Midwest Bank Mortgage Rates, Fees & Info

Pierce, NE

LEI: 254900XRXNP494I3AE51

Tax ID: 47-0131280

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • 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: Lincoln, Omaha, Las Vegas, and Los Angeles among others. We have data for 5 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 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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    Originations

    148

    Origination Dollar Volume (All Markets)

    $30,250,000

    Employee count

    148

    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
    Outside of Metro Areas 102 $16,540,000 $162,157 $0 0.00%
    LINCOLN, NE (FHA|USDA|VA) 37 $7,885,000 $213,108 $0 0.00%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 3 $3,475,000 $1,158,333 $0 0.00%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 5 $1,295,000 $259,000 $0 0.00%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $1,055,000 $1,055,000 $0 0.00%
    Midwest Bank's top markets include Lincoln, Omaha, Las Vegas, and Los Angeles among others.

    Their top states include:
  • (FHA|USDA|VA)

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 148 $30,250,000 $204,392 $0 0.00%

    For 2021, Midwest Bank's most frequently originated type of loan was Conventional, with 148 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 76 $17,610,000 $231,711 $0 0.00%
    Refi 55 $10,515,000 $191,182 $0 0.00%
    Home Improvement 9 $455,000 $50,556 $0 0.00%
    Other 8 $1,670,000 $208,750 $0 0.00%

    For 2021, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 76 originations. The 2nd most popular reason was Refi, with 55 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 148 $30,250,000 $204,392 $0 0.00%

    For 2021, Midwest Bank's most frequently cited loan duration was Other, with 148 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 57 $2,915,000 $51,140 $0 0.00%
    $100k-200k 51 $7,095,000 $139,118 $0 0.00%
    $200k-400k 27 $7,215,000 $267,222 $0 0.00%
    $1MM+ 5 $7,865,000 $1,573,000 $0 0.00%
    $600k-1MM 5 $3,655,000 $731,000 $0 0.00%
    $400k-600k 3 $1,505,000 $501,667 $0 0.00%

    2021 saw Midwest Bank place emphasis on $100,000 or less loans with 57 originations, totaling $2,915,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 27 $3,285,000 $121,667 $0 0.00%
    $50k or less 16 $1,300,000 $81,250 $0 0.00%
    $50k-75k 11 $1,005,000 $91,364 $0 0.00%
    $100k-150k 10 $1,310,000 $131,000 $0 0.00%
    $150k-250k 8 $2,230,000 $278,750 $0 0.00%
    $250k+ 8 $3,590,000 $448,750 $0 0.00%

    Midwest Bank lent most frequently to those with incomes in the $75k-100k range, with 27 originations. The second most popular income band? $50k or less, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 148 $30,250,000 $204,392 $0 0.00%

    Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 148 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 63 $16,925,000 $268,651 $0 0.00%
    White 79 $12,125,000 $153,481 $0 0.00%
    Not provided 3 $765,000 $255,000 $0 0.00%
    Asian 3 $435,000 $145,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    91.23%

    Midwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    59.46%

    Midwest Bank 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
    Exempt 148 $30,250,000 $204,392

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    148 $30,250,000 $204,392

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Incorrect information on your report 1 14.3%
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 14.3%
    Midwest Loan Services, Inc. Conventional home mortgage Trouble during payment process 2 28.6%
    Midwest Loan Services, Inc. FHA mortgage Trouble during payment process 1 14.3%
    Midwest Loan Services, Inc. Other type of mortgage Closing on a mortgage 1 14.3%
    Midwest Loan Services, Inc. VA mortgage Trouble during payment process 1 14.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Midwest Bank 105 West Elm Street York, NE 68467 Full Service B&M $121,976
    Midwest Bank 114 W Main St Pierce, NE 68767 Full Service B&M $126,348
    Midwest Bank 149 N Main St Pilger, NE 68768 Full Service B&M $37,965
    Midwest Bank 2501 W Benjamin Ave Norfolk, NE 68701 Full Service B&M $300
    Midwest Bank 2601 West Cooper Drive Norfolk, NE 68701 Full Service B&M $143,000
    Midwest Bank 2655 Jamie Ln Lincoln, NE 68512 Full Service B&M $96,847
    Midwest Bank 302 E. Park Ave. Plainview, NE 68769 Full Service B&M $56,612
    Midwest Bank 506 S 13th St, Suite 300 Norfolk, NE 68701 Full Service B&M $7,371
    Midwest Bank 606 Main Street Creighton, NE 68729 Full Service B&M $87,066
    Midwest Bank 701 4th St Deshler, NE 68340 Full Service B&M $60,106
    Midwest Bank 920 Avenue E Wisner, NE 68791 Full Service B&M $32,117

