Looking for a different lender?
M
Merchants Bank, National Association
Bank|Winona, MN|Multi-Region
Loans Originated
676
Applications
805
Volume
$183 million
Offers loans directly to consumersSources loans from independent brokers
Overall Pricing
Strong
Overall Pull Through
Strong
Safe Rate Awards⭐Conventional Superstar⭐Purchase Superstar⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
-0.032%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,918
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
84.0%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Offers rates 3.20 basis points below market average
- Lower than average lender fees
- Strong pull through performance
Report Card
Merchants Bank, National Association 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 | Strong | Highly Competitive | |
FHA | Sound | Industry Standard | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Strong | Highly Competitive | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Strong | Multi-Regional · 4 metro areas · 13 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$271,243
Average Borrower Income
$117,682
Average Property Value
$386,760
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Strong | Strong | Strong | Strong | 649 | 96.0% | -0.029% | $1,894 |
FHA Loans | Sound | Sound | N/A | Sound | 14 | 2.1% | -0.043% | $3,104 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Strong | Strong | Strong | Strong | 559 | 82.7% | -0.028% | $1,931 |
Refinance | Strong | Strong | Strong | Strong | 117 | 17.3% | -0.054% | $1,862 |
Geographic Coverage
Metro Areas
3
States Served
13
We count Washington DC as a state
Avg Place Specialization
Strong
States with Loan Originations
ARAZCOFLIAILINMNNDNESDTNWI
Top Metro Areas by Place Specialization Score
1
Rochester, MN, MNMSA
Volume: 87Mix: 12.87%
Place Specialization
Exceptional
2
La Crosse, WI-MNMSA
Volume: 71Mix: 10.50%
Place Specialization
Strong
3
Minneapolis, MN-WIMSA
Volume: 94Mix: 13.91%
Place Specialization
Strong
Top States by Place Specialization Score
1
MNState
Volume: 538Mix: 79.59%
Place Specialization
Exceptional
2
WIState
Volume: 96Mix: 14.20%
Place Specialization
Strong
3
NDState
Volume: 19Mix: 2.81%
Place Specialization
Sound
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.
Ready to Get Started?
Compare Merchants Bank, National Association with other lenders or get personalized recommendations.