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

Review & Overview

Great Midwest Bank S.s.b. is a smaller bank specializing in Home Purchase and Refi loans. Great Midwest Bank S.s.b. has a high proportion of conventional loans. Their top markets by origination volume include: Milwaukee, Madison, Racine, Minneapolis, and Green Bay 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
Home Equity Line of Credit (HELOC)	6.18%	4/18/24
30 Year Conventional Purchase	6.75%	4/18/24
30 Year Conventional Refi	6.58%	4/18/24
30 Year Cash-out Refi	6.63%	4/18/24
15 Year Conventional Purchase	5.86%	4/18/24
15 Year Conventional Refi	5.81%	4/18/24
15 Year Cash-out Refi	5.81%	4/18/24
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

Purchase Price:

Loan Amount:

Deposit Amount:

% Deposit:

Interest Rate:

Loan Type:

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

950

Origination Dollar Volume (All Markets)

$333,150,000

Employee count

Awards

Great Midwest Bank S.S.B. 30 Year Conventional Loans bronze

Great Midwest Bank S.S.B. 30 Year Conventional Loans gold

Show all (2) 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)	710	$214,580,000	$302,225	$1,864	4.07%
MADISON, WI (FHA\|USDA\|VA)	109	$49,595,000	$455,000	$2,500	3.99%
Outside of Metro Areas	8	$12,810,000	$1,601,250	$2,335	4.10%
RACINE, WI (FHA\|USDA\|VA)	32	$11,540,000	$360,625	$1,880	4.13%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	1	$7,605,000	$7,605,000	$0	4.63%
GREEN BAY, WI (FHA\|USDA\|VA)	5	$7,245,000	$1,449,000	$1,323	4.19%
Wisconsin Rapids-Marshfield, WI (FHA\|USDA\|VA)	2	$7,150,000	$3,575,000	$0	4.88%
Whitewater, WI (FHA\|USDA\|VA)	12	$5,170,000	$430,833	$2,334	4.15%
APPLETON, WI (FHA\|USDA\|VA)	24	$4,120,000	$171,667	$1,363	3.92%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	12	$4,110,000	$342,500	$2,346	3.94%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	11	$2,735,000	$248,636	$2,951	4.29%
Manitowoc, WI (FHA\|USDA\|VA)	3	$1,905,000	$635,000	$2,313	4.25%
Baraboo, WI (FHA\|USDA\|VA)	6	$1,400,000	$233,333	$2,196	3.93%
Beaver Dam, WI (FHA\|USDA\|VA)	5	$1,095,000	$219,000	$2,005	3.95%
SHEBOYGAN, WI (FHA\|USDA\|VA)	3	$635,000	$211,667	$1,396	4.29%
FOND DU LAC, WI (FHA\|USDA\|VA)	3	$595,000	$198,333	$2,249	4.28%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	2	$470,000	$235,000	$0	4.60%
WATERLOO-CEDAR FALLS, IA (FHA\|USDA\|VA)	1	$355,000	$355,000	$0	4.75%
Stevens Point, WI (FHA\|USDA\|VA)	1	$35,000	$35,000	$110	5.50%

Great Midwest Bank S.s.b.'s top markets include Milwaukee, Madison, Racine, Minneapolis, and Green Bay among others.

Their top states include:

Wisconsin (FHA|USDA|VA)

Minnesota (FHA|USDA|VA)

Iowa (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.

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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	950	$333,150,000	$350,684	$1,952	4.07%

For 2019, Great Midwest Bank S.s.b.'s most frequently originated type of loan was Conventional, with 950 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	511	$199,575,000	$390,558	$2,500	4.18%
Refi	286	$99,710,000	$348,636	$1,432	3.77%
Cash Out Refi	113	$30,285,000	$268,009	$1,467	4.09%
Home Improvement	23	$2,275,000	$98,913	$497	4.48%
Other	17	$1,305,000	$76,765	$353	4.96%

For 2019, Great Midwest Bank S.s.b.'s most frequently cited loan purpose was Home Purchase, with 511 originations. The 2nd most popular reason was Refi, with 286 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	715	$287,045,000	$401,462	$2,189	4.11%
15 Year	125	$25,115,000	$200,920	$1,418	3.44%
20 Year	54	$10,280,000	$190,370	$1,390	4.37%
Other	21	$9,625,000	$458,333	$922	4.69%
10 Year	18	$800,000	$44,444	$154	5.18%
5 Year	17	$285,000	$16,765	$134	4.02%

