Midwest America Mortgage Rates, Fees & Info
Fort Wayne, INLEI: 54930030UYPZM65LOF37
Tax ID: 35-0316722
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Mortgage Data
Review & Overview
Midwest America is a smaller mortgage company specializing in Refi and Home Purchase loans. Midwest America has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Fort Wayne, Decatur, Huntington, Bowling Green, and Kendallville among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest America has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Midwest America is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.01% | 5/13/24 |
| 30 Year Conventional Refi | 7.09% | 5/13/24 |
| 30 Year Cash-out Refi | 7.05% | 5/13/24 |
| 30 Year VA Purchase | 6.27% | 5/13/24 |
| 30 Year USDA Purchase | 6.27% | 5/13/24 |
| 15 Year Conventional Purchase | 6.70% | 5/13/24 |
| 15 Year Conventional Refi | 6.71% | 5/13/24 |
| 15 Year Cash-out Refi | 6.71% | 5/13/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Midwest America Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
600Origination Dollar Volume (All Markets)
$57,500,000Awards
MIDWEST AMERICA - 2019
MIDWEST AMERICA is a 2019 , due to their low .
For 2019, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| FORT WAYNE, IN (FHA|USDA|VA) | 350 | $33,670,000 | $96,200 | $2,115 | 4.10% |
| Decatur, IN (FHA|USDA|VA) | 53 | $5,605,000 | $105,755 | $2,178 | 3.95% |
| Huntington, IN (FHA|USDA|VA) | 47 | $4,835,000 | $102,872 | $2,301 | 3.78% |
| Outside of Metro Areas | 29 | $2,075,000 | $71,552 | $2,458 | 3.93% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 21 | $1,815,000 | $86,429 | $2,682 | 4.24% |
| Kendallville, IN (FHA|USDA|VA) | 14 | $1,780,000 | $127,143 | $2,189 | 3.81% |
| Angola, IN (FHA|USDA|VA) | 7 | $1,205,000 | $172,143 | $2,217 | 3.89% |
| Bluffton, IN (FHA|USDA|VA) | 17 | $1,155,000 | $67,941 | $1,635 | 4.61% |
| DANVILLE, IL (FHA|USDA|VA) | 16 | $950,000 | $59,375 | $1,912 | 3.76% |
| Auburn, IN (FHA|USDA|VA) | 9 | $855,000 | $95,000 | $1,525 | 3.86% |
| Defiance, OH (FHA|USDA|VA) | 7 | $815,000 | $116,429 | $2,593 | 4.16% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $2,167 | 3.61% |
| Warsaw, IN (FHA|USDA|VA) | 4 | $480,000 | $120,000 | $2,092 | 3.44% |
| Van Wert, OH (FHA|USDA|VA) | 5 | $465,000 | $93,000 | $2,521 | 4.05% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 5 | $355,000 | $71,000 | $0 | 3.79% |
| Marion, IN (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,520 | 3.51% |
| Wabash, IN (FHA|USDA|VA) | 4 | $250,000 | $62,500 | $2,091 | 4.47% |
| Glasgow, KY (FHA|USDA|VA) | 3 | $245,000 | $81,667 | $2,621 | 4.58% |
| Celina, OH (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $0 | 3.59% |
| CHAMPAIGN-URBANA, IL (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.59% |
Similar Lenders
We use machine learning to identify the top lenders compared against MIDWEST AMERICA based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 585 | $55,845,000 | $95,462 | $2,172 | 4.03% |
| HELOC | 14 | $1,560,000 | $111,429 | n/a | 5.25% |
| USDA | 1 | $95,000 | $95,000 | $2,932 | 3.88% |
For 2019, Midwest America's most frequently originated type of loan was Conventional, with 585 originations. Their 2nd most popular type was HELOC, with 14 originations.
Loan Reason
For 2019, Midwest America's most frequently cited loan purpose was Refi, with 352 originations. The 2nd most popular reason was Home Purchase, with 131 originations.
Loan Duration/Length
For 2019, Midwest America's most frequently cited loan duration was 10 Year, with 296 originations. The 2nd most popular length was 30 Year, with 138 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 188 | $25,470,000 | $135,479 |
| $1k-2k | 12 | $2,700,000 | $225,000 |
| $2k-3k | 1 | $165,000 | $165,000 |
Midwest America's average total fees were $2,152, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 188 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 373 | $36,605,000 | $98,137 |
| 4-5% | 127 | $13,955,000 | $109,882 |
| 5-6% | 60 | $3,970,000 | $66,167 |
| 2.5-3% | 11 | $1,475,000 | $134,091 |
| 6-7% | 7 | $385,000 | $55,000 |
During 2019, Midwest America's average interest rate for loans was 4.12%, while their most frequently originated rate bucket for loans was 3-4%, with 373 originations.
Loan Sizing
2019 saw Midwest America place emphasis on $100,000 or less loans with 397 originations, totaling $21,195,000 in origination value.
Applicant Income
Midwest America lent most frequently to those with incomes in the $50k or less range, with 174 originations. The second most popular income band? $50k-75k, with 152 originations.
Applicant Debt to Income Ratio
Midwest America lent most frequently to those with DTI ratios of 20-30%, with 169 originations. The next most common DTI ratio? <20%, with 115 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.37%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination89.17%
Midwest America has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 34 | $1,040,000 | $30,588 |
| 1074.0 | 1 | $345,000 | $345,000 |
| 199.0 | 205 | $11,315,000 | $55,195 |
| 228.0 | 2 | $120,000 | $60,000 |
| 250.0 | 2 | $110,000 | $55,000 |
| 273.0 | 1 | $25,000 | $25,000 |
| 275.0 | 1 | $25,000 | $25,000 |
| 300.0 | 1 | $35,000 | $35,000 |
| 325.0 | 9 | $355,000 | $39,444 |
| 349.0 | 1 | $5,000 | $5,000 |
| 350.0 | 2 | $70,000 | $35,000 |
| 375.0 | 3 | $165,000 | $55,000 |
| 384.0 | 1 | $35,000 | $35,000 |
| 399.0 | 1 | $45,000 | $45,000 |
| 400.0 | 2 | $140,000 | $70,000 |
| 424.0 | 3 | $75,000 | $25,000 |
| 449.0 | 10 | $1,140,000 | $114,000 |
| 474.0 | 8 | $720,000 | $90,000 |
| 484.0 | 1 | $135,000 | $135,000 |
| 499.0 | 12 | $740,000 | $61,667 |
| 524.0 | 7 | $695,000 | $99,286 |
| 548.0 | 1 | $85,000 | $85,000 |
| 549.0 | 13 | $2,005,000 | $154,231 |
| 574.0 | 3 | $225,000 | $75,000 |
| 599.0 | 23 | $2,875,000 | $125,000 |
| 649.0 | 3 | $205,000 | $68,333 |
| 919.0 | 1 | $225,000 | $225,000 |
| 99.0 | 14 | $450,000 | $32,143 |
| NA | 235 | $34,095,000 | $145,085 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |