Madison County
Iowa · FIPS 19121
According to CFPB HMDA 2024 application volume among U.S. counties, Madison County ranks #1,677 of 3,210, and #27 of 99 in Iowa.
Mortgage lending activity in Madison County, Iowa based on lender filings under the Home Mortgage Disclosure Act (HMDA). Data covers all applications received by HMDA-reporting institutions operating in this county during 2024. Why mortgages get denied walks the denial-reason codes that appear in books like this one.
Local mortgage market. Madison County, Iowa saw 746 HMDA-reported mortgage applications in 2024. Lenders originated 454 of those loans and denied 99, producing a denial rate of 13.3% and an approval (origination) rate of 60.9%. The average loan amount was $221,662 at an average note rate of 6.83%, with applicants self-reporting average annual income of $37K. 97 distinct institutions reported mortgage activity in this county.
Borrower leverage and affordability signal. The loan-to-income ratio averages 6.0x, meaning typical borrowers took on mortgages of about 6.0 times their annual income. That ratio is a rough affordability signal: higher multiples imply tighter monthly budgets and greater exposure to rate or income shocks. See our methodology for how to read the denial rate against a local applicant pool. This page is informational data reporting, not financial, legal, or mortgage advice.
Lender concentration in Madison County
In Madison County, lead originator Farmers & Merchants State Bank funded only 8.4% of 454 originated loans, below the county fleet's lower tercile (~10.9% top-1 share). The top three reporters together hold 22.5% of the book, so shopping across channels still meets many active filers.
Counties With Similar Application Volume
Nationwide counties nearest to Madison County's 746 HMDA applications.
Counties With a Similar Average Loan
Nationwide counties nearest to Madison County's $221,662 average loan (deduped against volume peers).
Lenders active in Madison County
Farmers & Merchants State Bank funded 38 of the 454 loans originated in Madison County, 8.4% of the county. 97 lenders reported activity here.
| # | Lender | Originated | Market Share |
|---|---|---|---|
| 1 | Farmers & Merchants State Bank | 38 | 8.4% |
| 2 | American State Bank | 32 | 7.0% |
| 3 | Veridian Credit Union | 32 | 7.0% |
| 4 | Greenstate Credit Union | 32 | 7.0% |
| 5 | Union State Bank | 24 | 5.3% |
Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024. County FIPS codes per U.S. Census Bureau standards.
Data from FFIEC / CFPB HMDA Snapshot National Loan-Level Dataset (2024). Provided for informational purposes only; does not constitute financial advice for Madison County borrowers.
Read our methodology - how this data is sourced, computed, and verified.
Every figure on PlainLender is rendered directly from CFPB HMDA federal source data, no number is typed in by an editor. This Madison County page draws directly on CFPB HMDA federal source data, no figure is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error. Data current as of 2026-08-10. HMDA figures are lender-filed application outcomes for a published reporting year - not creditworthiness scores, rate quotes, Loan Estimates, underwriting decisions, or mortgage advice.