# Merchants Bank, National Association

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


> **📋 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


Merchants Bank, National Association is a bank, headquartered in Winona, MN, serving borrowers across 13 states, with 676 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 34% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** 549300OZIFHR7THILC90
- **Headquarters:** Winona, MN
- **Geographic Reach:** Multi-Region
- **States Served:** 13
- **State List:** AR, AZ, CO, FL, IA, IL, IN, MN, ND, NE, SD, TN, WI
- **Markets (MSAs):** 4
- **Primary Channel:** mix
- **Direct Origination:** 74.7%
- **Brokered/Wholesale:** 25.3%

## Safe Rate Ratings

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

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

### Pricing Details
- **Average Rate Spread:** -0.032%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,918
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 676
- **Dollar Volume:** $183 million
- **Applications Received:** 805
- **Market Share:** 2.00%

## Typical Borrower Profile

- **Average Loan Amount:** $271,243
- **Average Borrower Income:** $117,682
- **Average Property Value:** $386,760

## Safe Rate Awards 🏆

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

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 72/100 | 649 | -0.029% | $1,894 | Strong 😀 |
| FHA | 51/100 | 14 | -0.043% | $3,104 | Sound ☺️ |

### Product Performance by Purpose

**Conventional:**
- Purchase: 532 loans, Score: 72/100 (Strong)
- Refinance: 117 loans, Score: 68/100 (Strong)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 70/100 | 559 | $156M | -0.028% | Strong 😀 |
| Refinance | 67/100 | 117 | $28M | -0.054% | Strong 😀 |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| MN | 538 | 0.83% | 83/100 |
| WI | 96 | 0.15% | 65/100 |
| ND | 19 | 0.26% | 49/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Non |  | 373 | 72/100 |
| Minneapolis | MN-WI | 94 | 65/100 |
| Rochester, MN | MN | 87 | 80/100 |
| La Crosse | WI-MN | 71 | 72/100 |

## Where This Lender Ranks

Merchants Bank, National Association appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🥈 **#2** in Minnesota Banks
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks)
- 🥈 **#2** in Rochester, MN
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders)
- 🥈 **#2** in Rochester, MN Banks
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks)
- 🥈 **#2** in La Crosse Banks
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders/banks)
- 🥈 **#2** in La Crosse for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in Rochester, MN for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/banks/conventional-loans)
- 🥉 **#3** in La Crosse
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders)
- 🥉 **#3** in La Crosse for Conventional Loans
  - [View Full Rankings](https://saferate.com/la-crosse/best-mortgage-lenders/conventional-loans)
- 🏆 **#4** in Rochester, MN for Conventional Loans
  - [View Full Rankings](https://saferate.com/rochester-mn/best-mortgage-lenders/conventional-loans)
- 🏆 **#6** in Minnesota
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders)
- 🏆 **#6** in Minnesota for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#6** in Minneapolis Banks
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/banks)
- 🏆 **#7** in Minneapolis for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#8** in Minnesota for Conventional Loans
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/conventional-loans)
- 🏆 **#8** in Minnesota for VA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/va-loans)
- 🏆 **#10** in Minneapolis
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders)
- 🏆 **#10** in Minneapolis for Conventional Loans
  - [View Full Rankings](https://saferate.com/minneapolis/best-mortgage-lenders/conventional-loans)
- 🏆 **#10** in North Dakota for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/north-dakota/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#13** in Minnesota for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/minnesota/best-mortgage-lenders/banks/fha-loans)
- 🏆 **#20** in North Dakota for Conventional Loans
  - [View Full Rankings](https://saferate.com/north-dakota/best-mortgage-lenders/conventional-loans)

## Frequently Asked Questions

### What loan types does Merchants Bank, National Association offer?

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

### Where does Merchants Bank, National Association offer mortgages?

Merchants Bank, National Association offers mortgages in 13 states: AR, AZ, CO, FL, IA, IL, IN, MN, ND, NE, SD, TN, WI.

### How competitive are Merchants Bank, National Association's mortgage rates?

Merchants Bank, National Association 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 0.032% below market average.

### What type of lender is Merchants Bank, National Association?

Merchants Bank, National Association is a federally or state-chartered bank that offers mortgage lending as part of its broader banking services, headquartered in Winona, MN.

### What is Merchants Bank, National Association's loan approval success rate?

Merchants Bank, National Association has a pull-through score of 66/100 (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/merchants-bank-national-association

### How to Cite

> "Merchants Bank, National Association Mortgage Lender Profile." Safe Rate, 2026. https://saferate.com/lenders/merchants-bank-national-association

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