Midwest Heritage Bank Fsb Mortgage Rates, Fees & Info

CHARITON, IA

LEI: 254900FI363837PZX856

Tax ID: 42-0431125

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Mortgage Data

Bank Data

Review & Overview

Midwest Heritage Bank Fsb is a smaller bank specializing in Home Purchase and Refi loans. Midwest Heritage Bank Fsb has a high proportion of conventional loans. Their top markets by origination volume include: Des Moines, Omaha, Ames, Kansas City, and Davenport among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

Midwest Heritage Bank Fsb 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.

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.

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.75% 3/28/24
30 Year Conventional Refi 6.69% 3/28/24
30 Year Cash-out Refi 6.79% 3/28/24
30 Year FHA Purchase 6.27% 3/28/24
15 Year Conventional Purchase 6.38% 3/28/24
15 Year Conventional Refi 6.17% 3/28/24
15 Year Cash-out Refi 6.17% 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.

Midwest Heritage Bank Fsb Mortgage Calculator






Your Estimates

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

This is not an official calculator from Midwest Heritage Bank Fsb. 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

411

Origination Dollar Volume (All Markets)

$74,245,000

Employee count

109

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
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 185 $33,335,000 $180,189 $0 0.00%
Outside of Metro Areas 69 $6,685,000 $96,884 $0 0.00%
OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 20 $3,830,000 $191,500 $0 0.00%
AMES, IA (FHA|USDA|VA) 23 $3,335,000 $145,000 $0 0.00%
KANSAS CITY, MO-KS (FHA|USDA|VA) 14 $3,300,000 $235,714 $0 0.00%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 13 $3,225,000 $248,077 $0 0.00%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 8 $2,580,000 $322,500 $0 0.00%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 4 $1,940,000 $485,000 $0 0.00%
Breckenridge, CO (FHA|USDA|VA) 1 $1,435,000 $1,435,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $1,410,000 $352,500 $0 0.00%
Spirit Lake, IA (FHA|USDA|VA) 7 $1,405,000 $200,714 $0 0.00%
IOWA CITY, IA (FHA|USDA|VA) 6 $1,130,000 $188,333 $0 0.00%
SIOUX FALLS, SD (FHA|USDA|VA) 5 $765,000 $153,000 $0 0.00%
DUBUQUE, IA (FHA|USDA|VA) 2 $670,000 $335,000 $0 0.00%
SPRINGFIELD, MO (FHA|USDA|VA) 2 $620,000 $310,000 $0 0.00%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $535,000 $535,000 $0 0.00%
ROCHESTER, MN (FHA|USDA|VA) 2 $520,000 $260,000 $0 0.00%
Yankton, SD (FHA|USDA|VA) 2 $490,000 $245,000 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $425,000 $425,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $405,000 $405,000 $0 0.00%
Brookings, SD (FHA|USDA|VA) 1 $375,000 $375,000 $0 0.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 4 $370,000 $92,500 $0 0.00%
Owatonna, MN (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
Mason City, IA (FHA|USDA|VA) 3 $355,000 $118,333 $0 0.00%
Quincy, IL-MO (FHA|USDA|VA) 1 $325,000 $325,000 $0 0.00%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 2 $320,000 $160,000 $0 0.00%
Marshalltown, IA (FHA|USDA|VA) 3 $305,000 $101,667 $0 0.00%
Worthington, MN (FHA|USDA|VA) 2 $290,000 $145,000 $0 0.00%
Maryville, MO (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
MADISON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
Ottawa, IL (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
Kearney, NE (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
GREENVILLE-ANDERSON, SC (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
Pella, IA (FHA|USDA|VA) 2 $230,000 $115,000 $0 0.00%
Grand Rapids, MN (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
PEORIA, IL (FHA|USDA|VA) 3 $205,000 $68,333 $0 0.00%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Red Wing, MN (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
Muscatine, IA (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
Spencer, IA (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Fremont, NE (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
Storm Lake, IA (FHA|USDA|VA) 1 $125,000 $125,000 $0 0.00%
FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
TOPEKA, KS (FHA|USDA|VA) 1 $75,000 $75,000 $0 0.00%
SPRINGFIELD, IL (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
LINCOLN, NE (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Fort Dodge, IA (FHA|USDA|VA) 1 $25,000 $25,000 $0 0.00%
Midwest Heritage Bank Fsb's top markets include Des Moines, Omaha, Ames, Kansas City, and Davenport among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 411 $74,245,000 $180,645 $0 0.00%

