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, Kendallville, Huntington, and Angola among others. We have data for 22 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
712Origination Dollar Volume (All Markets)
$76,110,000Awards
MIDWEST AMERICA - 2021
MIDWEST AMERICA is a 2021 , due to their low .
For 2021, 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) | 413 | $43,675,000 | $105,751 | $2,263 | 3.25% |
| Decatur, IN (FHA|USDA|VA) | 54 | $5,330,000 | $98,704 | $2,103 | 3.35% |
| Kendallville, IN (FHA|USDA|VA) | 40 | $4,620,000 | $115,500 | $2,461 | 3.20% |
| Huntington, IN (FHA|USDA|VA) | 37 | $3,625,000 | $97,973 | $2,228 | 3.09% |
| Angola, IN (FHA|USDA|VA) | 30 | $3,540,000 | $118,000 | $2,634 | 3.23% |
| Outside of Metro Areas | 21 | $2,775,000 | $132,143 | $2,505 | 3.24% |
| Bluffton, IN (FHA|USDA|VA) | 20 | $2,580,000 | $129,000 | $2,030 | 3.18% |
| Warsaw, IN (FHA|USDA|VA) | 6 | $1,800,000 | $300,000 | $2,761 | 3.10% |
| Auburn, IN (FHA|USDA|VA) | 15 | $1,545,000 | $103,000 | $2,885 | 3.01% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 14 | $1,390,000 | $99,286 | $2,844 | 3.64% |
| DANVILLE, IL (FHA|USDA|VA) | 18 | $1,210,000 | $67,222 | $2,069 | 2.99% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 11 | $975,000 | $88,636 | $3,328 | 3.02% |
| Charleston-Mattoon, IL (FHA|USDA|VA) | 8 | $900,000 | $112,500 | $2,220 | 3.04% |
| Wabash, IN (FHA|USDA|VA) | 7 | $595,000 | $85,000 | $1,678 | 3.48% |
| Defiance, OH (FHA|USDA|VA) | 6 | $460,000 | $76,667 | $2,975 | 3.22% |
| Van Wert, OH (FHA|USDA|VA) | 4 | $320,000 | $80,000 | $2,399 | 2.74% |
| Celina, OH (FHA|USDA|VA) | 2 | $270,000 | $135,000 | $3,039 | 3.13% |
| Marion, IN (FHA|USDA|VA) | 2 | $210,000 | $105,000 | $1,772 | 3.03% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 4.25% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 2.69% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.50% |
| MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 4.49% |
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 | 707 | $75,145,000 | $106,287 | $2,297 | 3.23% |
| HELOC | 5 | $965,000 | $193,000 | n/a | 4.55% |
For 2021, Midwest America's most frequently originated type of loan was Conventional, with 707 originations. Their 2nd most popular type was HELOC, with 5 originations.
Loan Reason
For 2021, Midwest America's most frequently cited loan purpose was Refi, with 411 originations. The 2nd most popular reason was Home Purchase, with 134 originations.
Loan Duration/Length
For 2021, Midwest America's most frequently cited loan duration was 10 Year, with 267 originations. The 2nd most popular length was 30 Year, with 162 originations.
Origination Fees/Closing Costs
Midwest America's average total fees were $2,400, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 250 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 378 | $34,610,000 | $91,561 |
| 3-4% | 216 | $30,780,000 | $142,500 |
| 4-5% | 78 | $7,010,000 | $89,872 |
| <2.5% | 27 | $3,015,000 | $111,667 |
| 5-6% | 13 | $695,000 | $53,462 |
During 2021, Midwest America's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 2.5-3%, with 378 originations.
Loan Sizing
2021 saw Midwest America place emphasis on $100,000 or less loans with 423 originations, totaling $24,055,000 in origination value.
Applicant Income
Midwest America lent most frequently to those with incomes in the $50k-75k range, with 197 originations. The second most popular income band? $50k or less, with 185 originations.
Applicant Debt to Income Ratio
Midwest America lent most frequently to those with DTI ratios of 20-30%, with 225 originations. The next most common DTI ratio? <20%, with 149 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.68%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination82.30%
Midwest America has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 47 | $2,395,000 | $50,957 |
| 199.0 | 27 | $1,945,000 | $72,037 |
| 299.0 | 253 | $17,215,000 | $68,043 |
| 375.0 | 2 | $50,000 | $25,000 |
| 400.0 | 2 | $130,000 | $65,000 |
| 449.0 | 1 | $25,000 | $25,000 |
| 474.0 | 3 | $225,000 | $75,000 |
| 475.0 | 1 | $45,000 | $45,000 |
| 499.0 | 4 | $180,000 | $45,000 |
| 524.0 | 3 | $195,000 | $65,000 |
| 549.0 | 3 | $185,000 | $61,667 |
| 599.0 | 2 | $330,000 | $165,000 |
| 624.0 | 1 | $95,000 | $95,000 |
| 649.0 | 5 | $395,000 | $79,000 |
| 674.0 | 6 | $800,000 | $133,333 |
| 689.0 | 1 | $145,000 | $145,000 |
| 698.0 | 2 | $250,000 | $125,000 |
| 699.0 | 12 | $1,180,000 | $98,333 |
| 724.0 | 5 | $625,000 | $125,000 |
| 749.0 | 1 | $75,000 | $75,000 |
| 789.0 | 1 | $155,000 | $155,000 |
| 794.0 | 1 | $85,000 | $85,000 |
| 99.0 | 10 | $390,000 | $39,000 |
| NA | 319 | $48,995,000 | $153,589 |
LTV Distribution
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% |