Mercantile Bank in Michigan vs the state
12.5%Denial rate-6.02 pts vs state
15.2%Decision denial rate-7.34 pts vs state
69.1%Origination rate+9.20 pts vs state
6.75%Median rate0.00 pts vs state
0.31Rate spread (pts)-0.09 pts vs state
$106kMedian applicant income
2,101Loans originated
380Denied
Trend in Michigan
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 2,283 | 1,533 | 16.3% | 7.13% | #32 |
| 2024 | 3,033 | 2,103 | 12.6% | 6.88% | #27 |
| 2025 | 3,041 | 2,101 | 12.5% | 6.75% | #32 |
What Mercantile Bank lends in Michigan
By loan purpose
By loan type
Why it denied Michigan applicants
Where in Michigan
Counties with the most Mercantile Bank applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Kent County | 686 | 489 | 62 | 9.0% |
| Ottawa County | 309 | 221 | 31 | 10.0% |
| Emmet County | 205 | 156 | 14 | 6.8% |
| Isabella County | 155 | 113 | 18 | 11.6% |
| Ionia County | 119 | 80 | 18 | 15.1% |
| Allegan County | 114 | 84 | 14 | 12.3% |
| Gratiot County | 101 | 74 | 16 | 15.8% |
| Ogemaw County | 99 | 54 | 27 | 27.3% |
| Kalamazoo County | 94 | 64 | 15 | 16.0% |
| Montcalm County | 65 | 45 | 11 | 16.9% |
Other large lenders in Michigan
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Rocket Mortgage | C | 30,644 | 16.3% | 6.75% |
| United Shore Financial Services | B | 29,330 | 11.7% | 6.60% |
| The Huntington National Bank | D | 20,047 | 30.0% | 7.49% |
| Lake Michigan Credit Union | A | 16,662 | 5.6% | 6.75% |
| Fifth Third Bank | D | 11,176 | 26.4% | 7.50% |
| 21st Mortgage | F | 7,424 | 53.4% | 11.04% |
| Citizens Bank | C | 6,592 | 29.0% | 7.65% |
| Triad Financial Services | D | 6,426 | 56.1% | 8.49% |
| Union Home Mortgage | B | 5,303 | 4.3% | 6.75% |
| PNC Bank | D | 5,161 | 26.3% | 7.36% |
Frequently asked questions
Michigan: 3,041 applications in 2025, of which 2,101 were originated and 380 denied.
12.5% of all applications, or 15.2% of the applications it actually decided on. The Michigan statewide average across all lenders was 18.5%.
The median rate on loans Mercantile Bank originated in Michigan in 2025 was 6.75%, against a statewide median of 6.75%.
About this data. Figures are Mercantile Bank's own HMDA filing for properties located in Michigan, 2025. The grade is national; state-level figures are shown for context and are not separately graded. Methodology