For 2019, Great Midwest Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 715 originations. The 2nd most popular length was 15 Year, with 125 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	800	$244,340,000	$305,425
$1k-2k	56	$16,470,000	$294,107
$2k-3k	14	$5,510,000	$393,571
$3k-4k	7	$2,345,000	$335,000
$4k-5k	4	$1,380,000	$345,000
$5k+	1	$345,000	$345,000

Great Midwest Bank S.s.b.'s average total fees were $2,189, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 800 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	454	$196,530,000	$432,885
3-4%	450	$132,600,000	$294,667
5-6%	36	$3,050,000	$84,722
2.5-3%	9	$895,000	$99,444
6-7%	1	$75,000	$75,000

During 2019, Great Midwest Bank S.s.b.'s average interest rate for loans was 4.11%, while their most frequently originated rate bucket for loans was 4-5%, with 454 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	372	$107,240,000	$288,280	$1,998	3.95%
$100k-200k	212	$32,590,000	$153,726	$1,588	4.00%
$400k-600k	187	$87,635,000	$468,636	$2,429	4.04%
$100,000 or less	105	$5,955,000	$56,714	$936	4.50%
$600k-1MM	54	$39,920,000	$739,259	$2,885	4.13%
$1MM+	20	$59,810,000	$2,990,500	$3,676	4.56%

2019 saw Great Midwest Bank S.s.b. place emphasis on $200k-400k loans with 372 originations, totaling $107,240,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	233	$69,455,000	$298,090	$1,900	3.96%
$150k-250k	232	$94,360,000	$406,724	$2,215	3.99%
$50k-75k	148	$25,680,000	$173,514	$1,816	4.08%
$75k-100k	125	$28,915,000	$231,320	$1,783	4.07%
$250k+	89	$46,185,000	$518,933	$2,267	4.04%
$50k or less	69	$7,445,000	$107,899	$1,513	4.25%

Great Midwest Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 233 originations. The second most popular income band? $150k-250k, with 232 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	248	$71,000,000	$286,290	$1,878	3.95%
30-36%	177	$49,685,000	$280,706	$1,936	4.05%
<20%	105	$27,035,000	$257,476	$1,582	3.80%
36%	40	$12,870,000	$321,750	$1,737	4.14%
38%	30	$8,880,000	$296,000	$2,109	4.17%
43%	30	$11,730,000	$391,000	$2,267	4.14%
40%	30	$8,540,000	$284,667	$2,114	4.21%
44%	28	$11,140,000	$397,857	$2,280	4.05%
39%	28	$9,130,000	$326,071	$2,273	4.17%
41%	27	$10,085,000	$373,519	$2,255	4.09%
42%	25	$7,315,000	$292,600	$2,343	4.14%
37%	25	$8,855,000	$354,200	$2,078	4.17%
45%	22	$7,460,000	$339,091	$2,004	4.13%
46%	20	$6,810,000	$340,500	$2,151	3.98%
47%	18	$5,450,000	$302,778	$2,111	4.33%
49%	17	$5,695,000	$335,000	$1,726	4.08%
50-60%	9	$3,615,000	$401,667	$2,331	4.14%
48%	8	$3,200,000	$400,000	$2,174	4.23%
>60%	7	$3,135,000	$447,857	$2,705	4.55%

Great Midwest Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 248 originations. The next most common DTI ratio? 30-36%, with 177 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	794	$241,720,000	$304,433	$1,930	4.03%
Not applicable	47	$59,795,000	$1,272,234	$0	4.71%
Not provided	77	$22,475,000	$291,883	$2,185	4.04%
Asian	21	$8,155,000	$388,333	$2,373	4.07%
American Indian	1	$515,000	$515,000	$2,428	4.63%
Black	10	$490,000	$49,000	$949	4.32%

Approval Rates

Total approvals of all applications
94.93%

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

Pick Rate

Approvals leading to origination
87.89%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	950	$333,150,000	$350,684

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	19	$52,335,000	$2,754,474
Single Family (1-4 Units):Site-Built	931	$280,815,000	$301,627

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	51	$7,595,000	$148,922	$1,044	3.75%
40-60%	112	$27,840,000	$248,571	$1,571	3.78%
60-80%	392	$130,990,000	$334,158	$1,907	4.06%
80-100%	354	$165,300,000	$466,949	$2,459	4.12%
Under 20%	41	$1,425,000	$34,756	$235	4.81%

