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.
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
Promptness
Not enough data
—/5
No quote responses measured yet
Awards
Conventional
Superstar
FHA
Superstar
Purchase
Superstar
Refinance
Superstar
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
4/5
Pull Through
Closing strength
Strong
Top 40% of lenders
4/5
By Loan Product· Specialization by type
Conventional
1,318 loans · 0.22% above market
Strong
Top 40% of lenders
4/5
FHA
71 loans · 0.57% above market
Strong
Top 40% of lenders
4/5
Jumbo
31 loans · 0.78% above market
Strong
Top 40% of lenders
4/5
By Loan Purpose· Transaction purpose mix
Purchase
1,158 loans · 0.25% above market
Strong
Top 40% of lenders
4/5
Refinance
265 loans · 0.19% above market
Strong
Top 40% of lenders
4/5
By Location· Geographic coverage
Geographic Reach
Multi-Regional · 11 markets
Sound
Top 60% of lenders
3/5
Loan Product Performance
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | 1,318 | 92.6% | +0.217%Above | $899Fees | ||||
FHA Loans | 71 | 5.0% | +0.567%Above | $1,244Fees | ||||
Jumbo Loans | — | 31 | 2.2% | +0.777%Above | $1,303Fees |
Conventional
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
Volume1,318
Mix92.6%
Spread
+0.217%Above
Fees
$899Fees
FHA Loans
OverallStrong
ProductStrong
PricingStrong
Pull ThroughSound
Volume71
Mix5.0%
Spread
+0.567%Above
Fees
$1,244Fees
Jumbo Loans
OverallStrong
ProductStrong
Pricing—
Pull ThroughSound
Volume31
Mix2.2%
Spread
+0.777%Above
Fees
$1,303Fees
Loan Purpose Performance
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | 1,158 | 81.4% | +0.254%Above | $901Fees | ||||
Refinance | 265 | 18.6% | +0.194%Above | $998Fees |
Purchase
OverallStrong
ProductStrong
PricingStrong
Pull ThroughSound
Volume1,158
Mix81.4%
Spread
+0.254%Above
Fees
$901Fees
Refinance
OverallStrong
ProductStrong
PricingStrong
Pull ThroughStrong
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
8Full-year 2024 · HMDALoans originated
< 2020+None
Midwest4
ILINMIOH
South3
FLKYTN
West1
AZ
How We Rank Lenders
Our rankings use an equal-weight average of scores across the 5 Ps — Pricing, Product, Pull-Through, and Place — with lender promptness blending in as the fifth once a lender has responded to real shopper quote requests.
Our Point System (Max 50 Points)
10/ 50 pts
Pricing
How competitively a lender prices vs. the market benchmark (20%).
10/ 50 pts
Product
Performance on your specific loan type (20%).
10/ 50 pts
Pull Through
How reliably a lender closes the loans it starts (20%).
10/ 50 pts
Place
Depth of a lender's expertise in your local market (20%).
10/ 50 pts
Promptness
How quickly a lender answers real quote requests — blended in once they respond (20%).
Champion(80%+ = 40-50 points)
Superstar(60-79% = 30-39 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.