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First Merchants Bank · Indiana · 2025

First Merchants Bank in Indiana: approval rate, denial rate and rates (2025)

First Merchants Bank took 5,114 mortgage applications in Indiana in 2025, ranking #7 of 1,025 lenders active in the state. It originated 63.5% of them and denied 19.9% (23.5% of the applications it decided), against a statewide denial rate of 16.6%.

5.1kApplicationsin IN
23.5%Decision denial ratestate 20.1%
6.76%Median ratestate 6.75%
$105,000Median loanstate $155,000
$649MVolume73 counties
Full First Merchants Bank review All lenders in Indiana

First Merchants Bank in Indiana vs the state

19.9%Denial rate+3.32 pts vs state
23.5%Decision denial rate+3.36 pts vs state
63.5%Origination rate+1.26 pts vs state
6.76%Median rate+0.01 pts vs state
0.06Rate spread (pts)-0.31 pts vs state
$74kMedian applicant income
3,248Loans originated
1,017Denied

Trend in Indiana

YearApplicationsOriginatedDenial rateMedian rateRank in state
20235,3963,43519.1%6.99%#5
20245,0593,23919.3%7.00%#7
20255,1143,24819.9%6.76%#7

What First Merchants Bank lends in Indiana

By loan purpose

Home purchase 1,505 29% · 4.9% denied
Refinance 1,450 28% · 19.5% denied
Cash-out refinance 180 4% · 14.4% denied
Home improvement 491 10% · 34.4% denied
Other / HELOC 1,488 29% · 31.4% denied

By loan type

Conventional 4,953 97% · 20.1% denied
FHA 144 3% · 15.3% denied
VA 13 0% · 0.0% denied
USDA / RHS 4 0% · 25.0% denied

Why it denied Indiana applicants

Debt-to-income ratio 611 60%
Credit history 259 25%
Collateral 95 9%
Employment history 19 2%
Unverifiable information 14 1%
Other 14 1%
Incomplete application 5 0%

Where in Indiana

Counties with the most First Merchants Bank applications in 2025.

CountyApplicationsOriginatedDeniedDenial rate
Allen County 67247786 12.8%
Tippecanoe County 50031993 18.6%
Delaware County 43128675 17.4%
Madison County 37723590 23.9%
Lake County 35420884 23.7%
Marion County 28216173 25.9%
Hamilton County 26618542 15.8%
Henry County 25217051 20.2%
White County 1719936 21.1%
Johnson County 1286644 34.4%

Other large lenders in Indiana

LenderGradeApplicationsDenial rateMedian rate
Rocket MortgageC 13,50318.6%6.75%
Ruoff Mortgage CompanyA 8,8604.0%6.75%
Fifth Third BankD 8,69327.6%7.75%
United Shore Financial ServicesB 8,65912.2%6.38%
Freedom MortgageB 5,4548.9%6.25%
NewrezD 5,42118.2%6.63%
Fairway Independent MortgageB 4,8137.4%6.75%
Mortgage Research CenterC 4,79119.0%6.25%
PNC BankD 4,72425.1%7.55%
The Huntington National BankD 4,58430.2%7.84%

Frequently asked questions

Indiana: 5,114 applications in 2025, of which 3,248 were originated and 1,017 denied.

19.9% of all applications, or 23.5% of the applications it actually decided on. The Indiana statewide average across all lenders was 16.6%.

The median rate on loans First Merchants Bank originated in Indiana in 2025 was 6.76%, against a statewide median of 6.75%.

About this data. Figures are First Merchants Bank's own HMDA filing for properties located in Indiana, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology