Merchants Bank, National Association Mortgage Lending & HMDA Data, 2014
In 2014, Merchants Bank, National Association of Winona, MN reported 2,608 mortgage applications totaling $444.4 million, down 45% from 2013. The average application was for $170,402, and applicants reported an average income of $86,823. 80% of its applications resulted in an originated loan and 6% were denied. Its largest markets were Minneapolis-St. Paul-Bloomington, MN-WI (499), La Crosse-Onalaska, WI-MN (319) and Rochester, MN (233) (applications in parentheses).
| Mortgage Company & Address | Merchants Bank, National Association 102 East Third Street Winona, MN 55987 Tel #: available with data download |
| Federal Regulator | * available with data download |
| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 2,608 |
| Total Mortgage Loan Application Amount | $444,411,000 |
| Average Mortgage Loan Application Amount | $170,402 |
| Highest Mortgage Loan Application Amount | $9,600,000 |
| Average Applicant Income | $86,823 |
| Highest Applicant Income | $2,652,000 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) records Merchants Bank, National Association filed with the FFIEC and count every application it reported (approved, denied, withdrawn or purchased), not just closed loans.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 |
|---|---|---|---|---|
| Minneapolis-St. Paul-Bloomington, MN-WI | 499 | $ 113,814,000 | $ 228,084 | $ 110,062 |
| La Crosse-Onalaska, WI-MN | 319 | $ 46,814,000 | $ 146,752 | $ 75,727 |
| Rochester, MN | 233 | $ 37,917,000 | $ 162,733 | $ 86,000 |
| Grand Forks, ND-MN | 56 | $ 9,389,000 | $ 167,660 | $ 106,375 |
| Duluth, MN-WI | 43 | $ 6,797,000 | $ 158,069 | $ 95,581 |
| Rapid City, SD | 35 | $ 7,355,000 | $ 210,142 | $ 0 |
| Eau Claire, WI | 32 | $ 14,161,000 | $ 442,531 | $ 61,000 |
| Fargo, ND-MN | 25 | $ 5,179,000 | $ 207,160 | $ 108,440 |
| Mankato-North Mankato, MN | 24 | $ 4,020,000 | $ 167,500 | $ 84,000 |
| St. Cloud, MN | 24 | $ 4,719,000 | $ 196,625 | $ 99,000 |
| Iowa City, IA | 23 | $ 3,414,000 | $ 148,434 | $ 0 |
| Cedar Rapids, IA | 8 | $ 1,463,000 | $ 182,875 | $ 105,000 |
| Des Moines-West Des Moines, IA | 6 | $ 1,220,000 | $ 203,333 | $ 122,000 |
| Milwaukee-Waukesha-West Allis, WI | 6 | $ 2,204,000 | $ 367,333 | $ 67,000 |
| Rockford, IL | 6 | $ 1,005,000 | $ 167,500 | $ 162,000 |
| Phoenix-Mesa-Scottsdale, AZ | 5 | $ 1,224,000 | $ 244,800 | $ 229,000 |
| Bismarck, ND | 4 | $ 695,000 | $ 173,750 | $ 114,000 |
| Green Bay, WI | 3 | $ 555,000 | $ 185,000 | $ 153,000 |
| Madison, WI | 3 | $ 413,000 | $ 137,666 | $ 82,000 |
| Chicago-Naperville-Arlington Heights, IL | 2 | $ 494,000 | $ 247,000 | $ 70,000 |
| Sioux Falls, SD | 2 | $ 336,000 | $ 168,000 | $ 41,000 |
| Ames, IA | 1 | $ 320,000 | $ 320,000 | $ 154,000 |
| Davenport-Moline-Rock Island, IA-IL | 1 | $ 250,000 | $ 250,000 | $ 104,000 |
| Deltona-Daytona Beach-Ormond Beach, FL | 1 | $ 251,000 | $ 251,000 | $ 90,000 |
| Denver-Aurora-Lakewood, CO | 1 | $ 280,000 | $ 280,000 | $ 496,000 |
| Fort Collins, CO | 1 | $ 146,000 | $ 146,000 | $ 147,000 |
| Indianapolis-Carmel-Anderson, IN | 1 | $ 88,000 | $ 88,000 | $ 57,000 |
| Janesville-Beloit, WI | 1 | $ 120,000 | $ 120,000 | $ 91,000 |
| Naples-Immokalee-Marco Island, FL | 1 | $ 499,000 | $ 499,000 | $ 271,000 |
| Olympia-Tumwater, WA | 1 | $ 184,000 | $ 184,000 | $ 54,000 |
| Omaha-Council Bluffs, NE-IA | 1 | $ 172,000 | $ 172,000 | $ 100,000 |
| Oshkosh-Neenah, WI | 1 | $ 219,000 | $ 219,000 | $ 103,000 |
| Panama City, FL | 1 | $ 139,000 | $ 139,000 | $ 63,000 |
