Purchase Originations
660
Ranked #526 nationally
Median Total Costs
$3,958
−40.8% vs national ($6,680)
↑ $132 vs prior year
Median Rate
6.400%
−1.4% vs national (6.490%)
↑ 0.000% vs prior year
Median Origination
$1,795
Median Lender Credits
$110
Cost Rank (500+ vol.)
#109
among lenders with 500+ originations
Denial Rate
3.7%
vs national avg (9.0%)
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 630 | 6.400% | $3,895 | $1,805 |
| fha | 20 | 6.513% | $8,404 | $1,258 |
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Minnesota | 535 | 6.400% | $4,103 | #26 |
| Wisconsin | 79 | 6.525% | $2,756 | #110 |
| North Dakota | 26 | 6.400% | $4,407 | — |
| South Dakota | 7 | 6.525% | $5,343 | — |
| Iowa | 4 | 6.400% | $4,102 | — |
| Colorado | 2 | 6.775% | $2,871 | — |
| Illinois | 2 | 6.963% | $12,467 | — |
| Nebraska | 2 | 6.088% | $4,134 | — |
| Florida | 1 | 6.400% | $5,552 | — |
| Michigan | 1 | 5.400% | $4,443 | — |
| Montana | 1 | 6.525% | $8,272 | — |
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,716 | 6.025% | — | 11 | −$1,242 | |
| 2 | $2,719 | 6.525% | — | 22 | −$1,239 | |
| 3 | $2,739 | 6.650% | — | 31 | −$1,219 | |
| 4 | $3,345 | 6.275% | — | 8 | −$613 | |
| 5 | $3,369 | 6.525% | — | 22 | −$589 | |
| 6 | $3,444 | 6.400% | — | 125 | −$514 | |
| 7 | $3,694 | 6.400% | — | 39 | −$264 | |
| 8 | $3,730 | 6.213% | — | 6 | −$228 | |
| 9 | $3,878 | 6.513% | — | 44 | −$80 | |
| 10 | $3,884 | 6.400% | — | 7 | −$74 | |
| 11 | $4,105 | 6.525% | — | 11 | +$147 | |
| 12 | $4,369 | 6.213% | — | 8 | +$411 | |
| 13 | $4,520 | 6.525% | — | 9 | +$562 | |
| 14 | $4,743 | 6.400% | — | 13 | +$785 | |
| 15 | $4,764 | 6.463% | — | 8 | +$806 | |
| 16 | $5,072 | 6.275% | — | 11 | +$1,114 | |
| 17 | $5,137 | 6.525% | — | 23 | +$1,179 | |
| 18 | $5,250 | 6.213% | — | 62 | +$1,292 | |
| 19 | $6,547 | 6.400% | — | 23 | +$2,589 | |
| 20 | $6,584 | 6.275% | — | 9 | +$2,626 |
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 | Merchants Bank, National Association | Top-50 peer median | Difference |
|---|---|---|---|
| Median loan amount | $255,000 | $335,000 | −$80,000 (−23.9%) |
| Median total closing costs | $3,958 | $7,127 | −$3,169 (−44.5%) |
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.