Merchants & Planters Bank Mortgage Rates, Fees & Info

Raymond, MS

LEI: 549300XBK37R056FL102

Tax ID: 64-0203140

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

44

Origination Dollar Volume (All Markets)

$4,080,000

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
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%
Merchants & Planters Bank's top markets include Jackson, Laurel, Oxford, Tupelo, and Meridian among others.

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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 23 $1,435,000 $62,391 $0 0.00%
    Home Purchase 8 $1,000,000 $125,000 $0 0.00%
    Other 6 $1,190,000 $198,333 $0 0.00%
    Cash Out Refi 4 $360,000 $90,000 $0 0.00%
    Home Improvement 3 $95,000 $31,667 $0 0.00%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 34 $1,910,000 $56,176 $0 0.00%
    $100k-200k 7 $925,000 $132,143 $0 0.00%
    $400k-600k 3 $1,245,000 $415,000 $0 0.00%

    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

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 9 $495,000 $55,000 $0 0.00%
    $100k-150k 8 $840,000 $105,000 $0 0.00%
    $250k+ 6 $830,000 $138,333 $0 0.00%
    $50k-75k 5 $275,000 $55,000 $0 0.00%
    $75k-100k 4 $210,000 $52,500 $0 0.00%
    $150k-250k 3 $485,000 $161,667 $0 0.00%

    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 applications
    97.78%

    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 origination

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 44 $4,080,000 $92,727

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    44 $4,080,000 $92,727