| Port St. Lucie, FL | 1 | $ 200,000 | $ 200,000 | $ 383,000 |
| South Bend-Mishawaka, IN-MI | 1 | $ 218,000 | $ 218,000 | $ 0 |
| Tampa-St. Petersburg-Clearwater, FL | 1 | $ 191,000 | $ 191,000 | $ 84,000 |
| Waterloo-Cedar Falls, IA | 1 | $ 330,000 | $ 330,000 | $ 0 |
Mortgage Loan Application Detail Totals for Merchants Bank, National Association in 2014
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 | 1,503 | $279,035,000 | $185,000 | $9,600,000 | $90,000 | $1,827,000 |
| Refinancing | 1,044 | $160,497,000 | $153,000 | $1,550,000 | $83,000 | $2,652,000 |
| Home Improvement | 61 | $4,879,000 | $79,000 | $417,000 | $74,000 | $383,000 |
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 | 2,110 | $345,983,000 | $163,000 | $1,550,000 | $93,000 | $2,652,000 |
| Not Provided | 231 | $42,725,000 | $184,000 | $719,000 | $103,000 | $496,000 |
| Not applicable | 199 | $44,792,000 | $225,000 | $9,600,000 | $0 | $0 |
| Asian | 24 | $3,830,000 | $159,000 | $417,000 | $79,000 | $263,000 |
| Hispanic | 24 | $3,517,000 | $146,000 | $358,000 | $78,000 | $261,000 |
| Black or African American | 10 | $2,061,000 | $206,000 | $405,000 | $99,000 | $220,000 |
| American Indian or Alaskan Native | 7 | $1,092,000 | $156,000 | $338,000 | $91,000 | $220,000 |
| Native Hawaiian or Other Pacific Islander | 3 | $411,000 | $137,000 | $246,000 | $75,000 | $108,000 |
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) | 2,448 | $422,416,000 | $172,000 | $9,600,000 | $89,000 | $2,652,000 |
| FHA-insured (Federal Housing Administration) | 79 | $10,562,000 | $133,000 | $243,000 | $54,000 | $127,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 45 | $5,146,000 | $114,000 | $188,000 | $44,000 | $72,000 |
| VA-guaranteed (Veterans Administration) | 36 | $6,287,000 | $174,000 | $387,000 | $69,000 | $158,000 |
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 | 2,097 | $359,989,000 | $171,000 | $9,600,000 | $91,000 | $2,652,000 |
| Application Approved But Not Accepted | 225 | $37,542,000 | $166,000 | $750,000 | $92,000 | $521,000 |
| Application Denied By Financial Institution | 145 | $22,854,000 | $157,000 | $709,000 | $81,000 | $431,000 |
| Loan Purchased By The Institution | 111 | $19,753,000 | $177,000 | $410,000 | $0 | $0 |
| Application Withdrawn By Applicant | 20 | $2,118,000 | $105,000 | $191,000 | $61,000 | $183,000 |
| File Closed For Incompleteness | 10 | $2,155,000 | $215,000 | $417,000 | $93,000 | $192,000 |
| 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 |
|---|---|---|---|---|---|---|
| Credit History | 48 | $5,830,000 | $121,000 | $358,000 | $59,000 | $404,000 |
| Debt-To-Income Ratio | 42 | $6,426,000 | $153,000 | $417,000 | $63,000 | $232,000 |
| Collateral | 30 | $6,256,000 | $208,000 | $709,000 | $114,000 | $377,000 |
| Other | 15 | $2,507,000 | $167,000 | $300,000 | $151,000 | $431,000 |
| Employment History | 5 | $1,202,000 | $240,000 | $416,000 | $86,000 | $170,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 3 | $310,000 | $103,000 | $183,000 | $58,000 | $88,000 |
| Unverifiable Information | 2 | $323,000 | $161,000 | $260,000 | $27,000 | $31,000 |
| Credit Application Incomplete | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
Our comprehensive HMDA mortgage statistics provide invaluable insights into Merchants Bank, National Association's 2014 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 Merchants Bank, National Association'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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