Great Midwest Bank S.s.b. Mortgage Rates, Fees & Info

Brookfield, WI

LEI: 254900AG9OLNQOYN9650

Tax ID: 39-0476365

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Great Midwest Bank S.s.b. is a smaller bank specializing in Home Purchase loans. Great Midwest Bank S.s.b. has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Madison, Racine, Wisconsin Rapids, and Whitewater among others. We have data for 19 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Great Midwest Bank S.s.b. has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Great Midwest Bank S.s.b. is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    Home Equity Line of Credit (HELOC) 6.18% 4/21/24
    30 Year Conventional Purchase 6.75% 4/21/24
    30 Year Conventional Refi 6.58% 4/21/24
    30 Year Cash-out Refi 6.63% 4/21/24
    15 Year Conventional Purchase 5.86% 4/21/24
    15 Year Conventional Refi 5.81% 4/21/24
    15 Year Cash-out Refi 5.81% 4/21/24
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

    Great Midwest Bank S.s.b. Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Great Midwest Bank S.s.b.. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    816

    Origination Dollar Volume (All Markets)

    $235,850,000

    Employee count

    92 Show all (5) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 610 $163,230,000 $267,590 $2,332 4.36%
    MADISON, WI (FHA|USDA|VA) 94 $28,480,000 $302,979 $2,472 4.39%
    RACINE, WI (FHA|USDA|VA) 38 $10,840,000 $285,263 $2,140 4.31%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $9,745,000 $9,745,000 $0 4.88%
    Whitewater, WI (FHA|USDA|VA) 11 $7,635,000 $694,091 $2,645 4.35%
    SHEBOYGAN, WI (FHA|USDA|VA) 6 $5,280,000 $880,000 $1,212 4.75%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 12 $2,790,000 $232,500 $1,775 4.39%
    APPLETON, WI (FHA|USDA|VA) 16 $1,610,000 $100,625 $887 4.64%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 6 $1,300,000 $216,667 $2,929 4.48%
    Baraboo, WI (FHA|USDA|VA) 4 $1,250,000 $312,500 $2,456 4.19%
    Outside of Metro Areas 6 $1,210,000 $201,667 $1,654 4.35%
    Beaver Dam, WI (FHA|USDA|VA) 3 $955,000 $318,333 $1,830 4.41%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $385,000 $385,000 $2,778 4.25%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $305,000 $305,000 $2,038 4.75%
    FOND DU LAC, WI (FHA|USDA|VA) 1 $265,000 $265,000 $1,264 4.55%
    GREEN BAY, WI (FHA|USDA|VA) 2 $200,000 $100,000 $970 4.70%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $155,000 $155,000 $1,799 4.13%
    Shawano, WI (FHA|USDA|VA) 1 $145,000 $145,000 $1,752 4.00%
    Manitowoc, WI (FHA|USDA|VA) 2 $70,000 $35,000 $0 5.19%
    Great Midwest Bank S.s.b.'s top markets include Milwaukee, Madison, Racine, Wisconsin Rapids, and Whitewater among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Great Midwest Bank S.S.B. based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    AppleTree Credit Union
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 816 $235,850,000 $289,032 $2,290 4.37%

    For 2018, Great Midwest Bank S.s.b.'s most frequently originated type of loan was Conventional, with 816 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 547 $176,765,000 $323,154 $2,827 4.32%
    Refi 135 $43,485,000 $322,111 $1,580 4.39%
    Cash Out Refi 67 $12,595,000 $187,985 $1,272 4.47%
    Home Improvement 39 $1,535,000 $39,359 $571 4.60%
    Other 28 $1,470,000 $52,500 $479 4.88%

    For 2018, Great Midwest Bank S.s.b.'s most frequently cited loan purpose was Home Purchase, with 547 originations. The 2nd most popular reason was Refi, with 135 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 606 $196,140,000 $323,663 $2,547 4.32%
    20 Year 65 $7,675,000 $118,077 $2,472 4.72%
    15 Year 59 $9,605,000 $162,797 $1,697 4.14%
    10 Year 37 $2,465,000 $66,622 $399 5.00%
    Other 27 $9,825,000 $363,889 $511 4.46%
    5 Year 20 $390,000 $19,500 $624 4.35%
    3 Year 1 $5,000 $5,000 $0 4.38%
    30+ year 1 $9,745,000 $9,745,000 $0 4.88%

    For 2018, Great Midwest Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 606 originations. The 2nd most popular length was 20 Year, with 65 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 713 $194,485,000 $272,770
    $1k-2k 25 $7,655,000 $306,200
    $2k-3k 12 $4,090,000 $340,833
    $3k-4k 5 $1,775,000 $355,000
    $5k+ 2 $730,000 $365,000

