First Merchants Bank Mortgage Rates, Fees & Info

Muncie, IN

LEI: S0Q3AHZRL5K6VQE35M07

Tax ID: 35-0508403

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

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Mortgage Data

Review & Overview

First Merchants Bank is a small bank specializing in Home Purchase and Refi loans. First Merchants Bank 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Indianapolis, Detroit, Columbus, Chicago, and Fort Wayne among others. We have data for 148 markets. (Some data included below & more in-depth data is available with an active subscription.)

First Merchants Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. First Merchants Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

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.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
Home Equity Line of Credit (HELOC) 6.27% 10/31/24
30 Year Conventional Purchase 6.27% 10/31/24
30 Year Conventional Refi 6.47% 10/31/24
30 Year Cash-out Refi 6.65% 10/31/24
30 Year FHA Purchase 7.47% 10/31/24
30 Year FHA Refi 7.19% 10/31/24
30 Year VA Purchase 6.38% 10/31/24
30 Year USDA Purchase 6.59% 10/31/24
15 Year Conventional Purchase 5.90% 10/31/24
15 Year Conventional Refi 6.53% 10/31/24
15 Year Cash-out Refi 6.53% 10/31/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

First Merchants Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from First Merchants Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

5,945

Origination Dollar Volume (All Markets)

$1,502,025,000
Show all (24) awards

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
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,379 $331,475,000 $240,373 $2,785 4.14%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 790 $267,140,000 $338,152 $3,925 4.64%
COLUMBUS, OH (FHA|USDA|VA) 369 $123,275,000 $334,079 $3,763 3.83%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 545 $106,815,000 $195,991 $3,464 4.04%
FORT WAYNE, IN (FHA|USDA|VA) 407 $79,695,000 $195,811 $2,610 4.03%
ANN ARBOR, MI (FHA|USDA|VA) 138 $65,170,000 $472,246 $3,876 4.63%
Outside of Metro Areas 348 $52,140,000 $149,828 $2,507 4.33%
MUNCIE, IN (FHA|USDA|VA) 329 $52,115,000 $158,404 $1,921 4.41%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 343 $41,045,000 $119,665 $2,178 4.34%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 4 $32,620,000 $8,155,000 $4,251 3.33%
MONROE, MI (FHA|USDA|VA) 257 $31,445,000 $122,354 $2,482 4.26%
LANSING-EAST LANSING, MI (FHA|USDA|VA) 12 $17,740,000 $1,478,333 $3,718 4.77%
New Castle, IN (FHA|USDA|VA) 161 $17,115,000 $106,304 $2,345 4.25%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 10 $16,920,000 $1,692,000 $12,689 3.20%
ASHEVILLE, NC (FHA|USDA|VA) 2 $13,740,000 $6,870,000 $3,683 3.21%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 28 $13,710,000 $489,643 $4,237 4.04%
FLINT, MI (FHA|USDA|VA) 26 $12,600,000 $484,615 $3,613 4.20%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 27 $12,555,000 $465,000 $3,962 5.06%
DECATUR, AL (FHA|USDA|VA) 1 $8,705,000 $8,705,000 $0 6.24%
Bluffton, IN (FHA|USDA|VA) 74 $7,780,000 $105,135 $2,229 4.12%
Stephenville, TX (FHA|USDA|VA) 1 $7,355,000 $7,355,000 $0 3.75%
Decatur, IN (FHA|USDA|VA) 60 $6,920,000 $115,333 $2,266 4.29%
KOKOMO, IN (FHA|USDA|VA) 8 $6,790,000 $848,750 $2,290 4.94%
Frankfort, IN (FHA|USDA|VA) 55 $5,765,000 $104,818 $1,816 4.76%
Warsaw, IN (FHA|USDA|VA) 14 $5,680,000 $405,714 $4,242 4.20%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $5,455,000 $1,091,000 $7,838 4.30%
SPRINGFIELD, OH (FHA|USDA|VA) 1 $5,405,000 $5,405,000 $0 3.20%
Logansport, IN (FHA|USDA|VA) 5 $5,125,000 $1,025,000 $2,556 4.60%
Huntington, IN (FHA|USDA|VA) 53 $5,045,000 $95,189 $2,254 4.29%
NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 3 $4,905,000 $1,635,000 $7,675 5.00%
Crawfordsville, IN (FHA|USDA|VA) 46 $4,740,000 $103,043 $1,539 4.44%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 5 $4,615,000 $923,000 $9,962 3.27%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 9 $4,565,000 $507,222 $8,226 4.32%
