Iowa Bankers Mortgage Corporation Rates, Fees & Info

JOHNSTON, IA

LEI: 549300FSZH0FMQ1T8Y90

Tax ID: 42-1130287

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • 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, Cedar Rapids, Waterloo, and Sioux City among others. We have data for 53 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Iowa Bankers Mortgage Corporation has an 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 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.

    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






    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

    3,657

    Origination Dollar Volume (All Markets)

    $580,245,000
    Show all (26) awards

    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) 927 $170,255,000 $183,662 $2,555 4.47%
    Outside of Metro Areas 866 $108,520,000 $125,312 $2,698 4.48%
    AMES, IA (FHA|USDA|VA) 310 $59,060,000 $190,516 $2,192 4.47%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 173 $27,775,000 $160,549 $2,412 4.44%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 181 $27,085,000 $149,641 $2,139 4.30%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 154 $24,900,000 $161,688 $3,311 4.61%
    Burlington, IA-IL (FHA|USDA|VA) 168 $21,350,000 $127,083 $2,234 4.60%
    Pella, IA (FHA|USDA|VA) 96 $18,540,000 $193,125 $1,904 4.32%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 67 $12,475,000 $186,194 $2,595 4.39%
    Clinton, IA (FHA|USDA|VA) 76 $10,410,000 $136,974 $2,496 4.50%
    Fort Dodge, IA (FHA|USDA|VA) 77 $10,075,000 $130,844 $2,032 4.55%
    DUBUQUE, IA (FHA|USDA|VA) 52 $9,130,000 $175,577 $2,107 4.42%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 47 $7,485,000 $159,255 $1,889 4.41%
    Spencer, IA (FHA|USDA|VA) 40 $6,660,000 $166,500 $2,347 4.45%
    Mason City, IA (FHA|USDA|VA) 48 $5,930,000 $123,542 $3,559 4.52%
    IOWA CITY, IA (FHA|USDA|VA) 32 $5,910,000 $184,688 $2,992 4.43%
    Spirit Lake, IA (FHA|USDA|VA) 20 $5,100,000 $255,000 $2,592 4.45%
    Marshalltown, IA (FHA|USDA|VA) 40 $4,780,000 $119,500 $2,398 4.52%
    Fairmont, MN (FHA|USDA|VA) 34 $4,570,000 $134,412 $3,711 4.34%
    Carroll, IA (FHA|USDA|VA) 31 $3,615,000 $116,613 $2,583 4.41%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 13 $3,355,000 $258,077 $5,241 4.40%
    ROCHESTER, MN (FHA|USDA|VA) 14 $3,220,000 $230,000 $5,078 4.24%
    Oskaloosa, IA (FHA|USDA|VA) 23 $3,185,000 $138,478 $2,662 4.41%
    SIOUX FALLS, SD (FHA|USDA|VA) 15 $3,145,000 $209,667 $2,790 4.42%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 24 $3,100,000 $129,167 $2,833 4.42%
    Muscatine, IA (FHA|USDA|VA) 21 $2,945,000 $140,238 $3,356 4.33%
    Owatonna, MN (FHA|USDA|VA) 17 $2,605,000 $153,235 $5,318 4.37%
    Faribault-Northfield, MN (FHA|USDA|VA) 10 $2,240,000 $224,000 $6,799 4.25%
    Ottumwa, IA (FHA|USDA|VA) 20 $2,050,000 $102,500 $2,289 4.86%
    Fairfield, IA (FHA|USDA|VA) 14 $1,920,000 $137,143 $2,444 4.72%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 3 $975,000 $325,000 $4,372 4.04%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 5 $935,000 $187,000 $3,535 4.45%
    Storm Lake, IA (FHA|USDA|VA) 6 $650,000 $108,333 $2,418 4.69%
    MANKATO, MN (FHA|USDA|VA) 5 $605,000 $121,000 $4,057 4.85%
    Aberdeen, SD (FHA|USDA|VA) 2 $550,000 $275,000 $3,681 3.94%
    Yankton, SD (FHA|USDA|VA) 3 $535,000 $178,333 $3,031 4.13%
    Platteville, WI (FHA|USDA|VA) 2 $520,000 $260,000 $1,608 4.00%
    Austin, MN (FHA|USDA|VA) 2 $460,000 $230,000 $5,411 4.63%
    MADISON, WI (FHA|USDA|VA) 1 $445,000 $445,000 $2,217 4.63%
    Vermillion, SD (FHA|USDA|VA) 1 $375,000 $375,000 $5,001 4.38%
    Sterling, IL (FHA|USDA|VA) 3 $355,000 $118,333 $1,847 4.08%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $340,000 $170,000 $2,218 4.75%
    Willmar, MN (FHA|USDA|VA) 1 $305,000 $305,000 $1,833 4.00%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $275,000 $275,000 $3,035 4.75%
    RAPID CITY, SD (FHA|USDA|VA) 1 $245,000 $245,000 $2,441 4.50%
    Albert Lea, MN (FHA|USDA|VA) 2 $230,000 $115,000 $3,901 4.31%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $225,000 $225,000 $4,969 4.63%
    APPLETON, WI (FHA|USDA|VA) 1 $185,000 $185,000 $1,903 4.25%
    LINCOLN, NE (FHA|USDA|VA) 1 $165,000 $165,000 $2,555 3.75%
    Red Wing, MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,468 4.25%
    Worthington, MN (FHA|USDA|VA) 1 $135,000 $135,000 $3,474 4.25%
    New Ulm, MN (FHA|USDA|VA) 1 $125,000 $125,000 $2,550 4.63%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $85,000 $85,000 $1,678 4.88%
    Iowa Bankers Mortgage Corporation's top markets include Des Moines, Ames, Cedar Rapids, Waterloo, and Sioux City among others.