    Great Midwest Bank S.s.b.'s average total fees were $2,547, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 713 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 519 $159,685,000 $307,678
    3-4% 185 $58,065,000 $313,865
    5-6% 80 $8,490,000 $106,125
    2.5-3% 29 $8,755,000 $301,897
    <2.5% 3 $855,000 $285,000

    During 2018, Great Midwest Bank S.s.b.'s average interest rate for loans was 4.32%, while their most frequently originated rate bucket for loans was 4-5%, with 519 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 284 $81,640,000 $287,465 $2,238 4.33%
    $100k-200k 190 $28,970,000 $152,474 $2,685 4.46%
    $100,000 or less 153 $7,795,000 $50,948 $1,356 4.68%
    $400k-600k 141 $65,435,000 $464,078 $2,639 4.12%
    $600k-1MM 41 $29,875,000 $728,659 $2,943 4.05%
    $1MM+ 7 $22,135,000 $3,162,143 $3,300 4.47%

    2018 saw Great Midwest Bank S.s.b. place emphasis on $200k-400k loans with 284 originations, totaling $81,640,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 201 $58,155,000 $289,328 $2,076 4.38%
    $150k-250k 177 $64,265,000 $363,079 $2,378 4.25%
    $50k-75k 129 $20,795,000 $161,202 $1,612 4.45%
    $75k-100k 112 $25,280,000 $225,714 $3,469 4.46%
    $50k or less 98 $8,300,000 $84,694 $2,198 4.49%
    $250k+ 68 $36,220,000 $532,647 $2,248 4.11%

    Great Midwest Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 201 originations. The second most popular income band? $150k-250k, with 177 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 227 $57,505,000 $253,326 $2,731 4.39%
    30-36% 163 $41,325,000 $253,528 $1,848 4.40%
    <20% 81 $19,335,000 $238,704 $1,946 4.41%
    36% 33 $10,605,000 $321,364 $2,098 4.27%
    42% 26 $7,220,000 $277,692 $3,652 4.36%
    37% 26 $8,010,000 $308,077 $1,934 4.39%
    46% 26 $8,250,000 $317,308 $2,286 4.39%
    50-60% 24 $8,390,000 $349,583 $2,389 3.78%
    38% 22 $5,920,000 $269,091 $1,973 4.54%
    41% 22 $7,270,000 $330,455 $2,806 4.25%
    43% 21 $6,145,000 $292,619 $2,410 4.29%
    45% 21 $5,815,000 $276,905 $2,543 4.40%
    39% 21 $6,085,000 $289,762 $2,022 4.24%
    49% 17 $3,965,000 $233,235 $2,244 4.65%
    44% 15 $4,945,000 $329,667 $1,986 4.37%
    40% 13 $3,935,000 $302,692 $1,746 4.31%
    47% 13 $4,835,000 $371,923 $1,784 4.46%
    48% 9 $2,075,000 $230,556 $2,145 4.46%
    >60% 6 $1,590,000 $265,000 $1,910 3.71%

    Great Midwest Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 227 originations. The next most common DTI ratio? 30-36%, with 163 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 702 $193,860,000 $276,154 $2,017 4.38%
    Not applicable 27 $22,425,000 $830,556 $0 4.67%
    Not provided 40 $13,110,000 $327,750 $6,632 4.24%
    Asian 22 $4,540,000 $206,364 $2,006 4.35%
    Black 23 $1,865,000 $81,087 $1,575 4.25%
    American Indian 1 $45,000 $45,000 $40,777 4.63%
    Native Hawaiian or Islander 1 $5,000 $5,000 $0 2.99%

    Approval Rates

    Total approvals of all applications
    95.15%

    Great Midwest Bank S.s.b. has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    87.99%

    Great Midwest Bank S.s.b. has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 816 $235,850,000 $289,032

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $18,890,000 $1,889,000
    Single Family (1-4 Units):Manufactured 2 $160,000 $80,000
    Single Family (1-4 Units):Site-Built 804 $216,800,000 $269,652