    For 2019, Midwest Heritage Bank Fsb's most frequently originated type of loan was Conventional, with 411 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 214 $46,600,000 $217,757 $0 0.00%
    Refi 95 $16,915,000 $178,053 $0 0.00%
    Cash Out Refi 48 $8,380,000 $174,583 $0 0.00%
    Home Improvement 33 $1,445,000 $43,788 $0 0.00%
    Other 21 $905,000 $43,095 $0 0.00%

    For 2019, Midwest Heritage Bank Fsb's most frequently cited loan purpose was Home Purchase, with 214 originations. The 2nd most popular reason was Refi, with 95 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 411 $74,245,000 $180,645 $0 0.00%

    For 2019, Midwest Heritage Bank Fsb's most frequently cited loan duration was Other, with 411 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 143 $7,205,000 $50,385 $0 0.00%
    $200k-400k 122 $33,900,000 $277,869 $0 0.00%
    $100k-200k 115 $17,015,000 $147,957 $0 0.00%
    $400k-600k 28 $13,050,000 $466,071 $0 0.00%
    $600k-1MM 2 $1,640,000 $820,000 $0 0.00%
    $1MM+ 1 $1,435,000 $1,435,000 $0 0.00%

    2019 saw Midwest Heritage Bank Fsb place emphasis on $100,000 or less loans with 143 originations, totaling $7,205,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 83 $14,105,000 $169,940 $0 0.00%
    $75k-100k 73 $11,505,000 $157,603 $0 0.00%
    $150k-250k 60 $13,350,000 $222,500 $0 0.00%
    $50k-75k 55 $5,995,000 $109,000 $0 0.00%
    $250k+ 50 $17,760,000 $355,200 $0 0.00%
    $50k or less 50 $4,180,000 $83,600 $0 0.00%

    Midwest Heritage Bank Fsb lent most frequently to those with incomes in the $100k-150k range, with 83 originations. The second most popular income band? $75k-100k, with 73 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 411 $74,245,000 $180,645 $0 0.00%

    Midwest Heritage Bank Fsb lent most frequently to those with DTI ratios of Exempt%, with 411 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 366 $67,950,000 $185,656 $0 0.00%
    Not applicable 25 $4,325,000 $173,000 $0 0.00%
    Not provided 11 $1,195,000 $108,636 $0 0.00%
    Asian 5 $505,000 $101,000 $0 0.00%
    American Indian 3 $215,000 $71,667 $0 0.00%
    Black 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    90.81%

    Midwest Heritage Bank Fsb has an average approval rate.

    Pick Rate

    Approvals leading to origination
    76.16%

    Midwest Heritage Bank Fsb has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 411 $74,245,000 $180,645

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 20 $3,790,000 $189,500
    Single Family (1-4 Units):Manufactured 5 $435,000 $87,000
    Single Family (1-4 Units):Site-Built 386 $70,020,000 $181,399

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MIDWEST EQUITY MORTGAGE, LLC FHA mortgage Closing on a mortgage 1 100.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Midwest Heritage Bank, FSB 1025 Braden Avenue Chariton, IA 50049 Full Service B&M $62,644
    Midwest Heritage Bank, FSB 1725 74th Street West Des Moines, IA 50266 Full Service B&M $14,853
    Midwest Heritage Bank, FSB 3580 Ep True Parkway, Suite 100 West Des Moines, IA 50265 Full Service B&M $104,565
    Midwest Heritage Bank, FSB 4605 Fleur Drive Des Moines, IA 50321 Full Service B&M $4,185
    Midwest Heritage Bank, FSB 640 Lincoln Way Ames, IA 50010 Full Service B&M $12,000
    Midwest Heritage Bank, FSB 7101 University Windsor Heights, IA 50311 Full Service B&M $10,793
    Midwest Heritage Bank, FSB 8601 Douglas Avenue Urbandale, IA 50322 Full Service B&M $11,362

    For 2019, Midwest Heritage Bank Fsb had 7 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $11,544
    Net interest income $9,926
    Total noninterest income $14,537
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $1,201
    Trading account gains and fees $0
    Additional Noninterest Income $13,336
    Pre-tax net operating income $7,189
    Securities gains (or losses, -) $-13
    Income before extraordinary items $5,492
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,492
    Minority interest net income $0
    Net income $5,492
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,502

    Midwest Heritage Bank Fsb's gross interest income from loans was $11,544,000.
    Midwest Heritage Bank Fsb's net interest income from loans was $9,926,000.
    Midwest Heritage Bank Fsb's fee based income from loans was $1,201,000.
    Midwest Heritage Bank Fsb's net income from loans was $5,492,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,618
    Provision for credit losses $516
    Total noninterest expense $16,758
    Salaries and employee benefits $10,058
    Premises and equipment expense $2,329
    Additional noninterest expense $4,371
    Applicable income taxes $1,684
    Net charge-offs $389
    Cash dividends $2,000

    Midwest Heritage Bank Fsb's interest expense for loans was $1,618,000.
    Midwest Heritage Bank Fsb's payroll and benefits expense were $10,058,000.
    Midwest Heritage Bank Fsb's property, plant and equipment expenses $2,329,000.

