Midwest Mortgage Associates Corporation Rates, Fees & Info

Colorado Springs, CO

LEI: 549300NFA0VY9215VV25

Tax ID: 46-2077362

3.2 stars - Updated: 9/25/23 - out of 5 stars, based on 22 reviews

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

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Mortgage Data

Review & Overview

Midwest Mortgage Associates Corporation is a smaller mortgage company specializing in Home Purchase 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: Dallas, Columbia, Colorado Springs, Pueblo, and Jefferson City among others. We have data for 55 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 an average 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.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 8.95% 9/25/23
30 Year Conventional Refi 7.37% 9/25/23
30 Year Cash-out Refi 8.20% 9/25/23
30 Year FHA Purchase 9.31% 9/25/23
30 Year FHA Refi 10.73% 9/25/23
30 Year VA Purchase 9.26% 9/25/23
30 Year VA Refi 6.52% 9/25/23
30 Year USDA Purchase 8.93% 9/25/23
15 Year Conventional Purchase 8.32% 9/25/23
15 Year Conventional Refi 7.35% 9/25/23
15 Year Cash-out Refi 7.35% 9/25/23
15 Year FHA Refi 7.10% 9/25/23
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 Mortgage Associates Corporation Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Midwest Mortgage Associates Corporation. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

487

Origination Dollar Volume (All Markets)

$131,725,000

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 5.07%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.31%.

Relative Fees (Closing Costs)

Midwest Mortgage Associates Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $7,339.

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
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 69 $27,975,000 $405,435 $10,214 4.92%
Outside of Metro Areas 56 $15,130,000 $270,179 $6,985 5.48%
COLUMBIA, MO (FHA|USDA|VA) 65 $14,895,000 $229,154 $8,105 5.01%
COLORADO SPRINGS, CO (FHA|USDA|VA) 37 $13,135,000 $355,000 $7,414 4.33%
PUEBLO, CO (FHA|USDA|VA) 35 $9,405,000 $268,714 $7,373 4.26%
JEFFERSON CITY, MO (FHA|USDA|VA) 38 $9,060,000 $238,421 $6,361 4.94%
KANSAS CITY, MO-KS (FHA|USDA|VA) 26 $6,360,000 $244,615 $4,504 5.84%
ST. LOUIS, MO-IL (FHA|USDA|VA) 18 $3,540,000 $196,667 $6,100 4.94%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 7 $2,885,000 $412,143 $9,164 5.55%
Warrensburg, MO (FHA|USDA|VA) 12 $2,600,000 $216,667 $4,810 6.34%
JOPLIN, MO (FHA|USDA|VA) 18 $2,220,000 $123,333 $5,037 4.56%
Sedalia, MO (FHA|USDA|VA) 13 $2,195,000 $168,846 $3,528 5.49%
SPRINGFIELD, MO (FHA|USDA|VA) 11 $2,125,000 $193,182 $4,998 5.18%
Moberly, MO (FHA|USDA|VA) 13 $2,025,000 $155,769 $4,844 5.02%
JACKSONVILLE, FL (FHA|USDA|VA) 5 $1,465,000 $293,000 $8,204 4.23%
DAPHNE-FAIRHOPE-FOLEY, AL (FHA|USDA|VA) 3 $1,355,000 $451,667 $6,966 5.04%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 3 $1,245,000 $415,000 $8,248 4.83%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 4 $1,170,000 $292,500 $13,594 4.56%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 2 $1,080,000 $540,000 $9,809 3.69%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 4 $1,040,000 $260,000 $7,424 4.50%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $1,025,000 $341,667 $9,883 5.92%
Hannibal, MO (FHA|USDA|VA) 3 $955,000 $318,333 $9,913 4.67%
SHERMAN-DENISON, TX (FHA|USDA|VA) 4 $860,000 $215,000 $4,262 5.75%
FORT COLLINS, CO (FHA|USDA|VA) 1 $655,000 $655,000 $28,152 3.88%
TULSA, OK (FHA|USDA|VA) 2 $650,000 $325,000 $9,898 3.69%
Cañon City, CO (FHA|USDA|VA) 2 $460,000 $230,000 $9,598 4.69%
Branson, MO (FHA|USDA|VA) 3 $455,000 $151,667 $4,985 5.79%
PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $445,000 $445,000 $9,329 5.13%
Bartlesville, OK (FHA|USDA|VA) 1 $425,000 $425,000 $14,334 5.75%
Rolla, MO (FHA|USDA|VA) 1 $405,000 $405,000 $3,751 4.13%
ALBUQUERQUE, NM (FHA|USDA|VA) 1 $375,000 $375,000 $12,721 5.00%
ABILENE, TX (FHA|USDA|VA) 1 $345,000 $345,000 $4,403 6.00%
Steamboat Springs, CO (FHA|USDA|VA) 1 $345,000 $345,000 $13,085 4.63%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $325,000 $325,000 $7,601 5.63%
LAWRENCE, KS (FHA|USDA|VA) 1 $305,000 $305,000 $275 7.13%
WICHITA, KS (FHA|USDA|VA) 3 $285,000 $95,000 $4,117 4.63%
Athens, TX (FHA|USDA|VA) 1 $195,000 $195,000 $11,004 5.63%
Jacksonville, TX (FHA|USDA|VA) 1 $175,000 $175,000 $7,526 6.75%
LONGVIEW, TX (FHA|USDA|VA) 1 $175,000 $175,000 $6,606 3.88%
CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) 1 $165,000 $165,000 $7,235 4.63%
MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) 1 $155,000 $155,000 $8,507 4.00%
Granbury, TX (FHA|USDA|VA) 1 $155,000 $155,000 $6,063 5.63%
Pecos, TX (FHA|USDA|VA) 1 $155,000 $155,000 $1,499 6.50%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $145,000 $145,000 $4,176 5.25%
Arkadelphia, AR (FHA|USDA|VA) 1 $145,000 $145,000 $6,671 4.75%
Paris, TX (FHA|USDA|VA) 1 $135,000 $135,000 $3,870 6.25%
LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $135,000 $135,000 $3,431 6.50%
Dyersburg, TN (FHA|USDA|VA) 1 $125,000 $125,000 $1,789 3.75%
MONTGOMERY, AL (FHA|USDA|VA) 1 $125,000 $125,000 $5,159 4.50%
Pittsburg, KS (FHA|USDA|VA) 1 $115,000 $115,000 $3,542 5.75%
Quincy, IL-MO (FHA|USDA|VA) 1 $85,000 $85,000 $2,128 5.00%
Marshall, MO (FHA|USDA|VA) 1 $85,000 $85,000 $875 6.13%
MICHIGAN CITY-LA PORTE, IN (FHA|USDA|VA) 1 $85,000 $85,000 $4,279 6.13%
Tahlequah, OK (FHA|USDA|VA) 1 $75,000 $75,000 $7,917 3.75%
Kirksville, MO (FHA|USDA|VA) 1 $75,000 $75,000 $2,559 6.00%
Midwest Mortgage Associates Corporation's top markets include Dallas, Columbia, Colorado Springs, Pueblo, and Jefferson City among others.