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 51 $4,175,000 $81,863 $793 4.51%
    40-60% 86 $16,410,000 $190,814 $1,871 4.29%
    60-80% 293 $89,315,000 $304,829 $2,843 4.36%
    80-100% 331 $124,075,000 $374,849 $2,502 4.34%
    Under 20% 55 $1,875,000 $34,091 $417 4.72%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Great Midwest Bank, S.S.B. 10269 West National Ave West Allis, WI 53227 Full Service B&M $21,182
    Great Midwest Bank, S.S.B. 1050 East Chestnut Street Chilton, WI 53014 Full Service B&M $28,685
    Great Midwest Bank, S.S.B. 15900 West Bluemound Road Brookfield, WI 53005 Full Service B&M $307,896
    Great Midwest Bank, S.S.B. 4775 South 27th Street Greenfield, WI 53221 Full Service B&M $31,129
    Great Midwest Bank, S.S.B. 505 West Brown Deer Road Bayside, WI 53217 Full Service B&M $21,192
    Great Midwest Bank, S.S.B. 5150 South 76th Street Greendale, WI 53129 Full Service B&M $37,041
    Great Midwest Bank, S.S.B. 5732 West Oklahoma Ave Milwaukee, WI 53219 Full Service B&M $13,884
    Great Midwest Bank, S.S.B. 600 Hartbrook Dr Hartland, WI 53029 Full Service B&M $34,120
    Great Midwest Bank, S.S.B. 6702 Odana Road Madison, WI 53711 Full Service B&M $19,833

    For 2018, Great Midwest Bank S.s.b. had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $27,784
    Net interest income $19,755
    Total noninterest income $3,420
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $260
    Trading account gains and fees $0
    Additional Noninterest Income $3,160
    Pre-tax net operating income $7,001
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,137
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,137
    Minority interest net income $0
    Net income $5,137
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,137

    Great Midwest Bank S.s.b.'s gross interest income from loans was $27,784,000.
    Great Midwest Bank S.s.b.'s net interest income from loans was $19,755,000.
    Great Midwest Bank S.s.b.'s fee based income from loans was $260,000.
    Great Midwest Bank S.s.b.'s net income from loans was $5,137,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $8,029
    Provision for credit losses $0
    Total noninterest expense $16,174
    Salaries and employee benefits $11,405
    Premises and equipment expense $1,440
    Additional noninterest expense $3,329
    Applicable income taxes $1,864
    Net charge-offs $49
    Cash dividends $0

    Great Midwest Bank S.s.b.'s interest expense for loans was $8,029,000.
    Great Midwest Bank S.s.b.'s payroll and benefits expense were $11,405,000.
    Great Midwest Bank S.s.b.'s property, plant and equipment expenses $1,440,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $504,381
    Deposits held in domestic offices $504,381
    Deposits by Individuals, partnerships, and corporations $416,976
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,155
    Deposits by Commercial banks and other depository institutions in U.S. $72,250
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $58,419
    Demand deposits $21,772
    Nontransaction accounts $445,962
    Money market deposit accounts (MMDAs) $30,763
    Other savings deposits (excluding MMDAs) $147,611
    Total time deposits $267,587
    Total time and savings deposits $482,609
    Noninterest-bearing deposits $21,772
    Interest-bearing deposits $482,609
    Retail deposits $376,120
    IRAs and Keogh plan accounts $25,401
    Brokered deposits $123,815
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $789,322
    Cash & Balances due from depository institutions $16,593
    Interest-bearing balances $9,383
    Total securities $50,178
    Federal funds sold & reverse repurchase $0
    Net loans and leases $697,441
    Loan and leases loss allowance $3,116
    Trading account assets $0
    Bank premises and fixed assets $4,152
    Other real estate owned $551
    Goodwill and other intangibles $1,899
    All other assets $18,508

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $789,322
    Total Liabilities $667,656
    Total deposits $504,381
    Interest-bearing deposits $482,609
    Deposits held in domestic offices $504,381
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $160,350
    Subordinated debt $0
    All other liabilities $2,925

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $697,441
    Loan and leases loss allowance $3,116
    Total loans and leases (domestic) $700,557
    All real estate loans $700,079
    Real estate loans in domestic offices $700,079
    Construction and development loans $43,313
    Residential 1-4 family construction $38,416
    Other construction, all land development and other land $4,897
    Loans secured by nonfarm nonresidential properties $0
    Nonfarm nonresidential secured by owner-occupied properties $0
    Commercial real estate & other non-farm, non-residential $0
    Multifamily residential real estate $74,488
    1-4 family residential loans $582,278
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $269
    To non-U.S. addressees $0
    Loans to individuals $567
    Credit card loans $76
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $491
    All other loans & leases $0
    Loans to foreign governments and official institutions $0
    Other loans $0
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,913
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Great Midwest Bank S.S.B. had $697,441,000 of loans outstanding in 2018. $700,079,000 of loans were in real estate loans. $43,313,000 of loans were in development loans. $74,488,000 of loans were in multifamily mortgage loans. $582,278,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $76,000 of loans were in credit card loans. $0 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Commercial & Industrial, US addressed loans - <$1MM 1 $269 $269,000
    Commercial & Industrial, US addressed loans - $250k-1MM 1 $269 $269,000