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
  • Complaints
  • 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 small bank specializing in Home Purchase, Refi, and Cash Out Refi 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, Cedar Rapids, and Pella among others. We have data for 79 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% 12/3/24
    30 Year Conventional Refi 6.16% 12/3/24
    30 Year Cash-out Refi 6.37% 12/3/24
    30 Year FHA Purchase 7.20% 12/3/24
    30 Year FHA Refi 6.75% 12/3/24
    30 Year VA Purchase 6.19% 12/3/24
    30 Year VA Refi 5.98% 12/3/24
    30 Year USDA Purchase 6.61% 12/3/24
    15 Year Conventional Purchase 5.86% 12/3/24
    15 Year Conventional Refi 5.69% 12/3/24
    15 Year Cash-out Refi 5.69% 12/3/24
    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

    7,736

    Origination Dollar Volume (All Markets)

    $1,429,480,000
    Show all (32) 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) 2,115 $462,225,000 $218,546 $2,373 2.74%
    Outside of Metro Areas 1,925 $289,185,000 $150,226 $2,820 2.79%
    AMES, IA (FHA|USDA|VA) 602 $117,610,000 $195,365 $1,977 2.82%
    WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 488 $85,110,000 $174,406 $1,767 2.60%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 294 $56,250,000 $191,327 $3,040 2.80%
    Pella, IA (FHA|USDA|VA) 277 $51,435,000 $185,686 $1,745 2.76%
    DUBUQUE, IA (FHA|USDA|VA) 179 $40,335,000 $225,335 $2,493 2.65%
    OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) 207 $38,785,000 $187,367 $2,429 2.83%
    SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 184 $35,210,000 $191,359 $3,173 2.80%
    Burlington, IA-IL (FHA|USDA|VA) 176 $23,880,000 $135,682 $1,925 2.76%
    IOWA CITY, IA (FHA|USDA|VA) 96 $22,190,000 $231,146 $2,384 2.73%
    Marshalltown, IA (FHA|USDA|VA) 146 $19,040,000 $130,411 $2,419 2.77%
    Spirit Lake, IA (FHA|USDA|VA) 73 $16,545,000 $226,644 $2,210 2.84%
    Spencer, IA (FHA|USDA|VA) 111 $16,355,000 $147,342 $1,973 2.69%
    Fort Dodge, IA (FHA|USDA|VA) 113 $14,015,000 $124,027 $1,898 2.76%
    Carroll, IA (FHA|USDA|VA) 85 $13,415,000 $157,824 $2,294 2.70%
    SIOUX FALLS, SD (FHA|USDA|VA) 51 $12,715,000 $249,314 $3,389 2.77%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 51 $12,625,000 $247,549 $4,830 2.81%
    Clinton, IA (FHA|USDA|VA) 77 $11,445,000 $148,636 $2,252 2.77%
    MANKATO, MN (FHA|USDA|VA) 59 $11,385,000 $192,966 $4,233 2.71%
    Oskaloosa, IA (FHA|USDA|VA) 62 $9,920,000 $160,000 $1,794 2.78%
    Mason City, IA (FHA|USDA|VA) 57 $9,385,000 $164,649 $2,859 2.80%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 45 $6,575,000 $146,111 $2,278 2.74%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 20 $6,130,000 $306,500 $4,262 2.64%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 32 $5,790,000 $180,938 $2,333 2.64%
    ROCHESTER, MN (FHA|USDA|VA) 21 $5,275,000 $251,190 $3,058 2.71%
    Fairfield, IA (FHA|USDA|VA) 31 $4,215,000 $135,968 $2,136 3.01%
    Platteville, WI (FHA|USDA|VA) 11 $2,925,000 $265,909 $3,363 2.83%
    Ottumwa, IA (FHA|USDA|VA) 22 $2,840,000 $129,091 $2,905 2.91%
    Fairmont, MN (FHA|USDA|VA) 15 $2,385,000 $159,000 $4,212 2.88%
    Muscatine, IA (FHA|USDA|VA) 13 $2,105,000 $161,923 $2,836 2.86%
    ST. CLOUD, MN (FHA|USDA|VA) 8 $1,940,000 $242,500 $4,170 2.63%