Plymouth, IN (FHA|USDA|VA) 19 $4,455,000 $234,474 $2,982 4.37%
Glenwood Springs, CO (FHA|USDA|VA) 2 $4,430,000 $2,215,000 $5,711 4.38%
Angola, IN (FHA|USDA|VA) 15 $3,915,000 $261,000 $3,295 4.10%
Auburn, IN (FHA|USDA|VA) 20 $3,740,000 $187,000 $3,590 3.73%
AKRON, OH (FHA|USDA|VA) 4 $3,390,000 $847,500 $4,137 4.09%
JACKSON, MI (FHA|USDA|VA) 18 $3,310,000 $183,889 $3,673 4.88%
Adrian, MI (FHA|USDA|VA) 15 $3,295,000 $219,667 $3,107 4.31%
Heber, UT (FHA|USDA|VA) 2 $3,290,000 $1,645,000 $5,846 4.81%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 11 $3,245,000 $295,000 $2,747 4.11%
Wabash, IN (FHA|USDA|VA) 32 $3,210,000 $100,313 $1,776 4.16%
Traverse City, MI (FHA|USDA|VA) 5 $3,175,000 $635,000 $3,762 3.65%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 8 $3,060,000 $382,500 $5,284 3.97%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 11 $2,945,000 $267,727 $6,326 4.63%
Madison, IN (FHA|USDA|VA) 3 $2,815,000 $938,333 $4,328 6.03%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 5 $2,655,000 $531,000 $5,852 5.07%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 2 $2,540,000 $1,270,000 $5,372 2.38%
TOLEDO, OH (FHA|USDA|VA) 20 $2,500,000 $125,000 $4,422 4.77%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 6 $2,480,000 $413,333 $6,133 3.83%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 4 $2,450,000 $612,500 $5,411 3.22%
North Vernon, IN (FHA|USDA|VA) 1 $2,275,000 $2,275,000 $0 3.75%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 4 $2,200,000 $550,000 $2,375 4.43%
MUSKEGON, MI (FHA|USDA|VA) 6 $1,730,000 $288,333 $3,929 3.56%
Mount Vernon, OH (FHA|USDA|VA) 5 $1,725,000 $345,000 $3,224 3.44%
Steamboat Springs, CO (FHA|USDA|VA) 1 $1,695,000 $1,695,000 $4,809 2.63%
Richmond, IN (FHA|USDA|VA) 18 $1,600,000 $88,889 $2,971 3.64%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $1,555,000 $518,333 $9,034 3.79%
Bozeman, MT (FHA|USDA|VA) 1 $1,505,000 $1,505,000 $0 2.75%
PITTSFIELD, MA (FHA|USDA|VA) 1 $1,495,000 $1,495,000 $5,578 2.38%
Connersville, IN (FHA|USDA|VA) 22 $1,490,000 $67,727 $1,568 3.38%
SAGINAW, MI (FHA|USDA|VA) 4 $1,450,000 $362,500 $3,447 4.66%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $1,415,000 $471,667 $4,155 3.75%
ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $1,390,000 $695,000 $3,756 3.19%
OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 1 $1,365,000 $1,365,000 $9,284 6.25%
Jackson, WY-ID (FHA|USDA|VA) 1 $1,355,000 $1,355,000 $4,499 2.38%
Edwards, CO (FHA|USDA|VA) 2 $1,250,000 $625,000 $3,782 2.38%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $1,175,000 $1,175,000 $0 4.96%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 3 $1,145,000 $381,667 $4,741 4.25%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 2 $1,120,000 $560,000 $5,356 4.31%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 5 $1,075,000 $215,000 $4,233 4.27%
BATTLE CREEK, MI (FHA|USDA|VA) 5 $1,035,000 $207,000 $2,682 4.80%
LAWTON, OK (FHA|USDA|VA) 1 $1,015,000 $1,015,000 $0 5.38%
Greensburg, IN (FHA|USDA|VA) 5 $985,000 $197,000 $1,637 3.17%
DAYTON-KETTERING, OH (FHA|USDA|VA) 4 $970,000 $242,500 $4,805 4.53%
Kapaa, HI (FHA|USDA|VA) 1 $955,000 $955,000 $7,016 2.38%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 3 $935,000 $311,667 $2,976 4.46%
Hillsdale, MI (FHA|USDA|VA) 4 $920,000 $230,000 $5,617 5.69%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 6 $910,000 $151,667 $2,498 5.24%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $875,000 $875,000 $4,828 5.88%
Peru, IN (FHA|USDA|VA) 17 $865,000 $50,882 $820 4.65%
Kendallville, IN (FHA|USDA|VA) 2 $850,000 $425,000 $0 4.50%
BLOOMINGTON, IN (FHA|USDA|VA) 2 $820,000 $410,000 $3,121 3.88%
SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 1 $805,000 $805,000 $0 3.25%
JACKSONVILLE, FL (FHA|USDA|VA) 2 $780,000 $390,000 $4,973 4.44%
Wooster, OH (FHA|USDA|VA) 1 $775,000 $775,000 $6,758 4.88%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $770,000 $385,000 $7,201 5.50%
PUNTA GORDA, FL (FHA|USDA|VA) 2 $760,000 $380,000 $4,846 3.38%
