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First Merchants Bank
Bank|Muncie, IN|Near-National
Loans Originated
2,315
Applications
3,222
Volume
$767 million
Offers loans directly to consumers
Overall Pricing
Strong
Overall Pull Through
Strong
Safe Rate Awards⭐Conventional Superstar⭐FHA Superstar⭐Purchase Superstar⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.222%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,187
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
71.8%
Percentage of applications that result in closed loans
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
Report Card
First Merchants Bank performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Strong | Highly Competitive | |
Pull Through Closing Strength | Strong | Highly Competitive | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Exceptional | Market Leader | |
FHA | Strong | Highly Competitive | |
VA | Sound | Industry Standard | |
Jumbo | Exceptional | Market Leader | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Strong | Near-National · 15 metro areas · 31 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$331,449
Average Borrower Income
$178,148
Average Property Value
$434,508
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Strong | Exceptional | Strong | Strong | 2,024 | 87.4% | +0.199% | $1,190 |
FHA Loans | Strong | Strong | Strong | Sound | 125 | 5.4% | +0.658% | $978 |
VA Loans | Acceptable | Sound | N/A | Acceptable | 18 | 0.8% | +0.137% | $1,952 |
Jumbo Loans | Sound | Exceptional | Acceptable | Strong | 141 | 6.1% | +0.243% | $1,173 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Strong | Strong | Strong | Strong | 1,953 | 84.4% | +0.247% | $1,202 |
Refinance | Strong | Strong | Strong | Strong | 362 | 15.6% | +0.098% | $1,110 |
Geographic Coverage
Metro Areas
14
States Served
31
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
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Top Metro Areas by Place Specialization Score
1
Ann Arbor, MI, MIMSA
Volume: 120Mix: 5.18%
Place Specialization
Exceptional
2
Warren, MIMSA
Volume: 582Mix: 25.14%
Place Specialization
Exceptional
3
Lafayette, INMSA
Volume: 124Mix: 5.36%
Place Specialization
Exceptional
4
Fort Wayne, IN, INMSA
Volume: 221Mix: 9.55%
Place Specialization
Strong
5
Detroit, MIMSA
Volume: 225Mix: 9.72%
Place Specialization
Strong
6
Indianapolis, INMSA
Volume: 254Mix: 10.97%
Place Specialization
Strong
7
Muncie, IN, INMSA
Volume: 63Mix: 2.72%
Place Specialization
Strong
8
Lake County, INMSA
Volume: 78Mix: 3.37%
Place Specialization
Strong
9
Columbus, OH, OHMSA
Volume: 102Mix: 4.41%
Place Specialization
Strong
10
Monroe, MI, MIMSA
Volume: 37Mix: 1.60%
Place Specialization
Strong
Showing 10 of 14 metro areas
Top States by Place Specialization Score
1
MIState
Volume: 1,106Mix: 47.78%
Place Specialization
Exceptional
2
INState
Volume: 956Mix: 41.30%
Place Specialization
Exceptional
3
OHState
Volume: 139Mix: 6.00%
Place Specialization
Strong
4
FLState
Volume: 32Mix: 1.38%
Place Specialization
Sound
5
ILState
Volume: 16Mix: 0.69%
Place Specialization
Acceptable
How 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.
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