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

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 272 $80,110,000 $294,522 $6,888 5.04%
    FHA 148 $32,590,000 $220,203 $7,962 4.99%
    VA 51 $16,735,000 $328,137 $8,275 5.05%
    USDA 16 $2,290,000 $143,125 $3,548 4.89%

    For 2022, Midwest Mortgage Associates Corporation's most frequently originated type of loan was Conventional, with 272 originations. Their 2nd most popular type was FHA, with 148 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 420 $116,090,000 $276,405 $6,797 5.13%
    Cash Out Refi 36 $7,370,000 $204,722 $11,890 4.67%
    Refi 30 $7,960,000 $265,333 $7,670 3.97%
    Home Improvement 1 $305,000 $305,000 $11,046 3.25%

    For 2022, Midwest Mortgage Associates Corporation's most frequently cited loan purpose was Home Purchase, with 420 originations. The 2nd most popular reason was Cash Out Refi, with 36 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 467 $128,475,000 $275,107 $7,339 5.07%
    15 Year 15 $2,535,000 $169,000 $5,092 3.93%
    20 Year 4 $620,000 $155,000 $5,055 4.22%
    10 Year 1 $95,000 $95,000 $4,471 3.50%

    For 2022, Midwest Mortgage Associates Corporation's most frequently cited loan duration was 30 Year, with 467 originations. The 2nd most popular length was 15 Year, with 15 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 97 $20,715,000 $213,557
    $2k-3k 96 $17,850,000 $185,938
    $3k-4k 89 $20,985,000 $235,787
    $5k+ 80 $38,150,000 $476,875
    $1k-2k 76 $19,960,000 $262,632
    $4k-5k 48 $13,840,000 $288,333

