Midwest Loan Solutions Mortgage Rates, Fees & Info
ANN ARBOR, MILEI: 549300L4YRGOSZO6BP34
Tax ID: 38-3024363
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Mortgage Data
Review & Overview
Midwest Loan Solutions is a smaller mortgage company specializing in Refi loans. They have a a high proportion of FHA 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: Los Angeles, Chicago, Riverside, Detroit, and Denver among others. We have data for 51 markets. (Some data included below & more in-depth data is available with an active subscription.)Midwest Loan Solutions has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.
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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Refi | 6.27% | 3/24/24 |
| 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. | ||
Midwest Loan Solutions Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
102Origination Dollar Volume (All Markets)
$25,150,000Top 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 |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 11 | $4,215,000 | $383,182 | $0 | 3.92% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 12 | $2,230,000 | $185,833 | $0 | 4.33% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 6 | $1,960,000 | $326,667 | $0 | 4.02% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 7 | $1,305,000 | $186,429 | $0 | 4.47% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,055,000 | $351,667 | $0 | 3.81% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 2 | $950,000 | $475,000 | $0 | 3.78% |
| Outside of Metro Areas | 4 | $950,000 | $237,500 | $0 | 3.92% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 3 | $945,000 | $315,000 | $0 | 4.86% |
| GREEN BAY, WI (FHA|USDA|VA) | 4 | $740,000 | $185,000 | $0 | 4.12% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $0 | 4.73% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $620,000 | $310,000 | $0 | 4.96% |
| LOGAN, UT-ID (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $0 | 3.67% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $565,000 | $565,000 | $0 | 4.43% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $555,000 | $185,000 | $0 | 3.67% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $0 | 4.51% |
| Heber, UT (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 3.53% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 4.61% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $465,000 | $465,000 | $0 | 4.39% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 3.18% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 2.61% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $0 | 2.77% |
| SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.79% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 3.80% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $0 | 3.65% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 3.21% |
| Traverse City, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 2.73% |
| CORVALLIS, OR (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 5.08% |
| MERCED, CA (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 4.02% |
| MADISON, WI (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 3.61% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.78% |
| OGDEN-CLEARFIELD, UT (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 3.65% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.19% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 5.49% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.35% |
| Sturgis, MI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 4.40% |
| SALEM, OR (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.52% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.32% |
| Tahlequah, OK (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.77% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.31% |
| Shelby, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 4.36% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 2.91% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.05% |
| BATTLE CREEK, MI (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.31% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 5.62% |
| OWENSBORO, KY (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 3.93% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 4.44% |
| AKRON, OH (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.40% |
| NILES, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 5.64% |
| Escanaba, MI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 4.64% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 3.64% |
| LANSING-EAST LANSING, MI (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.33% |
Similar Lenders
We use machine learning to identify the top lenders compared against MIDWEST LOAN SOLUTIONS 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
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 98 | $23,910,000 | $243,980 | $0 | 4.12% |
| FHA | 4 | $1,240,000 | $310,000 | $0 | 3.79% |
For 2022, Midwest Loan Solutions's most frequently originated type of loan was FHA, with 98 originations. Their 2nd most popular type was FHA, with 4 originations.
Loan Reason
For 2022, Midwest Loan Solutions's most frequently cited loan purpose was Refi, with 79 originations. The 2nd most popular reason was Other, with 21 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 102 | $25,150,000 | $246,569 | $0 | 4.11% |
For 2022, Midwest Loan Solutions's most frequently cited loan duration was Other, with 102 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 37 | $8,955,000 | $242,027 |
| 3-4% | 31 | $7,895,000 | $254,677 |
| 5-6% | 21 | $4,795,000 | $228,333 |
| 2.5-3% | 11 | $2,985,000 | $271,364 |
| <2.5% | 2 | $520,000 | $260,000 |
During 2022, Midwest Loan Solutions's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 4-5%, with 37 originations.
Loan Sizing
2022 saw Midwest Loan Solutions place emphasis on $200k-400k loans with 37 originations, totaling $10,455,000 in origination value.
Applicant Income
Midwest Loan Solutions lent most frequently to those with incomes in the $50k or less range, with 88 originations. The second most popular income band? $50k-75k, with 10 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications76.35%
Midwest Loan Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination90.20%
Midwest Loan Solutions has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 102 | $25,150,000 | $246,569 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 2 | $730,000 | $365,000 | $0 | 4.19% |
| 40-60% | 80 | $17,990,000 | $224,875 | $0 | 4.11% |
| 60-80% | 20 | $6,430,000 | $321,500 | $0 | 4.09% |
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Midwest Loan Services, Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 100.0% |