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 |

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Mortgage Data

Bank Data

Review & Overview

Great Midwest Bank S.s.b. is a smaller bank specializing in Refi and 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, Whitewater, and Appleton among others. We have data for 22 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% 3/28/24
30 Year Conventional Purchase 6.75% 3/28/24
30 Year Conventional Refi 6.58% 3/28/24
30 Year Cash-out Refi 6.63% 3/28/24
15 Year Conventional Purchase 5.86% 3/28/24
15 Year Conventional Refi 5.81% 3/28/24
15 Year Cash-out Refi 5.81% 3/28/24
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

1,396

Origination Dollar Volume (All Markets)

$419,110,000

Employee count

91

Awards

Great Midwest Bank S.S.B. 30 Year Conventional Loans bronze Great Midwest Bank S.S.B. 30 Year Conventional Loans silver Great Midwest Bank S.S.B. 30 Year Conventional Loans silver Great Midwest Bank S.S.B. 30 Year Conventional Loans gold
Show all (4) 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) 1,019 $306,985,000 $301,261 $1,721 3.38%
MADISON, WI (FHA|USDA|VA) 165 $51,595,000 $312,697 $2,486 3.17%
RACINE, WI (FHA|USDA|VA) 46 $13,140,000 $285,652 $1,886 3.56%
Whitewater, WI (FHA|USDA|VA) 18 $9,700,000 $538,889 $1,769 3.38%
APPLETON, WI (FHA|USDA|VA) 52 $6,980,000 $134,231 $1,243 3.16%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 14 $4,810,000 $343,571 $2,662 3.57%
Outside of Metro Areas 16 $4,420,000 $276,250 $2,121 3.09%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 17 $4,295,000 $252,647 $1,818 3.53%
GREEN BAY, WI (FHA|USDA|VA) 6 $3,790,000 $631,667 $1,683 3.33%
Shawano, WI (FHA|USDA|VA) 1 $2,325,000 $2,325,000 $0 3.95%
SHEBOYGAN, WI (FHA|USDA|VA) 7 $2,105,000 $300,714 $1,828 3.57%
Beaver Dam, WI (FHA|USDA|VA) 9 $2,105,000 $233,889 $1,532 3.42%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $1,485,000 $1,485,000 $0 3.38%
Baraboo, WI (FHA|USDA|VA) 6 $1,260,000 $210,000 $2,513 2.98%
Ottumwa, IA (FHA|USDA|VA) 1 $995,000 $995,000 $0 3.88%
Manitowoc, WI (FHA|USDA|VA) 4 $740,000 $185,000 $1,094 2.88%
FOND DU LAC, WI (FHA|USDA|VA) 5 $725,000 $145,000 $1,473 3.43%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 5 $645,000 $129,000 $1,088 3.12%
Marinette, WI-MI (FHA|USDA|VA) 1 $315,000 $315,000 $1,381 3.55%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $275,000 $275,000 $1,296 3.00%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $245,000 $245,000 $2,767 3.13%
WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,194 3.63%
Great Midwest Bank S.s.b.'s top markets include Milwaukee, Madison, Racine, Whitewater, and Appleton among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,396 $419,110,000 $300,222 $1,814 3.35%

    For 2020, Great Midwest Bank S.s.b.'s most frequently originated type of loan was Conventional, with 1,396 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 669 $184,895,000 $276,375 $1,308 3.15%
    Home Purchase 508 $187,760,000 $369,606 $2,704 3.59%
    Cash Out Refi 198 $44,170,000 $223,081 $1,511 3.34%
    Home Improvement 15 $1,395,000 $93,000 $695 4.07%
    Other 6 $890,000 $148,333 $1,153 4.02%

    For 2020, Great Midwest Bank S.s.b.'s most frequently cited loan purpose was Refi, with 669 originations. The 2nd most popular reason was Home Purchase, with 508 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 933 $323,035,000 $346,233 $2,071 3.49%
    15 Year 296 $57,590,000 $194,561 $1,292 2.85%
    20 Year 120 $27,730,000 $231,083 $1,432 3.23%
    Other 30 $10,030,000 $334,333 $1,195 3.92%
    10 Year 9 $565,000 $62,778 $764 4.07%
    5 Year 8 $160,000 $20,000 $274 3.61%

    For 2020, Great Midwest Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 933 originations. The 2nd most popular length was 15 Year, with 296 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 908 $258,500,000 $284,692
    $1k-2k 51 $15,305,000 $300,098
    $2k-3k 22 $8,790,000 $399,545
    $3k-4k 14 $4,850,000 $346,429
    $4k-5k 5 $1,505,000 $301,000
    $5k+ 3 $1,205,000 $401,667

