALBUQUERQUE, NM (FHA|USDA|VA) 4 $1,290,000 $322,500 $4,527 2.94%
Logansport, IN (FHA|USDA|VA) 1 $1,225,000 $1,225,000 $0 3.25%
REDDING, CA (FHA|USDA|VA) 4 $1,180,000 $295,000 $2,939 2.88%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 7 $1,175,000 $167,857 $5,319 2.89%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $1,125,000 $375,000 $3,838 3.13%
BAKERSFIELD, CA (FHA|USDA|VA) 4 $1,060,000 $265,000 $3,434 2.59%
BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $1,040,000 $520,000 $3,685 2.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 3 $1,015,000 $338,333 $3,467 2.29%
NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 3 $965,000 $321,667 $6,152 2.83%
Edwards, CO (FHA|USDA|VA) 3 $965,000 $321,667 $12,195 2.63%
Truckee-Grass Valley, CA (FHA|USDA|VA) 3 $955,000 $318,333 $3,479 2.79%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 5 $945,000 $189,000 $7,421 2.85%
COLUMBIA, SC (FHA|USDA|VA) 2 $860,000 $430,000 $6,374 2.63%
TUCSON, AZ (FHA|USDA|VA) 3 $825,000 $275,000 $3,746 2.83%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 3 $735,000 $245,000 $6,903 2.58%
PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) 2 $730,000 $365,000 $4,936 2.31%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $710,000 $355,000 $5,732 2.81%
DeRidder, LA (FHA|USDA|VA) 3 $705,000 $235,000 $5,649 3.13%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $680,000 $170,000 $8,479 2.97%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 3 $675,000 $225,000 $873 3.21%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $670,000 $335,000 $3,976 2.69%
WINCHESTER, VA-WV (FHA|USDA|VA) 2 $610,000 $305,000 $6,420 3.00%
PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 2 $610,000 $305,000 $4,406 2.94%
Brainerd, MN (FHA|USDA|VA) 1 $595,000 $595,000 $3,914 3.00%
EL CENTRO, CA (FHA|USDA|VA) 2 $460,000 $230,000 $6,702 2.88%
YUBA CITY, CA (FHA|USDA|VA) 2 $440,000 $220,000 $5,839 3.00%
TOLEDO, OH (FHA|USDA|VA) 1 $425,000 $425,000 $6,258 2.88%
Jackson, WY-ID (FHA|USDA|VA) 1 $425,000 $425,000 $4,512 2.75%
Albertville, AL (FHA|USDA|VA) 1 $425,000 $425,000 $6,779 2.25%
LAFAYETTE, LA (FHA|USDA|VA) 2 $400,000 $200,000 $4,188 2.75%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 2 $400,000 $200,000 $4,731 2.44%
FRESNO, CA (FHA|USDA|VA) 2 $400,000 $200,000 $2,966 2.69%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 2 $390,000 $195,000 $1,310 2.88%
HAMMOND, LA (FHA|USDA|VA) 2 $390,000 $195,000 $5,528 2.50%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $385,000 $385,000 $3,166 2.38%
MONROE, MI (FHA|USDA|VA) 1 $375,000 $375,000 $10,984 2.88%
BISMARCK, ND (FHA|USDA|VA) 1 $375,000 $375,000 $7,057 2.50%
CORVALLIS, OR (FHA|USDA|VA) 2 $370,000 $185,000 $9,587 2.88%
Jennings, LA (FHA|USDA|VA) 1 $365,000 $365,000 $4,563 3.25%
