Midflorida Mortgage Rates, Fees & Info

Lakeland, FL

LEI: 549300K7224BC1IAX207

Tax ID: 59-6194363

5 stars - out of 5 stars, based on 69 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Midflorida is a smaller mortgage company specializing in Refi and Home Purchase loans. Midflorida has a high proportion of conventional loans. Their top markets include Lakeland, Tampa, Naples, Port St. Lucie, and Orlando among others. Midflorida has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Midflorida is typically an average fee lendor.


Originations

4,783

Origination Dollar Volume (All Markets)

$922,625,000
Show all (12) awards

Relative Rate

Midflorida's average 30 year fixed rate mortgage of loans were 3.17%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.02%.

Relative Fees

Midflorida's average total fees for a 30 year fixed rate mortgage are $3,577.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1,784 $296,170,000 $166,015 $2,988 3.03%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1,118 $207,360,000 $185,474 $3,044 2.99%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 79 $79,405,000 $1,005,127 $6,677 2.99%
PORT ST. LUCIE, FL (FHA|USDA|VA) 342 $58,290,000 $170,439 $2,824 2.91%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 235 $48,945,000 $208,277 $3,080 2.98%
OCALA, FL (FHA|USDA|VA) 204 $38,400,000 $188,235 $3,281 2.83%
SEBRING-AVON PARK, FL (FHA|USDA|VA) 337 $36,425,000 $108,086 $2,313 3.11%
Sebastian-Vero Beach, FL (FHA|USDA|VA) 147 $23,895,000 $162,551 $2,323 2.97%
Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 38 $16,290,000 $428,684 $4,787 2.71%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 61 $14,965,000 $245,328 $4,235 2.74%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 21 $14,675,000 $698,810 $3,984 2.95%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 62 $13,030,000 $210,161 $4,798 3.19%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 52 $12,600,000 $242,308 $3,300 2.97%
THE VILLAGES, FL (FHA|USDA|VA) 75 $11,845,000 $157,933 $3,202 2.65%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 21 $10,265,000 $488,810 $4,629 2.90%
Wauchula, FL (FHA|USDA|VA) 49 $8,365,000 $170,714 $3,613 3.31%
Okeechobee, FL (FHA|USDA|VA) 46 $7,510,000 $163,261 $3,266 3.10%
PUNTA GORDA, FL (FHA|USDA|VA) 25 $6,215,000 $248,600 $3,990 2.88%
GAINESVILLE, FL (FHA|USDA|VA) 20 $5,890,000 $294,500 $4,922 2.92%
Arcadia, FL (FHA|USDA|VA) 27 $4,695,000 $173,889 $3,188 2.93%
Outside of Metro Areas 14 $2,240,000 $160,000 $3,451 2.95%
JACKSONVILLE, FL (FHA|USDA|VA) 11 $1,965,000 $178,636 $7,314 2.31%
SAVANNAH, GA (FHA|USDA|VA) 1 $925,000 $925,000 $7,577 3.25%
TALLAHASSEE, FL (FHA|USDA|VA) 5 $765,000 $153,000 $3,179 2.95%
Lake City, FL (FHA|USDA|VA) 3 $765,000 $255,000 $4,597 3.83%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 2 $320,000 $160,000 $3,295 3.69%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 1 $205,000 $205,000 $3,753 3.00%
CEDAR RAPIDS, IA (FHA|USDA|VA) 1 $115,000 $115,000 $2,998 3.38%
Palatka, FL (FHA|USDA|VA) 1 $55,000 $55,000 $206 4.24%
Clewiston, FL (FHA|USDA|VA) 1 $35,000 $35,000 $0 1.99%

Midflorida's top markets include Lakeland, Tampa, Naples, Port St. Lucie, and Orlando among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 4,783 $922,625,000 $192,897 $3,110 2.99%

For the 2021 period, Midflorida's most frequently originated loan type of loans were Conventional, with 4,783 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 1,635 $321,965,000 $196,920 $2,784 3.04%
Home Purchase 1,288 $433,070,000 $336,234 $4,811 3.21%
Home Improvement 1,228 $91,650,000 $74,634 $394 2.70%
Other 440 $39,600,000 $90,000 $198 2.98%
Cash Out Refi 192 $36,340,000 $189,271 $3,356 3.08%

For the 2021, Midflorida's most frequently cited loan purpose of loans were Refi, with 1,635 originations. The 2nd most popular reason of loans were Home Purchase, with 1,288 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
20 Year 1,716 $195,030,000 $113,654 $1,926 2.30%
30 Year 1,132 $266,120,000 $235,088 $3,577 3.17%
15 Year 610 $105,790,000 $173,426 $2,542 3.14%
30+ year 588 $231,630,000 $393,929 $5,734 3.33%
10 Year 390 $71,210,000 $182,590 $782 4.04%
5 Year 187 $9,835,000 $52,594 $178 3.92%
Other 130 $38,220,000 $294,000 $3,039 3.55%
1 Year 21 $2,825,000 $134,524 $862 4.78%
3 Year 9 $1,965,000 $218,333 $225 4.05%

