Merchants Bank of Indiana in Indiana vs the state
8.2%Denial rate-8.33 pts vs state
10.1%Decision denial rate-10.09 pts vs state
72.4%Origination rate+10.10 pts vs state
6.63%Median rate-0.13 pts vs state
0.13Rate spread (pts)-0.24 pts vs state
$96kMedian applicant income
369Loans originated
42Denied
Trend in Indiana
| Year | Applications | Originated | Denial rate | Median rate | Rank in state |
|---|---|---|---|---|---|
| 2023 | 424 | 306 | 8.0% | 7.50% | #111 |
| 2024 | 556 | 374 | 13.3% | 7.00% | #100 |
| 2025 | 510 | 369 | 8.2% | 6.63% | #116 |
What Merchants Bank of Indiana lends in Indiana
By loan purpose
By loan type
Why it denied Indiana applicants
Where in Indiana
Counties with the most Merchants Bank of Indiana applications in 2025.
| County | Applications | Originated | Denied | Denial rate |
|---|---|---|---|---|
| Marion County | 217 | 144 | 24 | 11.1% |
| Hamilton County | 107 | 83 | 3 | 2.8% |
| Boone County | 27 | 24 | 1 | 3.7% |
| Hendricks County | 22 | 11 | 3 | 13.6% |
| Wayne County | 21 | 16 | 3 | 14.3% |
| Johnson County | 16 | 13 | 0 | 0.0% |
| Randolph County | 16 | 13 | 1 | 6.3% |
| Madison County | 12 | 9 | 2 | 16.7% |
| Hancock County | 12 | 10 | 0 | 0.0% |
| Delaware County | 7 | 4 | 2 | 28.6% |
Other large lenders in Indiana
| Lender | Grade | Applications | Denial rate | Median rate |
|---|---|---|---|---|
| Rocket Mortgage | C | 13,503 | 18.6% | 6.75% |
| Ruoff Mortgage Company | A | 8,860 | 4.0% | 6.75% |
| Fifth Third Bank | D | 8,693 | 27.6% | 7.75% |
| United Shore Financial Services | B | 8,659 | 12.2% | 6.38% |
| Freedom Mortgage | B | 5,454 | 8.9% | 6.25% |
| Newrez | D | 5,421 | 18.2% | 6.63% |
| First Merchants Bank | C | 5,114 | 19.9% | 6.76% |
| Fairway Independent Mortgage | B | 4,813 | 7.4% | 6.75% |
| Mortgage Research Center | C | 4,791 | 19.0% | 6.25% |
| PNC Bank | D | 4,724 | 25.1% | 7.55% |
Frequently asked questions
Indiana: 510 applications in 2025, of which 369 were originated and 42 denied.
8.2% of all applications, or 10.1% of the applications it actually decided on. The Indiana statewide average across all lenders was 16.6%.
The median rate on loans Merchants Bank of Indiana originated in Indiana in 2025 was 6.63%, against a statewide median of 6.75%.
About this data. Figures are Merchants Bank of Indiana'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