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

    • 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.

    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 45
    Iowa Nebraska State Bank
    Similarity Rank: 50
    Hills Bank and Trust Company
    Similarity Rank: 65
    Fidelity Bank & Trust
    Similarity Rank: 84
    United Community Bank
    Similarity Rank: 132
    Two Rivers Bank & Trust
    Similarity Rank: 135
    BankIowa of Cedar Rapids
    Similarity Rank: 144
    LIBERTY FIRST
    Similarity Rank: 153
    Fortress Bank
    Similarity Rank: 180
    American Trust & Savings Bank
    Similarity Rank: 189

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 3,254 $528,890,000 $162,535 $2,345 4.48%
    USDA 211 $20,485,000 $97,085 $3,738 4.39%
    VA 111 $20,085,000 $180,946 $5,392 4.24%
    FHA 81 $10,785,000 $133,148 $5,414 4.25%

    For 2018, Iowa Bankers Mortgage Corporation's most frequently originated type of loan was Conventional, with 3,254 originations. Their 2nd most popular type was USDA, with 211 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 2,789 $448,705,000 $160,884 $2,641 4.49%
    Cash Out Refi 472 $69,010,000 $146,208 $2,561 4.43%
    Refi 351 $57,235,000 $163,063 $2,268 4.30%
    Home Improvement 45 $5,295,000 $117,667 $1,981 4.41%

    For 2018, Iowa Bankers Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 2,789 originations. The 2nd most popular reason was Cash Out Refi, with 472 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,978 $480,890,000 $161,481 $2,640 4.56%
    15 Year 508 $74,680,000 $147,008 $2,332 3.98%
    20 Year 124 $19,200,000 $154,839 $2,497 4.35%
    10 Year 24 $2,650,000 $110,417 $2,531 3.92%
    Other 23 $2,825,000 $122,826 $1,900 4.60%

    For 2018, Iowa Bankers Mortgage Corporation's most frequently cited loan duration was 30 Year, with 2,978 originations. The 2nd most popular length was 15 Year, with 508 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,830 $285,820,000 $156,186
    $1k-2k 1,178 $156,950,000 $133,234
    $2k-3k 406 $71,390,000 $175,837
    $3k-4k 138 $34,710,000 $251,522
    $4k-5k 48 $14,520,000 $302,500
    $5k+ 44 $14,860,000 $337,727

    Iowa Bankers Mortgage Corporation's average total fees were $2,640, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,830 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 2,762 $442,070,000 $160,054
    3-4% 644 $108,700,000 $168,789
    5-6% 250 $29,380,000 $117,520
    6-7% 1 $95,000 $95,000