For the 2021, Midflorida's most frequently cited loan length of loans were 20 Year, with 1,716 originations. The 2nd most popular length of loans were 30 Year, with 1,132 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,195 $360,625,000 $164,294
$1k-2k 903 $297,315,000 $329,252
$2k-3k 114 $33,190,000 $291,140
$3k-4k 37 $15,745,000 $425,541
$5k+ 14 $7,890,000 $563,571

$3,577 of loans were Midflorida's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 2,195 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
<2.5% 1,674 $204,470,000 $122,145
3-4% 1,513 $436,245,000 $288,331
2.5-3% 964 $231,550,000 $240,197
4-5% 562 $44,990,000 $80,053
5-6% 60 $4,580,000 $76,333
6-7% 9 $665,000 $73,889
7-8% 1 $125,000 $125,000

During 2021, Midflorida's average interest rate of loans were 3.17%, while their most frequently originated rate bucket of loans were <2.5%, with 1,674 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 1,842 $94,230,000 $51,156 $859 3.01%
$100k-200k 1,472 $208,880,000 $141,902 $2,918 2.94%
$200k-400k 1,063 $292,675,000 $275,329 $4,272 3.02%
$400k-600k 249 $119,265,000 $478,976 $5,821 3.06%
$600k-1MM 93 $70,855,000 $761,882 $7,249 3.14%
$1MM+ 64 $136,720,000 $2,136,250 $10,609 3.12%

2021 saw Midflorida place emphasis on $100,000 or less loans with 1,842 originations, totaling $94,230,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 1,062 $183,450,000 $172,740 $3,148 2.98%
$50k-75k 1,002 $120,670,000 $120,429 $2,551 3.07%
$75k-100k 879 $127,955,000 $145,569 $2,941 2.98%
$50k or less 717 $66,875,000 $93,271 $2,295 3.08%
$150k-250k 672 $163,380,000 $243,125 $3,856 2.90%
$250k+ 351 $202,245,000 $576,197 $6,306 2.72%

Midflorida lent most frequently to those with incomes in the $100k-150k range, with 1,062 originations. The second most popular income band? $50k-75k, with 1,002 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,361 $226,615,000 $166,506 $2,869 2.95%
30-36% 1,025 $181,245,000 $176,824 $3,056 3.06%
<20% 641 $115,295,000 $179,867 $2,761 2.79%
42% 233 $61,045,000 $261,996 $4,183 3.17%
39% 203 $38,915,000 $191,700 $3,536 3.02%
40% 200 $41,760,000 $208,800 $3,475 3.13%
38% 197 $40,875,000 $207,487 $3,449 2.98%
36% 181 $33,695,000 $186,160 $3,119 3.08%
41% 170 $39,400,000 $231,765 $3,838 3.04%
37% 166 $28,870,000 $173,916 $3,490 3.03%
44% 69 $9,285,000 $134,565 $2,212 3.11%
43% 55 $7,685,000 $139,727 $2,546 2.80%
50-60% 39 $9,315,000 $238,846 $1,878 2.75%
45% 36 $5,330,000 $148,056 $2,451 2.74%
46% 36 $6,290,000 $174,722 $2,332 2.88%
>60% 31 $10,335,000 $333,387 $2,304 2.70%
47% 26 $3,980,000 $153,077 $2,573 3.24%
48% 23 $3,375,000 $146,739 $2,336 2.63%
49% 17 $4,805,000 $282,647 $4,022 2.92%

Midflorida lent most frequently to those with DTI ratios of 20-30%, with 1,361 originations. The next most common DTI ratio? 30-36%, with 1,025 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 4,049 $725,345,000 $179,142 $3,005 2.96%
Not provided 310 $87,020,000 $280,710 $4,282 3.13%
Not applicable 57 $50,295,000 $882,368 $3,904 3.91%
Black 252 $36,290,000 $144,008 $2,575 3.22%
Asian 81 $15,575,000 $192,284 $3,223 2.79%
American Indian 16 $2,840,000 $177,500 $2,965 3.00%
Asian Indian 6 $1,840,000 $306,667 $6,007 2.35%
Other Pacific Islander 3 $1,725,000 $575,000 $5,233 4.37%
Other Asian 6 $1,040,000 $173,333 $3,579 3.19%
Vietnamese 1 $385,000 $385,000 $0 1.99%
Japanese 1 $135,000 $135,000 $2,655 2.88%
Native Hawaiian 1 $135,000 $135,000 $2,614 2.63%

Approval Rates

Total approvals of all applications
76.76%

Midflorida has a below average approval rate.

Pick Rate

Approvals leading to origination
64.71%

Midflorida 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 4,783 $922,625,000 $192,897

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
4,783 $922,625,000 $192,897

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 960 $107,950,000 $112,448 $1,528 2.86%
40-60% 898 $203,090,000 $226,158 $3,301 2.96%
60-80% 1,315 $422,205,000 $321,068 $4,202 3.13%
80-100% 485 $134,995,000 $278,340 $4,398 3.20%
Under 20% 1,125 $54,385,000 $48,342 $287 2.89%