Midwest Mortgage Associates Corporation Rates, Fees & Info
Colorado Springs, COLEI: 549300NFA0VY9215VV25
Tax ID: 46-2077362
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
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 include Colorado Springs, Dallas, Columbia, Pueblo, and Jefferson City among others. Midwest Mortgage Associates Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Midwest Mortgage Associates Corporation is typically a high fee lendor.Originations
979Origination Dollar Volume (All Markets)
$257,375,000Awards
Midwest Mortgage Associates Corporation - 2021
Midwest Mortgage Associates Corporation is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Midwest Mortgage Associates Corporation's average 30 year fixed rate mortgage of loans were
3.03%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.12%.
Relative Fees
Midwest Mortgage Associates Corporation's average total fees for a 30 year fixed rate
mortgage are $6,721.
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 |
|---|---|---|---|---|---|
| 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% |
| Cañon 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.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021 period, Midwest Mortgage Associates Corporation's most frequently originated loan type of loans were Conventional, with 606 originations. Their 2nd most popular type is FHA, with 248 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average 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 the 2021, Midwest Mortgage Associates Corporation's most frequently cited loan purpose of loans were Home Purchase, with 637 originations. The 2nd most popular reason of loans were 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 the 2021, Midwest Mortgage Associates Corporation's most frequently cited loan length of loans were 30 Year, with 900 originations. The 2nd most popular length of loans were 15 Year, with 58 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $2k-3k | 376 | $80,250,000 | $213,431 |
| $3k-4k | 293 | $83,365,000 | $284,522 |
| $1k-2k | 196 | $46,740,000 | $238,469 |
| $5k+ | 98 | $42,500,000 | $433,673 |
| $<1k | 15 | $4,275,000 | $285,000 |
$6,721 of loans were Midwest Mortgage Associates Corporation's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.03%, while their most frequently originated rate bucket of loans were 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 | 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 applications97.11%
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 origination59.70%
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% |
