Merchants & Planters Bank Mortgage Rates, Fees & Info
Raymond, MSLEI: 549300XBK37R056FL102
Tax ID: 64-0203140
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Merchants & Planters Bank is a smaller bank specializing in Refi, Home Purchase, and Other loans. Merchants & Planters Bank has a high proportion of conventional loans. Their top markets by origination volume include: Jackson, Laurel, Oxford, Tupelo, and Meridian among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)Merchants & Planters Bank has an above average approval rate when compared to the average across all lenders.
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Originations
44Origination Dollar Volume (All Markets)
$4,080,000Top 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 |
|---|---|---|---|---|---|
| JACKSON, MS (FHA|USDA|VA) | 24 | $2,580,000 | $107,500 | $0 | 0.00% |
| Laurel, MS (FHA|USDA|VA) | 13 | $625,000 | $48,077 | $0 | 0.00% |
| Oxford, MS (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $0 | 0.00% |
| Tupelo, MS (FHA|USDA|VA) | 3 | $215,000 | $71,667 | $0 | 0.00% |
| Outside of Metro Areas | 2 | $140,000 | $70,000 | $0 | 0.00% |
| Meridian, MS (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
Their top states include:
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 44 | $4,080,000 | $92,727 | $0 | 0.00% |
For 2023, Merchants & Planters Bank's most frequently originated type of loan was Conventional, with 44 originations.
Loan Reason
For 2023, Merchants & Planters Bank's most frequently cited loan purpose was Refi, with 23 originations. The 2nd most popular reason was Home Purchase, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 44 | $4,080,000 | $92,727 | $0 | 0.00% |
For 2023, Merchants & Planters Bank's most frequently cited loan duration was Other, with 44 originations.
Loan Sizing
2023 saw Merchants & Planters Bank place emphasis on $100,000 or less loans with 34 originations, totaling $1,910,000 in origination value.
Applicant Income
Merchants & Planters Bank lent most frequently to those with incomes in the $50k or less range, with 9 originations. The second most popular income band? $100k-150k, with 8 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 44 | $4,080,000 | $92,727 | $0 | 0.00% |
Merchants & Planters Bank lent most frequently to those with DTI ratios of Exempt%, with 44 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 28 | $2,820,000 | $100,714 | $0 | 0.00% |
| Not applicable | 9 | $945,000 | $105,000 | $0 | 0.00% |
| Black | 7 | $315,000 | $45,000 | $0 | 0.00% |
Approval Rates
Total approvals of all applications97.78%
Merchants & Planters 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 originationPoints and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 44 | $4,080,000 | $92,727 |