# Mercantile Bank

> **Canonical URL:** https://saferate.com/lenders/mercantile-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


Mercantile Bank is a bank, headquartered in Grand Rapids, MI, serving borrowers across 8 states, with 1,423 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 29% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 30% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** RM2F4G3WBQ8R9OKYRH19
- **Headquarters:** Grand Rapids, MI
- **Geographic Reach:** Multi-Region
- **States Served:** 8
- **State List:** AZ, FL, IL, IN, KY, MI, OH, TN
- **Markets (MSAs):** 11
- **Primary Channel:** Direct to Consumer
- **Direct Origination:** 100%
- **Brokered/Wholesale:** 0%

## Safe Rate Ratings

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

### Pull Through: Strong 😀
- Score: 70/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.242%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $921
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 1,423
- **Dollar Volume:** $412 million
- **Applications Received:** 1,977
- **Market Share:** 4.00%

## Typical Borrower Profile

- **Average Loan Amount:** $289,223
- **Average Borrower Income:** $145,930
- **Average Property Value:** $399,638

## Safe Rate Awards 🏆

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

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 76/100 | 1,318 | +0.217% | $899 | Strong 😀 |
| FHA | 65/100 | 71 | +0.567% | $1,244 | Strong 😀 |
| Jumbo | 71/100 | 31 | +0.777% | $1,303 | Strong 😀 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 1,067 loans, Score: 75/100 (Strong)
- Refinance: 251 loans, Score: 74/100 (Strong)

**FHA:**
- Purchase: 61 loans, Score: 65/100 (Strong)

**Jumbo:**
- Purchase: 27 loans, Score: 72/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 74/100 | 1,158 | $338M | +0.254% | Strong 😀 |
| Refinance | 74/100 | 265 | $74M | +0.194% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| MI | 1,395 | 1.23% | 89/100 |
| OH | 16 | 0.01% | 40/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Non |  | 570 | 75/100 |
| Grand Rapids | MI | 547 | 85/100 |
| Kalamazoo | MI | 54 | 66/100 |
| Traverse City, MI | MI | 53 | 74/100 |
| Lansing | MI | 35 | 58/100 |
| Saginaw, MI | MI | 31 | 62/100 |
| Warren | MI | 19 | 46/100 |
| Midland, MI | MI | 18 | 55/100 |
| Muskegon | MI | 18 | 51/100 |
| Bay City, MI | MI | 14 | 48/100 |
| Detroit | MI | 10 | 40/100 |

## Where This Lender Ranks

Mercantile Bank appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥇 **#1** in Grand Rapids Banks
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks)
- 🥈 **#2** in Grand Rapids
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders)
- 🥈 **#2** in Grand Rapids for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks/conventional-loans)
- 🥈 **#2** in Traverse City, MI for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks/jumbo-loans)
- 🥉 **#3** in Grand Rapids for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks/fha-loans)
- 🥉 **#3** in Grand Rapids for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/banks/jumbo-loans)
- 🥉 **#3** in Kalamazoo Banks
  - [View Full Rankings](https://saferate.com/kalamazoo/best-mortgage-lenders/banks)
- 🥉 **#3** in Kalamazoo for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/kalamazoo/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Traverse City, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Saginaw, MI Banks
  - [View Full Rankings](https://saferate.com/saginaw-mi/best-mortgage-lenders/banks)
- 🥉 **#3** in Saginaw, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/saginaw-mi/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Midland, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/midland-mi/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#4** in Michigan Banks
  - [View Full Rankings](https://saferate.com/michigan/best-mortgage-lenders/banks)
- 🏆 **#4** in Grand Rapids for Conventional Loans
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/conventional-loans)
- 🏆 **#4** in Grand Rapids for Jumbo Loans
  - [View Full Rankings](https://saferate.com/grand-rapids/best-mortgage-lenders/jumbo-loans)
- 🏆 **#4** in Traverse City, MI Banks
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/banks)
- 🏆 **#4** in Traverse City, MI for Conventional Loans
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/conventional-loans)
- 🏆 **#4** in Traverse City, MI for Jumbo Loans
  - [View Full Rankings](https://saferate.com/traverse-city-mi/best-mortgage-lenders/jumbo-loans)
- 🏆 **#4** in Bay City, MI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/bay-city-mi/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#5** in Michigan
  - [View Full Rankings](https://saferate.com/michigan/best-mortgage-lenders)

## Frequently Asked Questions

### What loan types does Mercantile Bank offer?

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

### Where does Mercantile Bank offer mortgages?

Mercantile Bank offers mortgages in 8 states: AZ, FL, IL, IN, KY, MI, OH, TN.

### How competitive are Mercantile Bank's mortgage rates?

Mercantile Bank has a pricing score of 71/100 (Strong), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.242% above market average.

### What type of lender is Mercantile Bank?

Mercantile Bank is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Grand Rapids, MI.

### What is Mercantile Bank's loan approval success rate?

Mercantile Bank has a pull-through score of 70/100 (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/mercantile-bank

### How to Cite

> "Mercantile Bank Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/mercantile-bank

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