Midwest Bank Mortgage Rates, Fees & Info
Detroit Lakes, MNLEI: 254900WRP19TBSQG0Z89
Tax ID: 41-0250840
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Mortgage Data
Review & Overview
Midwest Bank is a smaller bank specializing in Home Purchase loans. Midwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Fergus Falls, Spearfish, Wahpeton, and Minneapolis among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest Bank 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.
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Originations
134Origination Dollar Volume (All Markets)
$45,640,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 71 | $24,045,000 | $338,662 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 24 | $7,570,000 | $315,417 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 15 | $4,145,000 | $276,333 | $0 | 0.00% |
| Spearfish, SD (FHA|USDA|VA) | 4 | $3,900,000 | $975,000 | $0 | 0.00% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 6 | $1,190,000 | $198,333 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $0 | 0.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 2 | $1,070,000 | $535,000 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $700,000 | $350,000 | $0 | 0.00% |
| Marshall, MN (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 0.00% |
| ST. CLOUD, MN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 134 | $45,640,000 | $340,597 | $0 | 0.00% |
For 2023, Midwest Bank's most frequently originated type of loan was Conventional, with 134 originations.
Loan Reason
For 2023, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 91 originations. The 2nd most popular reason was Other, with 17 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 134 | $45,640,000 | $340,597 | $0 | 0.00% |
For 2023, Midwest Bank's most frequently cited loan duration was Other, with 134 originations.
Loan Sizing
2023 saw Midwest Bank place emphasis on $100,000 or less loans with 36 originations, totaling $2,240,000 in origination value.
Applicant Income
Midwest Bank lent most frequently to those with incomes in the $100k-150k range, with 27 originations. The second most popular income band? $250k+, with 22 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 134 | $45,640,000 | $340,597 | $0 | 0.00% |
Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 134 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.82%
Midwest Bank has an average approval rate.
Pick Rate
Approvals leading to origination91.04%
Midwest Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 134 | $45,640,000 | $340,597 |