Iowa Bankers Mortgage Corporation Rates, Fees & Info
JOHNSTON, IALEI: 549300FSZH0FMQ1T8Y90
Tax ID: 42-1130287
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Mortgage Data
Review & Overview
Iowa Bankers Mortgage Corporation is a smaller bank specializing in Home Purchase loans. Iowa Bankers Mortgage Corporation has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Des Moines, Ames, Waterloo, Omaha, and Cedar Rapids among others. We have data for 58 markets. (Some data included below & more in-depth data is available with an active subscription.)Iowa Bankers Mortgage Corporation has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Iowa Bankers Mortgage Corporation 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.
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 | 6.34% | 4/21/24 |
| 30 Year Conventional Refi | 6.16% | 4/21/24 |
| 30 Year Cash-out Refi | 6.37% | 4/21/24 |
| 30 Year FHA Purchase | 7.20% | 4/21/24 |
| 30 Year FHA Refi | 6.75% | 4/21/24 |
| 30 Year VA Purchase | 6.19% | 4/21/24 |
| 30 Year VA Refi | 5.98% | 4/21/24 |
| 30 Year USDA Purchase | 6.61% | 4/21/24 |
| 15 Year Conventional Purchase | 5.86% | 4/21/24 |
| 15 Year Conventional Refi | 5.69% | 4/21/24 |
| 15 Year Cash-out Refi | 5.69% | 4/21/24 |
| 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. | ||
Iowa Bankers Mortgage Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,118Origination Dollar Volume (All Markets)
$440,600,000Awards
IOWA BANKERS MORTGAGE CORPORATION - 2023
IOWA BANKERS MORTGAGE CORPORATION is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Iowa Bankers Mortgage Corporation's average 30 year fixed mortgage rate was
6.44%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.04%.
Relative Fees (Closing Costs)
Iowa Bankers Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate
mortgage were $2,939.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 515 | $127,305,000 | $247,194 | $2,697 | 6.40% |
| Outside of Metro Areas | 500 | $81,280,000 | $162,560 | $3,067 | 6.42% |
| AMES, IA (FHA|USDA|VA) | 188 | $43,940,000 | $233,723 | $2,613 | 6.49% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 130 | $27,130,000 | $208,692 | $2,390 | 6.24% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 80 | $21,190,000 | $264,875 | $2,787 | 6.55% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 91 | $17,735,000 | $194,890 | $2,571 | 6.33% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 85 | $15,775,000 | $185,588 | $3,848 | 6.46% |
| Pella, IA (FHA|USDA|VA) | 73 | $14,965,000 | $205,000 | $2,285 | 6.20% |
| DUBUQUE, IA (FHA|USDA|VA) | 45 | $10,655,000 | $236,778 | $3,392 | 6.49% |
| Burlington, IA-IL (FHA|USDA|VA) | 54 | $8,580,000 | $158,889 | $2,545 | 6.57% |
| Marshalltown, IA (FHA|USDA|VA) | 44 | $6,830,000 | $155,227 | $2,898 | 6.28% |
| Fairmont, MN (FHA|USDA|VA) | 33 | $4,825,000 | $146,212 | $4,162 | 6.57% |
| Fort Dodge, IA (FHA|USDA|VA) | 27 | $4,775,000 | $176,852 | $2,632 | 6.69% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 16 | $4,560,000 | $285,000 | $5,120 | 6.34% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 10 | $4,050,000 | $405,000 | $4,836 | 6.38% |
| IOWA CITY, IA (FHA|USDA|VA) | 17 | $3,935,000 | $231,471 | $1,726 | 6.45% |
| Spirit Lake, IA (FHA|USDA|VA) | 13 | $3,425,000 | $263,462 | $4,355 | 6.75% |
| Muscatine, IA (FHA|USDA|VA) | 18 | $3,280,000 | $182,222 | $2,740 | 6.45% |
| MANKATO, MN (FHA|USDA|VA) | 14 | $3,170,000 | $226,429 | $4,566 | 6.59% |
| Spencer, IA (FHA|USDA|VA) | 17 | $3,025,000 | $177,941 | $2,419 | 6.30% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 8 | $2,520,000 | $315,000 | $4,975 | 6.19% |
| Owatonna, MN (FHA|USDA|VA) | 12 | $2,450,000 | $204,167 | $5,040 | 6.48% |
| Mason City, IA (FHA|USDA|VA) | 12 | $2,190,000 | $182,500 | $4,310 | 6.53% |
| Oskaloosa, IA (FHA|USDA|VA) | 14 | $2,030,000 | $145,000 | $2,894 | 6.28% |
| Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) | 15 | $1,835,000 | $122,333 | $2,266 | 6.73% |
| Clinton, IA (FHA|USDA|VA) | 8 | $1,710,000 | $213,750 | $2,491 | 6.42% |
| Carroll, IA (FHA|USDA|VA) | 9 | $1,535,000 | $170,556 | $3,090 | 6.71% |
| LINCOLN, NE (FHA|USDA|VA) | 5 | $1,415,000 | $283,000 | $2,998 | 7.15% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 7 | $1,155,000 | $165,000 | $2,571 | 6.41% |
