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

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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 & Planters Bank is a smaller bank specializing in Home Purchase, Cash Out Refi, and Refi loans. Merchants & Planters Bank has a high proportion of conventional loans. Their top two markets are Jackson and Vicksburg .

    Merchants & Planters Bank has an above average approval rate when compared to the average across all lenders.

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    Originations

    38

    Origination Dollar Volume (All Markets)

    $4,580,000

    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) 37 $4,525,000 $122,297 $0 5.25%
    Vicksburg, MS (FHA|USDA|VA) 1 $55,000 $55,000 $0 6.25%
    Merchants & Planters Bank's top markets include Jackson and Vicksburg among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 37 $4,525,000 $122,297 $0 5.26%
    HELOC 1 $55,000 $55,000 n/a 5.90%

    For 2018, Merchants & Planters Bank's most frequently originated type of loan was Conventional, with 37 originations. Their 2nd most popular type was HELOC, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 17 $2,245,000 $132,059 $0 5.24%
    Cash Out Refi 13 $1,035,000 $79,615 $0 5.38%
    Refi 6 $1,000,000 $166,667 $0 5.33%
    Home Improvement 1 $15,000 $15,000 $0 4.25%
    Other 1 $285,000 $285,000 $0 5.25%

    For 2018, Merchants & Planters Bank's most frequently cited loan purpose was Home Purchase, with 17 originations. The 2nd most popular reason was Cash Out Refi, with 13 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 14 $2,320,000 $165,714 $0 5.30%
    5 Year 12 $950,000 $79,167 $0 5.29%
    10 Year 6 $680,000 $113,333 $0 5.00%
    15 Year 3 $185,000 $61,667 $0 5.77%
    1 Year 2 $320,000 $160,000 $0 5.00%
    20 Year 1 $125,000 $125,000 $0 5.50%

    For 2018, Merchants & Planters Bank's most frequently cited loan duration was Other, with 14 originations. The 2nd most popular length was 5 Year, with 12 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 7 $365,000 $52,143
    $1k-2k 6 $930,000 $155,000
    $2k-3k 5 $1,225,000 $245,000

    Merchants & Planters Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 7 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 25 $3,145,000 $125,800
    4-5% 11 $1,335,000 $121,364
    6-7% 2 $100,000 $50,000

    During 2018, Merchants & Planters Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 5-6%, with 25 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 20 $1,150,000 $57,500 $0 5.39%
    $100k-200k 11 $1,575,000 $143,182 $0 5.14%
    $200k-400k 7 $1,855,000 $265,000 $0 5.18%

    2018 saw Merchants & Planters Bank place emphasis on $100,000 or less loans with 20 originations, totaling $1,150,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 7 $1,325,000 $189,286 $0 5.22%
    $50k-75k 6 $500,000 $83,333 $0 5.04%
    $50k or less 6 $640,000 $106,667 $0 5.17%
    $150k-250k 5 $535,000 $107,000 $0 5.53%
    $250k+ 4 $660,000 $165,000 $0 5.13%
    $75k-100k 4 $260,000 $65,000 $0 5.31%

    Merchants & Planters Bank lent most frequently to those with incomes in the $100k-150k range, with 7 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
    20-30% 8 $940,000 $117,500 $0 5.13%
    30-36% 6 $860,000 $143,333 $0 5.25%
    <20% 4 $670,000 $167,500 $0 5.19%
    39% 2 $330,000 $165,000 $0 5.25%
    40% 1 $15,000 $15,000 $0 4.25%
    42% 1 $155,000 $155,000 $0 5.25%
    43% 1 $165,000 $165,000 $0 4.75%

    Merchants & Planters Bank lent most frequently to those with DTI ratios of 20-30%, with 8 originations. The next most common DTI ratio? 30-36%, with 6 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 28 $3,440,000 $122,857 $0 5.30%
    Not applicable 6 $660,000 $110,000 $0 5.54%
    Black 4 $480,000 $120,000 $0 4.69%

    Approval Rates

    Total approvals of all applications
    95.00%

    Merchants & Planters Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination

    Points and Fees

    Points Originations Total Value Average Loan
    NA 38 $4,580,000 $120,526

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 1 $105,000 $105,000
    Single Family (1-4 Units):Manufactured 5 $335,000 $67,000
    Single Family (1-4 Units):Site-Built 32 $4,140,000 $129,375

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $290,000 $72,500 $0 5.54%
    40-60% 13 $2,065,000 $158,846 $0 5.40%
    60-80% 17 $1,815,000 $106,765 $0 5.18%
    80-100% 2 $380,000 $190,000 $0 5.00%
    Under 20% 2 $30,000 $15,000 $0 5.00%

    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%