Applications / Mortgage Analytics / Lenders / Michigan / Mercantile Bank
Grand Rapids, MI · State non-member bank · FDIC · $6.2 billion assets · 2,129 loans in 2025
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2,129
loans originated, 2025
3,076
applications, 2025
8
states and territories
0
gaps bigger than at similar lenders
Our analysis, 2025
Mercantile Bank is a Michigan home-purchase lender that ranks 6 of 436 lenders in Grand Rapids and gained share in three of its largest markets while its loan count held flat.
Its share of Grand Rapids-Wyoming-Kentwood rose to 3.7% from 3.4%, behind Lake Michigan Credit Union in first place. It also rose in Kalamazoo-Portage, to 1.9% from 1.4%, and Lansing-East Lansing, to 1.0% from 0.6%, and it ranked 5 of 606 in non-metro Michigan. Traverse City was the exception, falling to 2.0% from 3.0%, which could reflect stronger years for competitors there.
Originations were flat at 2,129, a change of 0%, while similar lenders (state non-member banks making between half and twice as many loans) grew 13% and the whole market 10%. Dollar volume still rose to $622.0 million from $529.0 million, as its typical loan grew to $225,000 from $205,000.
Home purchases made up 58.7% of its loans, refinances 20.4% and home improvement 12.5%. FHA loans (insured by the Federal Housing Administration) were 5.3%, against 3.4% at similar lenders, and up from 1.2% five years before.
LMI (low- and moderate-income) borrowers received 27.9% of its loans, against 28.3% at similar lenders, near the middle. Its shares in LMI areas, 12.6% against 16.0%, and majority-minority areas, 3.6% against 10.0%, were lower than about three in four. The make-up of the Michigan markets it serves could account for this.
Questions the data can answer next
Similar lenders: same lender type, originations between half and twice the lender's in the data year. Written from the 2025 HMDA data and checked figure by figure against it.
FIG. 1 — LOANS ORIGINATED, 2018–2025
Originated means the loan was made: applications denied, withdrawn or not accepted are not counted. Mercantile Bank took 3,076 applications in 2025.
SOURCE: FFIEC HMDA, LOANS ORIGINATED (ACTION TAKEN: LOAN ORIGINATED)
FIG. 2 — PRODUCT MIX, 2025
Purchase 58.7% · Refinance 20.4% · Home improvement 12.5% · Other 8.4%
Conventional 94.4% · FHA 5.3% · USDA (RHS or FSA) 0.3% · of 2,129 loans. Purchase: buying a home. Refinance: replacing an existing mortgage, including cash-out. FHA: insured by the Federal Housing Administration. VA: guaranteed by the Department of Veterans Affairs. Conventional: neither.
SOURCE: FFIEC HMDA 2025, LOANS ORIGINATED
Where it lends, 2025
| State | Loans | Share |
|---|---|---|
| Michigan | 2,101 | 98.7% |
| Florida | 12 | 0.6% |
| Indiana | 5 | 0.2% |
| Ohio | 4 | 0.2% |
| Illinois | 3 | 0.1% |
| Wisconsin | 2 | 0.1% |
| Arizona | 1 | 0.0% |
| Tennessee | 1 | 0.0% |
Largest metro areas, 2025
| Metro area | Loans |
|---|---|
| Grand Rapids-Wyoming-Kentwood | 871 |
| Traverse City | 65 |
| Kalamazoo-Portage | 64 |
| Lansing-East Lansing | 55 |
| Saginaw | 31 |
| Muskegon-Norton Shores | 30 |
| Warren-Troy-Farmington Hills | 19 |
| Bay City | 16 |
| Midland | 15 |
| Detroit-Dearborn-Livonia | 14 |
Identifiers
| LEI (Legal Entity Identifier, the global company code HMDA has used since 2018) | RM2F4G3WBQ8R9OKYRH19 | 2018–2025 |
| RSSD (the Federal Reserve's identifier for banks and their parents) | 2608754 | 2004–2023 |
| Respondent ID (the HMDA filer code before 2018) | 334598 | 1999–2017 |
Established 15 December 1997. Reported under HMDA 1999-2025.
Mergers, name changes, data editions and corrections: Mercantile Bank's data.
Mercantile Bank's data
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