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. Their top markets by origination volume include: Fort Wayne, Decatur, Huntington, Angola, and Bowling Green 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 above 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% | 4/28/24 |
| 30 Year Conventional Refi | 7.09% | 4/28/24 |
| 30 Year Cash-out Refi | 7.05% | 4/28/24 |
| 30 Year VA Purchase | 6.27% | 4/28/24 |
| 30 Year USDA Purchase | 6.27% | 4/28/24 |
| 15 Year Conventional Purchase | 6.70% | 4/28/24 |
| 15 Year Conventional Refi | 6.71% | 4/28/24 |
| 15 Year Cash-out Refi | 6.71% | 4/28/24 |
| 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
794Origination Dollar Volume (All Markets)
$94,720,000Awards
MIDWEST AMERICA - 2020
MIDWEST AMERICA is a 2020 , due to their low .
For 2020, 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) | 474 | $60,040,000 | $126,667 | $2,026 | 3.27% |
| Decatur, IN (FHA|USDA|VA) | 70 | $7,660,000 | $109,429 | $2,229 | 3.42% |
| Huntington, IN (FHA|USDA|VA) | 49 | $5,545,000 | $113,163 | $2,101 | 3.46% |
| Angola, IN (FHA|USDA|VA) | 37 | $5,435,000 | $146,892 | $2,194 | 3.14% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 29 | $2,775,000 | $95,690 | $2,547 | 3.48% |
| Bluffton, IN (FHA|USDA|VA) | 21 | $2,325,000 | $110,714 | $1,872 | 3.11% |
| Auburn, IN (FHA|USDA|VA) | 15 | $1,795,000 | $119,667 | $2,348 | 3.33% |
| Outside of Metro Areas | 12 | $1,550,000 | $129,167 | $1,932 | 3.30% |
| DANVILLE, IL (FHA|USDA|VA) | 28 | $1,510,000 | $53,929 | $1,998 | 3.28% |
| Defiance, OH (FHA|USDA|VA) | 8 | $1,270,000 | $158,750 | $2,633 | 3.68% |
| Kendallville, IN (FHA|USDA|VA) | 8 | $1,210,000 | $151,250 | $2,147 | 2.98% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 19 | $1,115,000 | $58,684 | $2,330 | 3.37% |
| Warsaw, IN (FHA|USDA|VA) | 6 | $930,000 | $155,000 | $1,922 | 3.16% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 8 | $820,000 | $102,500 | $7,559 | 3.14% |
| Wabash, IN (FHA|USDA|VA) | 4 | $360,000 | $90,000 | $1,679 | 3.04% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $2,218 | 3.06% |
| TERRE HAUTE, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,815 | 2.50% |
| Van Wert, OH (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 2.99% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $2,325 | 2.63% |
| DECATUR, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.69% |
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 | 792 | $94,400,000 | $119,192 | $2,094 | 3.29% |
| HELOC | 2 | $320,000 | $160,000 | n/a | 3.88% |
For 2020, Midwest America's most frequently originated type of loan was Conventional, with 792 originations. Their 2nd most popular type was HELOC, with 2 originations.
Loan Reason
For 2020, Midwest America's most frequently cited loan purpose was Refi, with 474 originations. The 2nd most popular reason was Home Purchase, with 163 originations.
Loan Duration/Length
For 2020, Midwest America's most frequently cited loan duration was 10 Year, with 261 originations. The 2nd most popular length was 30 Year, with 213 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 372 | $54,780,000 | $147,258 |
| $1k-2k | 20 | $5,090,000 | $254,500 |
| $5k+ | 1 | $465,000 | $465,000 |
Midwest America's average total fees were $2,126, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 372 originations.
Interest Rates
During 2020, Midwest America's average interest rate for loans was 3.17%, while their most frequently originated rate bucket for loans was 3-4%, with 364 originations.
Loan Sizing
2020 saw Midwest America place emphasis on $100,000 or less loans with 422 originations, totaling $23,380,000 in origination value.
Applicant Income
Midwest America lent most frequently to those with incomes in the $50k or less range, with 231 originations. The second most popular income band? $50k-75k, with 214 originations.
Applicant Debt to Income Ratio
Midwest America lent most frequently to those with DTI ratios of 20-30%, with 229 originations. The next most common DTI ratio? <20%, with 177 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.37%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination84.38%
Midwest America has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 29 | $1,695,000 | $58,448 |
| 199.0 | 211 | $13,955,000 | $66,137 |
| 275.0 | 1 | $75,000 | $75,000 |
| 300.0 | 1 | $25,000 | $25,000 |
| 325.0 | 1 | $115,000 | $115,000 |
| 349.0 | 1 | $35,000 | $35,000 |
| 350.0 | 2 | $110,000 | $55,000 |
| 375.0 | 1 | $85,000 | $85,000 |
| 399.0 | 1 | $115,000 | $115,000 |
| 400.0 | 3 | $185,000 | $61,667 |
| 425.0 | 1 | $25,000 | $25,000 |
| 449.0 | 1 | $75,000 | $75,000 |
| 450.0 | 2 | $70,000 | $35,000 |
| 473.0 | 1 | $65,000 | $65,000 |
| 474.0 | 1 | $35,000 | $35,000 |
| 499.0 | 6 | $650,000 | $108,333 |
| 548.0 | 2 | $170,000 | $85,000 |
| 549.0 | 14 | $1,500,000 | $107,143 |
| 574.0 | 1 | $35,000 | $35,000 |
| 589.0 | 1 | $55,000 | $55,000 |
| 599.0 | 13 | $1,495,000 | $115,000 |
| 649.0 | 1 | $55,000 | $55,000 |
| 99.0 | 73 | $3,725,000 | $51,027 |
| NA | 426 | $70,370,000 | $165,188 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Midwest Loan Services, Inc. | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 2 | 33.3% |
| Midwest Loan Services, Inc. | Conventional home mortgage | Incorrect information on your report | 1 | 16.7% |
| Midwest Loan Services, Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 16.7% |
| Midwest Loan Services, Inc. | Conventional home mortgage | Trouble during payment process | 2 | 33.3% |