Midwest Loan Solutions Mortgage Rates, Fees & Info

ANN ARBOR, MI

LEI: 549300L4YRGOSZO6BP34

Tax ID: 38-3024363

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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

    Midwest Loan Solutions is a smaller mortgage company specializing in Home Purchase loans. Midwest Loan Solutions has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Tampa, Orlando, Grand Rapids, Pittsburgh, and Detroit among others. We have data for 20 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 a below average pick rate when compared to similar lenders. Midwest Loan Solutions 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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    Originations

    66

    Origination Dollar Volume (All Markets)

    $14,590,000

    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
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 18 $4,910,000 $272,778 $7,164 5.46%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 8 $2,280,000 $285,000 $4,397 5.20%
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 5 $1,005,000 $201,000 $4,994 4.78%
    PITTSBURGH, PA (FHA|USDA|VA) 8 $980,000 $122,500 $4,512 4.17%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 4 $960,000 $240,000 $3,323 4.94%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 3 $775,000 $258,333 $10,537 5.71%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 2 $570,000 $285,000 $6,097 3.88%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 1 $455,000 $455,000 $17,708 5.75%
    Outside of Metro Areas 2 $360,000 $180,000 $8,538 5.63%
    Wooster, OH (FHA|USDA|VA) 2 $360,000 $180,000 $4,501 4.38%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $350,000 $175,000 $1,520 4.81%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $315,000 $315,000 $9,971 4.13%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $275,000 $275,000 $10,394 5.75%
    ELKHART-GOSHEN, IN (FHA|USDA|VA) 2 $240,000 $120,000 $676 4.81%
    LANCASTER, PA (FHA|USDA|VA) 2 $210,000 $105,000 $3,832 4.38%
    JACKSON, MI (FHA|USDA|VA) 1 $135,000 $135,000 $3,977 5.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,637 4.63%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $135,000 $135,000 $4,731 5.13%
    Somerset, PA (FHA|USDA|VA) 1 $75,000 $75,000 $3,370 3.75%
    Lewistown, PA (FHA|USDA|VA) 1 $65,000 $65,000 $3,251 4.38%
    Midwest Loan Solutions's top markets include Tampa, Orlando, Grand Rapids, Pittsburgh, and Detroit among others.

    Their top states include:
  • Florida (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)

    • 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.

    UNITED
    Similarity Rank: 28
    APL
    Similarity Rank: 32
    Polish-American Federal Credit Union
    Similarity Rank: 32
    The Glen Burnie Mutual Savings Bank
    Similarity Rank: 54
    N C P D Federal Credit Union
    Similarity Rank: 55
    McCoy Federal Credit Union
    Similarity Rank: 60
    Iron Workers Savings Bank
    Similarity Rank: 63
    Bogota Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 48 $10,060,000 $209,583 $5,860 4.93%
    FHA 9 $1,705,000 $189,444 $5,576 4.72%
    VA 8 $2,690,000 $336,250 $5,929 5.48%
    USDA 1 $135,000 $135,000 $4,731 5.13%

    For 2018, Midwest Loan Solutions's most frequently originated type of loan was Conventional, with 48 originations. Their 2nd most popular type was FHA, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 51 $11,985,000 $235,000 $6,268 5.03%
    Cash Out Refi 8 $1,170,000 $146,250 $4,196 4.61%
    Refi 6 $1,310,000 $218,333 $4,555 4.90%
    Other 1 $125,000 $125,000 $1,436 5.25%

    For 2018, Midwest Loan Solutions's most frequently cited loan purpose was Home Purchase, with 51 originations. The 2nd most popular reason was Cash Out Refi, with 8 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 48 $10,390,000 $216,458 $4,749 4.83%
    30+ year 14 $3,800,000 $271,429 $10,215 5.63%
    20 Year 2 $260,000 $130,000 $2,470 4.69%
    10 Year 1 $75,000 $75,000 $3,370 3.75%
    15 Year 1 $65,000 $65,000 $3,251 4.38%

