Farmers & Merchants State Bank Mortgage Lending & HMDA Data, 2024
In 2024, Farmers & Merchants State Bank of Pierz, MN reported 72 mortgage applications totaling $13.0 million, up 31% from 2023. The average application was for $179,861, and applicants reported an average income of $158,222. 76% of its applications resulted in an originated loan and 6% were denied. Its largest market was St. Cloud, MN (12).
| Mortgage Company & Address | Farmers & Merchants State Bank 80 Main Street N, P.O. Box 308 Pierz, MN 56364 |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 |
| Total Number of Mortgage Applications | 72 |
| Total Mortgage Loan Application Amount | $12,950,000 |
| Average Mortgage Loan Application Amount | $179,861 |
| Highest Mortgage Loan Application Amount | $1,785,000 |
| Average Applicant Income | $158,222 |
| Highest Applicant Income | $1,022,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Farmers & Merchants State Bank filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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.
| County | Total Number of Mortgage Loan Applications | Total Dollar Amount of Mortgage Loans Applications | Average Mortgage Loan Application Amount | Average Applicant Income |
|---|---|---|---|---|
| Benton, Minnesota | 8 | $ 1,750,000 | $ 218,750 | $ 106,000 |
| Stearns, Minnesota | 4 | $ 370,000 | $ 92,500 | $ 66,000 |
Mortgage Loan Application Detail Totals for Farmers & Merchants State 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 | 43 | $10,125,000 | $235,000 | $1,785,000 | $209,000 | $1,022,000 |
| Refinancing | 15 | $1,675,000 | $111,000 | $245,000 | $71,000 | $159,000 |
| Other Purpose | 8 | $570,000 | $71,000 | $185,000 | $97,000 | $157,000 |
| Home Improvement | 6 | $580,000 | $96,000 | $275,000 | $94,000 | $161,000 |
| Cash-out Refinancing | 0 | $0 | $0 | $0 | $0 | $0 |
| Not Applicable | 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 | 66 | $10,380,000 | $157,000 | $585,000 | $140,000 | $1,022,000 |
| Not applicable | 4 | $480,000 | $120,000 | $175,000 | $0 | $0 |
| Not Provided | 2 | $2,090,000 | $1,045,000 | $1,785,000 | $733,000 | $1,022,000 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
| Black or African American | 0 | $0 | $0 | $0 | $0 | $0 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 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) | 72 | $12,950,000 | $179,000 | $1,785,000 | $157,000 | $1,022,000 |
| 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 | 55 | $9,875,000 | $179,000 | $1,785,000 | $181,000 | $1,022,000 |
| Application Approved But Not Accepted | 6 | $1,240,000 | $206,000 | $415,000 | $115,000 | $187,000 |
| Application Withdrawn By Applicant | 5 | $915,000 | $183,000 | $555,000 | $85,000 | $143,000 |
| Application Denied By Financial Institution | 4 | $590,000 | $147,000 | $225,000 | $48,000 | $79,000 |
| File Closed For Incompleteness | 2 | $330,000 | $165,000 | $205,000 | $75,000 | $83,000 |
| 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 | 69 | $12,705,000 | $184,000 | $1,785,000 | $162,000 | $1,022,000 |
| Not applicable | 3 | $245,000 | $81,000 | $165,000 | $59,000 | $69,000 |
| 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 |
| 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 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Farmers & Merchants State 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 State 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 Minnesota, download the full spreadsheet
with aggregated HMDA statistics today.
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