    Storm Lake, IA (FHA|USDA|VA) 8 $1,590,000 $198,750 $3,371 2.64%
    Brainerd, MN (FHA|USDA|VA) 5 $1,325,000 $265,000 $3,611 2.63%
    Owatonna, MN (FHA|USDA|VA) 5 $1,215,000 $243,000 $3,634 2.63%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $970,000 $242,500 $6,719 3.47%
    Yankton, SD (FHA|USDA|VA) 3 $835,000 $278,333 $2,992 2.67%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $740,000 $370,000 $2,535 3.00%
    Faribault-Northfield, MN (FHA|USDA|VA) 3 $715,000 $238,333 $4,645 2.63%
    Austin, MN (FHA|USDA|VA) 6 $700,000 $116,667 $2,981 2.63%
    MADISON, WI (FHA|USDA|VA) 3 $675,000 $225,000 $2,550 2.50%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $580,000 $290,000 $4,068 2.44%
    Worthington, MN (FHA|USDA|VA) 3 $555,000 $185,000 $2,749 2.96%
    Willmar, MN (FHA|USDA|VA) 2 $510,000 $255,000 $3,675 1.94%
    Kearney, NE (FHA|USDA|VA) 2 $500,000 $250,000 $4,206 2.44%
    Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $475,000 $475,000 $2,549 2.75%
    RACINE, WI (FHA|USDA|VA) 2 $450,000 $225,000 $2,146 2.50%
    Vermillion, SD (FHA|USDA|VA) 1 $445,000 $445,000 $6,909 3.25%
    Alexandria, MN (FHA|USDA|VA) 2 $430,000 $215,000 $3,437 2.75%
    Grand Rapids, MN (FHA|USDA|VA) 1 $425,000 $425,000 $3,920 2.88%
    BISMARCK, ND (FHA|USDA|VA) 1 $375,000 $375,000 $5,366 3.13%
    LINCOLN, NE (FHA|USDA|VA) 1 $375,000 $375,000 $2,354 2.88%
    Baraboo, WI (FHA|USDA|VA) 1 $375,000 $375,000 $3,411 2.75%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 1 $355,000 $355,000 $1,903 3.00%
    Watertown, SD (FHA|USDA|VA) 1 $345,000 $345,000 $3,700 2.25%
    Albert Lea, MN (FHA|USDA|VA) 4 $320,000 $80,000 $2,698 2.50%
    Hutchinson, MN (FHA|USDA|VA) 2 $320,000 $160,000 $4,603 2.88%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $295,000 $295,000 $2,232 2.50%
    Norfolk, NE (FHA|USDA|VA) 1 $275,000 $275,000 $4,161 2.75%
    COLUMBIA, MO (FHA|USDA|VA) 1 $275,000 $275,000 $1,362 3.00%
    FORT COLLINS, CO (FHA|USDA|VA) 1 $265,000 $265,000 $1,508 2.75%
    Winona, MN (FHA|USDA|VA) 2 $260,000 $130,000 $2,766 2.56%
    JEFFERSON CITY, MO (FHA|USDA|VA) 1 $245,000 $245,000 $2,464 3.00%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $245,000 $245,000 $2,800 2.38%
    Bemidji, MN (FHA|USDA|VA) 1 $245,000 $245,000 $5,628 2.88%
    New Ulm, MN (FHA|USDA|VA) 2 $240,000 $120,000 $3,913 3.13%
    Fergus Falls, MN (FHA|USDA|VA) 1 $225,000 $225,000 $2,347 2.00%
    Spearfish, SD (FHA|USDA|VA) 1 $225,000 $225,000 $0 3.38%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 1 $215,000 $215,000 $4,955 3.00%
    Red Wing, MN (FHA|USDA|VA) 1 $205,000 $205,000 $4,259 2.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $205,000 $205,000 $2,151 3.00%
    Breckenridge, CO (FHA|USDA|VA) 1 $195,000 $195,000 $2,754 2.25%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 1 $185,000 $185,000 $2,555 3.38%
    Aberdeen, SD (FHA|USDA|VA) 1 $185,000 $185,000 $2,249 2.38%
    Menomonie, WI (FHA|USDA|VA) 1 $165,000 $165,000 $3,842 2.50%
    Mitchell, SD (FHA|USDA|VA) 1 $165,000 $165,000 $3,786 2.00%
    Branson, MO (FHA|USDA|VA) 1 $145,000 $145,000 $2,884 3.38%
    RAPID CITY, SD (FHA|USDA|VA) 1 $125,000 $125,000 $3,416 2.13%
    Beatrice, NE (FHA|USDA|VA) 1 $55,000 $55,000 $0 3.75%
    Iowa Bankers Mortgage Corporation's top markets include Des Moines, Ames, Waterloo, Cedar Rapids, and Pella among others.

