# Merchants Bank of Indiana

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


> **📋 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 of Indiana is a bank, headquartered in Indianapolis, IN, serving borrowers across 26 states, with 787 loans originated in the most recent reporting period.

**At a Glance:**
- **Pricing:** Ranks in the top 41% of lenders for competitive rates
- **Approval Rate:** Ranks in the top 38% for loan approval success

## Overview

- **Institution Type:** Bank
- **LEI (Legal Entity Identifier):** 549300WRDGBHKR1BXL98
- **Headquarters:** Indianapolis, IN
- **Geographic Reach:** Near-National
- **States Served:** 26
- **State List:** AL, AR, CT, DC, FL, GA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, NC, NE, NJ, OH, PA, SC, TX, VA, WI
- **Markets (MSAs):** 15
- **Primary Channel:** mix
- **Direct Origination:** 34.7%
- **Brokered/Wholesale:** 65.3%

## Safe Rate Ratings

### Pricing: Sound ☺️
- Score: 59/100
- Rating: ●●●○○ (3/5)

### Pull Through: Strong 😀
- Score: 62/100
- Rating: ●●●●○ (4/5)

### Pricing Details
- **Average Rate Spread:** +0.169%
  - *(Average of lender's APR minus market average APR)*
- **Average Net Fees:** $1,783
  - *(Borrower paid Origination Charges minus Lender Credits)*

### Lending Volume
- **Total Loans:** 787
- **Dollar Volume:** $287 million
- **Applications Received:** 1,070
- **Market Share:** 2.00%

## Typical Borrower Profile

- **Average Loan Amount:** $364,276
- **Average Borrower Income:** $147,180
- **Average Property Value:** $474,886

## Safe Rate Awards 🏆

- ⭐ **Refinance Gold Superstar** (64%)

## Performance by Loan Product

| Product | Score | Volume | Avg Spread | Avg Fees | Rating |
|---------|-------|--------|------------|----------|--------|
| Conventional | 62/100 | 703 | +0.162% | $1,817 | Strong 😀 |
| FHA | 60/100 | 54 | +0.542% | $1,783 | Sound ☺️ |
| Jumbo | 69/100 | 20 | -0.329% | $382 | Strong 😀 |

### Product Performance by Purpose

**Conventional:**
- Purchase: 600 loans, Score: 60/100 (Strong)
- Refinance: 103 loans, Score: 56/100 (Sound)

**FHA:**
- Purchase: 49 loans, Score: 59/100 (Sound)

## Performance by Loan Purpose

| Purpose | Score | Volume | Dollar Volume | Avg Spread | Rating |
|---------|-------|--------|---------------|------------|--------|
| Purchase | 59/100 | 669 | $238M | +0.185% | Sound ☺️ |
| Refinance | 54/100 | 118 | $49M | +0.084% | Sound ☺️ |

## State Performance

| State | Volume | Market Share | Place Score |
|-------|--------|--------------|-------------|
| IN | 232 | 0.25% | 72/100 |
| MA | 136 | 0.23% | 68/100 |
| OH | 98 | 0.07% | 61/100 |
| MO | 60 | 0.08% | 57/100 |
| MD | 36 | 0.05% | 52/100 |
| IL | 34 | 0.03% | 50/100 |
| LA | 33 | 0.09% | 52/100 |
| TX | 24 | 0.01% | 42/100 |
| WI | 22 | 0.03% | 47/100 |
| FL | 18 | 0.01% | 39/100 |

## Top Metro Markets (MSAs)

| Market | State | Volume | Place Score |
|--------|-------|--------|-------------|
| Indianapolis | IN | 192 | 77/100 |
| Boston, MA | MA | 115 | 73/100 |
| St. Louis, MO | MO-IL | 65 | 63/100 |
| Non |  | 56 | 43/100 |
| Columbus, OH | OH | 27 | 53/100 |
| Cincinnati, OH |  | 26 | 52/100 |
| Chicago | IL | 22 | 47/100 |
| Frederick | MD | 22 | 53/100 |
| Madison, WI | WI | 19 | 49/100 |
| Dayton | OH | 18 | 48/100 |
| Arlington | VA-WV | 14 | 43/100 |
| Canton | OH | 11 | 43/100 |
| Dallas | TX | 11 | 39/100 |
| Washington, DC | DC-MD | 11 | 42/100 |
| Hattiesburg, MS | MS | 10 | 42/100 |

## Where This Lender Ranks

Merchants Bank of Indiana appears in the following market rankings:

### Best Overall Mortgage Lenders

- 🏆 **#7** in Indianapolis for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/indianapolis/best-mortgage-lenders/banks/jumbo-loans)
- 🏆 **#10** in Hattiesburg, MS for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/hattiesburg-ms/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#11** in Indiana for Jumbo Loans (Banks)
  - [View Full Rankings](https://saferate.com/indiana/best-mortgage-lenders/banks/jumbo-loans)
- 🏆 **#12** in Indianapolis Banks
  - [View Full Rankings](https://saferate.com/indianapolis/best-mortgage-lenders/banks)
- 🏆 **#12** in Indianapolis for Jumbo Loans
  - [View Full Rankings](https://saferate.com/indianapolis/best-mortgage-lenders/jumbo-loans)
- 🏆 **#14** in Canton for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/canton/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#16** in Indianapolis for FHA Loans (Banks)
  - [View Full Rankings](https://saferate.com/indianapolis/best-mortgage-lenders/banks/fha-loans)
- 🏆 **#17** in Madison, WI for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/madison-wi/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#18** in Indiana for Jumbo Loans
  - [View Full Rankings](https://saferate.com/indiana/best-mortgage-lenders/jumbo-loans)
- 🏆 **#18** in Hattiesburg, MS for Conventional Loans
  - [View Full Rankings](https://saferate.com/hattiesburg-ms/best-mortgage-lenders/conventional-loans)
- 🏆 **#19** in Indianapolis for Conventional Loans (Banks)
  - [View Full Rankings](https://saferate.com/indianapolis/best-mortgage-lenders/banks/conventional-loans)
- 🏆 **#20** in Boston, MA Banks
  - [View Full Rankings](https://saferate.com/boston-ma/best-mortgage-lenders/banks)

## Frequently Asked Questions

### What loan types does Merchants Bank of Indiana offer?

Merchants Bank of Indiana 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 Merchants Bank of Indiana offer mortgages?

Merchants Bank of Indiana offers mortgages in 26 states: AL, AR, CT, DC, FL, GA, IL, IN, KS, KY, LA, MA, MD, MI, MN, MO, MS, NC, NE, NJ, OH, PA, SC, TX, VA, WI.

### How competitive are Merchants Bank of Indiana's mortgage rates?

Merchants Bank of Indiana has a pricing score of 59/100 (Sound), based on analysis of their loan data including average rate spread and fees compared to market benchmarks.
Their average rate spread is 0.169% above market average.

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

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

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

Merchants Bank of Indiana has a pull-through score of 62/100 (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-of-india

### How to Cite

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

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