Opelousas, LA (FHA|USDA|VA) 1 $355,000 $355,000 $3,332 3.25%
Farmington, MO (FHA|USDA|VA) 1 $335,000 $335,000 $1,041 2.63%
MONTGOMERY, AL (FHA|USDA|VA) 1 $335,000 $335,000 $11,381 3.13%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $330,000 $165,000 $2,575 2.56%
SPRINGFIELD, OH (FHA|USDA|VA) 2 $330,000 $165,000 $3,128 3.75%
Greenville, OH (FHA|USDA|VA) 2 $330,000 $165,000 $0 4.25%
YAKIMA, WA (FHA|USDA|VA) 1 $325,000 $325,000 $2,174 3.00%
Nogales, AZ (FHA|USDA|VA) 1 $305,000 $305,000 $4,710 2.50%
Brookings, OR (FHA|USDA|VA) 1 $305,000 $305,000 $0 3.38%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $295,000 $295,000 $3,169 3.25%
FARMINGTON, NM (FHA|USDA|VA) 1 $295,000 $295,000 $7,352 2.13%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 1 $295,000 $295,000 $3,930 2.50%
LYNCHBURG, VA (FHA|USDA|VA) 1 $295,000 $295,000 $5,072 2.88%
CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $295,000 $295,000 $2,815 2.88%
BEND, OR (FHA|USDA|VA) 1 $295,000 $295,000 $11,044 2.63%
LAS CRUCES, NM (FHA|USDA|VA) 1 $285,000 $285,000 $7,467 2.63%
MADERA, CA (FHA|USDA|VA) 1 $285,000 $285,000 $3,106 2.00%
Natchitoches, LA (FHA|USDA|VA) 1 $285,000 $285,000 $3,292 2.50%
HUNTSVILLE, AL (FHA|USDA|VA) 1 $275,000 $275,000 $2,745 3.13%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $275,000 $275,000 $7,284 2.63%
New Philadelphia-Dover, OH (FHA|USDA|VA) 1 $275,000 $275,000 $4,050 2.99%
VISALIA, CA (FHA|USDA|VA) 1 $265,000 $265,000 $3,076 2.50%
CHATTANOOGA, TN-GA (FHA|USDA|VA) 1 $265,000 $265,000 $4,421 2.50%
Easton, MD (FHA|USDA|VA) 1 $265,000 $265,000 $3,590 2.63%
EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) 1 $255,000 $255,000 $10,323 3.00%
Athens, OH (FHA|USDA|VA) 1 $255,000 $255,000 $3,245 3.00%
Alamogordo, NM (FHA|USDA|VA) 1 $255,000 $255,000 $7,913 2.88%
MANCHESTER-NASHUA, NH (FHA|USDA|VA) 1 $255,000 $255,000 $9,040 2.75%
ROCHESTER, MN (FHA|USDA|VA) 1 $255,000 $255,000 $4,711 2.75%
ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 1 $255,000 $255,000 $6,391 3.00%
HATTIESBURG, MS (FHA|USDA|VA) 1 $255,000 $255,000 $10,001 2.75%
WENATCHEE, WA (FHA|USDA|VA) 1 $255,000 $255,000 $2,097 3.13%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $255,000 $255,000 $2,939 3.13%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $255,000 $255,000 $3,035 3.00%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $255,000 $255,000 $4,713 2.88%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $255,000 $255,000 $8,118 2.38%
ANN ARBOR, MI (FHA|USDA|VA) 1 $255,000 $255,000 $7,910 2.88%
SANTA FE, NM (FHA|USDA|VA) 1 $245,000 $245,000 $3,786 2.50%
HARRISONBURG, VA (FHA|USDA|VA) 1 $245,000 $245,000 $2,836 3.25%
SALEM, OR (FHA|USDA|VA) 1 $245,000 $245,000 $11,533 2.75%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $245,000 $245,000 $6,476 2.38%
