Purchase Originations
1,038
Ranked #369 nationally
Median Total Costs
$3,702
−44.6% vs national ($6,680)
↑ $156 vs prior year
Median Rate
6.625%
+2.1% vs national (6.490%)
↓ 0.125% vs prior year
Median Origination
$1,190
Median Lender Credits
$816
Cost Rank (500+ vol.)
#83
among lenders with 500+ originations
Denial Rate
7.5%
vs national avg (9.0%)
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 927 | 6.625% | $3,574 | $1,190 |
| fha | 104 | 6.500% | $7,366 | $1,472 |
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $3,224 | 6.750% | — | 15 | −$478 | |
| 2 | $3,273 | 6.625% | — | 26 | −$429 | |
| 3 | $3,373 | 6.625% | — | 23 | −$329 | |
| 4 | $3,557 | 6.875% | — | 14 | −$145 | |
| 5 | $3,577 | 6.625% | — | 108 | −$125 | |
| 6 | $3,583 | 6.500% | — | 51 | −$119 | |
| 7 | $3,611 | 6.688% | — | 22 | −$91 | |
| 8 | $3,651 | 6.625% | — | 255 | −$51 | |
| 9 | $3,690 | 6.500% | — | 15 | −$12 | |
| 10 | $3,740 | 6.625% | — | 13 | +$38 | |
| 11 | $3,741 | 6.750% | — | 26 | +$39 | |
| 12 | $3,750 | 6.188% | — | 14 | +$48 | |
| 13 | $3,782 | 6.625% | — | 73 | +$80 | |
| 14 | $3,906 | 6.625% | — | 43 | +$204 | |
| 15 | $3,966 | 6.750% | — | 39 | +$264 | |
| 16 | $4,064 | 6.625% | — | 21 | +$362 | |
| 17 | $4,094 | 6.625% | — | 17 | +$392 | |
| 18 | $4,269 | 6.625% | — | 30 | +$567 | |
| 19 | $4,468 | 6.562% | — | 22 | +$766 | |
| 20 | $4,532 | 6.625% | — | 17 | +$830 |
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 | Mercantile Bank | Top-50 peer median | Difference |
|---|---|---|---|
| Median loan amount | $255,000 | $335,000 | −$80,000 (−23.9%) |
| Median total closing costs | $3,702 | $7,127 | −$3,425 (−48.1%) |
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.