    For 2018, Midwest Loan Solutions's most frequently cited loan duration was 30 Year, with 48 originations. The 2nd most popular length was 30+ year, with 14 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 27 $5,735,000 $212,407
    $5k+ 12 $3,400,000 $283,333
    $1k-2k 9 $1,765,000 $196,111
    $2k-3k 7 $1,425,000 $203,571
    $3k-4k 7 $1,525,000 $217,857
    $4k-5k 3 $675,000 $225,000

    Midwest Loan Solutions's average total fees were $4,749, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 32 $5,760,000 $180,000
    5-6% 25 $6,805,000 $272,200
    3-4% 6 $1,100,000 $183,333
    6-7% 3 $925,000 $308,333

    During 2018, Midwest Loan Solutions's average interest rate for loans was 4.83%, while their most frequently originated rate bucket for loans was 4-5%, with 32 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 33 $9,395,000 $284,697 $6,823 5.11%
    $100k-200k 22 $3,140,000 $142,727 $4,445 4.79%
    $100,000 or less 8 $600,000 $75,000 $3,454 4.48%
    $400k-600k 3 $1,455,000 $485,000 $10,227 6.08%

    2018 saw Midwest Loan Solutions place emphasis on $200k-400k loans with 33 originations, totaling $9,395,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 17 $3,045,000 $179,118 $5,310 4.71%
    $75k-100k 16 $3,360,000 $210,000 $4,982 5.09%
    $50k or less 12 $1,530,000 $127,500 $5,196 4.91%
    $150k-250k 10 $3,300,000 $330,000 $6,718 5.16%
    $100k-150k 7 $2,205,000 $315,000 $6,942 5.25%
    $250k+ 2 $600,000 $300,000 $9,728 5.31%

    Midwest Loan Solutions lent most frequently to those with incomes in the $50k-75k range, with 17 originations. The second most popular income band? $75k-100k, with 16 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 15 $3,505,000 $233,667 $6,623 4.95%
    20-30% 9 $1,845,000 $205,000 $7,187 4.72%
    <20% 6 $860,000 $143,333 $3,298 4.63%
    36% 5 $1,355,000 $271,000 $7,567 5.27%
    49% 4 $1,120,000 $280,000 $5,121 5.31%
    38% 4 $740,000 $185,000 $3,601 5.09%
    41% 3 $555,000 $185,000 $3,794 5.00%
    40% 3 $485,000 $161,667 $2,590 4.92%
    42% 3 $875,000 $291,667 $4,374 5.42%
    50-60% 2 $740,000 $370,000 $5,470 5.31%
    46% 2 $360,000 $180,000 $6,351 4.94%
    48% 2 $520,000 $260,000 $10,281 5.56%
    39% 2 $200,000 $100,000 $4,700 5.00%
    47% 1 $115,000 $115,000 $6,213 4.63%
    43% 1 $245,000 $245,000 $5,327 4.75%
    45% 1 $195,000 $195,000 $3,647 4.38%
    37% 1 $325,000 $325,000 $9,358 5.38%

    Midwest Loan Solutions lent most frequently to those with DTI ratios of 30-36%, with 15 originations. The next most common DTI ratio? 20-30%, with 9 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 61 $13,605,000 $223,033 $5,737 4.97%
    Black 3 $745,000 $248,333 $8,206 5.25%
    Not provided 2 $240,000 $120,000 $4,468 4.81%

    Approval Rates

    Total approvals of all applications
    80.91%

    Midwest Loan Solutions has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    72.73%

    Midwest Loan Solutions has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 66 $14,590,000 $221,061

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 66 $14,590,000 $221,061

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 3 $265,000 $88,333 $1,425 5.00%
    40-60% 6 $810,000 $135,000 $5,711 4.92%
    60-80% 17 $4,045,000 $237,941 $5,259 4.90%
    80-100% 39 $9,185,000 $235,513 $6,272 5.03%
    Over 100% 1 $285,000 $285,000 $6,650 4.50%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Trouble during payment process 2 66.7%
    Midwest Loan Services, Inc. FHA mortgage Trouble during payment process 1 33.3%