EAST STROUDSBURG, PA (FHA|USDA|VA) 1 $245,000 $245,000 $4,105 2.63%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $245,000 $245,000 $2,814 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $245,000 $245,000 $4,279 3.75%
TRENTON-PRINCETON, NJ (FHA|USDA|VA) 1 $245,000 $245,000 $8,062 2.63%
Picayune, MS (FHA|USDA|VA) 1 $235,000 $235,000 $8,123 2.50%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $235,000 $235,000 $3,426 3.25%
Stillwater, OK (FHA|USDA|VA) 1 $235,000 $235,000 $6,033 2.63%
VINELAND-BRIDGETON, NJ (FHA|USDA|VA) 1 $235,000 $235,000 $4,696 2.50%
Eureka-Arcata, CA (FHA|USDA|VA) 1 $235,000 $235,000 $2,981 2.88%
Arkadelphia, AR (FHA|USDA|VA) 1 $235,000 $235,000 $10,811 2.75%
New Castle, IN (FHA|USDA|VA) 1 $235,000 $235,000 $1,520 3.25%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $225,000 $225,000 $4,737 2.75%
LEWISTON-AUBURN, ME (FHA|USDA|VA) 1 $225,000 $225,000 $5,971 2.25%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $215,000 $215,000 $8,676 2.25%
HINESVILLE, GA (FHA|USDA|VA) 1 $215,000 $215,000 $8,848 2.25%
MORGANTOWN, WV (FHA|USDA|VA) 1 $215,000 $215,000 $2,180 2.75%
Albemarle, NC (FHA|USDA|VA) 1 $215,000 $215,000 $7,800 2.25%
Meridian, MS (FHA|USDA|VA) 1 $215,000 $215,000 $4,630 2.25%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $215,000 $215,000 $7,370 2.50%
Holland, MI (FHA|USDA|VA) 1 $215,000 $215,000 $4,395 2.50%
ANCHORAGE, AK (FHA|USDA|VA) 1 $205,000 $205,000 $9,597 2.00%
Wooster, OH (FHA|USDA|VA) 1 $205,000 $205,000 $5,731 2.75%
Astoria, OR (FHA|USDA|VA) 1 $185,000 $185,000 $7,084 2.50%
SHREVEPORT-BOSSIER CITY, LA (FHA|USDA|VA) 1 $175,000 $175,000 $2,423 2.75%
ST. CLOUD, MN (FHA|USDA|VA) 1 $175,000 $175,000 $1,038 2.25%
ROCKFORD, IL (FHA|USDA|VA) 1 $165,000 $165,000 $5,653 2.88%
Jasper, IN (FHA|USDA|VA) 1 $165,000 $165,000 $1,930 3.50%
Mount Vernon, OH (FHA|USDA|VA) 1 $155,000 $155,000 $2,584 3.00%
PANAMA CITY, FL (FHA|USDA|VA) 1 $145,000 $145,000 $2,590 3.25%
North Wilkesboro, NC (FHA|USDA|VA) 1 $145,000 $145,000 $2,762 2.63%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $135,000 $135,000 $2,150 2.88%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $135,000 $135,000 $3,679 2.75%
WICHITA, KS (FHA|USDA|VA) 1 $125,000 $125,000 $4,160 2.38%
New Castle, PA (FHA|USDA|VA) 1 $125,000 $125,000 $3,258 2.88%
LINCOLN, NE (FHA|USDA|VA) 1 $105,000 $105,000 $3,864 2.25%
FOND DU LAC, WI (FHA|USDA|VA) 1 $105,000 $105,000 $3,700 2.88%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 1 $95,000 $95,000 $1,002 2.50%
Rochelle, IL (FHA|USDA|VA) 1 $95,000 $95,000 $3,548 3.25%
Frankfort, IN (FHA|USDA|VA) 1 $85,000 $85,000 $1,379 2.75%
Wabash, IN (FHA|USDA|VA) 1 $85,000 $85,000 $1,509 3.13%
Bedford, IN (FHA|USDA|VA) 1 $85,000 $85,000 $2,534 3.00%
Angola, IN (FHA|USDA|VA) 1 $65,000 $65,000 $1,498 2.75%

