Mjw Financial Mortgage Rates, Fees & Info

Indianapolis, IN

LEI: 254900F3ZV3WV1ADSM47

Tax ID: 39-2070810

5 stars - out of 5 stars, based on 42 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Mjw Financial is a smaller mortgage company specializing in Home Purchase and Refi loans. Mjw Financial has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets include Indianapolis, Chicago, Bloomington, Muncie, and Columbus among others. Mjw Financial has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mjw Financial is typically an average fee lendor.


Originations

1,724

Origination Dollar Volume (All Markets)

$451,070,000

Relative Rate

Mjw Financial 's average 30 year fixed rate mortgage of loans were 3.12%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.03%.

Relative Fees

Mjw Financial 's average total fees for a 30 year fixed rate mortgage are $3,316.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 1,610 $427,850,000 $265,745 $3,223 3.05%
Outside of Metro Areas 13 $2,835,000 $218,077 $3,268 3.07%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 11 $2,455,000 $223,182 $2,466 2.95%
BLOOMINGTON, IN (FHA|USDA|VA) 8 $2,450,000 $306,250 $3,134 3.04%
MUNCIE, IN (FHA|USDA|VA) 10 $1,630,000 $163,000 $2,985 3.30%
COLUMBUS, IN (FHA|USDA|VA) 6 $1,600,000 $266,667 $6,160 2.92%
LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) 8 $1,550,000 $193,750 $2,545 3.09%
Marion, IN (FHA|USDA|VA) 7 $1,365,000 $195,000 $2,883 2.88%
KOKOMO, IN (FHA|USDA|VA) 6 $1,290,000 $215,000 $3,079 3.35%
EVANSVILLE, IN-KY (FHA|USDA|VA) 5 $1,055,000 $211,000 $2,606 2.97%
FORT WAYNE, IN (FHA|USDA|VA) 5 $1,045,000 $209,000 $2,620 3.05%
New Castle, IN (FHA|USDA|VA) 4 $730,000 $182,500 $4,448 2.99%
Richmond, IN (FHA|USDA|VA) 8 $720,000 $90,000 $3,030 3.42%
TERRE HAUTE, IN (FHA|USDA|VA) 6 $670,000 $111,667 $3,783 3.29%
ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $550,000 $275,000 $4,131 3.00%
LOUISVILLE/JEFFERSON COUNTY, KY-IN (FHA|USDA|VA) 2 $510,000 $255,000 $3,213 3.25%
Warsaw, IN (FHA|USDA|VA) 2 $430,000 $215,000 $2,464 3.11%
NILES, MI (FHA|USDA|VA) 1 $375,000 $375,000 $3,412 3.38%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $325,000 $325,000 $2,160 2.50%
SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $320,000 $160,000 $2,952 3.06%
Wabash, IN (FHA|USDA|VA) 1 $315,000 $315,000 $2,916 3.20%
Bedford, IN (FHA|USDA|VA) 1 $235,000 $235,000 $2,780 3.25%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $225,000 $225,000 $2,877 2.75%
Logansport, IN (FHA|USDA|VA) 1 $205,000 $205,000 $2,393 2.88%
Crawfordsville, IN (FHA|USDA|VA) 1 $125,000 $125,000 $4,023 3.13%
CANTON-MASSILLON, OH (FHA|USDA|VA) 1 $115,000 $115,000 $3,217 3.25%
Bluffton, IN (FHA|USDA|VA) 1 $95,000 $95,000 $2,411 4.00%

Mjw Financial 's top markets include Indianapolis, Chicago, Bloomington, Muncie, and Columbus among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,586 $415,570,000 $262,024 $2,892 3.06%
FHA 105 $24,825,000 $236,429 $6,914 3.06%
VA 33 $10,675,000 $323,485 $7,262 2.83%

For the 2021 period, Mjw Financial 's most frequently originated loan type of loans were Conventional, with 1,586 originations. Their 2nd most popular type is FHA, with 105 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 1,094 $297,450,000 $271,892 $3,404 3.10%
Refi 445 $109,395,000 $245,831 $2,656 2.85%
Cash Out Refi 165 $40,975,000 $248,333 $3,530 3.19%
Other 18 $2,970,000 $165,000 $3,316 3.55%
Home Improvement 2 $280,000 $140,000 $2,525 3.50%

For the 2021, Mjw Financial 's most frequently cited loan purpose of loans were Home Purchase, with 1,094 originations. The 2nd most popular reason of loans were Refi, with 445 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,493 $397,125,000 $265,991 $3,316 3.12%
15 Year 152 $36,090,000 $237,434 $2,617 2.50%
20 Year 54 $12,540,000 $232,222 $2,567 2.96%
Other 17 $4,335,000 $255,000 $2,549 2.95%
10 Year 8 $980,000 $122,500 $2,675 2.72%

