F
We analyzed every closed loan from First Merchants Bank — 2.3k loans across 3k applications— and benchmarked them against peer lenders across the 4 Ps of Mortgage Shopping.
Pricing
Strong
vs. all lenders
Pull Through
Strong
closing strength
Products
Exceptional
FHA · Conventional · VA · Jumbo
Place
Strong
Near-National · 14 mkts
Safe Rate Awards⭐Conventional Superstar⭐FHA Superstar⭐Purchase Superstar⭐Refinance Superstar
Shopping for a Mortgage?
Save First Merchants Bank or ask our AI assistant to explore your options.
Safe Rate's Summary
What They Do Well
- Competitive pricing compared to the market
- Lower than average lender fees
- Strong pull through performance
- Particularly strong in Conventional and FHA and Jumbo loans
- Nationwide availability with consistent service
Explore another lender or local market
Report Card
First Merchants Bank performance at a glance
| Category | Score | vs. Peers |
|---|---|---|
Overall Performance· Pricing & closing strength | ||
Pricing Rate competitiveness | Highly Competitive +22.2 bps above market avg | |
Pull Through Closing strength | Highly Competitive Top 40% of lenders | |
By Loan Product· Specialization by type | ||
Conventional | Market Leader Top 20% of lenders | |
FHA | Highly Competitive Top 40% of lenders | |
VA | Industry Standard Top 60% of lenders | |
Jumbo | Market Leader Top 20% of lenders | |
By Loan Purpose· Transaction purpose mix | ||
Purchase | Highly Competitive Top 40% of lenders | |
Refinance | Highly Competitive Top 40% of lenders | |
By Location· Geographic coverage | ||
Geographic Reach Coverage footprint | Highly Competitive Top 40% of lenders Near-National15 markets | |
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 2,024 | 87.4% | +0.199%Above | $1,190Fees | ||||
FHA Loans | 125 | 5.4% | +0.658%Above | $978Fees | ||||
VA Loans | — | 18 | 0.8% | +0.137%Above | $1,952Fees | |||
Jumbo Loans | 141 | 6.1% | +0.243%Above | $1,173Fees |
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,953 | 84.4% | +0.247%Above | $1,202Fees | ||||
Refinance | 362 | 15.6% | +0.098%Above | $1,110Fees |
At a Glance
Lender Overview
Lending Activity
Loans Originated
2,315
Applications
3,222
Volume
$767 million
Pricing & Closing
Avg Rate Spread
+0.222%
vs. market APOR
Avg Net Fees
$1,187
Origination − Credits
Pullthrough Rate
71.8%
Applications → Closed
Typical Borrower
Avg Loan Amount
$331,449
Avg Borrower Income
$178,148
Avg Property Value
$434,508
Geographic Coverage
Geographic Performance
Metro Areas
14
States Served
31
We count Washington DC as a state
Avg Place Specialization
States with Loan Originations
ALARAZCACOCTDCFLGAILINKYLAMAMIMNMOMSNCNVOHOKPASCTNTXVAWAWIWVWY
Top Metro Areas by Place Specialization Score
1
Ann Arbor, MI, MIMSA
Volume: 120Mix: 5.18%of portfolio
Place
Exceptional2
Warren, MIMSA
Volume: 582Mix: 25.14%of portfolio
Place
Exceptional3
Lafayette, INMSA
Volume: 124Mix: 5.36%of portfolio
Place
Exceptional4
Fort Wayne, IN, INMSA
Volume: 221Mix: 9.55%of portfolio
Place
Strong5
Detroit, MIMSA
Volume: 225Mix: 9.72%of portfolio
Place
Strong6
Indianapolis, INMSA
Volume: 254Mix: 10.97%of portfolio
Place
Strong7
Muncie, IN, INMSA
Volume: 63Mix: 2.72%of portfolio
Place
Strong8
Lake County, INMSA
Volume: 78Mix: 3.37%of portfolio
Place
Strong9
Columbus, OH, OHMSA
Volume: 102Mix: 4.41%of portfolio
Place
Strong10
Monroe, MI, MIMSA
Volume: 37Mix: 1.60%of portfolio
Place
StrongShowing 10 of 14 metro areas
Top States by Place Specialization Score
1
MIState
Volume: 1,106Mix: 47.78%of portfolio
Place
Exceptional2
INState
Volume: 956Mix: 41.30%of portfolio
Place
Exceptional3
OHState
Volume: 139Mix: 6.00%of portfolio
Place
Strong4
FLState
Volume: 32Mix: 1.38%of portfolio
Place
Sound5
ILState
Volume: 16Mix: 0.69%of portfolio
Place
AcceptableHow We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
Looking for a different lender?
Are you the owner of First Merchants Bank?
Claim this profile to add your business logo, highlight verified loan officers, collect verified reviews, and customize your marketing presence.
The 4 PsRankings are calculated based on observed lender differences on closed loans across Pricing, Pull-through, Product, and Place.
No Pay to PlayLenders cannot buy their way to the top. Rankings are 100% earned.
HMDA 2024Built using publicly available originated loan data from the federal government.
Peer BenchmarkedPerformance is normalized and benchmarked against peer institutions.