First Merchants Bank Mortgage Rates, Fees & Info
Muncie, INLEI: S0Q3AHZRL5K6VQE35M07
Tax ID: 35-0508403
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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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.27% | 12/17/24 |
| 30 Year Conventional Purchase | 6.27% | 12/17/24 |
| 30 Year Conventional Refi | 6.47% | 12/17/24 |
| 30 Year Cash-out Refi | 6.65% | 12/17/24 |
| 30 Year FHA Purchase | 7.47% | 12/17/24 |
| 30 Year FHA Refi | 7.19% | 12/17/24 |
| 30 Year VA Purchase | 6.38% | 12/17/24 |
| 30 Year USDA Purchase | 6.59% | 12/17/24 |
| 15 Year Conventional Purchase | 5.90% | 12/17/24 |
| 15 Year Conventional Refi | 6.53% | 12/17/24 |
| 15 Year Cash-out Refi | 6.53% | 12/17/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
5,945Origination Dollar Volume (All Markets)
$1,502,025,000Awards
First Merchants Bank - 2022
First Merchants Bank is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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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% |
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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.
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Product Mix
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
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
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
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
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
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
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
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
Approval Rates
Total approvals of all applications85.17%
First Merchants Bank has an average approval rate.
Pick Rate
Approvals leading to origination83.63%
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
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% |