    For 2021, Midwest Bank had 11 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $34,846
    Net interest income $31,668
    Total noninterest income $5,546
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $648
    Trading account gains and fees $0
    Additional Noninterest Income $4,898
    Pre-tax net operating income $15,933
    Securities gains (or losses, -) $195
    Income before extraordinary items $13,016
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $13,016
    Minority interest net income $0
    Net income $13,016
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $12,858

    Midwest Bank's gross interest income from loans was $34,846,000.
    Midwest Bank's net interest income from loans was $31,668,000.
    Midwest Bank's fee based income from loans was $648,000.
    Midwest Bank's net income from loans was $13,016,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $3,178
    Provision for credit losses $0
    Total noninterest expense $21,281
    Salaries and employee benefits $13,767
    Premises and equipment expense $2,298
    Additional noninterest expense $5,216
    Applicable income taxes $3,112
    Net charge-offs $-51
    Cash dividends $2,404

    Midwest Bank's interest expense for loans was $3,178,000.
    Midwest Bank's payroll and benefits expense were $13,767,000.
    Midwest Bank's property, plant and equipment expenses $2,298,000.

    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 $822,969
    Deposits held in domestic offices $822,969
    Deposits by Individuals, partnerships, and corporations $653,555
    Deposits by U.S. Government $5,878
    Deposits by States and political subdivisions in the U.S. $142,761
    Deposits by Commercial banks and other depository institutions in U.S. $20,775
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $291,892
    Demand deposits $136,574
    Nontransaction accounts $531,077
    Money market deposit accounts (MMDAs) $253,433
    Other savings deposits (excluding MMDAs) $65,890
    Total time deposits $211,756
    Total time and savings deposits $686,395
    Noninterest-bearing deposits $136,574
    Interest-bearing deposits $686,395
    Retail deposits $776,508
    IRAs and Keogh plan accounts $21,208
    Brokered deposits $10,000
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $963,689
    Cash & Balances due from depository institutions $39,905
    Interest-bearing balances $30,878
    Total securities $241,932
    Federal funds sold & reverse repurchase $0
    Net loans and leases $630,254
    Loan and leases loss allowance $9,578
    Trading account assets $0
    Bank premises and fixed assets $31,917
    Other real estate owned $38
    Goodwill and other intangibles $1,892
    All other assets $17,751

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $963,689
    Total Liabilities $865,561
    Total deposits $822,969
    Interest-bearing deposits $686,395
    Deposits held in domestic offices $822,969
    % insured (estimated) $71
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $40,397
    Subordinated debt $0
    All other liabilities $2,195

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $630,254
    Loan and leases loss allowance $9,578
    Total loans and leases (domestic) $639,832
    All real estate loans $380,321
    Real estate loans in domestic offices $380,321
    Construction and development loans $19,033
    Residential 1-4 family construction $5,649
    Other construction, all land development and other land $13,384
    Loans secured by nonfarm nonresidential properties $157,904
    Nonfarm nonresidential secured by owner-occupied properties $30,571
    Commercial real estate & other non-farm, non-residential $127,333
    Multifamily residential real estate $0
    1-4 family residential loans $40,750
    Farmland loans $162,634
    Loans held in foreign offices $0
    Farm loans $179,532
    Commercial and industrial loans $64,992
    To non-U.S. addressees $0
    Loans to individuals $13,886
    Credit card loans $0
    Related Plans $37
    Consumer Auto Loans $8,402
    Other loans to individuals $5,447
    All other loans & leases $1,102
    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 $0
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    Midwest Bank had $630,254,000 of loans outstanding in 2021. $380,321,000 of loans were in real estate loans. $19,033,000 of loans were in development loans. $0 of loans were in multifamily mortgage loans. $40,750,000 of loans were in 1-4 family mortgage loans. $179,532,000 of loans were in farm loans. $0 of loans were in credit card loans. $8,402,000 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 543 $83,837 $154,396
    Nonfarm, nonresidential loans - <$100k 230 $10,429 $45,343
    Nonfarm, nonresidential loans - $100-250k 190 $26,030 $137,000
    Nonfarm, nonresidential loans - $250k-1MM 123 $47,378 $385,187
    Commercial & Industrial, US addressed loans - <$1MM 568 $35,858 $63,130
    Commercial & Industrial, US addressed loans - <$100k 420 $10,019 $23,855
    Commercial & Industrial, US addressed loans - $100-250k 100 $9,864 $98,640
    Commercial & Industrial, US addressed loans - $250k-1MM 48 $15,975 $332,813
    Farmland loans - <$1MM 328 $56,021 $170,796
    Farmland loans - <$100k 70 $3,278 $46,829
    Farmland loans - $100-250k 131 $17,157 $130,969
    Farmland loans - $250k-1MM 127 $35,586 $280,205
    Agriculture operations loans - <$1MM 1,120 $85,237 $76,104
    Agriculture operations loans - <$100k 797 $25,387 $31,853
    Agriculture operations loans - $100-250k 201 $27,924 $138,925
    Agriculture operations loans - $250k-1MM 122 $31,926 $261,689