Lender profile · HMDA 2023–2025
Merchants Bank, National Association mortgage approval rates & lending data
Merchants Bank, National Association decided 1,332 mortgage applications and funded 1,264 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 | 97% | 611 / 630 | 100% | $275K | 609 |
| Home improvement loans | 93% | 182 / 195 | 98% | $55K | 178 |
| Cash-out refinance | 92% | 46 / 50 | 96% | $195K | 44 |
| Refinance | 94% | 227 / 241 | 100% | $105K | 227 |
| Investment property purchase | 97% | 143 / 148 | 99% | $205K | 141 |
| Investment refinance | 98% | 51 / 52 | 98% | $205K | 50 |
Merchants Bank, National Association lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Minnesota | 96% | $245K | 970 | 924 |
| Wisconsin | 95% | $205K | 298 | 281 |
| Florida | 100% | $395K | 18 | 18 |
| North Dakota | 87% | $245K | 15 | 13 |
| Arizona | 100% | $335K | 6 | 6 |
| Nebraska | 80% | $175K | 5 | 4 |
| Colorado | 100% | $305K | 4 | 4 |
| Illinois | 100% | $425K | 3 | 3 |
| Iowa | 67% | $305K | 3 | 2 |
| Montana | 100% | $185K | 3 | 3 |
| Arkansas | 100% | $765K | 1 | 1 |
| Louisiana | 0% | — | 1 | 0 |
| North Carolina | 100% | $445K | 1 | 1 |
| South Carolina | 100% | $145K | 1 | 1 |
| South Dakota | 100% | $255K | 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.