Merchants Bank of Indiana mortgage approval rate & lending review
Merchants Bank of Indiana decided 2,436 mortgage applications and funded 2,049 loans across the 616 counties Fat Boy Data covers, 2023–2025.
These are the decisions Merchants Bank of Indiana reported under the Home Mortgage Disclosure Act, not its advertised interest rates.
Merchants Bank of Indiana at a glance
Approval is 6.3 points above the 83.3% national rate for the same mix of loan types.
Approval rates by loan type
| Loan type | Approval | Approved | Taken up | Typical loan | Loans made |
|---|---|---|---|---|---|
| Mortgage lenders | 90% | 1,551 / 1,723 | 94% | $285K | 1,452 |
| Cash-out refinance | 90% | 360 / 399 | 95% | $255K | 341 |
| Refinance | 90% | 159 / 176 | 95% | $375K | 151 |
| Investment property purchase | 87% | 77 / 89 | 95% | $295K | 73 |
| Investment cash-out refinance | 70% | 30 / 43 | 93% | $215K | 28 |
Merchants Bank of Indiana lending by state
| State | Approval | Typical loan | Decided | Loans made |
|---|---|---|---|---|
| Indiana | 87% | $195K | 904 | 737 |
| Massachusetts | 95% | $485K | 402 | 375 |
| Ohio | 89% | $225K | 297 | 252 |
| Illinois | 95% | $425K | 171 | 158 |
| Missouri | 94% | $255K | 122 | 97 |
| Florida | 90% | $465K | 86 | 73 |
| Louisiana | 90% | $285K | 67 | 58 |
| Maryland | 81% | $475K | 57 | 37 |
| Alabama | 95% | $295K | 37 | 31 |
| Virginia | 74% | $395K | 34 | 20 |
| Texas | 88% | $365K | 32 | 25 |
| Colorado | 76% | $345K | 21 | 14 |
| Georgia | 95% | $425K | 21 | 19 |
| Kentucky | 100% | $175K | 21 | 19 |
| Wisconsin | 100% | $305K | 21 | 21 |
Fat Boy Data covers 616 counties, 79.6% of the US population, not every county in every state. States with fewer than 20 decisions are not listed.Methodology.
Where Merchants Bank of Indiana lends most
| County | Loan type | Approval | Decided | Loans made |
|---|---|---|---|---|
| Marion County, IN | Mortgage lenders | 81% | 377 | 290 |
| Plymouth County, MA | Mortgage lenders | 95% | 213 | 201 |
| Hamilton County, IN | Mortgage lenders | 94% | 114 | 94 |
| Hamilton County, IN | Cash-out refinance | 99% | 98 | 94 |
| Marion County, IN | Cash-out refinance | 92% | 97 | 83 |
| Norfolk County, MA | Mortgage lenders | 95% | 65 | 61 |
| Stark County, OH | Mortgage lenders | 95% | 40 | 36 |
| Johnson County, IN | Mortgage lenders | 96% | 28 | 27 |
| Madison County, IN | Mortgage lenders | 71% | 28 | 17 |
The county markets where Merchants Bank of Indiana made the most loans. Each link opens that market with every lender ranked.
Questions about Merchants Bank of Indiana
What is Merchants Bank of Indiana's mortgage approval rate?
Merchants Bank of Indiana approved 89.6% of the 2,436 mortgage applications it decided across the 616 counties Fat Boy Data covers, 2023–2025, 6.3 points above the 83.3% national rate for the same mix of loan types.
How often do borrowers take the loan Merchants Bank of Indiana offers?
Borrowers accepted 94% of the loans Merchants Bank of Indiana approved, against 96% for all home purchase mortgage lenders nationally. A low take-up usually means the approved terms were not competitive.
What size loans does Merchants Bank of Indiana make?
The typical home purchase mortgage loan Merchants Bank of Indiana made was $285K; across all loan types its typical loan ran from $215K to $375K. HMDA reports amounts in $10,000 brackets, so these are midpoints.
Where does Merchants Bank of Indiana lend?
Merchants Bank of Indiana decided applications in 38 of the states Fat Boy Data covers, most of them in Indiana, Massachusetts and Ohio.
Can I apply to Merchants Bank of Indiana directly?
Yes. Merchants Bank of Indiana is a bank or credit union with 8 branches in the FDIC and NCUA registries, and it takes mortgage applications directly.
Does this page show Merchants Bank of Indiana's interest rates?
No. HMDA filings record who applied, who was approved and how much was borrowed, not the rate offered. Use the approval rate and take-up here to judge how Merchants Bank of Indiana treats applications, then get a rate quote from the lender.