Midwest Mortgage Associates Corporation Rates, Fees & Info

Colorado Springs, CO

LEI: 549300NFA0VY9215VV25

Tax ID: 46-2077362

3.4 stars - out of 5 stars, based on 31 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Midwest Mortgage Associates Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Midwest Mortgage Associates Corporation 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: Colorado Springs, Dallas, Columbia, Pueblo, and Jefferson City among others. We have data for 63 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Midwest Mortgage Associates Corporation has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Midwest Mortgage Associates Corporation is typically a high 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 7.02% 11/26/22
    30 Year Conventional Refi 6.77% 11/26/22
    30 Year Cash-out Refi 6.99% 11/26/22
    30 Year FHA Purchase 7.82% 11/26/22
    30 Year FHA Refi 7.44% 11/26/22
    30 Year VA Purchase 6.57% 11/26/22
    30 Year VA Refi 6.22% 11/26/22
    30 Year USDA Purchase 7.23% 11/26/22
    30 Year USDA Refi 6.89% 11/26/22
    15 Year Conventional Purchase 6.31% 11/26/22
    15 Year Conventional Refi 6.22% 11/26/22
    15 Year Cash-out Refi 6.22% 11/26/22
    15 Year FHA Refi 6.00% 11/26/22
    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.


    Originations

    979

    Origination Dollar Volume (All Markets)

    $257,375,000

    Awards

    Midwest Mortgage Associates Corporation FHA Loans silver Midwest Mortgage Associates Corporation FHA Loans bronze Midwest Mortgage Associates Corporation VA Loans gold
    Show all (3) awards

    Relative Rate

    Midwest Mortgage Associates Corporation's average 30 year fixed mortgage rate was 3.03%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.12%.

    Relative Fees (Closing Costs)

    Midwest Mortgage Associates Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $6,721.

