Farmers & Merchants Bank Mortgage Lending & HMDA Data, 2024
In 2024, Farmers & Merchants Bank of Granite Quarry, NC reported 86 mortgage applications totaling $25.6 million, down 19% from 2023. The average application was for $297,558, and applicants reported an average income of $175,476. 66% of its applications resulted in an originated loan and 10% were denied. Its largest markets were Charlotte-Concord-Gastonia, NC-SC (73), Durham-Chapel Hill, NC (2) and Myrtle Beach-Conway-North Myrtle Beach, SC-NC (2) (applications in parentheses).
| Mortgage Company & Address | Farmers & Merchants Bank 138 N Salisbury Gq Ave Granite Quarry, NC 28072 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 |
| Total Number of Mortgage Applications | 86 |
| Total Mortgage Loan Application Amount | $25,590,000 |
| Average Mortgage Loan Application Amount | $297,558 |
| Highest Mortgage Loan Application Amount | $3,105,000 |
| Average Applicant Income | $175,476 |
| Highest Applicant Income | $2,329,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Merchants Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
| Metro Area | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Charlotte-Concord-Gastonia, NC-SC | 73 | $ 18,115,000 | $ 248,150 | $ 170,000 |
| Durham-Chapel Hill, NC | 2 | $ 530,000 | $ 265,000 | $ 234,000 |
| Myrtle Beach-Conway-North Myrtle Beach, SC-NC | 2 | $ 280,000 | $ 140,000 | $ 61,000 |
| Outside any metro area | 2 | $ 850,000 | $ 425,000 | $ 132,000 |
| Wilmington, NC | 2 | $ 390,000 | $ 195,000 | $ 175,000 |
| Winston-Salem, NC | 2 | $ 720,000 | $ 360,000 | $ 191,000 |
| Fayetteville, NC | 1 | $ 3,105,000 | $ 3,105,000 | $ 0 |
| Greensboro-High Point, NC | 1 | $ 95,000 | $ 95,000 | $ 172,000 |
| Raleigh, NC | 1 | $ 1,505,000 | $ 1,505,000 | $ 0 |
Mortgage Loan Application Detail Totals for Farmers & Merchants Bank in 2024
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Home Purchase | 48 | $13,880,000 | $289,000 | $855,000 | $161,000 | $735,000 |
| Refinancing | 21 | $8,375,000 | $398,000 | $3,105,000 | $289,000 | $2,329,000 |
| Cash-out Refinancing | 14 | $3,040,000 | $217,000 | $745,000 | $89,000 | $219,000 |
| Home Improvement | 3 | $295,000 | $98,000 | $175,000 | $16,000 | $23,000 |
| Not Applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other Purpose | 0 | $0 | $0 | $0 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 62 | $14,620,000 | $235,000 | $805,000 | $174,000 | $2,329,000 |
| Not applicable | 12 | $7,400,000 | $616,000 | $3,105,000 | $0 | $0 |
| Not Provided | 4 | $1,670,000 | $417,000 | $855,000 | $169,000 | $370,000 |
| Black or African American | 4 | $810,000 | $202,000 | $385,000 | $82,000 | $170,000 |
| Hispanic | 4 | $1,090,000 | $272,000 | $375,000 | $191,000 | $524,000 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 86 | $25,590,000 | $297,000 | $3,105,000 | $169,000 | $2,329,000 |
| FHA-insured (Federal Housing Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 0 | $0 | $0 | $0 | $0 | $0 |
| VA-guaranteed (Veterans Administration) | 0 | $0 | $0 | $0 | $0 | $0 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 57 | $16,805,000 | $294,000 | $3,105,000 | $191,000 | $2,329,000 |
| Application Withdrawn By Applicant | 17 | $4,715,000 | $277,000 | $655,000 | $139,000 | $299,000 |
| Application Denied By Financial Institution | 9 | $2,075,000 | $230,000 | $425,000 | $84,000 | $170,000 |
| File Closed For Incompleteness | 3 | $1,995,000 | $665,000 | $855,000 | $283,000 | $370,000 |
| Application Approved But Not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Loan Purchased By The Institution | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Debt-To-Income Ratio | 86 | $25,590,000 | $297,000 | $3,105,000 | $169,000 | $2,329,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
| Not applicable | 0 | $0 | $0 | $0 | $0 | $0 |
| Other | 0 | $0 | $0 | $0 | $0 | $0 |
| Unverifiable Information | 0 | $0 | $0 | $0 | $0 | $0 |
| Collateral | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Credit History | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Merchants Bank's 2024 lending activity. By analyzing detailed data on mortgage applications, total loan amounts, applicant incomes, loan purposes, and approval rates, industry professionals, researchers, and analysts can gain a clear understanding of this lender's role in the mortgage market.
This in-depth HMDA data allows real estate experts, financial analysts, and policymakers to track lending trends, evaluate borrower demographics,
and assess Farmers & Merchants Bank's mortgage approval patterns.
Utilize this powerful dataset to analyze market performance, compare lending practices, and make data-driven decisions in the ever-changing mortgage industry.
For a list of all lenders in North Carolina, download the full spreadsheet
with aggregated HMDA statistics today.
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