TERRE HAUTE, IN (FHA|USDA|VA) 4 $760,000 $190,000 $0 3.31%
Mount Pleasant, MI (FHA|USDA|VA) 1 $735,000 $735,000 $0 6.58%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 2 $700,000 $350,000 $3,861 4.29%
LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $685,000 $685,000 $4,663 4.25%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $685,000 $685,000 $3,939 5.63%
Bellefontaine, OH (FHA|USDA|VA) 2 $680,000 $340,000 $4,919 2.43%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 2 $630,000 $315,000 $4,479 4.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $605,000 $605,000 $4,917 6.13%
Breckenridge, CO (FHA|USDA|VA) 1 $595,000 $595,000 $3,494 2.38%
Cadillac, MI (FHA|USDA|VA) 3 $575,000 $191,667 $2,790 5.13%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $555,000 $555,000 $3,007 3.63%
Coldwater, MI (FHA|USDA|VA) 1 $545,000 $545,000 $0 5.50%
NILES, MI (FHA|USDA|VA) 3 $525,000 $175,000 $3,127 4.16%
Celina, OH (FHA|USDA|VA) 4 $510,000 $127,500 $3,694 3.53%
Marion, IN (FHA|USDA|VA) 7 $495,000 $70,714 $2,497 2.98%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $475,000 $475,000 $3,371 2.88%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $445,000 $445,000 $6,281 3.38%
COLUMBUS, IN (FHA|USDA|VA) 2 $440,000 $220,000 $2,623 5.31%
RENO, NV (FHA|USDA|VA) 1 $405,000 $405,000 $4,207 5.25%
Sturgis, MI (FHA|USDA|VA) 1 $395,000 $395,000 $3,544 4.13%
BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $395,000 $395,000 $9,642 4.00%
SAVANNAH, GA (FHA|USDA|VA) 1 $385,000 $385,000 $0 4.13%
GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) 1 $375,000 $375,000 $3,943 4.75%
AUBURN-OPELIKA, AL (FHA|USDA|VA) 1 $375,000 $375,000 $3,430 2.38%
COLORADO SPRINGS, CO (FHA|USDA|VA) 1 $365,000 $365,000 $0 2.49%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $335,000 $335,000 $4,550 3.88%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $315,000 $315,000 $2,990 2.63%
AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $315,000 $315,000 $3,543 3.25%
RACINE, WI (FHA|USDA|VA) 1 $275,000 $275,000 $7,573 5.25%
Findlay, OH (FHA|USDA|VA) 1 $275,000 $275,000 $3,820 6.38%
Big Rapids, MI (FHA|USDA|VA) 2 $270,000 $135,000 $7,313 4.06%
LOUISVILLE, KY (FHA|USDA|VA) 2 $270,000 $135,000 $3,203 4.00%
TUCSON, AZ (FHA|USDA|VA) 1 $265,000 $265,000 $3,055 3.63%
RICHMOND, VA (FHA|USDA|VA) 1 $245,000 $245,000 $3,472 6.63%
Alma, MI (FHA|USDA|VA) 1 $235,000 $235,000 $3,074 3.63%
Holland, MI (FHA|USDA|VA) 1 $235,000 $235,000 $3,188 3.75%
CLARKSVILLE, TN-KY (FHA|USDA|VA) 1 $235,000 $235,000 $10,111 3.50%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $3,130 5.50%
Effingham, IL (FHA|USDA|VA) 1 $225,000 $225,000 $1,502 2.63%
FORT COLLINS, CO (FHA|USDA|VA) 1 $215,000 $215,000 $3,159 4.13%
Richmond-Berea, KY (FHA|USDA|VA) 1 $205,000 $205,000 $3,428 5.25%
EVANSVILLE, IN-KY (FHA|USDA|VA) 1 $205,000 $205,000 $0 3.25%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $185,000 $185,000 $6,784 3.50%
THE VILLAGES, FL (FHA|USDA|VA) 1 $185,000 $185,000 $3,621 5.63%
Sandusky, OH (FHA|USDA|VA) 1 $165,000 $165,000 $3,239 5.13%
FLORENCE, SC (FHA|USDA|VA) 1 $155,000 $155,000 $4,431 3.25%
BURLINGTON, NC (FHA|USDA|VA) 1 $155,000 $155,000 $3,298 3.63%
WICHITA, KS (FHA|USDA|VA) 1 $145,000 $145,000 $2,920 6.25%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 2 $140,000 $70,000 $3,656 3.38%
Seymour, IN (FHA|USDA|VA) 1 $135,000 $135,000 $3,752 6.13%
BAY CITY, MI (FHA|USDA|VA) 1 $125,000 $125,000 $2,782 4.63%
MIDLAND, MI (FHA|USDA|VA) 1 $125,000 $125,000 $7,143 6.88%
EL PASO, TX (FHA|USDA|VA) 1 $115,000 $115,000 $3,063 3.88%
Searcy, AR (FHA|USDA|VA) 1 $115,000 $115,000 $3,186 6.63%
OKLAHOMA CITY, OK (FHA|USDA|VA) 1 $115,000 $115,000 $2,476 5.50%
Fremont, OH (FHA|USDA|VA) 1 $105,000 $105,000 $3,155 4.88%
Van Wert, OH (FHA|USDA|VA) 2 $100,000 $50,000 $2,820 4.25%
MANSFIELD, OH (FHA|USDA|VA) 1 $95,000 $95,000 $2,749 4.13%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $75,000 $75,000 $2,901 4.13%
First Merchants Bank's top markets include Indianapolis, Detroit, Columbus, Chicago, and Fort Wayne among others.

