Compare Mortgage Lenders
Select two lenders to compare side by side using 2023 HMDA federal data: approval rates, denial rates, loan sizes, loan types, and geographic reach.
Key Metrics
| Metric | FIRST MERCHANTS BANK | Ruoff Mortgage Company |
|---|---|---|
| Total Applications | 8,454 | 15,781 ▲ |
| Loans Originated | 5,503 | 10,647 |
| Approval Rate (higher is better) | 65.1% | 67.5% ✓ |
| Denial Rate (lower is better) | 16.4% | 6.8% ✓ |
| Avg Loan Amount | $248,384 | $206,344 |
| Avg Interest Rate (lower is better) | 6.880% | 6.794% ✓ |
| Avg Applicant Income | $34,000 | $37,000 |
| Applications Denied | 1,382 | 1,066 |
| Applications Withdrawn | 1,027 | 2,636 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | FIRST MERCHANTS BANK | Ruoff Mortgage Company |
|---|---|---|
| Conventional | 8,165 (96.6%) | 10,071 (63.8%) |
| FHA | 247 (2.9%) | 4,571 (29.0%) |
| VA | 30 (0.4%) | 814 (5.2%) |
| USDA | 12 (0.1%) | 325 (2.1%) |
Loan Purpose Breakdown
| Purpose | FIRST MERCHANTS BANK | Ruoff Mortgage Company |
|---|---|---|
| Home Purchase | 3,154 | 11,971 |
| Other | 2,091 | 1 |
| Refinancing | 1,997 | 910 |
| Home Improvement | 876 | — |
| Cash-out Refinancing | 336 | 2,899 |
Top States by Loan Volume
Summary
- 8,454 total applications · 5,503 originated
- Approval rate: 65.1%
- Denial rate: 16.4%
- Avg loan: $248,384
- Avg rate: 6.880%
- HQ: MUNCIE, IN
- 15,781 total applications · 10,647 originated
- Approval rate: 67.5%
- Denial rate: 6.8%
- Avg loan: $206,344
- Avg rate: 6.794%
- HQ: Fort Wayne, IN
Methodology
Comparisons are drawn from the CFPB 2024 HMDA Snapshot National Loan-Level Dataset, published by the Consumer Financial Protection Bureau and distributed via the FFIEC. Every figure on this page comes from lenders' mandatory HMDA filings — not voluntary marketing claims.
Approval (origination) rate = originated ÷ total applications. Denial rate = denied ÷ total applications. Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes. Denial rates reflect a lender's applicant mix as much as its underwriting stance; compare alongside loan-type mix and geography before drawing conclusions.
Side-by-side comparisons are informational only and do not constitute financial, legal, or mortgage advice. Always obtain and compare written Loan Estimates before applying.