Merchants Bank, National Association
Merchants Bank, National Association received 1,800 applications in 2025 and made 1,537 mortgages, in 158 counties across 15 states. The median rate its borrowers got was 6.275% on a median loan of $175,000. Of 1,648 decisions, 98 were denials — 5.9%, most often for debt-to-income ratio.
| Legal Entity Identifier | 549300OZIFHR7THILC90 |
|---|---|
| Applications received | 1,800 |
| Mortgages made | 1,537 |
| Denied | 98 |
| Approved, not taken up | 13 |
| Withdrawn or incomplete | 152 |
| Loans bought from other lenders | 7 |
| Median rate spread over the prime offer rate | -0.146 points |
| FDIC-insured bank | Yes: Merchants Bank, National Association, 22 offices |
By loan purpose
| Purpose | Mortgages made | Median rate | Median loan | Denied |
|---|---|---|---|---|
| Home purchase | 849 | 6.400% | $245,000 | 3.9% |
| Refinancing | 329 | 6.400% | $95,000 | 7.0% |
| Cash-out refinancing | 67 | 6.525% | $185,000 | 14.1% |
| Other purposes | 292 | 5.990% | $55,000 | 8.3% |
Where Merchants Bank, National Association lends most
The 50 counties where it made the most mortgages in 2025. Each county page ranks every lender there.
| County | Mortgages made | Median rate | Denied |
|---|---|---|---|
| Winona County, MN | 383 | 5.990% | 3.0% |
| Olmsted County, MN | 128 | 6.150% | 7.8% |
| Dakota County, MN | 115 | 5.990% | 5.0% |
| Goodhue County, MN | 89 | 6.275% | 5.3% |
| La Crosse County, WI | 84 | 6.525% | 7.7% |
| Fillmore County, MN | 63 | 5.990% | 6.0% |
| Houston County, MN | 59 | 6.525% | 4.8% |
| Rice County, MN | 53 | 6.525% | 10.2% |
| Hennepin County, MN | 48 | 6.400% | 7.7% |
| Buffalo County, WI | 28 | 5.990% | 3.5% |
| Washington County, MN | 26 | 6.463% | 0.0% |
| Trempealeau County, WI | 22 | 6.213% | 8.3% |
| Scott County, MN | 20 | 6.275% | 0.0% |
| Otter Tail County, MN | 18 | 6.213% | 14.3% |
| Hubbard County, MN | 16 | 6.150% | 5.9% |
| Wright County, MN | 16 | 6.275% | 0.0% |
| Crow Wing County, MN | 14 | 6.525% | 6.7% |
| Wabasha County, MN | 14 | 5.990% | 12.5% |
| Eau Claire County, WI | 14 | 6.550% | 6.7% |
| Lyon County, MN | 13 | 6.525% | 7.1% |
| Mille Lacs County, MN | 12 | 6.275% | 0.0% |
| Douglas County, MN | 11 | 6.400% | 0.0% |
| Cass County, MN | 10 | 6.275% | 23.1% |
| Mower County, MN | 9 | Under 10 loans | 0.0% |
| Ramsey County, MN | 9 | Under 10 loans | 10.0% |
| St. Croix County, WI | 9 | Under 10 loans | 10.0% |
| Grand Forks County, ND | 8 | Under 10 loans | 0.0% |
| Anoka County, MN | 7 | Under 10 loans | 0.0% |
| Dodge County, MN | 7 | Under 10 loans | 0.0% |
| McLean County, ND | 7 | Under 10 loans | 0.0% |
| Pierce County, WI | 7 | Under 10 loans | 22.2% |
| Lincoln County, MN | 6 | Under 10 loans | 0.0% |
| Polk County, MN | 6 | Under 10 loans | 14.3% |
| Chippewa County, WI | 6 | Under 10 loans | 0.0% |
| Monroe County, WI | 6 | Under 10 loans | 0.0% |
| Polk County, WI | 6 | Under 10 loans | 0.0% |
| Becker County, MN | 5 | Under 10 loans | 0.0% |
| St. Louis County, MN | 5 | Under 10 loans | 0.0% |
| Barron County, WI | 5 | Under 10 loans | 0.0% |
| Dunn County, WI | 5 | Under 10 loans | 16.7% |
| Benton County, MN | 4 | Under 10 loans | 0.0% |
| Carver County, MN | 4 | Under 10 loans | 0.0% |
| Morrison County, MN | 4 | Under 10 loans | 33.3% |
| Vernon County, WI | 4 | Under 10 loans | 0.0% |
| Lee County, FL | 3 | Under 10 loans | 0.0% |
| Blue Earth County, MN | 3 | Under 10 loans | 0.0% |
| Sherburne County, MN | 3 | Under 10 loans | 25.0% |
| Stearns County, MN | 3 | Under 10 loans | 0.0% |
| Steele County, MN | 3 | Under 10 loans | 20.0% |
| Todd County, MN | 3 | Under 10 loans | 0.0% |
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Counts, medians and denial shares are computed from the Home Mortgage Disclosure Act loan-level file for 2025, published by the Consumer Financial Protection Bureau through the FFIEC: every application a covered lender received, as the lender reported it. A median rate is what borrowers got, not what you will be offered — it depends on the loan, the property, your credit and the market on the day, and no figure here is a quote. A median over fewer than 10 loans is not shown: it is a number with no meaning and a real person's rate half-exposed. Those cells say "under 10 loans" and the count is still published. This is information, not advice, and no lender pays to appear.