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 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, Wisconsin Rapids, 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 an above 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

Purchase Price:

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% Deposit:

Interest Rate:

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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

1,253

Origination Dollar Volume (All Markets)

$396,325,000

Employee count

Awards

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

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

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)	907	$279,665,000	$308,341	$1,844	3.05%
MADISON, WI (FHA\|USDA\|VA)	137	$41,795,000	$305,073	$2,275	3.00%
RACINE, WI (FHA\|USDA\|VA)	55	$16,555,000	$301,000	$1,945	3.16%
Wisconsin Rapids-Marshfield, WI (FHA\|USDA\|VA)	2	$12,750,000	$6,375,000	$0	3.38%
Outside of Metro Areas	12	$8,170,000	$680,833	$2,312	2.96%
APPLETON, WI (FHA\|USDA\|VA)	53	$7,055,000	$133,113	$1,297	2.77%
Whitewater, WI (FHA\|USDA\|VA)	18	$6,640,000	$368,889	$1,900	3.10%
Watertown-Fort Atkinson, WI (FHA\|USDA\|VA)	18	$6,140,000	$341,111	$2,321	3.05%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	12	$4,290,000	$357,500	$1,752	2.90%
DAYTON-KETTERING, OH (FHA\|USDA\|VA)	1	$4,205,000	$4,205,000	$0	3.50%
Beaver Dam, WI (FHA\|USDA\|VA)	6	$1,810,000	$301,667	$1,867	3.04%
Manitowoc, WI (FHA\|USDA\|VA)	7	$1,115,000	$159,286	$1,544	2.88%
FOND DU LAC, WI (FHA\|USDA\|VA)	5	$1,015,000	$203,000	$1,770	2.99%
Baraboo, WI (FHA\|USDA\|VA)	2	$990,000	$495,000	$8,100	2.88%
OSHKOSH-NEENAH, WI (FHA\|USDA\|VA)	4	$880,000	$220,000	$1,352	2.96%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA\|USDA\|VA)	2	$850,000	$425,000	$2,443	2.96%
GREEN BAY, WI (FHA\|USDA\|VA)	3	$685,000	$228,333	$1,849	2.95%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	4	$480,000	$120,000	$2,018	3.63%
WAUSAU-WESTON, WI (FHA\|USDA\|VA)	1	$455,000	$455,000	$8,259	3.40%
SHEBOYGAN, WI (FHA\|USDA\|VA)	2	$310,000	$155,000	$1,272	2.80%
Marinette, WI-MI (FHA\|USDA\|VA)	1	$295,000	$295,000	$931	2.35%
EAU CLAIRE, WI (FHA\|USDA\|VA)	1	$175,000	$175,000	$865	3.00%

Great Midwest Bank S.s.b.'s top markets include Milwaukee, Madison, Racine, Wisconsin Rapids, and Appleton among others.

Their top states include:

Wisconsin (FHA|USDA|VA)

Ohio (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.

First Savings Bank of Hegewisch
Similarity Rank: 45

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UNISON CREDIT UNION
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Dane County Credit Union
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Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	1,253	$396,325,000	$316,301	$1,894	3.03%

For 2021, Great Midwest Bank S.s.b.'s most frequently originated type of loan was Conventional, with 1,253 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	524	$148,920,000	$284,198	$1,383	2.81%
Home Purchase	481	$198,125,000	$411,902	$2,747	3.28%
Cash Out Refi	220	$47,320,000	$215,091	$1,513	2.96%
Home Improvement	21	$875,000	$41,667	$435	3.15%
Other	7	$1,085,000	$155,000	$687	4.22%

For 2021, Great Midwest Bank S.s.b.'s most frequently cited loan purpose was Refi, with 524 originations. The 2nd most popular reason was Home Purchase, with 481 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	821	$304,735,000	$371,175	$2,209	3.19%
15 Year	286	$56,650,000	$198,077	$1,306	2.52%
20 Year	93	$23,475,000	$252,419	$1,529	3.05%
Other	32	$6,320,000	$197,500	$1,102	3.52%
5 Year	13	$4,365,000	$335,769	$236	2.42%
10 Year	8	$780,000	$97,500	$533	3.63%

For 2021, Great Midwest Bank S.s.b.'s most frequently cited loan duration was 30 Year, with 821 originations. The 2nd most popular length was 15 Year, with 286 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	1,093	$323,515,000	$295,988
$1k-2k	69	$20,685,000	$299,783
$2k-3k	20	$6,480,000	$324,000
$3k-4k	15	$6,105,000	$407,000
$4k-5k	7	$2,865,000	$409,286
$5k+	7	$3,105,000	$443,571

