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Mercantile Bank

Bank•Grand Rapids, MIHQ•Direct•Reviews near you on Google

We analyzed every closed loan from Mercantile Bank — 1.4k loans across 2k applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.

Safe Rate Ratings· each scored 1–5 against peer lenders
Pricing
Strong
4/5
vs. all lenders
Pull-through
Strong
4/5
closing strength
Product
Strong
4/5
FHA · Conventional · Jumbo
Place
Sound
3/5
Multi-Region · 10 mkts
Safe Rate Awards
Conventional Superstar
Conventional
Superstar
FHA Superstar
FHA
Superstar
Purchase Superstar
Purchase
Superstar
Refinance Superstar
Refinance
Superstar

Safe Rate 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

Explore another lender or local market

Report Card

Mercantile Bank performance at a glance

Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Strong
+24.2 bps above market avg
Pull Through
Closing strength
Strong
Top 40% of lenders
By Loan Product· Specialization by type
Conventional
Strong
Top 40% of lenders
FHA
Strong
Top 40% of lenders
Jumbo
Strong
Top 40% 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
Multi-Regional · 11 markets
Sound
Top 60% of lenders

Loan Product Performance

Performance by Loan Product

Conventional
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume1,318
Mix92.6%
Spread
+0.217%Above
Fees
$899Fees
FHA Loans
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Sound
Volume71
Mix5.0%
Spread
+0.567%Above
Fees
$1,244Fees
Jumbo Loans
Overall
Strong
Product
Strong
Pricing—
Pull Through
Sound
Volume31
Mix2.2%
Spread
+0.777%Above
Fees
$1,303Fees

Loan Purpose Performance

Performance by Loan Purpose

Purchase
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Sound
Volume1,158
Mix81.4%
Spread
+0.254%Above
Fees
$901Fees
Refinance
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume265
Mix18.6%
Spread
+0.194%Above
Fees
$998Fees

At a Glance

Lender Overview

Lending Activity
Loans Originated
1,423
Applications
1,977
Volume
$411 million
Pricing & Closing
Avg Rate Spread
+0.242%
vs. market APOR
Avg Net Fees
$921
Origination − Credits
Pullthrough Rate
72.0%
Applications → Closed
Typical Borrower
Avg Loan Amount
$289,223
Avg Borrower Income
$145,930
Avg Property Value
$399,638

Geographic Coverage

Geographic Performance

Metro Areas
10
markets with activity
States Served
8
of 50 states + DC
Avg Place Specialization
Sound
3/5

States with Loan Originations

8
8 states with loan originationsAlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutWashington, DCDelawareFloridaGeorgiaHawaiiIowaIdahoIllinoisIndianaKansasKentuckyLouisianaMassachusettsMarylandMaineMichiganMinnesotaMissouriMississippiMontanaNorth CarolinaNorth DakotaNebraskaNew HampshireNew JerseyNew MexicoNevadaNew YorkOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVirginiaVermontWashingtonWisconsinWest VirginiaWyoming
Midwest4
ILINMIOH
South3
FLKYTN
West1
AZ

Top Metro Areas by Place Specialization Score

1© WMrapids · CC0
Grand Rapids, MIMetro
Volume 547Mix 38.44% of portfolio
85/100
Exceptional
2© w_lemay · CC0
Traverse City, MIMetro
Volume 53Mix 3.72% of portfolio
74/100
Strong
3© User Mxobe on en.wikipedia · Public domain
Kalamazoo, MIMetro
Volume 54Mix 3.79% of portfolio
66/100
Strong
4© User:Hsxeric · CC BY-SA 4.0
Saginaw, MIMetro
Volume 31Mix 2.18% of portfolio
62/100
Strong
5© WeaponizingArchitecture · CC BY-SA 4.0
Lansing, MIMetro
Volume 35Mix 2.46% of portfolio
58/100
Sound
6© Quintin Soloviev · CC BY 4.0
Midland, MIMetro
Volume 18Mix 1.26% of portfolio
55/100
Sound
7© JJonahJackalope · CC BY-SA 4.0
Muskegon, MIMetro
Volume 18Mix 1.26% of portfolio
51/100
Sound
8© Aaron Headly from Ann Arbor, Michigan, United States · CC BY 2.0
Bay City, MIMetro
Volume 14Mix 0.98% of portfolio
48/100
Sound
9© Darren56brown · CC BY-SA 4.0
Warren, MIMetro
Volume 19Mix 1.34% of portfolio
46/100
Sound
10© Ken Lund from Reno, Nevada, USA · CC BY-SA 2.0
Detroit, MIMetro
Volume 10Mix 0.70% of portfolio
40/100
Sound

Top States by Place Specialization Score

Michigan
Michigan
1
MichiganState
Volume 1,395Mix 98.03% of portfolio
89/100
Exceptional
Ohio
Ohio
2
OhioState
Volume 16Mix 1.12% of portfolio
40/100
Sound

How 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.