Lender profile · HMDA 2023–2025
First Merchants Bank mortgage approval rates & lending data
First Merchants Bank decided 12,318 mortgage applications and funded 10,411 loans across the 616 counties Fat Boy Data covers, 2023–2025.
Approval by loan type
| Loan type | Approval | Approved | Taken up | Typical loan | Loans made |
|---|---|---|---|---|---|
| Mortgage lenders | 95% | 6,043 / 6,345 | 99% | $195K | 5,995 |
| Home improvement loans | 60% | 836 / 1,384 | 97% | $55K | 808 |
| Cash-out refinance | 80% | 301 / 375 | 97% | $165K | 291 |
| Refinance | 78% | 2,549 / 3,265 | 98% | $115K | 2,502 |
| Investment property purchase | 94% | 534 / 566 | 96% | $235K | 510 |
| Investment cash-out refinance | 82% | 59 / 72 | 98% | $165K | 58 |
| Investment refinance | 91% | 234 / 258 | 94% | $85K | 221 |
| Investment home improvement | 53% | 28 / 53 | 93% | $75K | 26 |
First Merchants Bank lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Indiana | 83% | $135K | 5,981 | 4,858 |
| Michigan | 90% | $315K | 4,951 | 4,377 |
| Ohio | 86% | $205K | 865 | 728 |
| Illinois | 80% | $115K | 241 | 186 |
| Florida | 96% | $295K | 121 | 112 |
| Arizona | 88% | $545K | 16 | 14 |
| South Carolina | 100% | $275K | 16 | 15 |
| North Carolina | 100% | $465K | 14 | 14 |
| Texas | 92% | $235K | 13 | 12 |
| Georgia | 100% | $245K | 10 | 10 |
| Tennessee | 100% | $465K | 10 | 10 |
| Kentucky | 89% | $405K | 9 | 8 |
| Colorado | 100% | $395K | 8 | 8 |
| Virginia | 100% | $415K | 8 | 8 |
| Alabama | 100% | $285K | 5 | 5 |
Covers the 616 counties in the Fat Boy Data footprint, which is 79.6% of the US population — not every county in each state. Methodology.