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

    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
    COLORADO SPRINGS, CO (FHA|USDA|VA) 169 $55,365,000 $327,604 $7,005 2.90%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 148 $51,170,000 $345,743 $7,509 3.16%
    Outside of Metro Areas 110 $29,000,000 $263,636 $6,577 2.99%
    COLUMBIA, MO (FHA|USDA|VA) 127 $28,205,000 $222,087 $5,776 2.98%
    PUEBLO, CO (FHA|USDA|VA) 90 $20,750,000 $230,556 $5,820 2.98%
    JEFFERSON CITY, MO (FHA|USDA|VA) 55 $9,015,000 $163,909 $5,488 2.99%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 17 $6,585,000 $387,353 $8,130 2.84%
    JACKSONVILLE, FL (FHA|USDA|VA) 22 $6,300,000 $286,364 $6,054 3.01%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 18 $4,430,000 $246,111 $7,307 2.94%
    SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 20 $4,330,000 $216,500 $7,974 2.82%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 18 $3,820,000 $212,222 $6,419 3.06%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 15 $3,785,000 $252,333 $6,243 3.03%
    GAINESVILLE, FL (FHA|USDA|VA) 17 $3,225,000 $189,706 $6,140 3.04%
    JOPLIN, MO (FHA|USDA|VA) 21 $2,955,000 $140,714 $5,637 3.05%
    Moberly, MO (FHA|USDA|VA) 14 $2,610,000 $186,429 $6,092 2.79%
    CaƱon City, CO (FHA|USDA|VA) 9 $2,275,000 $252,778 $5,802 3.06%
    SPRINGFIELD, MO (FHA|USDA|VA) 12 $2,180,000 $181,667 $7,200 2.91%
    EVANSVILLE, IN-KY (FHA|USDA|VA) 10 $1,950,000 $195,000 $4,907 3.04%
    HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 6 $1,940,000 $323,333 $8,914 3.02%
    CORPUS CHRISTI, TX (FHA|USDA|VA) 6 $1,480,000 $246,667 $9,590 3.15%
    Granbury, TX (FHA|USDA|VA) 6 $1,420,000 $236,667 $6,001 3.06%
    FORT COLLINS, CO (FHA|USDA|VA) 4 $1,100,000 $275,000 $5,433 3.03%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,060,000 $530,000 $16,380 2.19%
    KILLEEN-TEMPLE, TX (FHA|USDA|VA) 5 $1,025,000 $205,000 $7,922 2.70%
    SHERMAN-DENISON, TX (FHA|USDA|VA) 4 $870,000 $217,500 $7,727 2.50%
    Mexico, MO (FHA|USDA|VA) 4 $770,000 $192,500 $5,966 2.91%
    Bonham, TX (FHA|USDA|VA) 3 $695,000 $231,667 $7,837 3.79%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 3 $535,000 $178,333 $5,362 3.46%
    AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 2 $500,000 $250,000 $3,404 3.25%
    Hannibal, MO (FHA|USDA|VA) 3 $465,000 $155,000 $6,115 3.21%
    MIDLAND, TX (FHA|USDA|VA) 2 $430,000 $215,000 $10,125 2.94%
    Glenwood Springs, CO (FHA|USDA|VA) 1 $405,000 $405,000 $5,055 2.75%
    BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) 2 $400,000 $200,000 $9,282 2.50%
    Stephenville, TX (FHA|USDA|VA) 2 $330,000 $165,000 $3,492 2.31%
    CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $315,000 $315,000 $6,201 3.25%
    TYLER, TX (FHA|USDA|VA) 1 $315,000 $315,000 $5,968 2.25%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 2 $300,000 $150,000 $4,241 3.13%
    Palatka, FL (FHA|USDA|VA) 1 $285,000 $285,000 $7,169 2.88%
    WICHITA, KS (FHA|USDA|VA) 2 $280,000 $140,000 $3,711 3.44%
    Craig, CO (FHA|USDA|VA) 1 $275,000 $275,000 $10,442 3.00%
    WACO, TX (FHA|USDA|VA) 1 $275,000 $275,000 $9,161 2.88%
    Sedalia, MO (FHA|USDA|VA) 1 $265,000 $265,000 $7,576 2.63%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $260,000 $130,000 $4,593 3.44%
    LUBBOCK, TX (FHA|USDA|VA) 1 $255,000 $255,000 $5,657 3.63%
    West Plains, MO (FHA|USDA|VA) 1 $245,000 $245,000 $10,197 3.25%
    Port Lavaca, TX (FHA|USDA|VA) 1 $245,000 $245,000 $4,745 3.00%
    GREELEY, CO (FHA|USDA|VA) 1 $225,000 $225,000 $3,371 3.00%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,059 3.50%
    OCALA, FL (FHA|USDA|VA) 1 $215,000 $215,000 $8,572 3.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $215,000 $215,000 $8,780 3.25%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $215,000 $215,000 $5,226 2.88%
    Warrensburg, MO (FHA|USDA|VA) 1 $205,000 $205,000 $8,677 2.63%
    Branson, MO (FHA|USDA|VA) 1 $185,000 $185,000 $8,433 3.25%
    Huntsville, TX (FHA|USDA|VA) 1 $175,000 $175,000 $4,861 2.63%
    COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) 1 $165,000 $165,000 $5,900 3.25%
    PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) 1 $155,000 $155,000 $6,284 2.75%
    Lake City, FL (FHA|USDA|VA) 1 $145,000 $145,000 $6,008 2.88%
    ODESSA, TX (FHA|USDA|VA) 1 $145,000 $145,000 $7,626 4.25%
    Fort Leonard Wood, MO (FHA|USDA|VA) 1 $95,000 $95,000 $4,488 3.63%
    ST. JOSEPH, MO-KS (FHA|USDA|VA) 1 $95,000 $95,000 $5,810 2.88%
    Brenham, TX (FHA|USDA|VA) 1 $95,000 $95,000 $3,790 3.38%
    Kirksville, MO (FHA|USDA|VA) 1 $75,000 $75,000 $4,457 3.00%
    Batesville, AR (FHA|USDA|VA) 1 $65,000 $65,000 $4,666 3.25%
    Midwest Mortgage Associates Corporation's top markets include Colorado Springs, Dallas, Columbia, Pueblo, and Jefferson City among others.

    Their top states include:
  • Colorado (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Indiana (FHA|USDA|VA)
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    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 606 $164,120,000 $270,825 $5,611 3.05%
    FHA 248 $55,080,000 $222,097 $8,741 3.04%
    VA 110 $35,860,000 $326,000 $7,354 2.61%
    USDA 15 $2,315,000 $154,333 $4,884 2.88%

    For 2021, Midwest Mortgage Associates Corporation's most frequently originated type of loan was Conventional, with 606 originations. Their 2nd most popular type was FHA, with 248 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 637 $172,055,000 $270,102 $7,118 3.05%
    Refi 208 $52,730,000 $253,510 $5,382 2.78%
    Cash Out Refi 134 $32,590,000 $243,209 $5,957 3.10%

    For 2021, Midwest Mortgage Associates Corporation's most frequently cited loan purpose was Home Purchase, with 637 originations. The 2nd most popular reason was Refi, with 208 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 900 $241,870,000 $268,744 $6,721 3.03%
    15 Year 58 $11,150,000 $192,241 $5,139 2.49%
    20 Year 15 $3,295,000 $219,667 $4,959 2.80%
    10 Year 3 $325,000 $108,333 $3,638 2.54%
    Other 3 $735,000 $245,000 $6,061 3.17%

