Lender profile · HMDA 2023–2025
Mercantile Bank mortgage approval rates & lending data
Mercantile Bank decided 3,044 mortgage applications and funded 2,647 loans across the 616 counties Fat Boy Data covers, 2023–2025.
Approval by loan type
| Loan type | Approval | Approved | Taken up | Typical loan | Loans made |
|---|---|---|---|---|---|
| Mortgage lenders | 91% | 1,748 / 1,926 | 100% | $265K | 1,740 |
| Home improvement loans | 79% | 311 / 393 | 99% | $95K | 309 |
| Cash-out refinance | 73% | 141 / 194 | 99% | $235K | 140 |
| Refinance | 88% | 309 / 353 | 99% | $255K | 306 |
| Investment property purchase | 88% | 114 / 129 | 100% | $215K | 114 |
| Investment refinance | 88% | 22 / 25 | 100% | $205K | 22 |
Mercantile Bank lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Michigan | 88% | $265K | 2,849 | 2,481 |
| Ohio | 86% | $215K | 142 | 122 |
| Florida | 79% | $435K | 29 | 23 |
| Indiana | 80% | $405K | 10 | 8 |
| Illinois | 86% | $665K | 7 | 6 |
| Arizona | 100% | $255K | 2 | 2 |
| Tennessee | 100% | $375K | 2 | 2 |
| Wisconsin | 100% | $315K | 2 | 2 |
| Kentucky | 100% | $445K | 1 | 1 |
Covers the 616 counties in the Fat Boy Data footprint, which is 79.6% of the US population — not every county in each state. Methodology.