Midwest America Mortgage Rates, Fees & Info

Fort Wayne, IN

LEI: 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.

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

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SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 7.01% 12/16/24
30 Year Conventional Refi 7.09% 12/16/24
30 Year Cash-out Refi 7.05% 12/16/24
30 Year VA Purchase 6.27% 12/16/24
30 Year USDA Purchase 6.27% 12/16/24
15 Year Conventional Purchase 6.70% 12/16/24
15 Year Conventional Refi 6.71% 12/16/24
15 Year Cash-out Refi 6.71% 12/16/24
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

600

Origination Dollar Volume (All Markets)

$57,500,000

Awards

MIDWEST AMERICA 30 Year Conventional Loans gold MIDWEST AMERICA 30 Year Conventional Loans gold MIDWEST AMERICA 30 Year Conventional Loans gold MIDWEST AMERICA 30 Year Conventional Loans gold
Show all (4) awards

Top Markets

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    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%
    Midwest America's top markets include Fort Wayne, Decatur, Huntington, Bowling Green, and Kendallville among others.

    Their top states include:
  • Indiana (FHA|USDA|VA)
  • Kentucky (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • 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.

    TEACHERS CREDIT UNION
    Similarity Rank: 204
    INTERRA CREDIT UNION
    Similarity Rank: 234
    ProFed Federal Credit Union
    Similarity Rank: 528
    MIDWEST AMERICA
    Similarity Rank: 740
    First Federal Bank of the Midwest
    Similarity Rank: 781
    MutualBank
    Similarity Rank: 1060
    DHI MORTGAGE COMPANY, LTD.
    Similarity Rank: 1134
    First Federal Savings Bank
    Similarity Rank: 1344
    Union Savings Bank
    Similarity Rank: 1562

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 352 $29,210,000 $82,983 $2,356 3.86%
    Home Purchase 131 $17,495,000 $133,550 $2,097 4.20%
    Home Improvement 60 $3,110,000 $51,833 $0 4.66%
    Cash Out Refi 57 $7,685,000 $134,825 $2,148 4.18%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 296 $19,670,000 $66,453 $2,076 3.99%
    30 Year 138 $20,340,000 $147,391 $2,152 4.12%
    Other 62 $4,830,000 $77,903 $0 3.62%
    15 Year 55 $5,935,000 $107,909 $2,215 4.10%
    5 Year 23 $3,535,000 $153,696 $0 5.22%
    20 Year 21 $2,515,000 $119,762 $2,268 3.83%
    3 Year 3 $495,000 $165,000 $0 5.33%
    1 Year 2 $180,000 $90,000 $0 5.25%

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 397 $21,195,000 $53,388 $2,056 4.12%
    $100k-200k 150 $20,550,000 $137,000 $2,138 3.89%
    $200k-400k 48 $12,240,000 $255,000 $2,513 3.91%
    $400k-600k 2 $990,000 $495,000 $2,430 4.19%
    $600k-1MM 2 $1,290,000 $645,000 $0 4.03%
    $1MM+ 1 $1,235,000 $1,235,000 $0 4.88%

    2019 saw Midwest America place emphasis on $100,000 or less loans with 397 originations, totaling $21,195,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 174 $11,500,000 $66,092 $2,068 3.96%
    $50k-75k 152 $14,010,000 $92,171 $2,164 3.92%
    $75k-100k 109 $10,375,000 $95,183 $2,408 4.11%
    $100k-150k 99 $10,925,000 $110,354 $2,324 4.09%
    $150k-250k 37 $4,265,000 $115,270 $2,125 3.99%
    $250k+ 5 $1,745,000 $349,000 $2,430 3.39%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 169 $15,455,000 $91,450 $2,199 3.91%
    <20% 115 $7,935,000 $69,000 $2,080 3.85%
    30-36% 97 $9,125,000 $94,072 $2,285 4.05%
    38% 24 $2,630,000 $109,583 $2,267 4.06%
    37% 20 $1,930,000 $96,500 $2,107 4.52%
    40% 16 $1,350,000 $84,375 $2,038 3.99%
    44% 16 $2,540,000 $158,750 $2,099 4.04%
    41% 16 $1,230,000 $76,875 $2,116 4.28%
    42% 15 $1,465,000 $97,667 $2,037 4.21%
    39% 14 $1,750,000 $125,000 $2,359 3.92%
    36% 13 $1,635,000 $125,769 $2,110 3.72%
    43% 12 $720,000 $60,000 $2,030 4.53%
    >60% 11 $825,000 $75,000 $1,518 4.52%
    45% 10 $1,530,000 $153,000 $2,293 3.84%
    46% 8 $990,000 $123,750 $2,348 3.66%
    47% 8 $730,000 $91,250 $1,972 4.06%
    50-60% 8 $670,000 $83,750 $0 4.29%
    48% 4 $340,000 $85,000 $1,934 3.63%
    49% 1 $55,000 $55,000 $2,174 3.38%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 531 $49,215,000 $92,684 $2,165 4.00%
    Not applicable 23 $4,585,000 $199,348 $2,249 5.16%
    Not provided 18 $1,610,000 $89,444 $2,433 3.97%
    Black 21 $1,515,000 $72,143 $2,433 4.10%
    3 $335,000 $111,667 $0 3.39%
    American Indian 1 $95,000 $95,000 $0 3.39%
    Asian 2 $90,000 $45,000 $0 4.29%
    Guamanian 1 $55,000 $55,000 $0 4.09%

    Approval Rates

    Total approvals of all applications
    89.37%

    Midwest America has an average approval rate.

    Pick Rate

    Approvals leading to origination
    89.17%

    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

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $2,250,000 $562,500
    Single Family (1-4 Units):Manufactured 3 $235,000 $78,333
    Single Family (1-4 Units):Site-Built 593 $55,015,000 $92,774

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 108 $5,990,000 $55,463 $1,983 4.15%
    40-60% 101 $9,605,000 $95,099 $2,206 3.78%
    60-80% 202 $23,180,000 $114,752 $2,153 3.87%
    80-100% 109 $15,385,000 $141,147 $2,202 3.95%
    Over 100% 4 $770,000 $192,500 $0 5.00%
    Under 20% 75 $2,545,000 $33,933 $0 4.85%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    MIDWEST EQUITY MORTGAGE, LLC FHA mortgage Closing on a mortgage 1 100.0%