Merchants Bank Of Indiana's top markets include Indianapolis, Chicago, St. Louis, Providence, and Cincinnati among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 3,576 $2,784,030,000 $778,532 $3,122 2.84%
FHA 26 $5,090,000 $195,769 $5,673 2.89%

For the 2021 period, Merchants Bank Of Indiana's most frequently originated loan type of loans were Conventional, with 3,576 originations. Their 2nd most popular type is FHA, with 26 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,812 $963,220,000 $531,578 $2,902 2.69%
Home Purchase 952 $1,373,570,000 $1,442,826 $3,188 3.03%
Cash Out Refi 790 $227,120,000 $287,494 $3,634 2.92%
Home Improvement 48 $225,210,000 $4,691,875 $0 3.67%

For the 2021, Merchants Bank Of Indiana's most frequently cited loan purpose of loans were Refi, with 1,812 originations. The 2nd most popular reason of loans were Home Purchase, with 952 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 2,271 $672,905,000 $296,303 $3,293 2.97%
15 Year 723 $180,745,000 $249,993 $2,828 2.40%
20 Year 298 $84,190,000 $282,517 $3,163 2.68%
Other 196 $1,319,710,000 $6,733,214 $2,009 3.27%
10 Year 68 $15,100,000 $222,059 $2,767 2.32%
3 Year 37 $409,275,000 $11,061,486 $0 3.50%
5 Year 7 $104,865,000 $14,980,714 $0 3.59%
1 Year 2 $2,330,000 $1,165,000 $0 3.15%

For the 2021, Merchants Bank Of Indiana's most frequently cited loan length of loans were 30 Year, with 2,271 originations. The 2nd most popular length of loans were 15 Year, with 723 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 1,478 $453,930,000 $307,124
$<1k 1,353 $353,145,000 $261,009
$5k+ 186 $58,280,000 $313,333
$3k-4k 139 $37,745,000 $271,547
$2k-3k 116 $30,850,000 $265,948

$3,293 of loans were Merchants Bank Of Indiana's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 1,478 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 1,804 $681,420,000 $377,727
<2.5% 918 $253,930,000 $276,612
3-4% 842 $1,739,490,000 $2,065,903
4-5% 33 $56,195,000 $1,702,879
5-6% 2 $39,010,000 $19,505,000
6-7% 2 $13,910,000 $6,955,000
Over 8% 1 $5,165,000 $5,165,000

During 2021, Merchants Bank Of Indiana's average interest rate of loans were 2.97%, while their most frequently originated rate bucket of loans were 2.5-3%, with 1,804 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 1,818 $516,630,000 $284,175 $3,339 2.78%
$100k-200k 859 $134,605,000 $156,700 $2,498 2.86%
$400k-600k 591 $283,315,000 $479,382 $3,579 2.77%
$1MM+ 147 $1,809,545,000 $12,309,830 $0 3.56%
$100,000 or less 140 $10,910,000 $77,929 $2,168 3.06%
$600k-1MM 47 $34,115,000 $725,851 $3,885 3.08%

2021 saw Merchants Bank Of Indiana place emphasis on $200k-400k loans with 1,818 originations, totaling $516,630,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 894 $271,700,000 $303,915 $3,264 2.78%
$150k-250k 730 $255,290,000 $349,712 $3,190 2.72%
$50k-75k 585 $123,515,000 $211,137 $3,268 2.87%
$75k-100k 540 $143,970,000 $266,611 $3,284 2.82%
$50k or less 419 $66,655,000 $159,081 $2,526 2.98%
$250k+ 273 $111,065,000 $406,832 $3,036 2.71%

Merchants Bank Of Indiana lent most frequently to those with incomes in the $100k-150k range, with 894 originations. The second most popular income band? $150k-250k, with 730 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 974 $279,000,000 $286,448 $2,956 2.77%
30-36% 604 $170,580,000 $282,417 $3,216 2.80%
<20% 476 $131,200,000 $275,630 $2,883 2.70%
38% 131 $38,435,000 $293,397 $3,039 2.90%
42% 117 $32,065,000 $274,060 $3,166 2.93%
36% 116 $32,540,000 $280,517 $3,650 2.84%
40% 114 $31,040,000 $272,281 $2,881 2.93%
44% 111 $31,865,000 $287,072 $3,789 2.94%
43% 109 $31,415,000 $288,211 $3,485 2.91%
37% 101 $29,425,000 $291,337 $3,112 2.78%
41% 98 $29,190,000 $297,857 $3,239 2.87%
39% 91 $25,255,000 $277,527 $3,305 2.85%
45% 88 $25,920,000 $294,545 $3,380 2.92%
49% 79 $22,755,000 $288,038 $2,900 2.89%
46% 78 $20,250,000 $259,615 $3,425 2.89%
48% 70 $18,720,000 $267,429 $3,778 2.77%
47% 65 $17,715,000 $272,538 $3,284 2.80%
50-60% 17 $4,635,000 $272,647 $5,510 2.72%
>60% 2 $190,000 $95,000 $0 3.63%

Merchants Bank Of Indiana lent most frequently to those with DTI ratios of 20-30%, with 974 originations. The next most common DTI ratio? 30-36%, with 604 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 161 $1,816,925,000 $11,285,248 $0 3.61%
White 2,688 $759,480,000 $282,545 $3,089 2.81%
Asian 421 $114,885,000 $272,886 $2,920 2.82%
Not provided 244 $76,110,000 $311,926 $3,856 2.74%
Black 72 $17,870,000 $248,194 $3,689 2.98%
American Indian 7 $1,985,000 $283,571 $5,462 2.88%
Native Hawaiian 9 $1,865,000 $207,222 $4,048 2.90%

Approval Rates

Total approvals of all applications
98.28%

Merchants Bank Of Indiana 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
93.11%

Merchants Bank Of Indiana has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 3,602 $2,789,120,000 $774,325

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
3,602 $2,789,120,000 $774,325

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 285 $114,685,000 $402,404 $3,067 2.63%
40-60% 911 $453,475,000 $497,777 $3,148 2.68%
60-80% 1,594 $1,605,610,000 $1,007,284 $3,128 2.88%
80-100% 762 $526,760,000 $691,286 $3,190 3.00%
Over 100% 1 $7,205,000 $7,205,000 $0 3.40%
Under 20% 43 $78,965,000 $1,836,395 $3,233 3.59%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Merchants and Medical Credit Corporation, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Merchants Bank of Indiana 701 E Main St Richmond, IN 47374 Full Service B&M $873,345
Merchants Bank of Indiana 11590 North Meridian Street Carmel, IN 46032 Full Service B&M $1,131,786
Merchants Bank of Indiana 7375 South Us Highway 27 Lynn, IN 47355 Full Service B&M $26,494
Merchants Bank of Indiana 3737 East 96th Street Indianapolis, IN 46240 Full Service B&M $670,085
Merchants Bank of Indiana 410 Monon Blvd. Carmel, IN 46032 Full Service B&M $5,144,079
Merchants Bank of Indiana 6880 South Arba Pike Lynn, IN 47355 Full Service B&M $9,997

For 2021, Merchants Bank Of Indiana had 6 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $303,023
Net interest income $274,118
Total noninterest income $155,116
Gross Fiduciary activities income $0
Service charges on deposit accounts $359
Trading account gains and fees $0
Additional Noninterest Income $154,757
Pre-tax net operating income $304,087
Securities gains (or losses, -) $0
Income before extraordinary items $226,430
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $226,430
Minority interest net income $0
Net income $226,430
Sale, conversion, retirement of capital stock, net $0
Net operating income $226,430

Merchants Bank Of Indiana's gross interest income from loans was $303,023,000.
Merchants Bank Of Indiana's net interest income from loans was $274,118,000.
Merchants Bank Of Indiana's fee based income from loans was $359,000.
Merchants Bank Of Indiana's net income from loans was $226,430,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $28,905
Provision for credit losses $4,833
Total noninterest expense $120,314
Salaries and employee benefits $83,183
Premises and equipment expense $6,878
Additional noninterest expense $30,253
Applicable income taxes $77,657
Net charge-offs $2,072
Cash dividends $33,447