    During 2018, Iowa Bankers Mortgage Corporation's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 2,762 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,721 $245,485,000 $142,641 $2,514 4.47%
    $100,000 or less 1,013 $72,675,000 $71,742 $2,278 4.53%
    $200k-400k 833 $222,645,000 $267,281 $3,038 4.39%
    $400k-600k 89 $38,785,000 $435,787 $3,273 4.35%
    $600k-1MM 1 $655,000 $655,000 $4,720 4.25%

    2018 saw Iowa Bankers Mortgage Corporation place emphasis on $100k-200k loans with 1,721 originations, totaling $245,485,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 1,118 $110,930,000 $99,222 $2,447 4.54%
    $50k-75k 981 $135,415,000 $138,038 $2,504 4.48%
    $75k-100k 618 $108,900,000 $176,214 $2,644 4.44%
    $100k-150k 574 $126,200,000 $219,861 $2,752 4.40%
    $150k-250k 277 $72,505,000 $261,751 $2,822 4.36%
    $250k+ 89 $26,295,000 $295,449 $3,071 4.30%

    Iowa Bankers Mortgage Corporation lent most frequently to those with incomes in the $50k or less range, with 1,118 originations. The second most popular income band? $50k-75k, with 981 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 963 $141,205,000 $146,630 $2,539 4.44%
    30-36% 770 $124,150,000 $161,234 $2,637 4.47%
    <20% 293 $44,535,000 $151,997 $2,446 4.38%
    39% 150 $23,440,000 $156,267 $2,620 4.49%
    44% 145 $26,285,000 $181,276 $2,514 4.60%
    40% 140 $21,240,000 $151,714 $2,615 4.46%
    43% 133 $20,495,000 $154,098 $2,516 4.52%
    41% 133 $23,085,000 $173,571 $2,666 4.52%
    37% 119 $20,805,000 $174,832 $2,837 4.49%
    38% 119 $19,055,000 $160,126 $2,722 4.46%
    36% 116 $18,380,000 $158,448 $2,479 4.47%
    42% 113 $17,825,000 $157,743 $2,659 4.56%
    49% 106 $17,560,000 $165,660 $2,451 4.47%
    45% 88 $14,950,000 $169,886 $2,443 4.48%
    47% 84 $15,410,000 $183,452 $2,335 4.42%
    48% 81 $14,485,000 $178,827 $2,820 4.50%
    46% 81 $13,395,000 $165,370 $2,515 4.49%
    50-60% 18 $3,200,000 $177,778 $4,743 4.33%
    >60% 5 $745,000 $149,000 $3,533 4.48%

    Iowa Bankers Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 963 originations. The next most common DTI ratio? 30-36%, with 770 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 3,402 $537,580,000 $158,019 $2,593 4.46%
    Not provided 155 $26,965,000 $173,968 $2,447 4.48%
    Asian 70 $11,200,000 $160,000 $2,633 4.54%
    Black 20 $3,110,000 $155,500 $2,479 4.63%
    American Indian 8 $800,000 $100,000 $2,762 4.72%
    Native Hawaiian or Islander 1 $445,000 $445,000 $1,313 4.63%
    Asian Indian 1 $145,000 $145,000 $1,451 4.50%

    Approval Rates

    Total approvals of all applications
    79.37%

    Iowa Bankers Mortgage Corporation has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    98.36%

    Iowa Bankers Mortgage Corporation has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 3,657 $580,245,000 $158,667

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 20 $2,100,000 $105,000
    Single Family (1-4 Units):Site-Built 3,637 $578,145,000 $158,962

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 112 $10,830,000 $96,696 $2,098 4.14%
    40-60% 323 $46,235,000 $143,142 $2,194 4.28%
    60-80% 1,197 $211,465,000 $176,662 $2,459 4.43%
    80-100% 1,999 $307,165,000 $153,659 $2,702 4.54%
    Over 100% 18 $3,710,000 $206,111 $8,434 4.18%
    Under 20% 8 $840,000 $105,000 $2,444 4.34%