Their top states include:
  • Indiana (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against First Merchants Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
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    St James Mortgage Corporation
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    Zeal Credit Union
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    Liberty Bank for Savings
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    FINANCIAL PLUS
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,222 $1,169,050,000 $362,834 $3,130 4.53%
    HELOC 2,629 $314,925,000 $119,789 n/a 3.87%
    FHA 68 $13,110,000 $192,794 $6,814 5.17%
    USDA 15 $2,245,000 $149,667 $3,970 4.33%
    VA 11 $2,695,000 $245,000 $6,771 4.98%

    For 2022, First Merchants Bank's most frequently originated type of loan was Conventional, with 3,222 originations. Their 2nd most popular type was HELOC, with 2,629 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,313 $765,985,000 $331,165 $3,465 4.58%
    Refi 1,482 $357,100,000 $240,958 $2,343 3.92%
    Other 1,247 $150,195,000 $120,445 $2,773 4.04%
    Home Improvement 542 $75,600,000 $139,483 $1,810 4.32%
    Cash Out Refi 361 $153,145,000 $424,224 $3,212 4.07%

    For 2022, First Merchants Bank's most frequently cited loan purpose was Home Purchase, with 2,313 originations. The 2nd most popular reason was Refi, with 1,482 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,864 $942,630,000 $193,797 $3,479 4.22%
    5 Year 312 $82,820,000 $265,449 $25 3.59%
    15 Year 241 $53,145,000 $220,519 $2,500 4.18%
    10 Year 157 $89,235,000 $568,376 $692 4.89%
    Other 134 $170,810,000 $1,274,701 $1,133 4.97%
    30+ year 114 $106,610,000 $935,175 $6,466 4.12%
    20 Year 76 $9,760,000 $128,421 $1,867 5.37%
    1 Year 39 $9,655,000 $247,564 $0 5.52%
    3 Year 8 $37,360,000 $4,670,000 $0 5.90%

    For 2022, First Merchants Bank's most frequently cited loan duration was 30 Year, with 4,864 originations. The 2nd most popular length was 5 Year, with 312 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 2,071 $617,745,000 $298,283
    $<1k 616 $93,200,000 $151,299
    $2k-3k 154 $56,920,000 $369,610
    $3k-4k 77 $61,665,000 $800,844
    $5k+ 32 $12,420,000 $388,125
    $4k-5k 23 $8,255,000 $358,913

    First Merchants Bank's average total fees were $3,479, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 2,071 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    <2.5% 1,594 $295,890,000 $185,627
    3-4% 1,271 $383,075,000 $301,397
    4-5% 1,013 $290,995,000 $287,261
    6-7% 791 $166,705,000 $210,752
    5-6% 750 $225,810,000 $301,080
    7-8% 238 $26,960,000 $113,277
    2.5-3% 217 $107,155,000 $493,802
    Over 8% 71 $5,435,000 $76,549

