Midwest Bank Mortgage Rates, Fees & Info
Monmouth, ILLEI: 254900YK0G0T2WULHK84
Tax ID: 37-0435187
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 Cash Out Refi loans. Midwest Bank has a high proportion of conventional loans. Their top markets by origination volume include: Davenport, Peoria, Galesburg, Burlington, and Chicago among others. We have data for 16 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
247Origination Dollar Volume (All Markets)
$30,615,000Top 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 |
|---|---|---|---|---|---|
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 105 | $12,015,000 | $114,429 | $0 | 0.00% |
| PEORIA, IL (FHA|USDA|VA) | 27 | $4,465,000 | $165,370 | $0 | 0.00% |
| Galesburg, IL (FHA|USDA|VA) | 47 | $3,855,000 | $82,021 | $0 | 0.00% |
| Outside of Metro Areas | 33 | $3,665,000 | $111,061 | $0 | 0.00% |
| Burlington, IA-IL (FHA|USDA|VA) | 16 | $1,600,000 | $100,000 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 5 | $1,175,000 | $235,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 3 | $1,135,000 | $378,333 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $0 | 0.00% |
| Macomb, IL (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $0 | 0.00% |
| KANKAKEE, IL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| Muscatine, IA (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 0.00% |
| Laurinburg, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 247 | $30,615,000 | $123,947 | $0 | 0.00% |
For 2022, Midwest Bank's most frequently originated type of loan was Conventional, with 247 originations.
Loan Reason
For 2022, Midwest Bank's most frequently cited loan purpose was Home Purchase, with 122 originations. The 2nd most popular reason was Cash Out Refi, with 71 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 247 | $30,615,000 | $123,947 | $0 | 0.00% |
For 2022, Midwest Bank's most frequently cited loan duration was Other, with 247 originations.
Loan Sizing
2022 saw Midwest Bank place emphasis on $100,000 or less loans with 142 originations, totaling $7,730,000 in origination value.
Applicant Income
Midwest Bank lent most frequently to those with incomes in the $50k or less range, with 51 originations. The second most popular income band? $100k-150k, with 49 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 247 | $30,615,000 | $123,947 | $0 | 0.00% |
Midwest Bank lent most frequently to those with DTI ratios of Exempt%, with 247 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.56%
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 origination95.55%
Midwest Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 247 | $30,615,000 | $123,947 |
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% |