Merchants Bank Of Indiana's interest expense for loans was $28,905,000.
Merchants Bank Of Indiana's payroll and benefits expense were $83,183,000.
Merchants Bank Of Indiana's property, plant and equipment expenses $6,878,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 0.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $8,795,024
Deposits held in domestic offices $8,795,024
Deposits by Individuals, partnerships, and corporations $7,234,860
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $1,536,461
Deposits by Commercial banks and other depository institutions in U.S. $23,702
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $4,902,956
Demand deposits $4,720,802
Nontransaction accounts $3,892,067
Money market deposit accounts (MMDAs) $2,548,106
Other savings deposits (excluding MMDAs) $213,266
Total time deposits $1,130,697
Total time and savings deposits $4,074,221
Noninterest-bearing deposits $636,153
Interest-bearing deposits $8,158,871
Retail deposits $6,256,661
IRAs and Keogh plan accounts $645
Brokered deposits $2,129,780
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $10,994,199
Cash & Balances due from depository institutions $1,028,974
Interest-bearing balances $1,016,523
Total securities $301,878
Federal funds sold & reverse repurchase $5,888
Net loans and leases $9,394,168
Loan and leases loss allowance $29,560
Trading account assets $0
Bank premises and fixed assets $28,575
Other real estate owned $0
Goodwill and other intangibles $119,002
All other assets $115,714

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $10,994,199
Total Liabilities $9,897,172
Total deposits $8,795,024
Interest-bearing deposits $8,158,871
Deposits held in domestic offices $8,795,024
% insured (estimated) $68
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $1,010,778
Subordinated debt $0
All other liabilities $91,370

Issued Loan Types

Type Value (in 000's)
Net loans and leases $9,394,168
Loan and leases loss allowance $29,560
Total loans and leases (domestic) $9,423,728
All real estate loans $4,847,879
Real estate loans in domestic offices $4,847,879
Construction and development loans $655,050
Residential 1-4 family construction $4,963
Other construction, all land development and other land $650,087
Loans secured by nonfarm nonresidential properties $919,246
Nonfarm nonresidential secured by owner-occupied properties $83,027
Commercial real estate & other non-farm, non-residential $836,219
Multifamily residential real estate $2,370,439
1-4 family residential loans $867,633
Farmland loans $35,511
Loans held in foreign offices $0
Farm loans $22,839
Commercial and industrial loans $562,244
To non-U.S. addressees $0
Loans to individuals $4,200
Credit card loans $0
Related Plans $3,356
Consumer Auto Loans $640
Other loans to individuals $204
All other loans & leases $3,986,566
Loans to foreign governments and official institutions $0
Other loans $3,936,566
Loans to depository institutions and acceptances of other banks $50,000
Loans not secured by real estate $333,877
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $4,059
Non 1-4 family restructured loans & leases $4,059
Total loans and leases (foreign) $0

Merchants Bank of Indiana had $9,394,168,000 of loans outstanding in 2021. $4,847,879,000 of loans were in real estate loans. $655,050,000 of loans were in development loans. $2,370,439,000 of loans were in multifamily mortgage loans. $867,633,000 of loans were in 1-4 family mortgage loans. $22,839,000 of loans were in farm loans. $0 of loans were in credit card loans. $640,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 151 $28,555 $189,106
Nonfarm, nonresidential loans - <$100k 64 $2,297 $35,891
Nonfarm, nonresidential loans - $100-250k 24 $3,288 $137,000
Nonfarm, nonresidential loans - $250k-1MM 63 $22,970 $364,603
Commercial & Industrial, US addressed loans - <$1MM 347 $40,423 $116,493
Commercial & Industrial, US addressed loans - <$100k 161 $4,850 $30,124
Commercial & Industrial, US addressed loans - $100-250k 75 $6,720 $89,600
Commercial & Industrial, US addressed loans - $250k-1MM 111 $28,853 $259,937
Farmland loans - <$1MM 193 $17,861 $92,544
Farmland loans - <$100k 55 $2,005 $36,455
Farmland loans - $100-250k 84 $7,013 $83,488
Farmland loans - $250k-1MM 54 $8,843 $163,759
Agriculture operations loans - <$1MM 278 $16,285 $58,579
Agriculture operations loans - <$100k 197 $4,986 $25,310
Agriculture operations loans - $100-250k 58 $5,447 $93,914
Agriculture operations loans - $250k-1MM 23 $5,852 $254,435