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 Cash Out Refi loans. They have a a high proportion of FHA loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Los Angeles, Chicago, Detroit, Riverside, and Denver among others. We have data for 60 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.
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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Originations
160Origination Dollar Volume (All Markets)
$39,850,000Top 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) | 17 | $6,675,000 | $392,647 | $0 | 2.53% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 15 | $3,345,000 | $223,000 | $0 | 3.49% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 12 | $2,460,000 | $205,000 | $0 | 2.52% |
| Outside of Metro Areas | 13 | $2,445,000 | $188,077 | $0 | 2.46% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 7 | $2,325,000 | $332,143 | $0 | 2.66% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 6 | $1,940,000 | $323,333 | $0 | 2.81% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 6 | $1,780,000 | $296,667 | $0 | 3.58% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 6 | $1,560,000 | $260,000 | $0 | 2.64% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 8 | $1,390,000 | $173,750 | $0 | 3.18% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 3 | $1,315,000 | $438,333 | $0 | 3.84% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $1,130,000 | $565,000 | $0 | 4.77% |
| ANN ARBOR, MI (FHA|USDA|VA) | 4 | $1,030,000 | $257,500 | $0 | 2.89% |
| Traverse City, MI (FHA|USDA|VA) | 4 | $730,000 | $182,500 | $0 | 2.29% |
| GREEN BAY, WI (FHA|USDA|VA) | 4 | $610,000 | $152,500 | $0 | 2.32% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $575,000 | $575,000 | $0 | 2.40% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $0 | 3.10% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $0 | 2.43% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $0 | 2.81% |
| JACKSON, MI (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 2.54% |
| SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 1.84% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $0 | 3.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 2.79% |
| Heber, UT (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 2.88% |
| NAPA, CA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $0 | 1.71% |
| ST. GEORGE, UT (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $0 | 2.55% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $0 | 2.63% |
| SALEM, OR (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $0 | 2.39% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $310,000 | $155,000 | $0 | 2.46% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.15% |
| Holland, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 2.41% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 2.57% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $0 | 2.20% |
| DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 3.06% |
| Jefferson, GA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 2.84% |
| MONROE, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 2.70% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 2.84% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 2.43% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 2.46% |
| GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 2.09% |
| Clarksburg, WV (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 2.60% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 2.22% |
| OCALA, FL (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 2.47% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 2.61% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.06% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 2.90% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 3.43% |
| APPLETON, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.45% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 3.56% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.79% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 2.94% |
| KENNEWICK-RICHLAND, WA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 3.10% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 2.58% |
| KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $0 | 2.54% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.02% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 3.08% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 1.45% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.86% |
| DALTON, GA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.84% |
| LAFAYETTE-WEST LAFAYETTE, IN (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.75% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 2.24% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| FHA | 124 | $29,770,000 | $240,081 | $0 | 2.54% |
| FHA | 30 | $7,130,000 | $237,667 | $0 | 2.97% |
| Reverse Mortgage | 6 | $2,950,000 | $491,667 | $0 | 7.05% |
For 2021, Midwest Loan Solutions's most frequently originated type of loan was FHA, with 124 originations. Their 2nd most popular type was FHA, with 30 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 125 | $33,025,000 | $264,200 | $0 | 2.77% |
| Other | 19 | $4,285,000 | $225,526 | $0 | 2.69% |
| Home Purchase | 16 | $2,540,000 | $158,750 | $0 | 3.01% |
For 2021, Midwest Loan Solutions's most frequently cited loan purpose was Cash Out Refi, with 125 originations. The 2nd most popular reason was Other, with 19 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 160 | $39,850,000 | $249,063 | $0 | 2.79% |
For 2021, Midwest Loan Solutions's most frequently cited loan duration was Other, with 160 originations.
Interest Rates
During 2021, Midwest Loan Solutions's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 2.5-3%, with 73 originations.
Loan Sizing
2021 saw Midwest Loan Solutions place emphasis on $200k-400k loans with 62 originations, totaling $17,440,000 in origination value.
Applicant Income
Midwest Loan Solutions lent most frequently to those with incomes in the $50k or less range, with 134 originations. The second most popular income band? $50k-75k, with 18 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications79.75%
Midwest Loan Solutions has a below average approval rate.
Pick Rate
Approvals leading to origination83.13%
Midwest Loan Solutions has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 160 | $39,850,000 | $249,063 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Midwest Loan Services, Inc. | Conventional home mortgage | Incorrect information on your report | 1 | 14.3% |
| Midwest Loan Services, Inc. | Conventional home mortgage | Struggling to pay mortgage | 1 | 14.3% |
| Midwest Loan Services, Inc. | Conventional home mortgage | Trouble during payment process | 2 | 28.6% |
| Midwest Loan Services, Inc. | FHA mortgage | Trouble during payment process | 1 | 14.3% |
| Midwest Loan Services, Inc. | Other type of mortgage | Closing on a mortgage | 1 | 14.3% |
| Midwest Loan Services, Inc. | VA mortgage | Trouble during payment process | 1 | 14.3% |