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

2021 Data | 2020 Data | 2019 Data | 2018 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

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 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 applications
97.11%

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 origination
59.70%

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%