Midwest Bank Mortgage Rates, Fees & Info

Monmouth, IL

LEI: 254900YK0G0T2WULHK84

Tax ID: 37-0435187

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

Jump to:

Mortgage Data

Bank 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: Davenport, Peoria, Galesburg, Chicago, and Burlington among others. We have data for 15 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.

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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


Originations

309

Origination Dollar Volume (All Markets)

$50,025,000

Employee count

129

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
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 106 $16,290,000 $153,679 $0 0.00%
PEORIA, IL (FHA|USDA|VA) 32 $10,410,000 $325,313 $0 0.00%
Outside of Metro Areas 76 $8,230,000 $108,289 $0 0.00%
Galesburg, IL (FHA|USDA|VA) 48 $5,540,000 $115,417 $0 0.00%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $4,455,000 $495,000 $0 0.00%
Burlington, IA-IL (FHA|USDA|VA) 27 $2,995,000 $110,926 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 2 $410,000 $205,000 $0 0.00%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $245,000 $245,000 $0 0.00%
SPRINGFIELD, IL (FHA|USDA|VA) 2 $210,000 $105,000 $0 0.00%
Muscatine, IA (FHA|USDA|VA) 1 $185,000 $185,000 $0 0.00%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
Ottawa, IL (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%
DUBUQUE, IA (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
Midwest Bank's top markets include Davenport, Peoria, Galesburg, Chicago, and Burlington among others.

Their top states include:
  • Illinois (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 309 $50,025,000 $161,893 $0 0.00%

    For 2021, Midwest Bank's most frequently originated type of loan was Conventional, with 309 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 127 $19,765,000 $155,630 $0 0.00%
    Refi 94 $17,590,000 $187,128 $0 0.00%
    Cash Out Refi 63 $8,035,000 $127,540 $0 0.00%
    Home Improvement 25 $4,635,000 $185,400 $0 0.00%

    For 2021, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 127 originations. The 2nd most popular reason was Refi, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 309 $50,025,000 $161,893 $0 0.00%

    For 2021, Midwest Bank's most frequently cited loan duration was Other, with 309 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 134 $8,000,000 $59,701 $0 0.00%
    $100k-200k 111 $15,475,000 $139,414 $0 0.00%
    $200k-400k 48 $12,800,000 $266,667 $0 0.00%
    $400k-600k 9 $4,465,000 $496,111 $0 0.00%
    $1MM+ 5 $8,055,000 $1,611,000 $0 0.00%
    $600k-1MM 2 $1,230,000 $615,000 $0 0.00%

    2021 saw Midwest Bank place emphasis on $100,000 or less loans with 134 originations, totaling $8,000,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 69 $6,345,000 $91,957 $0 0.00%
    $100k-150k 66 $9,560,000 $144,848 $0 0.00%
    $50k or less 45 $2,885,000 $64,111 $0 0.00%
    $75k-100k 38 $4,210,000 $110,789 $0 0.00%
    $150k-250k 33 $6,635,000 $201,061 $0 0.00%
    $250k+ 26 $6,840,000 $263,077 $0 0.00%

    Midwest Bank lent most frequently to those with incomes in the $50k-75k range, with 69 originations. The second most popular income band? $100k-150k, with 66 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 309 $50,025,000 $161,893 $0 0.00%

    Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 309 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 262 $34,390,000 $131,260 $0 0.00%
    Not applicable 26 $12,670,000 $487,308 $0 0.00%
    Asian 6 $1,450,000 $241,667 $0 0.00%
    Not provided 9 $1,105,000 $122,778 $0 0.00%
    Black 4 $260,000 $65,000 $0 0.00%
    Asian Indian 1 $115,000 $115,000 $0 0.00%
    Native Hawaiian or Islander 1 $35,000 $35,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    94.02%

    Midwest Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    93.53%

    Midwest Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 309 $50,025,000 $161,893

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    309 $50,025,000 $161,893

    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 300 East Washington Street East Peoria, IL 61611 Full Service B&M $6,546
    Midwest Bank 200 East Broadway Monmouth, IL 61462 Full Service B&M $293,523
    Midwest Bank 200 Se 13th Avenue Ct Aledo, IL 61231 Full Service B&M $36,984
    Midwest Bank 2558 North Seminary St Galesburg, IL 61401 Full Service B&M $60,493
    Midwest Bank 3907 16th Street Moline, IL 61265 Full Service Retail $0
    Midwest Bank 601 8th Street East Andalusia, IL 61232 Full Service B&M $40,848
    Midwest Bank 612 W Main St Galesburg, IL 61401 Limited, Drive-thru $24,043
    Midwest Bank Sixth And Schuyler Streets Oquawka, IL 61469 Full Service B&M $46,314

    For 2021, Midwest Bank had 8 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,819
    Net interest income $17,026
    Total noninterest income $6,367
    Gross Fiduciary activities income $457
    Service charges on deposit accounts $1,116
    Trading account gains and fees $0
    Additional Noninterest Income $4,794
    Pre-tax net operating income $8,091
    Securities gains (or losses, -) $56
    Income before extraordinary items $6,252
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $6,252
    Minority interest net income $0
    Net income $6,252
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $6,207