    Great Midwest Bank S.s.b.'s average total fees were $2,071, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 908 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 878 $292,360,000 $332,984
    2.5-3% 347 $80,495,000 $231,974
    4-5% 116 $35,130,000 $302,845
    <2.5% 45 $10,565,000 $234,778
    5-6% 10 $560,000 $56,000

    During 2020, Great Midwest Bank S.s.b.'s average interest rate for loans was 3.49%, while their most frequently originated rate bucket for loans was 3-4%, with 878 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 589 $170,445,000 $289,380 $1,881 3.30%
    $100k-200k 369 $56,455,000 $152,995 $1,370 3.21%
    $400k-600k 251 $119,435,000 $475,837 $2,226 3.44%
    $100,000 or less 116 $8,060,000 $69,483 $1,084 3.56%
    $600k-1MM 58 $41,340,000 $712,759 $3,318 3.83%
    $1MM+ 13 $23,375,000 $1,798,077 $4,317 3.67%

    2020 saw Great Midwest Bank S.s.b. place emphasis on $200k-400k loans with 589 originations, totaling $170,445,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 373 $108,175,000 $290,013 $1,769 3.31%
    $150k-250k 365 $130,985,000 $358,863 $2,002 3.35%
    $75k-100k 215 $48,725,000 $226,628 $1,717 3.36%
    $50k-75k 179 $31,375,000 $175,279 $1,517 3.28%
    $250k+ 138 $62,120,000 $450,145 $2,141 3.36%
    $50k or less 83 $8,835,000 $106,446 $1,530 3.50%

    Great Midwest Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 373 originations. The second most popular income band? $150k-250k, with 365 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 432 $120,030,000 $277,847 $1,753 3.29%
    30-36% 261 $76,225,000 $292,050 $1,817 3.35%
    <20% 247 $63,205,000 $255,891 $1,504 3.16%
    39% 41 $15,195,000 $370,610 $2,291 3.50%
    37% 38 $11,370,000 $299,211 $1,733 3.53%
    40% 35 $9,525,000 $272,143 $1,856 3.63%
    43% 34 $11,010,000 $323,824 $2,538 3.66%
    42% 33 $11,395,000 $345,303 $2,239 3.40%
    38% 32 $9,110,000 $284,688 $1,732 3.40%
    44% 32 $11,050,000 $345,313 $2,193 3.32%
    36% 30 $8,890,000 $296,333 $2,135 3.37%
    41% 29 $9,355,000 $322,586 $1,968 3.52%
    45% 27 $8,765,000 $324,630 $2,115 3.58%
    46% 22 $6,690,000 $304,091 $1,848 3.41%
    49% 19 $5,645,000 $297,105 $2,007 3.58%
    48% 15 $3,775,000 $251,667 $1,852 3.34%
    47% 14 $5,190,000 $370,714 $2,127 3.47%
    50-60% 8 $2,690,000 $336,250 $2,078 3.68%
    >60% 3 $1,015,000 $338,333 $2,371 3.73%

    Great Midwest Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 432 originations. The next most common DTI ratio? 30-36%, with 261 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,230 $353,180,000 $287,138 $1,778 3.33%
    Not applicable 29 $25,715,000 $886,724 $0 3.86%
    Not provided 78 $21,560,000 $276,410 $2,163 3.25%
    Asian 31 $11,715,000 $377,903 $2,042 3.37%
    Black 25 $5,495,000 $219,800 $2,120 3.68%
    American Indian 2 $940,000 $470,000 $1,668 3.86%
    Asian Indian 1 $505,000 $505,000 $3,590 3.63%

    Approval Rates

    Total approvals of all applications
    95.23%

    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
    85.32%

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

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,396 $419,110,000 $300,222

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 12 $18,270,000 $1,522,500
    Single Family (1-4 Units):Manufactured 2 $190,000 $95,000
    Single Family (1-4 Units):Site-Built 1,382 $400,650,000 $289,906

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $18,340,000 $179,804 $1,325 3.02%
    40-60% 252 $57,120,000 $226,667 $1,317 3.06%
    60-80% 635 $197,365,000 $310,811 $1,738 3.36%
    80-100% 379 $144,435,000 $381,095 $2,511 3.55%
    Under 20% 28 $1,850,000 $66,071 $367 4.03%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    Great Northern Mortgage Corp. Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 100.0%