    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 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    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 $211,440
    Deposits held in domestic offices $211,440
    Deposits by Individuals, partnerships, and corporations $200,120
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $11,320
    Deposits by Commercial banks and other depository institutions in U.S. $0
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $94,309
    Demand deposits $93,649
    Nontransaction accounts $117,131
    Money market deposit accounts (MMDAs) $35,082
    Other savings deposits (excluding MMDAs) $59,634
    Total time deposits $22,416
    Total time and savings deposits $117,791
    Noninterest-bearing deposits $51,202
    Interest-bearing deposits $160,238
    Retail deposits $202,238
    IRAs and Keogh plan accounts $2,149
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $285,828
    Cash & Balances due from depository institutions $22,451
    Interest-bearing balances $19,141
    Total securities $28,082
    Federal funds sold & reverse repurchase $32
    Net loans and leases $213,732
    Loan and leases loss allowance $2,198
    Trading account assets $0
    Bank premises and fixed assets $4,396
    Other real estate owned $65
    Goodwill and other intangibles $2,692
    All other assets $14,378

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $285,828
    Total Liabilities $246,822
    Total deposits $211,440
    Interest-bearing deposits $160,238
    Deposits held in domestic offices $211,440
    % insured (estimated) $72
    Federal funds purchased and repurchase agreements $11,750
    Trading liabilities $0
    Other borrowed funds $20,000
    Subordinated debt $0
    All other liabilities $3,632

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $213,732
    Loan and leases loss allowance $2,198
    Total loans and leases (domestic) $215,930
    All real estate loans $143,319
    Real estate loans in domestic offices $143,319
    Construction and development loans $2,248
    Residential 1-4 family construction $1,422
    Other construction, all land development and other land $826
    Loans secured by nonfarm nonresidential properties $27,769
    Nonfarm nonresidential secured by owner-occupied properties $10,613
    Commercial real estate & other non-farm, non-residential $17,156
    Multifamily residential real estate $6,703
    1-4 family residential loans $72,381
    Farmland loans $34,218
    Loans held in foreign offices $0
    Farm loans $9,669
    Commercial and industrial loans $15,876
    To non-U.S. addressees $0
    Loans to individuals $45,365
    Credit card loans $0
    Related Plans $189
    Consumer Auto Loans $11,444
    Other loans to individuals $33,732
    All other loans & leases $1,701
    Loans to foreign governments and official institutions $0
    Other loans $61
    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 $7
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Midwest Heritage Bank FSB had $213,732,000 of loans outstanding in 2019. $143,319,000 of loans were in real estate loans. $2,248,000 of loans were in development loans. $6,703,000 of loans were in multifamily mortgage loans. $72,381,000 of loans were in 1-4 family mortgage loans. $9,669,000 of loans were in farm loans. $0 of loans were in credit card loans. $11,444,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 52 $11,581 $222,712
    Nonfarm, nonresidential loans - <$100k 15 $872 $58,133
    Nonfarm, nonresidential loans - $100-250k 17 $2,890 $170,000
    Nonfarm, nonresidential loans - $250k-1MM 20 $7,819 $390,950
    Commercial & Industrial, US addressed loans - <$1MM 99 $6,580 $66,465
    Commercial & Industrial, US addressed loans - <$100k 72 $1,490 $20,694
    Commercial & Industrial, US addressed loans - $100-250k 16 $1,337 $83,563
    Commercial & Industrial, US addressed loans - $250k-1MM 11 $3,753 $341,182
    Farmland loans - <$1MM 116 $17,682 $152,431
    Farmland loans - <$100k 31 $1,489 $48,032
    Farmland loans - $100-250k 58 $7,984 $137,655
    Farmland loans - $250k-1MM 27 $8,209 $304,037
    Agriculture operations loans - <$1MM 126 $6,699 $53,167
    Agriculture operations loans - <$100k 99 $2,309 $23,323
    Agriculture operations loans - $100-250k 18 $1,939 $107,722
    Agriculture operations loans - $250k-1MM 9 $2,451 $272,333