    Midwest Bank's gross interest income from loans was $19,819,000.
    Midwest Bank's net interest income from loans was $17,026,000.
    Midwest Bank's fee based income from loans was $1,116,000.
    Midwest Bank's net income from loans was $6,252,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,793
    Provision for credit losses $820
    Total noninterest expense $14,482
    Salaries and employee benefits $9,159
    Premises and equipment expense $1,738
    Additional noninterest expense $3,585
    Applicable income taxes $1,895
    Net charge-offs $365
    Cash dividends $1,750

    Midwest Bank's interest expense for loans was $2,793,000.
    Midwest Bank's payroll and benefits expense were $9,159,000.
    Midwest Bank's property, plant and equipment expenses $1,738,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 1.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 1.0%
    HELOC loans 1.0%
    All other family 1.0%
    Commercial & industrial loans 1.0%
    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 $504,324
    Deposits held in domestic offices $504,324
    Deposits by Individuals, partnerships, and corporations $457,535
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $46,788
    Deposits by Commercial banks and other depository institutions in U.S. $1
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $39,425
    Demand deposits $17,927
    Nontransaction accounts $464,899
    Money market deposit accounts (MMDAs) $86,375
    Other savings deposits (excluding MMDAs) $283,574
    Total time deposits $94,950
    Total time and savings deposits $486,397
    Noninterest-bearing deposits $58,708
    Interest-bearing deposits $445,616
    Retail deposits $474,417
    IRAs and Keogh plan accounts $10,118
    Brokered deposits $9,971
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $637,189
    Cash & Balances due from depository institutions $7,227
    Interest-bearing balances $2,202
    Total securities $253,519
    Federal funds sold & reverse repurchase $1,399
    Net loans and leases $328,125
    Loan and leases loss allowance $4,302
    Trading account assets $0
    Bank premises and fixed assets $6,822
    Other real estate owned $12
    Goodwill and other intangibles $17,404
    All other assets $22,681

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $637,189
    Total Liabilities $564,504
    Total deposits $504,324
    Interest-bearing deposits $445,616
    Deposits held in domestic offices $504,324
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $22,869
    Trading liabilities $0
    Other borrowed funds $32,500
    Subordinated debt $0
    All other liabilities $4,811

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $328,125
    Loan and leases loss allowance $4,302
    Total loans and leases (domestic) $332,427
    All real estate loans $212,107
    Real estate loans in domestic offices $212,107
    Construction and development loans $10,493
    Residential 1-4 family construction $1,636
    Other construction, all land development and other land $8,857
    Loans secured by nonfarm nonresidential properties $59,434
    Nonfarm nonresidential secured by owner-occupied properties $1,195
    Commercial real estate & other non-farm, non-residential $58,239
    Multifamily residential real estate $8,873
    1-4 family residential loans $53,403
    Farmland loans $79,904
    Loans held in foreign offices $0
    Farm loans $49,962
    Commercial and industrial loans $42,052
    To non-U.S. addressees $0
    Loans to individuals $15,942
    Credit card loans $827
    Related Plans $108
    Consumer Auto Loans $8,917
    Other loans to individuals $6,090
    All other loans & leases $12,364
    Loans to foreign governments and official institutions $0
    Other loans $7,485
    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 $2,356
    Non 1-4 family restructured loans & leases $2,356
    Total loans and leases (foreign) $0

    Midwest Bank had $328,125,000 of loans outstanding in 2021. $212,107,000 of loans were in real estate loans. $10,493,000 of loans were in development loans. $8,873,000 of loans were in multifamily mortgage loans. $53,403,000 of loans were in 1-4 family mortgage loans. $49,962,000 of loans were in farm loans. $827,000 of loans were in credit card loans. $8,917,000 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 161 $31,213 $193,870
    Nonfarm, nonresidential loans - <$100k 76 $3,514 $46,237
    Nonfarm, nonresidential loans - $100-250k 42 $6,844 $162,952
    Nonfarm, nonresidential loans - $250k-1MM 43 $20,855 $485,000
    Commercial & Industrial, US addressed loans - <$1MM 285 $38,343 $134,537
    Commercial & Industrial, US addressed loans - <$100k 193 $6,337 $32,834
    Commercial & Industrial, US addressed loans - $100-250k 37 $5,759 $155,649
    Commercial & Industrial, US addressed loans - $250k-1MM 55 $26,247 $477,218
    Farmland loans - <$1MM 200 $34,901 $174,505
    Farmland loans - <$100k 68 $3,467 $50,985
    Farmland loans - $100-250k 81 $13,304 $164,247
    Farmland loans - $250k-1MM 51 $18,130 $355,490
    Agriculture operations loans - <$1MM 255 $30,335 $118,961
    Agriculture operations loans - <$100k 167 $5,807 $34,772
    Agriculture operations loans - $100-250k 44 $7,798 $177,227
    Agriculture operations loans - $250k-1MM 44 $16,730 $380,227