Merchants Bank, National Association closing costs and rates (2024)
In 2024, Merchants Bank, National Association originated 564 purchase mortgages at a median interest rate of 6.40% and median total closing costs of $3,826. That ranks #590 nationally by origination volume. For total closing costs among lenders with 500+ originations, Merchants Bank, National Association ranks #104. That is $2,915 below the national median of $6,741. Merchants Bank, National Association is most active in Minnesota with 451 originations there.
Purchase Originations
564
Ranked #590 nationally
Median Total Costs
$3,826
−43.2% vs national ($6,741)
Median Rate
6.400%
−3.3% vs national (6.620%)
Median Origination
$1,912
Median Lender Credits
$120
Cost Rank (500+ vol.)
#104
among lenders with 500+ originations
Breakdown by loan type
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 538 | 6.400% | $3,754 | $1,860 |
Active states
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Minnesota | 451 | 6.400% | $3,987 | #32 |
| Wisconsin | 81 | 6.525% | $2,826 | #108 |
| North Dakota | 12 | 6.400% | $3,625 | — |
| Iowa | 4 | 6.400% | $3,461 | — |
| South Dakota | 4 | 5.838% | $4,147 | — |
| Arizona | 3 | 6.525% | $6,964 | — |
| Florida | 3 | 7.525% | $5,754 | — |
| Illinois | 2 | 6.463% | $4,054 | — |
| Nebraska | 2 | 6.400% | $3,692 | — |
| Colorado | 1 | 5.900% | $10,584 | — |
| Tennessee | 1 | 6.900% | $5,511 | — |
Top counties by origination volume
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $1,095 | 6.338% | — | 10 | −$2,731 | |
| 2 | $2,868 | 6.400% | — | 6 | −$958 | |
| 3 | $2,937 | 6.525% | — | 22 | −$889 | |
| 4 | $3,052 | 6.650% | — | 37 | −$774 | |
| 5 | $3,118 | 6.525% | — | 9 | −$708 | |
| 6 | $3,411 | 6.025% | — | 6 | −$415 | |
| 7 | $3,505 | 6.275% | — | 23 | −$321 | |
| 8 | $3,555 | 6.275% | — | 120 | −$271 | |
| 9 | $3,700 | 6.463% | — | 6 | −$126 | |
| 10 | $4,074 | 6.275% | — | 36 | +$248 | |
| 11 | $4,115 | 6.525% | — | 10 | +$289 | |
| 12 | $4,239 | 6.338% | — | 12 | +$413 | |
| 13 | $4,318 | 6.650% | — | 8 | +$492 | |
| 14 | $4,448 | 6.775% | — | 12 | +$622 | |
| 15 | $4,635 | 6.138% | — | 16 | +$809 | |
| 16 | $4,684 | 6.275% | — | 45 | +$858 | |
| 17 | $5,091 | 6.525% | — | 17 | +$1,265 | |
| 18 | $5,094 | 6.525% | — | 12 | +$1,268 | |
| 19 | $5,490 | 6.338% | — | 6 | +$1,664 | |
| 20 | $5,639 | 6.400% | — | 7 | +$1,813 |
Includes lenders with 1+ purchase originations in top counties. Source: HMDA 2024. Sorted by median total loan costs.
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Data source: HMDA Modified Loan Application Register 2024, 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.