We analyzed every closed loan from First Merchants Bank — 2.3k loans across 3k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.
Ratings· each scored 1–5 against peer lenders
Pricing
Strong
4/5
vs. all lenders
Pull-through
Strong
4/5
closing strength
Product
Exceptional
5/5
FHA · Conventional · VA · Jumbo
Place
Strong
4/5
Near-National · 14 mkts
Awards
Conventional
Superstar
FHA
Superstar
Jumbo
Superstar
Purchase
Superstar
Refinance
Superstar
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
Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Strong
+22.2 bps above market avg
Pull Through
Closing strength
Strong
Top 40% of lenders
By Loan Product· Specialization by type
Conventional
Exceptional
Top 20% of lenders
FHA
Strong
Top 40% of lenders
VA
Sound
Top 60% of lenders
Jumbo
Exceptional
Top 20% of lenders
By Loan Purpose· Transaction purpose mix
Purchase
Strong
Top 40% of lenders
Refinance
Strong
Top 40% of lenders
By Location· Geographic coverage
Geographic Reach
Near-National · 15 markets
Strong
Top 40% of lenders
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 |
Conventional
OverallStrong
ProductExceptional
PricingStrong
Pull ThroughStrong
Volume2,024
Mix87.4%
Spread
+0.199%Above
Fees
$1,190Fees
FHA Loans
OverallStrong
ProductStrong
PricingStrong
Pull ThroughSound
Volume125
Mix5.4%
Spread
+0.658%Above
Fees
$978Fees
VA Loans
OverallAcceptable
ProductSound
Pricing—
Pull ThroughAcceptable
Volume18
Mix0.8%
Spread
+0.137%Above
Fees
$1,952Fees
Jumbo Loans
OverallSound
ProductExceptional
PricingAcceptable
Pull ThroughStrong
Volume141
Mix6.1%
Spread
+0.243%Above
Fees
$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 |
Purchase
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume1,953
Mix84.4%
Spread
+0.247%Above
Fees
$1,202Fees
Refinance
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume362
Mix15.6%
Spread
+0.098%Above
Fees
$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
markets with activity
States Served
31
of 50 states + DC
Avg Place Specialization
Strong
4/5
States with Loan Originations
31Northeast3
CTMAPA
Midwest7
ILINMIMNMOOHWI
South15
ALARDCFLGAKYLAMSNCOKSCTNTXVAWV
West6
AZCACONVWAWY
Top Metro Areas by Place Specialization Score
Volume 120Mix 5.18% of portfolio
88/100
Exceptional
Volume 582Mix 25.14% of portfolio
85/100
Exceptional
Volume 124Mix 5.36% of portfolio
80/100
Exceptional
Volume 221Mix 9.55% of portfolio
80/100
Strong
Volume 225Mix 9.72% of portfolio
78/100
Strong
Volume 254Mix 10.97% of portfolio
77/100
Strong
Volume 63Mix 2.72% of portfolio
76/100
Strong
Volume 78Mix 3.37% of portfolio
73/100
Strong
Volume 102Mix 4.41% of portfolio
67/100
Strong
Volume 37Mix 1.60% of portfolio
67/100
StrongShowing 10 of 14 metro areas
Top States by Place Specialization Score
1
MichiganState
Volume 1,106Mix 47.78% of portfolio
85/100
Exceptional2
IndianaState
Volume 956Mix 41.30% of portfolio
85/100
Exceptional3
OhioState
Volume 139Mix 6.00% of portfolio
62/100
Strong4
FloridaState
Volume 32Mix 1.38% of portfolio
42/100
Sound5
IllinoisState
Volume 16Mix 0.69% of portfolio
40/100
AcceptableHow We Rank Lenders
Our rankings use an equal-weight average of scores across our core categories (Pricing, Product, Pull-Through, Place), with lender promptness blended in when a lender has responded to real shopper quote requests.
Our Point System (Max 30 Points)
10/ 30 pts
Pricing
Rate and fee competitiveness (33%)
10/ 30 pts
Pull Through
Reliability in closing loans (33%)
10/ 30 pts
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.
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The 5 PsRankings are calculated from observed lender differences on closed loans across Pricing, Pull-through, Product, and Place, plus Promptness when a lender has answered real shopper quote requests.
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.