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 | Merchants Bank, National | Luminate Home Loans, |
|---|---|---|
| Total Applications | 1,743 | 12,756 ▲ |
| Loans Originated | 1,480 | 8,817 |
| Approval Rate (higher is better) | 84.9% ✓ | 69.1% |
| Denial Rate (lower is better) | 4.8% | 2.6% ✓ |
| Avg Loan Amount | $194,495 | $349,690 |
| Avg Interest Rate (lower is better) | 6.388% ✓ | 6.528% |
| Avg Applicant Income | $34,000 | $39,000 |
| Applications Denied | 84 | 337 |
| Applications Withdrawn | 140 | 3,513 |
✓ Better indicates the more favorable value for borrowers. Data: CFPB HMDA 2023.
Loan Type Mix
| Loan Type | Merchants Bank, National | Luminate Home Loans, |
|---|---|---|
| Conventional | 1,704 (97.8%) | 9,019 (70.7%) |
| FHA | 25 (1.4%) | 2,818 (22.1%) |
| VA | 8 (0.5%) | 839 (6.6%) |
| USDA | 6 (0.3%) | 80 (0.6%) |
Loan Purpose Breakdown
| Purpose | Merchants Bank, National | Luminate Home Loans, |
|---|---|---|
| Home Purchase | 900 | 10,291 |
| Refinancing | 331 | 820 |
| Other | 232 | 1 |
| Home Improvement | 185 | 2 |
| Cash-out Refinancing | 95 | 1,642 |
Top States by Loan Volume
Summary
- 1,743 total applications · 1,480 originated
- Approval rate: 84.9%
- Denial rate: 4.8%
- Avg loan: $194,495
- Avg rate: 6.388%
- HQ: Winona, MN
- 12,756 total applications · 8,817 originated
- Approval rate: 69.1%
- Denial rate: 2.6%
- Avg loan: $349,690
- Avg rate: 6.528%
- HQ: Minneapolis, MN
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 Rates do not sum to 100% because HMDA also records withdrawn, incomplete, and approved-but-not-accepted outcomes.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.