Purchase Originations
587
Ranked #577 nationally
Median Total Costs
$4,496
−32.7% vs national ($6,680)
↓ $164 vs prior year
Median Rate
6.490%
+0.0% vs national (6.490%)
↓ 0.135% vs prior year
Median Origination
$1,372
Median Lender Credits
$126
Cost Rank (500+ vol.)
#148
among lenders with 500+ originations
Denial Rate
5.5%
vs national avg (9.0%)
| Loan type | Volume | Median Rate | Median Total Costs | Median Origination |
|---|---|---|---|---|
| conventional | 539 | 6.490% | $4,287 | $1,445 |
| fha | 26 | 6.375% | $7,398 | $1,090 |
| State | Volume | Median Rate | Median Total Costs | State Rank |
|---|---|---|---|---|
| Indiana | 196 | 6.250% | $2,840 | #87 |
| Massachusetts | 126 | 6.500% | $5,757 | #76 |
| Ohio | 74 | 6.750% | $3,774 | #158 |
| Illinois | 53 | 6.250% | $5,849 | #190 |
| Louisiana | 32 | 6.490% | $5,905 | — |
| Missouri | 32 | 6.558% | $3,121 | — |
| Florida | 9 | 6.500% | $8,149 | — |
| Texas | 7 | 6.625% | $6,368 | — |
| Colorado | 6 | 6.370% | $5,271 | — |
| Kentucky | 6 | 6.500% | $4,938 | — |
| Minnesota | 5 | 6.125% | $3,222 | — |
| Georgia | 4 | 6.250% | $4,139 | — |
| Mississippi | 4 | 6.433% | $5,650 | — |
| Washington | 4 | 6.000% | $7,226 | — |
| Wisconsin | 4 | 6.438% | $3,008 | — |
| Nevada | 3 | 6.500% | $6,195 | — |
| South Carolina | 3 | 6.625% | $5,598 | — |
| Virginia | 3 | 6.125% | $5,472 | — |
| California | 2 | 6.375% | $14,418 | — |
| Michigan | 2 | 5.995% | $4,775 | — |
| New Hampshire | 2 | 6.688% | $4,284 | — |
| Oklahoma | 2 | 7.000% | $3,884 | — |
| Tennessee | 2 | 6.000% | $9,177 | — |
| Alabama | 1 | 6.750% | $3,246 | — |
| Arizona | 1 | 6.875% | $5,765 | — |
| Maryland | 1 | 6.490% | $5,793 | — |
| North Carolina | 1 | 6.625% | $3,830 | — |
| Nebraska | 1 | 5.250% | $3,889 | — |
| New Jersey | 1 | 6.625% | $8,162 | — |
| Rank | Lender | Median Total Costs ↑ | Median Rate ↕ | Median Origination ↕ | Volume ↕ | vs. Median |
|---|---|---|---|---|---|---|
| 1 | $2,549 | 5.995% | — | 6 | −$1,947 | |
| 2 | $2,613 | 6.250% | — | 103 | −$1,883 | |
| 3 | $2,851 | 6.625% | — | 23 | −$1,645 | |
| 4 | $2,918 | 6.875% | — | 9 | −$1,578 | |
| 5 | $2,935 | 6.125% | — | 36 | −$1,561 | |
| 6 | $3,118 | 6.250% | — | 6 | −$1,378 | |
| 7 | $3,204 | 5.812% | — | 8 | −$1,292 | |
| 8 | $3,660 | 6.750% | — | 9 | −$836 | |
| 9 | $3,748 | 6.688% | — | 8 | −$748 | |
| 10 | $3,777 | 6.625% | — | 18 | −$719 | |
| 11 | $4,427 | 6.000% | — | 5 | −$69 | |
| 12 | $5,354 | 6.750% | — | 5 | +$858 | |
| 13 | $5,468 | 6.562% | — | 12 | +$972 | |
| 14 | $5,583 | 6.750% | — | 6 | +$1,087 | |
| 15 | $5,748 | 6.490% | — | 66 | +$1,252 | |
| 16 | $5,844 | 6.625% | — | 27 | +$1,348 | |
| 17 | $5,924 | 6.375% | — | 16 | +$1,428 | |
| 18 | $6,073 | 6.558% | — | 6 | +$1,577 | |
| 19 | $6,078 | 5.990% | — | 17 | +$1,582 | |
| 20 | $7,986 | 6.250% | — | 5 | +$3,490 |
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 of Indiana | Top-50 peer median | Difference |
|---|---|---|---|
| Median loan amount | $325,000 | $335,000 | −$10,000 (−3.0%) |
| Median total closing costs | $4,496 | $7,127 | −$2,631 (−36.9%) |
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.