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, Bluffton, Decatur, Huntington, and Angola among others. We have data for 21 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 relatively high 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% | 10/13/24 |
| 30 Year Conventional Refi | 7.09% | 10/13/24 |
| 30 Year Cash-out Refi | 7.05% | 10/13/24 |
| 30 Year VA Purchase | 6.27% | 10/13/24 |
| 30 Year USDA Purchase | 6.27% | 10/13/24 |
| 15 Year Conventional Purchase | 6.70% | 10/13/24 |
| 15 Year Conventional Refi | 6.71% | 10/13/24 |
| 15 Year Cash-out Refi | 6.71% | 10/13/24 |
| 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
506Origination Dollar Volume (All Markets)
$53,880,000Awards
MIDWEST AMERICA - 2022
MIDWEST AMERICA is a 2022 , due to their low .
For 2022, 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) | 293 | $30,215,000 | $103,123 | $2,833 | 4.27% |
| Bluffton, IN (FHA|USDA|VA) | 22 | $4,490,000 | $204,091 | $2,253 | 4.33% |
| Decatur, IN (FHA|USDA|VA) | 40 | $3,980,000 | $99,500 | $2,600 | 4.20% |
| Huntington, IN (FHA|USDA|VA) | 37 | $3,575,000 | $96,622 | $2,505 | 4.09% |
| Angola, IN (FHA|USDA|VA) | 17 | $2,325,000 | $136,765 | $3,038 | 4.30% |
| Kendallville, IN (FHA|USDA|VA) | 18 | $2,020,000 | $112,222 | $3,061 | 4.10% |
| Auburn, IN (FHA|USDA|VA) | 15 | $1,535,000 | $102,333 | $3,155 | 4.37% |
| Outside of Metro Areas | 18 | $1,210,000 | $67,222 | $2,587 | 4.11% |
| Defiance, OH (FHA|USDA|VA) | 4 | $890,000 | $222,500 | $5,057 | 4.33% |
| DANVILLE, IL (FHA|USDA|VA) | 17 | $745,000 | $43,824 | $2,188 | 3.84% |
| BOWLING GREEN, KY (FHA|USDA|VA) | 5 | $715,000 | $143,000 | $4,729 | 3.52% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $0 | 4.25% |
| Coldwater, MI (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $9,002 | 2.57% |
| Warsaw, IN (FHA|USDA|VA) | 3 | $375,000 | $125,000 | $2,399 | 5.50% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 4 | $220,000 | $55,000 | $0 | 2.92% |
| Wabash, IN (FHA|USDA|VA) | 3 | $145,000 | $48,333 | $0 | 4.52% |
| Van Wert, OH (FHA|USDA|VA) | 3 | $135,000 | $45,000 | $0 | 3.79% |
| MUNCIE, IN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 5.50% |
| Glasgow, KY (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,755 | 5.38% |
| KOKOMO, IN (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 2.89% |
| Peru, IN (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 3.49% |
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.
Similarity Rank: 112
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 502 | $53,520,000 | $106,614 | $2,884 | 4.21% |
| HELOC | 4 | $360,000 | $90,000 | n/a | 5.13% |
For 2022, Midwest America's most frequently originated type of loan was Conventional, with 502 originations. Their 2nd most popular type was HELOC, with 4 originations.
Loan Reason
For 2022, Midwest America's most frequently cited loan purpose was Refi, with 277 originations. The 2nd most popular reason was Home Improvement, with 104 originations.
Loan Duration/Length
For 2022, Midwest America's most frequently cited loan duration was Other, with 175 originations. The 2nd most popular length was 10 Year, with 155 originations.
Origination Fees/Closing Costs
Midwest America's average total fees were $2,897, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 72 originations.
Interest Rates
During 2022, Midwest America's average interest rate for loans was 5.22%, while their most frequently originated rate bucket for loans was 3-4%, with 179 originations.
Loan Sizing
2022 saw Midwest America place emphasis on $100,000 or less loans with 338 originations, totaling $18,030,000 in origination value.
Applicant Income
Midwest America lent most frequently to those with incomes in the $50k-75k range, with 119 originations. The second most popular income band? $50k or less, with 112 originations.
Applicant Debt to Income Ratio
Midwest America lent most frequently to those with DTI ratios of 20-30%, with 151 originations. The next most common DTI ratio? <20%, with 100 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.52%
Midwest America has an average approval rate.
Pick Rate
Approvals leading to origination82.81%
Midwest America has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 26 | $1,090,000 | $41,923 |
| 1179.0 | 1 | $295,000 | $295,000 |
| 1249.0 | 1 | $315,000 | $315,000 |
| 1434.0 | 1 | $355,000 | $355,000 |
| 1759.0 | 1 | $255,000 | $255,000 |
| 1823.0 | 1 | $755,000 | $755,000 |
| 199.0 | 18 | $700,000 | $38,889 |
| 299.0 | 128 | $8,710,000 | $68,047 |
| 375.0 | 1 | $45,000 | $45,000 |
| 399.0 | 64 | $5,440,000 | $85,000 |
| 400.0 | 1 | $105,000 | $105,000 |
| 424.0 | 1 | $65,000 | $65,000 |
| 425.0 | 1 | $65,000 | $65,000 |
| 450.0 | 6 | $410,000 | $68,333 |
| 474.0 | 1 | $25,000 | $25,000 |
| 494.0 | 3 | $185,000 | $61,667 |
| 499.0 | 5 | $175,000 | $35,000 |
| 514.0 | 1 | $175,000 | $175,000 |
| 524.0 | 5 | $225,000 | $45,000 |
| 549.0 | 3 | $145,000 | $48,333 |
| 574.0 | 2 | $210,000 | $105,000 |
| 599.0 | 4 | $210,000 | $52,500 |
| 610.0 | 1 | $335,000 | $335,000 |
| 614.0 | 1 | $55,000 | $55,000 |
| 623.0 | 1 | $95,000 | $95,000 |
| 624.0 | 4 | $250,000 | $62,500 |
| 648.0 | 1 | $55,000 | $55,000 |
| 649.0 | 1 | $15,000 | $15,000 |
| 674.0 | 3 | $235,000 | $78,333 |
| 684.0 | 1 | $55,000 | $55,000 |
| 689.0 | 2 | $100,000 | $50,000 |
| 698.0 | 1 | $35,000 | $35,000 |
| 699.0 | 4 | $1,250,000 | $312,500 |
| 723.0 | 2 | $130,000 | $65,000 |
| 724.0 | 2 | $220,000 | $110,000 |
| 749.0 | 9 | $1,035,000 | $115,000 |
| 774.0 | 2 | $370,000 | $185,000 |
| 794.0 | 2 | $160,000 | $80,000 |
| 799.0 | 4 | $750,000 | $187,500 |
| 823.0 | 1 | $105,000 | $105,000 |
| 824.0 | 2 | $280,000 | $140,000 |
| 848.0 | 1 | $245,000 | $245,000 |
| 849.0 | 3 | $255,000 | $85,000 |
| 873.0 | 1 | $155,000 | $155,000 |
| 874.0 | 1 | $105,000 | $105,000 |
| 984.0 | 1 | $295,000 | $295,000 |
| 989.0 | 1 | $355,000 | $355,000 |
| 99.0 | 39 | $1,295,000 | $33,205 |
| NA | 140 | $25,690,000 | $183,500 |
LTV Distribution
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% |