Great Midwest Bank S.s.b.'s average total fees were $2,209, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,093 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	534	$206,780,000	$387,228
2.5-3%	456	$139,930,000	$306,864
<2.5%	232	$45,810,000	$197,457
4-5%	30	$3,780,000	$126,000
5-6%	1	$25,000	$25,000

During 2021, Great Midwest Bank S.s.b.'s average interest rate for loans was 3.19%, while their most frequently originated rate bucket for loans was 3-4%, with 534 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	485	$139,475,000	$287,577	$1,799	3.00%
$100k-200k	321	$48,785,000	$151,978	$1,428	2.93%
$400k-600k	248	$121,240,000	$488,871	$2,633	3.11%
$100,000 or less	125	$8,215,000	$65,720	$1,023	3.04%
$600k-1MM	60	$43,250,000	$720,833	$3,454	3.40%
$1MM+	14	$35,360,000	$2,525,714	$5,006	3.50%

2021 saw Great Midwest Bank S.s.b. place emphasis on $200k-400k loans with 485 originations, totaling $139,475,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	326	$97,550,000	$299,233	$1,821	3.02%
$150k-250k	301	$121,365,000	$403,206	$2,236	3.05%
$50k-75k	202	$34,680,000	$171,683	$1,523	3.01%
$75k-100k	175	$41,125,000	$235,000	$1,723	3.00%
$50k or less	114	$12,100,000	$106,140	$1,476	3.04%
$250k+	111	$57,425,000	$517,342	$2,589	3.04%

Great Midwest Bank S.s.b. lent most frequently to those with incomes in the $100k-150k range, with 326 originations. The second most popular income band? $150k-250k, with 301 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	352	$98,410,000	$279,574	$1,785	2.96%
30-36%	237	$70,125,000	$295,886	$1,966	3.01%
<20%	183	$45,065,000	$246,257	$1,493	2.89%
40%	51	$16,645,000	$326,373	$2,014	3.24%
36%	48	$13,350,000	$278,125	$1,770	3.05%
38%	41	$13,035,000	$317,927	$1,932	3.08%
42%	39	$14,365,000	$368,333	$2,231	3.21%
41%	35	$11,365,000	$324,714	$2,014	3.06%
37%	35	$12,365,000	$353,286	$2,262	3.05%
39%	34	$9,620,000	$282,941	$2,030	3.13%
44%	31	$10,975,000	$354,032	$2,283	3.16%
45%	27	$8,125,000	$300,926	$1,998	3.14%
43%	26	$8,640,000	$332,308	$2,172	3.15%
49%	26	$7,860,000	$302,308	$2,133	2.95%
47%	21	$9,325,000	$444,048	$2,404	3.31%
46%	19	$5,985,000	$315,000	$2,124	3.04%
48%	16	$5,990,000	$374,375	$2,543	3.24%
50-60%	9	$3,155,000	$350,556	$2,449	3.58%

Great Midwest Bank S.s.b. lent most frequently to those with DTI ratios of 20-30%, with 352 originations. The next most common DTI ratio? 30-36%, with 237 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	1,046	$308,390,000	$294,828	$1,860	3.01%
Not provided	121	$37,135,000	$306,901	$2,083	3.09%
Not applicable	15	$28,955,000	$1,930,333	$0	3.67%
Asian	40	$12,900,000	$322,500	$2,017	2.93%
Black	25	$7,325,000	$293,000	$2,178	3.33%
American Indian	5	$1,415,000	$283,000	$2,117	3.37%
Other Asian	1	$205,000	$205,000	$2,136	3.38%

Approval Rates

Total approvals of all applications
96.52%

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
90.34%

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

Points and Fees

Points	Originations	Total Value	Average Loan
NA	1,253	$396,325,000	$316,301

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	1,253	$396,325,000	$316,301

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	96	$15,530,000	$161,771	$1,262	2.66%
40-60%	274	$62,810,000	$229,234	$1,408	2.80%
60-80%	500	$173,590,000	$347,180	$1,882	3.08%
80-100%	345	$142,245,000	$412,304	$2,611	3.22%
Under 20%	38	$2,150,000	$56,579	$654	3.24%

