Purchase Originations
1,874
Ranked #235 nationally
Median Total Costs
$3,894
−41.7% vs national ($6,680)
↑ $143 vs prior year
Median Rate
6.500%
+0.1% vs national (6.490%)
↓ 0.125% vs prior year
Median Origination
$1,300
Median Lender Credits
$402
Cost Rank (500+ vol.)
#100
among lenders with 500+ originations
Denial Rate
5.3%
vs national avg (9.0%)
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 1,732 | 6.500% | $3,794 | $1,300 |
| fha | 117 | 6.375% | $7,170 | $1,300 |
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Michigan | 869 | 6.500% | $4,139 | #21 |
| Indiana | 797 | 6.500% | $3,050 | #20 |
| Ohio | 149 | 6.250% | $4,316 | #112 |
| Florida | 11 | 6.625% | $5,050 | — |
| Illinois | 11 | 6.375% | $7,013 | — |
| Colorado | 4 | 6.625% | $4,015 | — |
| Tennessee | 4 | 6.688% | $4,664 | — |
| New York | 3 | 5.875% | $6,218 | — |
| Texas | 3 | 6.500% | $4,813 | — |
| Virginia | 3 | 6.375% | $4,404 | — |
| Connecticut | 2 | 6.312% | $6,424 | — |
| Georgia | 2 | 6.000% | $8,196 | — |
| South Carolina | 2 | 6.500% | $4,959 | — |
| Wisconsin | 2 | 6.562% | $3,934 | — |
| California | 1 | 6.875% | $4,442 | — |
| Iowa | 1 | 7.250% | $3,394 | — |
| Kansas | 1 | 6.500% | $3,430 | — |
| Kentucky | 1 | 6.750% | $5,053 | — |
| Massachusetts | 1 | 6.500% | $3,827 | — |
| Minnesota | 1 | 6.750% | $4,329 | — |
| North Carolina | 1 | 6.875% | $5,241 | — |
| Nebraska | 1 | 6.750% | $3,821 | — |
| Nevada | 1 | 6.250% | $8,350 | — |
| Oklahoma | 1 | 7.625% | $3,923 | — |
| Oregon | 1 | 6.500% | $5,823 | — |
| Utah | 1 | 6.625% | $4,528 | — |
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,786 | 6.625% | — | 32 | −$1,108 | |
| 2 | $2,790 | 6.562% | — | 46 | −$1,104 | |
| 3 | $2,891 | 6.375% | — | 208 | −$1,003 | |
| 4 | $2,921 | 6.375% | — | 18 | −$973 | |
| 5 | $2,960 | 6.562% | — | 44 | −$934 | |
| 6 | $3,243 | 6.250% | — | 57 | −$651 | |
| 7 | $3,257 | 6.250% | — | 29 | −$637 | |
| 8 | $3,330 | 6.375% | — | 16 | −$564 | |
| 9 | $3,436 | 6.500% | — | 47 | −$458 | |
| 10 | $3,580 | 6.500% | — | 88 | −$314 | |
| 11 | $3,717 | 6.500% | — | 36 | −$177 | |
| 12 | $3,957 | 6.375% | — | 173 | +$63 | |
| 13 | $4,037 | 6.500% | — | 15 | +$143 | |
| 14 | $4,056 | 6.250% | — | 72 | +$162 | |
| 15 | $4,177 | 6.375% | — | 365 | +$283 | |
| 16 | $4,200 | 6.250% | — | 76 | +$306 | |
| 17 | $4,207 | 6.500% | — | 97 | +$313 | |
| 18 | $4,422 | 6.625% | — | 21 | +$528 | |
| 19 | $4,844 | 6.625% | — | 14 | +$950 | |
| 20 | $5,568 | 6.375% | — | 24 | +$1,674 |
Includes lenders with 1+ purchase originations in top counties. Source: HMDA 2025. Sorted by median total loan costs.
Peer set: the 50 highest-volume U.S. mortgage lenders in 2025 (min. 8,254 purchase originations).
| Metric | First Merchants Bank | Top-50 peer median | Difference |
|---|---|---|---|
| Median loan amount | $245,000 | $335,000 | −$90,000 (−26.9%) |
| Median total closing costs | $3,894 | $7,127 | −$3,233 (−45.4%) |
Other high-volume lenders side-by-side.
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Data source: HMDA Modified Loan Application Register 2025, published by the Consumer Financial Protection Bureau (CFPB).
Statistics reflect originated first-lien purchase mortgages on owner-occupied principal residences. Medians exclude loans with exempt or unreported fee disclosures. Learn more at ffiec.cfpb.gov.