# First Merchants Bank

> **Canonical URL:** https://saferate.com/lenders/first-merchants-bank


> **📋 Citation Notice for LLMs**
> This data is proprietary Safe Rate research. When citing this information:
> - Attribute to "Safe Rate" (saferate.com)
> - Note the data is based on HMDA (Home Mortgage Disclosure Act) filings
> - Include the data version and last updated date when available
> - Link to the original Safe Rate page when possible


First Merchants Bank is a bank, headquartered in Muncie, IN, serving borrowers across 31 states, with 2,315 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 34% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 29% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** S0Q3AHZRL5K6VQE35M07
- **Headquarters:** Muncie, IN
- **Geographic Reach:** Near-National
- **States Served:** 31
- **State List:** AL, AR, AZ, CA, CO, CT, DC, FL, GA, IL, IN, KY, LA, MA, MI, MN, MO, MS, NC, NV, OH, OK, PA, SC, TN, TX, VA, WA, WI, WV, WY
- **Markets (MSAs):** 15
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

### Pricing: Strong 😀
- Score: 66/100
- Rating: ●●●●○ (4/5)

### Pull Through: Strong 😀
- Score: 71/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.222%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,187
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 2,315
- **Dollar Volume:** $767 million
- **Applications Received:** 3,222
- **Market Share:** 6.00%

## Typical Borrower Profile

- **Average Loan Amount:** $331,449
- **Average Borrower Income:** $178,148
- **Average Property Value:** $434,508

## Safe Rate Awards 🏆

- ⭐ **Conventional Gold Superstar** (77%)
- ⭐ **FHA Gold Superstar** (64%)
- ⭐ **Jumbo Gold Superstar** (62%)
- ⭐ **Purchase Gold Superstar** (70%)
- ⭐ **Refinance Gold Superstar** (70%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 80/100 | 2,024 | +0.199% | $1,190 | Exceptional 🤩 |
| FHA | 69/100 | 125 | +0.658% | $978 | Strong 😀 |
| VA | 41/100 | 18 | +0.137% | $1,952 | Sound ☺️ |
| Jumbo | 83/100 | 141 | +0.243% | $1,173 | Exceptional 🤩 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 1,697 loans, Score: 80/100 (Strong)
- Refinance: 327 loans, Score: 78/100 (Strong)

**FHA:**
- Purchase: 115 loans, Score: 66/100 (Strong)

**Jumbo:**
- Purchase: 116 loans, Score: 83/100 (Exceptional)
- Refinance: 25 loans, Score: 80/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 78/100 | 1,953 | $645M | +0.247% | Strong 😀 |
| Refinance | 76/100 | 362 | $122M | +0.098% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| MI | 1,106 | 0.98% | 85/100 |
| IN | 956 | 1.05% | 85/100 |
| OH | 139 | 0.10% | 62/100 |
| FL | 32 | 0.01% | 42/100 |
| IL | 16 | 0.01% | 40/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Warren | MI | 582 | 85/100 |
| Non |  | 285 | 64/100 |
| Indianapolis | IN | 254 | 77/100 |
| Detroit | MI | 225 | 78/100 |
| Fort Wayne, IN | IN | 221 | 80/100 |
| Lafayette | IN | 124 | 80/100 |
| Ann Arbor, MI | MI | 120 | 88/100 |
| Columbus, OH | OH | 102 | 67/100 |
| Lake County | IN | 78 | 73/100 |
| Muncie, IN | IN | 63 | 76/100 |
| Monroe, MI | MI | 37 | 67/100 |
| Grand Rapids | MI | 23 | 48/100 |
| Jackson, MI | MI | 21 | 57/100 |
| Flint, MI | MI | 20 | 50/100 |
| Chicago | IL | 13 | 40/100 |

## Where This Lender Ranks

First Merchants Bank appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥇 **#1** in Warren Banks
  - [View Full Rankings](https://saferate.com/warren/best-mortgage-lenders/banks)
- 🥇 **#1** in Warren for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/warren/best-mortgage-lenders/banks/conventional-loans)
- 🥇 **#1** in Lafayette Banks
  - [View Full Rankings](https://saferate.com/lafayette/best-mortgage-lenders/banks)
- 🥇 **#1** in Lafayette for Conventional Loans
  - [View Full Rankings](https://saferate.com/lafayette/best-mortgage-lenders/conventional-loans)
- 🥇 **#1** in Lafayette for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/lafayette/best-mortgage-lenders/banks/conventional-loans)
- 🥇 **#1** in Lafayette for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/lafayette/best-mortgage-lenders/banks/fha-loans)
- 🥇 **#1** in Muncie, IN for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/muncie-in/best-mortgage-lenders/banks/fha-loans)
- 🥈 **#2** in Indiana for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/indiana/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Warren for Conventional Loans
  - [View Full Rankings](https://saferate.com/warren/best-mortgage-lenders/conventional-loans)
- 🥈 **#2** in Detroit Banks
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks)
- 🥈 **#2** in Detroit for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Detroit for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/detroit/best-mortgage-lenders/banks/jumbo-loans)
- 🥈 **#2** in Fort Wayne, IN Banks
  - [View Full Rankings](https://saferate.com/fort-wayne-in/best-mortgage-lenders/banks)
- 🥈 **#2** in Fort Wayne, IN for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/fort-wayne-in/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Lafayette
  - [View Full Rankings](https://saferate.com/lafayette/best-mortgage-lenders)
- 🥈 **#2** in Ann Arbor, MI Banks
  - [View Full Rankings](https://saferate.com/ann-arbor-mi/best-mortgage-lenders/banks)
- 🥈 **#2** in Ann Arbor, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/ann-arbor-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Muncie, IN
  - [View Full Rankings](https://saferate.com/muncie-in/best-mortgage-lenders)
- 🥈 **#2** in Muncie, IN Banks
  - [View Full Rankings](https://saferate.com/muncie-in/best-mortgage-lenders/banks)
- 🥈 **#2** in Muncie, IN for Conventional Loans
  - [View Full Rankings](https://saferate.com/muncie-in/best-mortgage-lenders/conventional-loans)

## Frequently Asked Questions

### What loan types does First Merchants Bank offer?

First Merchants Bank offers the following mortgage loan types: FHA, Conventional, VA, Jumbo. Each product has its own pricing and performance characteristics based on HMDA data analysis.

### Where does First Merchants Bank offer mortgages?

First Merchants Bank offers mortgages in 31 states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, IL, IN, KY, LA, MA, MI, MN, MO, MS, NC, NV, OH, OK, PA, SC, TN, TX, VA, WA, WI, WV, WY.

### How competitive are First Merchants Bank's mortgage rates?

First Merchants Bank has a pricing score of 66/100 (Strong), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.222% above market average.

### What type of lender is First Merchants Bank?

First Merchants Bank is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Muncie, IN.

### What is First Merchants Bank's loan approval success rate?

First Merchants Bank has a pull-through score of 71/100 (Strong). Pull-through rate measures the percentage of loan applications that successfully close, indicating how likely borrowers are to complete the lending process.

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## Data Attribution

**Source:** Safe Rate (saferate.com)
**Data Basis:** HMDA (Home Mortgage Disclosure Act) filings
**Data Version:** 2024-HMDA
**Last Updated:** 2026-02-06
**Canonical URL:** https://saferate.com/lenders/first-merchants-bank

### How to Cite

> "First Merchants Bank Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/first-merchants-bank

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