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	$42,616
Great Midwest Bank, S.S.B.	1050 East Chestnut Street Chilton, WI 53014	Full Service B&M	$35,250
Great Midwest Bank, S.S.B.	15900 West Bluemound Road Brookfield, WI 53005	Full Service B&M	$284,862
Great Midwest Bank, S.S.B.	4775 South 27th Street Greenfield, WI 53221	Full Service B&M	$52,423
Great Midwest Bank, S.S.B.	505 West Brown Deer Road Bayside, WI 53217	Full Service B&M	$30,341
Great Midwest Bank, S.S.B.	5150 South 76th Street Greendale, WI 53129	Full Service B&M	$57,454
Great Midwest Bank, S.S.B.	600 Hartbrook Dr Hartland, WI 53029	Full Service B&M	$50,868
Great Midwest Bank, S.S.B.	6702 Odana Road Madison, WI 53711	Full Service B&M	$25,245

For 2021, Great Midwest Bank S.s.b. had 8 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$27,032
Net interest income	$20,557
Total noninterest income	$10,012
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$176
Trading account gains and fees	$0
Additional Noninterest Income	$9,836
Pre-tax net operating income	$11,012
Securities gains (or losses, -)	$-29
Income before extraordinary items	$8,140
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$8,140
Minority interest net income	$0
Net income	$8,140
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$8,162

Great Midwest Bank S.s.b.'s gross interest income from loans was $27,032,000.
Great Midwest Bank S.s.b.'s net interest income from loans was $20,557,000.
Great Midwest Bank S.s.b.'s fee based income from loans was $176,000.
Great Midwest Bank S.s.b.'s net income from loans was $8,140,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$6,475
Provision for credit losses	$0
Total noninterest expense	$19,557
Salaries and employee benefits	$12,619
Premises and equipment expense	$1,368
Additional noninterest expense	$5,570
Applicable income taxes	$2,843
Net charge-offs	$-26
Cash dividends	$0

Great Midwest Bank S.s.b.'s interest expense for loans was $6,475,000.
Great Midwest Bank S.s.b.'s payroll and benefits expense were $12,619,000.
Great Midwest Bank S.s.b.'s property, plant and equipment expenses $1,368,000.

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	2.0%
HELOC loans	0.0%
All other family	2.0%
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	$568,897
Deposits held in domestic offices	$568,897
Deposits by Individuals, partnerships, and corporations	$496,196
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$6,498
Deposits by Commercial banks and other depository institutions in U.S.	$66,203
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$76,947
Demand deposits	$30,690
Nontransaction accounts	$491,950
Money market deposit accounts (MMDAs)	$48,300
Other savings deposits (excluding MMDAs)	$224,997
Total time deposits	$218,652
Total time and savings deposits	$538,207
Noninterest-bearing deposits	$30,690
Interest-bearing deposits	$538,207
Retail deposits	$501,802
IRAs and Keogh plan accounts	$26,365
Brokered deposits	$54,516
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$785,187
Cash & Balances due from depository institutions	$43,010
Interest-bearing balances	$18,799
Total securities	$57,297
Federal funds sold & reverse repurchase	$0
Net loans and leases	$654,623
Loan and leases loss allowance	$3,161
Trading account assets	$0
Bank premises and fixed assets	$4,416
Other real estate owned	$1,804
Goodwill and other intangibles	$4,457
All other assets	$19,580

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$785,187
Total Liabilities	$635,650
Total deposits	$568,897
Interest-bearing deposits	$538,207
Deposits held in domestic offices	$568,897
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$63,000
Subordinated debt	$0
All other liabilities	$3,753

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$654,623
Loan and leases loss allowance	$3,161
Total loans and leases (domestic)	$657,784
All real estate loans	$657,384
Real estate loans in domestic offices	$657,384
Construction and development loans	$87,525
Residential 1-4 family construction	$76,810
Other construction, all land development and other land	$10,715
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	$84,276
1-4 family residential loans	$485,583
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$244
To non-U.S. addressees	$0
Loans to individuals	$423
Credit card loans	$46
Related Plans	$0
Consumer Auto Loans	$0
Other loans to individuals	$377
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	$93
Non 1-4 family restructured loans & leases	$0
Total loans and leases (foreign)	$0

Great Midwest Bank S.S.B. had $654,623,000 of loans outstanding in 2021. $657,384,000 of loans were in real estate loans. $87,525,000 of loans were in development loans. $84,276,000 of loans were in multifamily mortgage loans. $485,583,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $46,000 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	$244	$244,000
Commercial & Industrial, US addressed loans - $250k-1MM	1	$244	$244,000