Midwest Community Bank Mortgage Rates, Fees & Info
Freeport, ILLEI: 549300FGUI1NQCS1M144
Tax ID: 36-2559411
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Mortgage Data
Review & Overview
Midwest Community Bank is a smaller bank specializing in Home Purchase loans. Midwest Community Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Chicago, Rockford, Freeport, Rochelle, and North Port among others. We have data for 63 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest Community Bank 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 Community Bank 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 | 6.76% | 4/28/24 |
| 30 Year Conventional Refi | 6.52% | 4/28/24 |
| 30 Year Cash-out Refi | 6.85% | 4/28/24 |
| 30 Year FHA Purchase | 7.32% | 4/28/24 |
| 30 Year FHA Refi | 6.93% | 4/28/24 |
| 30 Year VA Purchase | 6.24% | 4/28/24 |
| 15 Year Conventional Purchase | 6.02% | 4/28/24 |
| 15 Year Conventional Refi | 6.05% | 4/28/24 |
| 15 Year Cash-out Refi | 6.05% | 4/28/24 |
| 15 Year FHA Refi | 6.57% | 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 Community Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
748Origination Dollar Volume (All Markets)
$153,480,000Awards
Midwest Community Bank - 2022
Midwest Community Bank 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 |
|---|---|---|---|---|---|
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 262 | $64,810,000 | $247,366 | $5,410 | 4.16% |
| ROCKFORD, IL (FHA|USDA|VA) | 331 | $48,425,000 | $146,299 | $3,750 | 4.45% |
| Freeport, IL (FHA|USDA|VA) | 43 | $4,995,000 | $116,163 | $3,613 | 4.42% |
| Rochelle, IL (FHA|USDA|VA) | 14 | $3,310,000 | $236,429 | $3,790 | 4.19% |
| Outside of Metro Areas | 10 | $3,030,000 | $303,000 | $4,039 | 3.96% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 5 | $2,105,000 | $421,000 | $7,468 | 4.40% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $1,655,000 | $1,655,000 | $16,405 | 3.50% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 4 | $1,650,000 | $412,500 | $4,534 | 4.62% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 3 | $1,585,000 | $528,333 | $9,041 | 5.17% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $1,485,000 | $1,485,000 | $6,482 | 6.13% |
| MADISON, WI (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $3,080 | 4.50% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 7 | $995,000 | $142,143 | $3,524 | 3.80% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $5,522 | 3.50% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $7,164 | 4.63% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $855,000 | $855,000 | $8,242 | 4.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $3,140 | 5.63% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $0 | 3.88% |
| Bozeman, MT (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $3,462 | 4.63% |
| KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $8,934 | 5.00% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $3,844 | 3.81% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $2,133 | 4.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $5,709 | 2.99% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $595,000 | $595,000 | $8,369 | 5.38% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $555,000 | $555,000 | $0 | 4.63% |
| SANTA FE, NM (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $1,848 | 4.50% |
| OCALA, FL (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $3,155 | 5.44% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 5 | $505,000 | $101,000 | $3,352 | 4.38% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,592 | 3.99% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $3,631 | 3.25% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 5.25% |
| Sterling, IL (FHA|USDA|VA) | 3 | $355,000 | $118,333 | $4,038 | 5.33% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $2,594 | 4.88% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $8,439 | 4.88% |
| El Campo, TX (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $10,149 | 3.50% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,975 | 3.63% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,624 | 5.88% |
| EVANSVILLE, IN-KY (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,680 | 3.13% |
| Georgetown, SC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,845 | 5.13% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $2,330 | 3.63% |
| RACINE, WI (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $4,100 | 3.63% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,279 | 5.50% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,229 | 3.38% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,711 | 5.25% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,600 | 5.75% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $8,094 | 4.75% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,131 | 4.50% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,577 | 2.63% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $2,451 | 3.88% |
| ROME, GA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $4,196 | 3.49% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,661 | 3.75% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,343 | 3.13% |
| TOLEDO, OH (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,192 | 4.63% |
| IOWA CITY, IA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 6.63% |
| AMES, IA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,483 | 3.50% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,886 | 2.63% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $2,403 | 3.13% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,473 | 4.25% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.00% |
| Clinton, IA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,359 | 3.75% |
| Mount Vernon, IL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $2,618 | 5.25% |
| TYLER, TX (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,812 | 3.13% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,622 | 2.75% |
| Platteville, WI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $2,945 | 4.75% |
Similar Lenders
We use machine learning to identify the top lenders compared against Midwest Community Bank 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
For 2022, Midwest Community Bank's most frequently originated type of loan was Conventional, with 603 originations. Their 2nd most popular type was FHA, with 118 originations.
Loan Reason
For 2022, Midwest Community Bank's most frequently cited loan purpose was Home Purchase, with 589 originations. The 2nd most popular reason was Cash Out Refi, with 81 originations.
Loan Duration/Length
For 2022, Midwest Community Bank's most frequently cited loan duration was 30 Year, with 677 originations. The 2nd most popular length was 15 Year, with 61 originations.
Origination Fees/Closing Costs
Midwest Community Bank's average total fees were $4,667, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 424 originations.
Interest Rates
During 2022, Midwest Community Bank's average interest rate for loans was 4.43%, while their most frequently originated rate bucket for loans was 3-4%, with 281 originations.
Loan Sizing
2022 saw Midwest Community Bank place emphasis on $100k-200k loans with 334 originations, totaling $48,660,000 in origination value.
Applicant Income
Midwest Community Bank lent most frequently to those with incomes in the $50k or less range, with 203 originations. The second most popular income band? $50k-75k, with 201 originations.
Applicant Debt to Income Ratio
Midwest Community Bank lent most frequently to those with DTI ratios of 30-36%, with 134 originations. The next most common DTI ratio? 20-30%, with 126 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.26%
Midwest Community Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination69.25%
Midwest Community Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 748 | $153,480,000 | $205,187 |
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% |