| Brainerd, MN (FHA|USDA|VA) | 2 | $930,000 | $465,000 | $7,566 | 6.50% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $5,373 | 6.19% |
| Albert Lea, MN (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $6,910 | 7.04% |
| ST. CLOUD, MN (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $3,251 | 6.81% |
| New Ulm, MN (FHA|USDA|VA) | 5 | $875,000 | $175,000 | $3,948 | 6.45% |
| Ottumwa, IA (FHA|USDA|VA) | 7 | $855,000 | $122,143 | $2,758 | 6.54% |
| DULUTH, MN-WI (FHA|USDA|VA) | 2 | $790,000 | $395,000 | $3,008 | 7.31% |
| Fairfield, IA (FHA|USDA|VA) | 5 | $755,000 | $151,000 | $3,556 | 6.43% |
| Red Wing, MN (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $4,650 | 6.06% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $685,000 | $685,000 | $3,408 | 6.75% |
| ROCHESTER, MN (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $5,613 | 7.50% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $6,896 | 6.13% |
| MADISON, WI (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $2,493 | 8.13% |
| Marshall, MN (FHA|USDA|VA) | 3 | $425,000 | $141,667 | $3,638 | 6.67% |
| Winona, MN (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,004 | 7.25% |
| Austin, MN (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,653 | 6.88% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,654 | 6.25% |
| Aberdeen, SD (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $3,168 | 6.25% |
| GREEN BAY, WI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $1,866 | 6.25% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $3,421 | 6.38% |
| Vermillion, SD (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,615 | 5.63% |
| Storm Lake, IA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $1,653 | 6.63% |
| RAPID CITY, SD (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $2,298 | 6.75% |
| Platteville, WI (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $2,683 | 5.69% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,169 | 7.13% |
| Worthington, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $2,892 | 6.50% |
| Brookings, SD (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,142 | 6.50% |
| GRAND FORKS, ND-MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,041 | 6.63% |
| LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,271 | 6.25% |
Similar Lenders
We use machine learning to identify the top lenders compared against IOWA BANKERS MORTGAGE CORPORATION 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 2023, Iowa Bankers Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,920 originations. Their 2nd most popular type was USDA, with 104 originations.
Loan Reason
For 2023, Iowa Bankers Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 1,940 originations. The 2nd most popular reason was Refi, with 103 originations.
Loan Duration/Length
For 2023, Iowa Bankers Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,013 originations. The 2nd most popular length was 15 Year, with 84 originations.
Origination Fees/Closing Costs
Iowa Bankers Mortgage Corporation's average total fees were $2,939, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,005 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 1,108 | $237,790,000 | $214,612 |
| 5-6% | 653 | $123,165,000 | $188,614 |
| 7-8% | 337 | $75,125,000 | $222,923 |
| Over 8% | 11 | $2,485,000 | $225,909 |
| 4-5% | 9 | $2,035,000 | $226,111 |
During 2023, Iowa Bankers Mortgage Corporation's average interest rate for loans was 6.44%, while their most frequently originated rate bucket for loans was 6-7%, with 1,108 originations.
Loan Sizing
2023 saw Iowa Bankers Mortgage Corporation place emphasis on $100k-200k loans with 948 originations, totaling $142,570,000 in origination value.
Applicant Income
Iowa Bankers Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 533 originations. The second most popular income band? $100k-150k, with 437 originations.
Applicant Debt to Income Ratio
Iowa Bankers Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 468 originations. The next most common DTI ratio? 30-36%, with 426 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications92.06%
Iowa Bankers Mortgage Corporation has an average approval rate.
Pick Rate
Approvals leading to origination90.46%
Iowa Bankers Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,118 | $440,600,000 | $208,026 |