    Midwest Mortgage Associates Corporation's average total fees were $7,339, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 97 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 143 $37,545,000 $262,552
    5-6% 124 $33,910,000 $273,468
    3-4% 111 $28,735,000 $258,874
    6-7% 72 $19,060,000 $264,722
    7-8% 26 $9,020,000 $346,923
    2.5-3% 8 $2,410,000 $301,250
    <2.5% 2 $330,000 $165,000
    Over 8% 1 $715,000 $715,000

    During 2022, Midwest Mortgage Associates Corporation's average interest rate for loans was 5.07%, while their most frequently originated rate bucket for loans was 4-5%, with 143 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 209 $58,665,000 $280,694 $7,161 5.04%
    $100k-200k 165 $25,325,000 $153,485 $6,098 4.95%
    $400k-600k 55 $25,635,000 $466,091 $10,202 5.02%
    $100,000 or less 37 $3,105,000 $83,919 $3,530 5.08%
    $600k-1MM 14 $9,250,000 $660,714 $12,530 4.83%
    $1MM+ 7 $9,745,000 $1,392,143 $22,647 6.02%

    2022 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 209 originations, totaling $58,665,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 126 $25,620,000 $203,333 $5,935 5.14%
    $50k or less 111 $17,235,000 $155,270 $4,548 4.76%
    $75k-100k 88 $23,960,000 $272,273 $7,149 5.04%
    $100k-150k 85 $27,495,000 $323,471 $7,968 5.10%
    $150k-250k 52 $20,820,000 $400,385 $12,770 4.99%
    $250k+ 25 $16,595,000 $663,800 $12,466 5.31%

    Midwest Mortgage Associates Corporation lent most frequently to those with incomes in the $50k-75k range, with 126 originations. The second most popular income band? $50k or less, with 111 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 85 $20,745,000 $244,059 $6,064 4.96%
    20-30% 62 $16,370,000 $264,032 $9,801 4.46%
    50-60% 55 $14,495,000 $263,545 $8,763 4.94%
    43% 27 $9,115,000 $337,593 $6,543 5.24%
    41% 26 $6,220,000 $239,231 $4,894 5.50%
    48% 24 $6,120,000 $255,000 $6,499 5.01%
    39% 23 $6,315,000 $274,565 $7,237 5.32%
    49% 22 $6,070,000 $275,909 $6,412 5.28%
    42% 21 $6,015,000 $286,429 $6,325 5.29%
    46% 20 $4,960,000 $248,000 $6,480 5.18%
    <20% 19 $4,205,000 $221,316 $6,826 4.88%
    44% 18 $4,690,000 $260,556 $7,266 5.05%
    38% 17 $4,895,000 $287,941 $6,102 4.98%
    47% 15 $4,425,000 $295,000 $7,677 4.60%
    36% 13 $2,565,000 $197,308 $5,628 5.22%
    40% 12 $3,520,000 $293,333 $7,910 4.58%
    45% 12 $5,410,000 $450,833 $10,823 5.22%
    37% 9 $1,905,000 $211,667 $3,696 5.69%
    >60% 4 $1,760,000 $440,000 $14,066 5.97%

    Midwest Mortgage Associates Corporation lent most frequently to those with DTI ratios of 30-36%, with 85 originations. The next most common DTI ratio? 20-30%, with 62 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 396 $106,180,000 $268,131 $7,268 5.04%
    Not provided 52 $15,070,000 $289,808 $6,957 4.88%
    Black 29 $7,885,000 $271,897 $7,867 4.90%
    Asian 6 $1,590,000 $265,000 $6,786 5.46%
    Filipino 1 $465,000 $465,000 $0 5.50%
    American Indian 2 $300,000 $150,000 $1,973 5.06%
    Other Asian 1 $235,000 $235,000 $7,729 6.00%

    Approval Rates

    Total approvals of all applications
    97.47%

    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
    60.37%

    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 487 $131,725,000 $270,483

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    487 $131,725,000 $270,483

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 9 $1,505,000 $167,222 $5,109 4.75%
    40-60% 39 $8,025,000 $205,769 $5,743 4.58%
    60-80% 106 $32,840,000 $309,811 $9,125 4.93%
    80-100% 320 $86,310,000 $269,719 $6,823 5.10%
    Over 100% 12 $2,900,000 $241,667 $8,471 5.48%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Midwest Loan Services, Inc. Conventional home mortgage Struggling to pay mortgage 1 100.0%