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	$31,876
Great Midwest Bank, S.S.B.	1050 East Chestnut Street Chilton, WI 53014	Full Service B&M	$27,483
Great Midwest Bank, S.S.B.	15900 West Bluemound Road Brookfield, WI 53005	Full Service B&M	$339,795
Great Midwest Bank, S.S.B.	4775 South 27th Street Greenfield, WI 53221	Full Service B&M	$33,049
Great Midwest Bank, S.S.B.	505 West Brown Deer Road Bayside, WI 53217	Full Service B&M	$20,395
Great Midwest Bank, S.S.B.	5150 South 76th Street Greendale, WI 53129	Full Service B&M	$36,406
Great Midwest Bank, S.S.B.	600 Hartbrook Dr Hartland, WI 53029	Full Service B&M	$34,358
Great Midwest Bank, S.S.B.	6702 Odana Road Madison, WI 53711	Full Service B&M	$17,254

For 2019, Great Midwest Bank S.s.b. had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$32,680
Net interest income	$20,731
Total noninterest income	$7,059
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$219
Trading account gains and fees	$0
Additional Noninterest Income	$6,840
Pre-tax net operating income	$10,140
Securities gains (or losses, -)	$0
Income before extraordinary items	$8,020
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,020
Minority interest net income	$0
Net income	$8,020
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,020

Great Midwest Bank S.s.b.'s gross interest income from loans was $32,680,000.
Great Midwest Bank S.s.b.'s net interest income from loans was $20,731,000.
Great Midwest Bank S.s.b.'s fee based income from loans was $219,000.
Great Midwest Bank S.s.b.'s net income from loans was $8,020,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$11,949
Provision for credit losses	$0
Total noninterest expense	$17,650
Salaries and employee benefits	$12,064
Premises and equipment expense	$1,650
Additional noninterest expense	$3,936
Applicable income taxes	$2,120
Net charge-offs	$-22
Cash dividends	$0

Great Midwest Bank S.s.b.'s interest expense for loans was $11,949,000.
Great Midwest Bank S.s.b.'s payroll and benefits expense were $12,064,000.
Great Midwest Bank S.s.b.'s property, plant and equipment expenses $1,650,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
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	0.0%
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	$540,146
Deposits held in domestic offices	$540,146
Deposits by Individuals, partnerships, and corporations	$434,906
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$13,266
Deposits by Commercial banks and other depository institutions in U.S.	$91,974
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$59,573
Demand deposits	$22,491
Nontransaction accounts	$480,573
Money market deposit accounts (MMDAs)	$26,815
Other savings deposits (excluding MMDAs)	$149,250
Total time deposits	$304,509
Total time and savings deposits	$517,655
Noninterest-bearing deposits	$22,491
Interest-bearing deposits	$517,655
Retail deposits	$397,547
IRAs and Keogh plan accounts	$24,864
Brokered deposits	$135,979
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$847,794
Cash & Balances due from depository institutions	$13,153
Interest-bearing balances	$8,419
Total securities	$52,538
Federal funds sold & reverse repurchase	$0
Net loans and leases	$755,771
Loan and leases loss allowance	$3,137
Trading account assets	$0
Bank premises and fixed assets	$4,395
Other real estate owned	$1,690
Goodwill and other intangibles	$2,311
All other assets	$17,936

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$847,794
Total Liabilities	$717,588
Total deposits	$540,146
Interest-bearing deposits	$517,655
Deposits held in domestic offices	$540,146
% insured (estimated)	$94
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$173,800
Subordinated debt	$0
All other liabilities	$3,642

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$755,771
Loan and leases loss allowance	$3,137
Total loans and leases (domestic)	$758,908
All real estate loans	$758,586
Real estate loans in domestic offices	$758,586
Construction and development loans	$66,342
Residential 1-4 family construction	$55,618
Other construction, all land development and other land	$10,724
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	$96,263
1-4 family residential loans	$595,981
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$261
To non-U.S. addressees	$0
Loans to individuals	$522
Credit card loans	$68
Related Plans	$0
Consumer Auto Loans	$0
Other loans to individuals	$454
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	$5,207
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Great Midwest Bank S.S.B. had $755,771,000 of loans outstanding in 2019. $758,586,000 of loans were in real estate loans. $66,342,000 of loans were in development loans. $96,263,000 of loans were in multifamily mortgage loans. $595,981,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $68,000 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	$261	$261,000
Commercial & Industrial, US addressed loans - $250k-1MM	1	$261	$261,000