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

    Hills Bank and Trust Company
    Similarity Rank: 110
    BankIowa of Cedar Rapids
    Similarity Rank: 120
    SIOUXLAND FEDERAL CREDIT UNION
    Similarity Rank: 180
    Community Savings Bank
    Similarity Rank: 190
    DuTrac Community Credit Union
    Similarity Rank: 204
    RESIDENTIAL MORTGAGE NETWORK, INC.
    Similarity Rank: 289
    LINN AREA
    Similarity Rank: 290
    KELLOGG MIDWEST FEDERAL CREDIT UNION
    Similarity Rank: 322
    Fortress Bank
    Similarity Rank: 352
    Farmers State Bank
    Similarity Rank: 357

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 7,303 $1,369,895,000 $187,580 $2,329 2.75%
    USDA 271 $30,595,000 $112,897 $3,919 2.88%
    VA 93 $18,395,000 $197,796 $7,074 2.81%
    FHA 69 $10,595,000 $153,551 $5,984 2.90%

    For 2021, Iowa Bankers Mortgage Corporation's most frequently originated type of loan was Conventional, with 7,303 originations. Their 2nd most popular type was USDA, with 271 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,147 $606,095,000 $192,595 $2,739 2.85%
    Refi 2,832 $511,150,000 $180,491 $2,119 2.62%
    Cash Out Refi 1,748 $311,220,000 $178,043 $2,603 2.82%
    Home Improvement 9 $1,015,000 $112,778 $2,259 2.61%

    For 2021, Iowa Bankers Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 3,147 originations. The 2nd most popular reason was Refi, with 2,832 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 4,875 $946,005,000 $194,052 $2,597 2.95%
    15 Year 2,279 $381,865,000 $167,558 $2,299 2.37%
    20 Year 333 $64,495,000 $193,679 $2,347 2.81%
    10 Year 137 $18,355,000 $133,978 $2,029 2.21%
    Other 112 $18,760,000 $167,500 $2,112 2.92%

    For 2021, Iowa Bankers Mortgage Corporation's most frequently cited loan duration was 30 Year, with 4,875 originations. The 2nd most popular length was 15 Year, with 2,279 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 4,417 $821,175,000 $185,912
    $1k-2k 1,866 $317,570,000 $170,188
    $2k-3k 733 $134,665,000 $183,718
    $3k-4k 274 $70,740,000 $258,175
    $4k-5k 87 $27,175,000 $312,356
    $5k+ 60 $24,260,000 $404,333

    Iowa Bankers Mortgage Corporation's average total fees were $2,597, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 4,417 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 3,892 $750,920,000 $192,939
    <2.5% 2,327 $407,645,000 $175,180
    3-4% 1,516 $270,730,000 $178,582
    4-5% 1 $185,000 $185,000

    During 2021, Iowa Bankers Mortgage Corporation's average interest rate for loans was 2.95%, while their most frequently originated rate bucket for loans was 2.5-3%, with 3,892 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 3,539 $516,795,000 $146,029 $2,338 2.76%
    $200k-400k 2,324 $627,890,000 $270,176 $2,774 2.76%
    $100,000 or less 1,511 $112,195,000 $74,252 $2,169 2.75%
    $400k-600k 362 $172,600,000 $476,796 $3,132 2.75%

