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Merchants Bank of Indiana
Bank|Indianapolis, IN|Near-National
Loans Originated
787
Applications
1,070
Volume
$286 million
Offers loans directly to consumersSources loans from independent brokers
Overall Pricing
Sound
Overall Pull Through
Strong
Safe Rate Awards⭐Refinance Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.169%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$1,783
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
73.6%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and Jumbo loans
- Nationwide availability with consistent service
Report Card
Merchants Bank of Indiana performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Sound | Industry Standard | |
Pull Through Closing Strength | Strong | Highly Competitive | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Strong | Highly Competitive | |
FHA | Sound | Industry Standard | |
Jumbo | Strong | Highly Competitive | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Sound | Industry Standard | |
Refinance | Sound | Industry Standard | |
Places Geographic coverage | Sound | Near-National · 15 metro areas · 26 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$364,276
Average Borrower Income
$147,180
Average Property Value
$474,886
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Sound | Strong | Sound | Sound | 703 | 89.3% | +0.162% | $1,817 |
FHA Loans | Sound | Sound | Sound | Sound | 54 | 6.9% | +0.542% | $1,783 |
Jumbo Loans | Strong | Strong | N/A | Exceptional | 20 | 2.5% | -0.329% | $382 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Sound | Sound | Sound | Sound | 669 | 85.0% | +0.185% | $1,928 |
Refinance | Strong | Sound | Strong | Strong | 118 | 15.0% | +0.084% | $1,005 |
Geographic Coverage
Metro Areas
14
States Served
26
We count Washington DC as a state
Avg Place Specialization
Sound
States with Loan Originations
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Top Metro Areas by Place Specialization Score
1
Indianapolis, INMSA
Volume: 192Mix: 24.40%
Place Specialization
Strong
2
Boston, MA, MAMSA
Volume: 115Mix: 14.61%
Place Specialization
Strong
3
St. Louis, MO, MO-ILMSA
Volume: 65Mix: 8.26%
Place Specialization
Strong
4
Frederick, MDMSA
Volume: 22Mix: 2.80%
Place Specialization
Sound
5
Columbus, OH, OHMSA
Volume: 27Mix: 3.43%
Place Specialization
Sound
6
Cincinnati, OHMSA
Volume: 26Mix: 3.30%
Place Specialization
Sound
7
Madison, WI, WIMSA
Volume: 19Mix: 2.41%
Place Specialization
Sound
8
Dayton, OHMSA
Volume: 18Mix: 2.29%
Place Specialization
Sound
9
Chicago, ILMSA
Volume: 22Mix: 2.80%
Place Specialization
Sound
10
Arlington, VA-WVMSA
Volume: 14Mix: 1.78%
Place Specialization
Sound
Showing 10 of 14 metro areas
Top States by Place Specialization Score
1
INState
Volume: 232Mix: 29.48%
Place Specialization
Strong
2
MAState
Volume: 136Mix: 17.28%
Place Specialization
Strong
3
OHState
Volume: 98Mix: 12.45%
Place Specialization
Strong
4
MOState
Volume: 60Mix: 7.62%
Place Specialization
Sound
5
MDState
Volume: 36Mix: 4.57%
Place Specialization
Sound
6
LAState
Volume: 33Mix: 4.19%
Place Specialization
Sound
7
ILState
Volume: 34Mix: 4.32%
Place Specialization
Sound
8
WIState
Volume: 22Mix: 2.80%
Place Specialization
Sound
9
ALState
Volume: 16Mix: 2.03%
Place Specialization
Sound
10
KYState
Volume: 13Mix: 1.65%
Place Specialization
Sound
Showing 10 of 14 states
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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