For the 2021, Mjw Financial 's most frequently cited loan length of loans were 30 Year, with 1,493 originations. The 2nd most popular length of loans were 15 Year, with 152 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,458 $392,720,000 $269,355
$1k-2k 114 $21,290,000 $186,754
$2k-3k 84 $18,160,000 $216,190
$3k-4k 48 $11,510,000 $239,792
$5k+ 20 $7,390,000 $369,500

$3,316 of loans were Mjw Financial 's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,458 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 777 $190,555,000 $245,245
2.5-3% 765 $213,105,000 $278,569
<2.5% 143 $41,825,000 $292,483
4-5% 39 $5,585,000 $143,205

During 2021, Mjw Financial 's average interest rate of loans were 3.12%, while their most frequently originated rate bucket of loans were 3-4%, with 777 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 911 $257,955,000 $283,156 $3,327 3.01%
$100k-200k 492 $76,930,000 $156,362 $2,949 3.12%
$400k-600k 225 $107,755,000 $478,911 $3,432 2.92%
$100,000 or less 95 $7,685,000 $80,895 $3,100 3.43%
$600k-1MM 1 $745,000 $745,000 $3,570 2.50%

2021 saw Mjw Financial place emphasis on $200k-400k loans with 911 originations, totaling $257,955,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 456 $133,600,000 $292,982 $3,102 3.05%
$50k-75k 394 $83,470,000 $211,853 $3,256 3.07%
$75k-100k 346 $89,390,000 $258,353 $3,466 3.06%
$150k-250k 247 $85,255,000 $345,162 $3,135 2.97%
$50k or less 205 $32,155,000 $156,854 $3,080 3.11%
$250k+ 71 $25,155,000 $354,296 $3,334 3.02%

Mjw Financial lent most frequently to those with incomes in the $100k-150k range, with 456 originations. The second most popular income band? $50k-75k, with 394 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 446 $115,440,000 $258,834 $2,959 2.98%
30-36% 336 $86,660,000 $257,917 $3,070 3.05%
<20% 184 $46,070,000 $250,380 $2,987 2.93%
41% 74 $18,990,000 $256,622 $3,374 3.17%
44% 61 $15,635,000 $256,311 $3,570 3.22%
43% 60 $16,430,000 $273,833 $3,464 3.18%
38% 57 $15,825,000 $277,632 $3,086 3.12%
42% 56 $16,460,000 $293,929 $3,014 3.12%
40% 54 $13,470,000 $249,444 $2,856 3.11%
45% 53 $14,165,000 $267,264 $3,182 3.11%
37% 52 $13,990,000 $269,038 $3,267 3.17%
39% 51 $12,755,000 $250,098 $3,449 3.01%
36% 50 $12,450,000 $249,000 $3,539 3.18%
47% 44 $13,020,000 $295,909 $4,152 3.03%
49% 39 $9,905,000 $253,974 $3,565 3.00%
48% 37 $10,035,000 $271,216 $3,429 3.05%
46% 36 $10,150,000 $281,944 $3,861 3.18%
50-60% 33 $9,205,000 $278,939 $5,739 3.11%
>60% 1 $415,000 $415,000 $9,264 2.75%

Mjw Financial lent most frequently to those with DTI ratios of 20-30%, with 446 originations. The next most common DTI ratio? 30-36%, with 336 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,542 $405,860,000 $263,204 $3,171 3.04%
Black 83 $21,785,000 $262,470 $4,168 3.11%
Asian 74 $16,570,000 $223,919 $3,238 3.19%
Not provided 8 $2,330,000 $291,250 $2,514 2.87%
Asian Indian 7 $2,245,000 $320,714 $2,704 2.87%
Other Asian 4 $1,150,000 $287,500 $4,458 3.11%
American Indian 4 $800,000 $200,000 $3,588 3.09%
Filipino 1 $225,000 $225,000 $3,066 2.85%
Native Hawaiian 1 $105,000 $105,000 $3,193 3.38%

Approval Rates

Total approvals of all applications
96.18%

Mjw Financial 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
69.82%

Mjw Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

Points and Fees

Points Originations Total Value Average Loan
NA 1,724 $451,070,000 $261,642

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,724 $451,070,000 $261,642

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 22 $3,080,000 $140,000 $2,767 2.79%
40-60% 116 $22,250,000 $191,810 $2,488 2.85%
60-80% 649 $166,395,000 $256,387 $2,900 3.09%
80-100% 928 $256,710,000 $276,627 $3,464 3.06%
Over 100% 9 $2,635,000 $292,778 $11,773 2.82%