    For 2021, Midwest Mortgage Associates Corporation's most frequently cited loan duration was 30 Year, with 900 originations. The 2nd most popular length was 15 Year, with 58 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 376 $80,250,000 $213,431
    $3k-4k 215 $58,135,000 $270,395
    $1k-2k 196 $46,740,000 $238,469
    $5k+ 98 $42,500,000 $433,673
    $4k-5k 78 $25,230,000 $323,462
    $<1k 15 $4,275,000 $285,000

    Midwest Mortgage Associates Corporation's average total fees were $6,721, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 376 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 402 $106,930,000 $265,995
    3-4% 380 $96,460,000 $253,842
    <2.5% 171 $45,795,000 $267,807
    4-5% 25 $7,945,000 $317,800

    During 2021, Midwest Mortgage Associates Corporation's average interest rate for loans was 3.03%, while their most frequently originated rate bucket for loans was 2.5-3%, with 402 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 507 $140,875,000 $277,860 $6,901 3.00%
    $100k-200k 295 $45,125,000 $152,966 $5,198 2.98%
    $400k-600k 107 $50,515,000 $472,103 $8,402 2.98%
    $100,000 or less 53 $4,285,000 $80,849 $4,385 3.13%
    $600k-1MM 11 $8,635,000 $785,000 $13,071 2.83%
    $1MM+ 6 $7,940,000 $1,323,333 $24,975 3.38%

    2021 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 507 originations, totaling $140,875,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 285 $63,975,000 $224,474 $6,666 3.01%
    $75k-100k 201 $53,765,000 $267,488 $6,640 3.00%
    $100k-150k 182 $54,020,000 $296,813 $6,881 3.04%
    $50k or less 155 $24,175,000 $155,968 $5,417 2.99%
    $150k-250k 87 $34,085,000 $391,782 $6,813 2.99%
    $250k+ 33 $17,695,000 $536,212 $10,749 3.22%

    Midwest Mortgage Associates Corporation lent most frequently to those with incomes in the $50k-75k range, with 285 originations. The second most popular income band? $75k-100k, with 201 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 168 $45,210,000 $269,107 $5,682 2.94%
    30-36% 168 $42,640,000 $253,810 $5,999 3.00%
    <20% 53 $12,535,000 $236,509 $6,139 2.94%
    50-60% 47 $12,875,000 $273,936 $9,205 2.98%
    43% 44 $13,230,000 $300,682 $6,445 3.23%
    48% 43 $11,455,000 $266,395 $6,846 3.09%
    42% 42 $12,130,000 $288,810 $8,314 2.93%
    39% 41 $9,945,000 $242,561 $7,476 3.02%
    36% 37 $8,835,000 $238,784 $6,075 3.05%
    41% 36 $9,470,000 $263,056 $6,875 2.93%
    49% 36 $9,880,000 $274,444 $7,760 3.06%
    44% 36 $9,030,000 $250,833 $6,740 3.10%
    40% 36 $9,090,000 $252,500 $5,894 2.98%
    45% 34 $9,330,000 $274,412 $7,271 3.13%
    46% 30 $7,880,000 $262,667 $6,958 3.08%
    47% 29 $6,925,000 $238,793 $6,654 2.93%
    38% 28 $7,810,000 $278,929 $7,205 3.14%
    37% 23 $6,255,000 $271,957 $6,972 3.11%
    >60% 1 $455,000 $455,000 $5,784 2.50%

    Midwest Mortgage Associates Corporation lent most frequently to those with DTI ratios of 20-30%, with 168 originations. The next most common DTI ratio? 30-36%, with 168 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 601 $154,075,000 $256,364 $6,493 2.99%
    Not provided 318 $86,060,000 $270,629 $6,603 3.02%
    Black 41 $12,535,000 $305,732 $7,334 2.85%
    Asian 8 $1,990,000 $248,750 $6,847 3.02%
    American Indian 5 $1,285,000 $257,000 $10,085 3.08%
    Asian Indian 1 $445,000 $445,000 $5,287 3.00%
    Vietnamese 2 $410,000 $205,000 $8,043 3.19%
    Native Hawaiian or Islander 2 $390,000 $195,000 $8,226 3.13%
    Other Asian 1 $185,000 $185,000 $4,752 2.25%

    Approval Rates

    Total approvals of all applications
    98.57%

    Midwest Mortgage Associates Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    62.21%

    Midwest Mortgage Associates Corporation 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 979 $257,375,000 $262,896

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    979 $257,375,000 $262,896

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,390,000 $115,833 $4,204 2.83%
    40-60% 88 $21,510,000 $244,432 $5,499 2.93%
    60-80% 224 $56,950,000 $254,241 $5,472 3.04%
    80-100% 556 $151,010,000 $271,601 $7,207 3.04%
    Over 100% 20 $6,410,000 $320,500 $13,513 2.74%
    Under 20% 1 $15,000 $15,000 $16,340 2.25%

    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%