    During 2022, First Merchants Bank's average interest rate for loans was 4.22%, while their most frequently originated rate bucket for loans was <2.5%, with 1,594 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 2,240 $120,950,000 $53,996 $1,383 4.15%
    $100k-200k 1,664 $242,270,000 $145,595 $2,962 4.38%
    $200k-400k 1,349 $364,785,000 $270,411 $3,562 4.32%
    $400k-600k 319 $154,065,000 $482,962 $4,274 4.12%
    $600k-1MM 202 $152,720,000 $756,040 $4,765 4.09%
    $1MM+ 171 $467,235,000 $2,732,368 $7,578 4.07%

    2022 saw First Merchants Bank place emphasis on $100,000 or less loans with 2,240 originations, totaling $120,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,243 $158,825,000 $127,776 $2,812 4.31%
    $50k or less 1,168 $112,920,000 $96,678 $2,457 4.17%
    $100k-150k 923 $170,855,000 $185,108 $3,286 4.21%
    $75k-100k 820 $122,680,000 $149,610 $3,041 4.31%
    $150k-250k 722 $184,160,000 $255,069 $3,663 4.12%
    $250k+ 621 $397,875,000 $640,700 $5,258 3.90%

    First Merchants Bank lent most frequently to those with incomes in the $50k-75k range, with 1,243 originations. The second most popular income band? $50k or less, with 1,168 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 1,436 $276,010,000 $192,208 $3,055 4.12%
    30-36% 1,099 $216,135,000 $196,665 $3,177 4.23%
    <20% 699 $166,505,000 $238,205 $3,277 3.83%
    42% 321 $69,945,000 $217,897 $3,436 4.09%
    40% 263 $52,615,000 $200,057 $3,566 4.52%
    38% 233 $57,445,000 $246,545 $3,595 4.49%
    41% 226 $47,150,000 $208,628 $3,653 4.45%
    39% 221 $42,815,000 $193,733 $3,227 4.27%
    36% 203 $37,845,000 $186,429 $2,944 4.24%
    37% 197 $37,795,000 $191,853 $3,110 4.36%
    43% 154 $27,690,000 $179,805 $2,923 3.97%
    44% 152 $32,710,000 $215,197 $3,334 4.28%
    45% 97 $18,475,000 $190,464 $2,834 4.34%
    46% 94 $18,330,000 $195,000 $3,134 4.26%
    47% 50 $10,640,000 $212,800 $3,412 4.84%
    49% 48 $10,970,000 $228,542 $3,974 4.42%
    48% 47 $10,965,000 $233,298 $3,399 3.87%
    50-60% 44 $15,860,000 $360,455 $4,384 4.34%
    >60% 40 $11,340,000 $283,500 $3,230 4.51%

    First Merchants Bank lent most frequently to those with DTI ratios of 20-30%, with 1,436 originations. The next most common DTI ratio? 30-36%, with 1,099 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 4,282 $906,200,000 $211,630 $3,220 4.21%
    Not applicable 299 $331,435,000 $1,108,478 $0 5.27%
    Not provided 754 $133,100,000 $176,525 $3,680 4.13%
    Black 340 $61,540,000 $181,000 $3,167 4.09%
    Asian 205 $47,685,000 $232,610 $3,003 4.18%
    Asian Indian 19 $14,145,000 $744,474 $5,493 5.03%
    American Indian 30 $4,860,000 $162,000 $2,508 4.57%
    Other Asian 8 $1,090,000 $136,250 $1,273 3.62%
    Japanese 1 $655,000 $655,000 $0 4.00%
    Filipino 2 $490,000 $245,000 $2,921 2.68%
    1 $275,000 $275,000 $0 2.49%
    Other Pacific Islander 1 $255,000 $255,000 $0 2.49%
    Vietnamese 2 $200,000 $100,000 $7,005 3.50%
    Native Hawaiian or Islander 1 $95,000 $95,000 $2,206 4.75%

    Approval Rates

    Total approvals of all applications
    85.17%

    First Merchants Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    83.63%

    First Merchants Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 5,945 $1,502,025,000 $252,653

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    5,945 $1,502,025,000 $252,653

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1,239 $166,705,000 $134,548 $2,162 4.06%
    40-60% 801 $264,805,000 $330,593 $3,191 4.03%
    60-80% 1,296 $558,360,000 $430,833 $3,683 4.31%
    80-100% 1,626 $450,260,000 $276,913 $3,499 4.67%
    Over 100% 13 $5,915,000 $455,000 $11,325 4.94%
    Under 20% 964 $54,360,000 $56,390 $294 3.84%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    FIRST CITIZENS BANCSHARES, INC. Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 100.0%