Midwest Bank Mortgage Rates, Fees & Info
Detroit Lakes, MNLEI: 254900WRP19TBSQG0Z89
Tax ID: 41-0250840
Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Review & Overview
Midwest Bank is a smaller bank specializing in Home Purchase and Refi loans. Midwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Fergus Falls, Bozeman, Spearfish, and Dodge City among others. We have data for 19 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
210Origination Dollar Volume (All Markets)
$59,450,000Top 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 | 120 | $29,150,000 | $242,917 | $0 | 0.00% |
| FARGO, ND-MN (FHA|USDA|VA) | 38 | $8,680,000 | $228,421 | $0 | 0.00% |
| Fergus Falls, MN (FHA|USDA|VA) | 22 | $4,660,000 | $211,818 | $0 | 0.00% |
| Bozeman, MT (FHA|USDA|VA) | 2 | $3,050,000 | $1,525,000 | $0 | 0.00% |
| Spearfish, SD (FHA|USDA|VA) | 3 | $2,495,000 | $831,667 | $0 | 0.00% |
| Dodge City, KS (FHA|USDA|VA) | 1 | $1,885,000 | $1,885,000 | $0 | 0.00% |
| THE VILLAGES, FL (FHA|USDA|VA) | 2 | $1,610,000 | $805,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $1,455,000 | $1,455,000 | $0 | 0.00% |
| Wahpeton, ND-MN (FHA|USDA|VA) | 6 | $1,250,000 | $208,333 | $0 | 0.00% |
| Alexandria, MN (FHA|USDA|VA) | 4 | $1,000,000 | $250,000 | $0 | 0.00% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $935,000 | $935,000 | $0 | 0.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $650,000 | $325,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 0.00% |
| Bemidji, MN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 210 | $59,450,000 | $283,095 | $0 | 0.00% |
For 2022, Midwest Bank's most frequently originated type of loan was Conventional, with 210 originations.
Loan Reason
For 2022, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 125 originations. The 2nd most popular reason was Refi, with 37 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 210 | $59,450,000 | $283,095 | $0 | 0.00% |
For 2022, Midwest Bank's most frequently cited loan duration was Other, with 210 originations.
Loan Sizing
2022 saw Midwest Bank place emphasis on $200k-400k loans with 77 originations, totaling $20,975,000 in origination value.
Applicant Income
Midwest Bank lent most frequently to those with incomes in the $50k-75k range, with 35 originations. The second most popular income band? $100k-150k, with 34 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 210 | $59,450,000 | $283,095 | $0 | 0.00% |
Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 210 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.97%
Midwest Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination93.33%
Midwest Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 210 | $59,450,000 | $283,095 |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Midwest Loan Services, Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |