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Merchants Bank

Bank•Winona, MNHQ•Direct & Wholesale•Reviews near you on Google

We analyzed every closed loan from Merchants Bank — 676 loans across 805 applications— and benchmarked them against peer lenders across the 5 Ps of Mortgage Shopping.

Safe Rate 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
Place
Strong
4/5
Multi-Region · 3 mkts
Promptness
Not enough data
—/5
No quote responses measured yet
Safe Rate Awards
Conventional Superstar
Conventional
Superstar
Purchase Superstar
Purchase
Superstar
Refinance Superstar
Refinance
Superstar

Safe Rate Summary

What They Do Well

  • Offers rates 3.20 basis points below market average
  • Lower than average lender fees
  • Strong pull through performance

Explore another lender or local market

Report Card

Merchants Bank performance at a glance

Overall Performance· Pricing & closing strength
Pricing
Rate competitiveness
Strong
Rates 3.2 bps below market avg
4/5
Pull Through
Closing strength
Strong
Top 40% of lenders
4/5
By Loan Product· Specialization by type
Conventional
649 loans · 0.03% below market
Strong
Top 40% of lenders
4/5
FHA
14 loans · 0.04% below market
Sound
Top 60% of lenders
3/5
By Loan Purpose· Transaction purpose mix
Purchase
559 loans · 0.03% below market
Strong
Top 40% of lenders
4/5
Refinance
117 loans · 0.05% below market
Strong
Top 40% of lenders
4/5
By Location· Geographic coverage
Geographic Reach
Multi-Regional · 4 markets
Strong
Top 40% of lenders
4/5

Loan Product Performance

Performance by Loan Product

Conventional
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume649
Mix96.0%
Spread
-0.029%Below
Fees
$1,894Fees
FHA Loans
Overall
Sound
Product
Sound
Pricing—
Pull Through
Sound
Volume14
Mix2.1%
Spread
-0.043%Below
Fees
$3,104Fees

Loan Purpose Performance

Performance by Loan Purpose

Purchase
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume559
Mix82.7%
Spread
-0.028%Below
Fees
$1,931Fees
Refinance
Overall
Strong
Product
Strong
Pricing
Strong
Pull Through
Strong
Volume117
Mix17.3%
Spread
-0.054%Below
Fees
$1,862Fees

At a Glance

Lender Overview

Lending Activity
Loans Originated
676
Applications
805
Volume
$183 million
Pricing & Closing
Avg Rate Spread
-0.032%
vs. market APOR
Avg Net Fees
$1,918
Origination − Credits
Pullthrough Rate
84.0%
Applications → Closed
Typical Borrower
Avg Loan Amount
$271,243
Avg Borrower Income
$117,682
Avg Property Value
$386,760

Geographic Coverage

Geographic Performance

Metro Areas
3
markets with activity
States Served
13
of 50 states + DC
Avg Place Specialization
Strong
4/5

States with Loan Originations

13Full-year 2024 · HMDA
13 states with loan originations
Loans originated
< 2020–100100+None
Midwest8
IAILINMNNDNESDWI
South3
ARFLTN
West2
AZCO

Top Metro Areas by Place Specialization Score

1© Theresa Marconi · CC BY-SA 3.0
Rochester, MNMetro
Volume 87Mix 12.87% of portfolio
80/100
Exceptional
2© Wikideas1 · CC0
La Crosse, WI-MNMetro
Volume 71Mix 10.50% of portfolio
72/100
Strong
3© w_lemay · CC BY-SA 2.0
Minneapolis, MN-WIMetro
Volume 94Mix 13.91% of portfolio
65/100
Strong

Top States by Place Specialization Score

Minnesota
Minnesota
1
MinnesotaState
Volume 538Mix 79.59% of portfolio
83/100
Exceptional
Wisconsin
Wisconsin
2
WisconsinState
Volume 96Mix 14.20% of portfolio
65/100
Strong
North Dakota
North Dakota
3
North DakotaState
Volume 19Mix 2.81% of portfolio
49/100
Sound

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
Champion(80%+ = 40-50 points)
Superstar
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.