    2021 saw Iowa Bankers Mortgage Corporation place emphasis on $100k-200k loans with 3,539 originations, totaling $516,795,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,922 $290,560,000 $151,176 $2,379 2.78%
    $100k-150k 1,708 $380,450,000 $222,746 $2,386 2.72%
    $50k or less 1,613 $176,395,000 $109,358 $2,461 2.82%
    $75k-100k 1,385 $254,885,000 $184,032 $2,355 2.77%
    $150k-250k 814 $227,040,000 $278,919 $2,522 2.71%
    $250k+ 293 $99,985,000 $341,246 $4,350 2.62%

    Iowa Bankers Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 1,922 originations. The second most popular income band? $100k-150k, with 1,708 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 2,382 $433,710,000 $182,078 $2,333 2.73%
    30-36% 1,601 $295,345,000 $184,475 $2,383 2.78%
    <20% 1,074 $188,850,000 $175,838 $2,655 2.64%
    36% 266 $47,810,000 $179,737 $2,407 2.81%
    44% 254 $48,960,000 $192,756 $2,534 2.84%
    37% 244 $46,040,000 $188,689 $3,406 2.83%
    39% 234 $45,400,000 $194,017 $2,653 2.81%
    40% 231 $41,615,000 $180,152 $2,333 2.81%
    41% 227 $45,115,000 $198,744 $2,627 2.83%
    38% 208 $37,110,000 $178,413 $2,587 2.84%
    43% 201 $36,935,000 $183,756 $2,516 2.83%
    42% 192 $36,710,000 $191,198 $2,399 2.86%
    49% 136 $28,060,000 $206,324 $2,489 2.85%
    46% 124 $25,060,000 $202,097 $2,634 2.79%
    47% 120 $23,120,000 $192,667 $2,391 2.83%
    45% 117 $24,495,000 $209,359 $2,579 2.79%
    48% 101 $20,475,000 $202,723 $2,291 2.74%
    50-60% 17 $3,075,000 $180,882 $5,220 2.87%
    >60% 6 $1,430,000 $238,333 $3,634 2.79%

    Iowa Bankers Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 2,382 originations. The next most common DTI ratio? 30-36%, with 1,601 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 7,078 $1,292,240,000 $182,571 $2,495 2.76%
    Not provided 472 $102,070,000 $216,250 $2,234 2.70%
    Asian 112 $20,800,000 $185,714 $2,214 2.75%
    Black 46 $8,680,000 $188,696 $3,216 2.89%
    American Indian 15 $2,465,000 $164,333 $3,105 2.86%
    Asian Indian 5 $1,375,000 $275,000 $1,614 2.25%
    Other Asian 5 $1,035,000 $207,000 $2,391 2.40%
    Vietnamese 2 $660,000 $330,000 $1,845 2.56%
    Native Hawaiian or Islander 1 $155,000 $155,000 $0 3.38%

    Approval Rates

    Total approvals of all applications
    84.05%

    Iowa Bankers Mortgage Corporation has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    98.38%

    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 7,736 $1,429,480,000 $184,783

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    7,736 $1,429,480,000 $184,783

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 446 $52,290,000 $117,242 $2,076 2.48%
    40-60% 1,330 $214,010,000 $160,910 $2,106 2.56%
    60-80% 3,302 $660,400,000 $200,000 $2,407 2.78%
    80-100% 2,635 $498,755,000 $189,281 $2,781 2.88%
    Over 100% 14 $3,490,000 $249,286 $10,095 2.86%
    Under 20% 9 $535,000 $59,444 $1,867 2.67%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    IOWA BANKERS MORTGAGE CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 20.0%
    IOWA BANKERS MORTGAGE CORPORATION Conventional home mortgage Struggling to pay mortgage 1 20.0%
    IOWA BANKERS MORTGAGE CORPORATION Other type of mortgage Struggling to pay mortgage 1 20.0%
    IOWA BANKERS MORTGAGE CORPORATION VA mortgage Struggling to pay mortgage 1 20.0%
    IOWA BANKERS MORTGAGE CORPORATION VA mortgage Trouble during payment process 1 20.0%