Iowa Bankers Mortgage Corporation Rates, Fees & Info

JOHNSTON, IA

LEI: 549300FSZH0FMQ1T8Y90

Tax ID: 42-1130287

5 stars - Updated: 5/20/24 - out of 5 stars, based on 46 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.34% 5/20/24
30 Year Conventional Refi 6.16% 5/20/24
30 Year Cash-out Refi 6.37% 5/20/24
30 Year FHA Purchase 7.20% 5/20/24
30 Year FHA Refi 6.75% 5/20/24
30 Year VA Purchase 6.19% 5/20/24
30 Year VA Refi 5.98% 5/20/24
30 Year USDA Purchase 6.61% 5/20/24
15 Year Conventional Purchase 5.86% 5/20/24
15 Year Conventional Refi 5.69% 5/20/24
15 Year Cash-out Refi 5.69% 5/20/24
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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Iowa Bankers Mortgage Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

2,118

Origination Dollar Volume (All Markets)

$440,600,000
Show all (25) awards

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%
Iowa Bankers Mortgage Corporation's top markets include Des Moines, Ames, Waterloo, Omaha, and Cedar Rapids among others.

Their top states include:
  • Iowa (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Nebraska (FHA|USDA|VA)
  • South Dakota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,920 $408,170,000 $212,589 $2,757 6.41%
    USDA 104 $12,520,000 $120,385 $3,926 6.49%
    FHA 51 $9,205,000 $180,490 $5,708 6.88%
    VA 43 $10,705,000 $248,953 $4,737 6.58%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,940 $407,900,000 $210,258 $2,954 6.42%
    Refi 103 $21,515,000 $208,883 $2,503 6.39%
    Cash Out Refi 54 $8,610,000 $159,444 $3,011 6.58%
    Other 13 $1,575,000 $121,154 $2,328 6.39%
    Home Improvement 8 $1,000,000 $125,000 $2,691 6.66%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,013 $419,275,000 $208,284 $2,939 6.44%
    15 Year 84 $16,520,000 $196,667 $2,681 5.93%
    20 Year 13 $3,885,000 $298,846 $3,123 6.62%
    Other 5 $685,000 $137,000 $2,885 6.43%
    10 Year 3 $235,000 $78,333 $2,155 6.08%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,005 $204,415,000 $203,398
    $1k-2k 709 $141,245,000 $199,217
    $2k-3k 220 $43,810,000 $199,136
    $3k-4k 85 $22,735,000 $267,471
    $4k-5k 40 $13,150,000 $328,750
    $5k+ 30 $11,750,000 $391,667

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 948 $142,570,000 $150,390 $2,816 6.36%
    $200k-400k 699 $190,125,000 $271,996 $3,104 6.51%
    $100,000 or less 301 $22,635,000 $75,199 $2,547 6.39%
    $400k-600k 138 $64,210,000 $465,290 $3,423 6.56%
    $600k-1MM 32 $21,060,000 $658,125 $3,704 6.43%

    2023 saw Iowa Bankers Mortgage Corporation place emphasis on $100k-200k loans with 948 originations, totaling $142,570,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 533 $83,875,000 $157,364 $2,824 6.33%
    $100k-150k 437 $110,025,000 $251,773 $3,149 6.50%
    $75k-100k 395 $77,865,000 $197,127 $2,871 6.47%
    $50k or less 368 $41,240,000 $112,065 $2,733 6.30%
    $150k-250k 274 $87,680,000 $320,000 $3,058 6.54%
    $250k+ 111 $39,915,000 $359,595 $3,117 6.56%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 468 $91,670,000 $195,876 $2,810 6.36%
    30-36% 426 $87,390,000 $205,141 $2,874 6.35%
    <20% 150 $23,040,000 $153,600 $2,547 6.30%
    36% 100 $21,270,000 $212,700 $2,821 6.49%
    38% 99 $18,985,000 $191,768 $2,764 6.38%
    42% 92 $19,450,000 $211,413 $3,001 6.57%
    43% 80 $17,440,000 $218,000 $3,403 6.47%
    44% 79 $17,005,000 $215,253 $3,010 6.56%
    37% 75 $16,565,000 $220,867 $2,836 6.48%
    40% 74 $15,210,000 $205,541 $2,770 6.43%
    39% 73 $15,195,000 $208,151 $3,346 6.48%
    45% 68 $14,220,000 $209,118 $3,296 6.42%
    48% 67 $18,455,000 $275,448 $3,151 6.62%
    49% 67 $18,425,000 $275,000 $2,952 6.53%
    41% 65 $14,855,000 $228,538 $2,624 6.50%
    47% 61 $13,295,000 $217,951 $3,286 6.37%
    46% 58 $13,430,000 $231,552 $3,088 6.68%
    50-60% 15 $4,085,000 $272,333 $6,164 6.76%
    >60% 1 $615,000 $615,000 $1,342 7.13%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,958 $403,690,000 $206,175 $2,913 6.42%
    Not provided 93 $20,905,000 $224,785 $3,190 6.45%
    Asian 29 $6,395,000 $220,517 $2,342 6.34%
    Black 19 $4,345,000 $228,684 $3,632 6.76%
    American Indian 9 $2,245,000 $249,444 $4,390 6.25%
    Asian Indian 6 $2,050,000 $341,667 $2,680 6.38%
    Other Asian 1 $395,000 $395,000 $2,298 7.13%
    Filipino 2 $380,000 $190,000 $2,317 5.94%
    Native Hawaiian or Islander 1 $195,000 $195,000 $2,122 6.25%

    Approval Rates

    Total approvals of all applications
    92.06%

    Iowa Bankers Mortgage Corporation has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.46%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,118 $440,600,000 $208,026

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 102 $13,800,000 $135,294 $2,516 6.28%
    40-60% 196 $37,640,000 $192,041 $2,714 6.26%
    60-80% 632 $142,620,000 $225,665 $2,811 6.48%
    80-100% 1,167 $244,225,000 $209,276 $3,041 6.44%
    Over 100% 7 $1,485,000 $212,143 $7,906 6.82%
    Under 20% 14 $830,000 $59,286 $2,169 6.16%