    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 $34,849
    Great Midwest Bank, S.S.B. 1050 East Chestnut Street Chilton, WI 53014 Full Service B&M $30,867
    Great Midwest Bank, S.S.B. 15900 West Bluemound Road Brookfield, WI 53005 Full Service B&M $351,388
    Great Midwest Bank, S.S.B. 4775 South 27th Street Greenfield, WI 53221 Full Service B&M $38,214
    Great Midwest Bank, S.S.B. 505 West Brown Deer Road Bayside, WI 53217 Full Service B&M $22,526
    Great Midwest Bank, S.S.B. 5150 South 76th Street Greendale, WI 53129 Full Service B&M $43,398
    Great Midwest Bank, S.S.B. 600 Hartbrook Dr Hartland, WI 53029 Full Service B&M $36,532
    Great Midwest Bank, S.S.B. 6702 Odana Road Madison, WI 53711 Full Service B&M $19,646

    For 2020, Great Midwest Bank S.s.b. had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,167
    Net interest income $22,116
    Total noninterest income $13,413
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $169
    Trading account gains and fees $0
    Additional Noninterest Income $13,244
    Pre-tax net operating income $15,252
    Securities gains (or losses, -) $24
    Income before extraordinary items $11,305
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $11,305
    Minority interest net income $0
    Net income $11,305
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $11,286

    Great Midwest Bank S.s.b.'s gross interest income from loans was $33,167,000.
    Great Midwest Bank S.s.b.'s net interest income from loans was $22,116,000.
    Great Midwest Bank S.s.b.'s fee based income from loans was $169,000.
    Great Midwest Bank S.s.b.'s net income from loans was $11,305,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $11,051
    Provision for credit losses $0
    Total noninterest expense $20,277
    Salaries and employee benefits $14,702
    Premises and equipment expense $1,387
    Additional noninterest expense $4,188
    Applicable income taxes $3,971
    Net charge-offs $3
    Cash dividends $0

    Great Midwest Bank S.s.b.'s interest expense for loans was $11,051,000.
    Great Midwest Bank S.s.b.'s payroll and benefits expense were $14,702,000.
    Great Midwest Bank S.s.b.'s property, plant and equipment expenses $1,387,000.

    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 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 $566,258
    Deposits held in domestic offices $566,258
    Deposits by Individuals, partnerships, and corporations $451,497
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $9,085
    Deposits by Commercial banks and other depository institutions in U.S. $105,676
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $69,369
    Demand deposits $28,472
    Nontransaction accounts $496,889
    Money market deposit accounts (MMDAs) $40,697
    Other savings deposits (excluding MMDAs) $180,525
    Total time deposits $275,667
    Total time and savings deposits $537,786
    Noninterest-bearing deposits $28,472
    Interest-bearing deposits $537,786
    Retail deposits $477,781
    IRAs and Keogh plan accounts $26,461
    Brokered deposits $75,966
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $853,481
    Cash & Balances due from depository institutions $49,382
    Interest-bearing balances $23,449
    Total securities $54,629
    Federal funds sold & reverse repurchase $0
    Net loans and leases $720,369
    Loan and leases loss allowance $3,134
    Trading account assets $0
    Bank premises and fixed assets $4,504
    Other real estate owned $1,725
    Goodwill and other intangibles $3,548
    All other assets $19,324

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $853,481
    Total Liabilities $711,489
    Total deposits $566,258
    Interest-bearing deposits $537,786
    Deposits held in domestic offices $566,258
    % insured (estimated) $91
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $141,100
    Subordinated debt $0
    All other liabilities $4,131

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $720,369
    Loan and leases loss allowance $3,134
    Total loans and leases (domestic) $723,503
    All real estate loans $723,065
    Real estate loans in domestic offices $723,065
    Construction and development loans $66,875
    Residential 1-4 family construction $63,595
    Other construction, all land development and other land $3,280
    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 $87,054
    1-4 family residential loans $569,136
    Farmland loans $0
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $252
    To non-U.S. addressees $0
    Loans to individuals $494
    Credit card loans $51
    Related Plans $0
    Consumer Auto Loans $0
    Other loans to individuals $443
    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 $4,968
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Great Midwest Bank S.S.B. had $720,369,000 of loans outstanding in 2020. $723,065,000 of loans were in real estate loans. $66,875,000 of loans were in development loans. $87,054,000 of loans were in multifamily mortgage loans. $569,136,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $51,000 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 $252 $252,000
    Commercial & Industrial, US addressed loans - $250k-1MM 1 $252 $252,000