Midwest Mortgage Associates Corporation Rates, Fees & Info
Colorado Springs, COLEI: 549300NFA0VY9215VV25
Tax ID: 46-2077362
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Mortgage Data
Review & Overview
Midwest Mortgage Associates Corporation is a smaller mortgage company specializing in Home Purchase loans. They have an average proportion of FHA loans. Midwest Mortgage Associates Corporation has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Colorado Springs, Pueblo, Tulsa, Columbia, and Denver among others. We have data for 31 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 8.95% | 4/22/24 |
| 30 Year Conventional Refi | 7.37% | 4/22/24 |
| 30 Year Cash-out Refi | 8.20% | 4/22/24 |
| 30 Year FHA Purchase | 9.31% | 4/22/24 |
| 30 Year FHA Refi | 10.73% | 4/22/24 |
| 30 Year VA Purchase | 9.26% | 4/22/24 |
| 30 Year VA Refi | 6.52% | 4/22/24 |
| 30 Year USDA Purchase | 8.93% | 4/22/24 |
| 15 Year Conventional Purchase | 8.32% | 4/22/24 |
| 15 Year Conventional Refi | 7.35% | 4/22/24 |
| 15 Year Cash-out Refi | 7.35% | 4/22/24 |
| 15 Year FHA Refi | 7.10% | 4/22/24 |
| 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 Mortgage Associates Corporation Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
493Origination Dollar Volume (All Markets)
$109,725,000Awards
Midwest Mortgage Associates Corporation - 2018
Midwest Mortgage Associates Corporation is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 199 | $55,885,000 | $280,829 | $9,495 | 4.65% |
| Outside of Metro Areas | 71 | $13,205,000 | $185,986 | $6,382 | 4.89% |
| PUEBLO, CO (FHA|USDA|VA) | 57 | $10,175,000 | $178,509 | $5,965 | 4.88% |
| TULSA, OK (FHA|USDA|VA) | 60 | $9,770,000 | $162,833 | $7,166 | 5.11% |
| COLUMBIA, MO (FHA|USDA|VA) | 26 | $4,350,000 | $167,308 | $5,609 | 4.87% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 10 | $2,820,000 | $282,000 | $7,237 | 4.81% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 5 | $1,945,000 | $389,000 | $8,952 | 4.78% |
| Cañon City, CO (FHA|USDA|VA) | 6 | $1,330,000 | $221,667 | $6,514 | 4.67% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 6 | $1,200,000 | $200,000 | $5,209 | 4.54% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 8 | $1,170,000 | $146,250 | $6,191 | 5.11% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 9 | $1,145,000 | $127,222 | $4,849 | 5.28% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 5 | $1,055,000 | $211,000 | $6,301 | 4.80% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $775,000 | $258,333 | $10,491 | 5.21% |
| WICHITA, KS (FHA|USDA|VA) | 6 | $590,000 | $98,333 | $3,577 | 5.81% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $5,055 | 4.79% |
| FORT COLLINS, CO (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $12,658 | 4.38% |
| Fort Morgan, CO (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $7,334 | 4.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $8,816 | 4.75% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $16,791 | 4.75% |
| Mexico, MO (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $4,263 | 5.00% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $6,186 | 4.38% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,208 | 4.75% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,951 | 3.75% |
| McAlester, OK (FHA|USDA|VA) | 2 | $190,000 | $95,000 | $5,745 | 5.25% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $8,511 | 5.00% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,723 | 5.13% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,640 | 4.25% |
| Pampa, TX (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,617 | 5.00% |
| COLLEGE STATION-BRYAN, TX (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $6,685 | 5.63% |
| Moberly, MO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $6,017 | 4.75% |
| Plainview, TX (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,025 | 5.13% |
Similar Lenders
We use machine learning to identify the top lenders compared against Midwest Mortgage Associates Corporation based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Midwest Mortgage Associates Corporation's most frequently originated type of loan was VA, with 196 originations. Their 2nd most popular type was FHA, with 141 originations.
Loan Reason
For 2018, Midwest Mortgage Associates Corporation's most frequently cited loan purpose was Home Purchase, with 432 originations. The 2nd most popular reason was Cash Out Refi, with 41 originations.
Loan Duration/Length
For 2018, Midwest Mortgage Associates Corporation's most frequently cited loan duration was 30 Year, with 478 originations. The 2nd most popular length was 15 Year, with 9 originations.
Origination Fees/Closing Costs
Midwest Mortgage Associates Corporation's average total fees were $7,743, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 213 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 333 | $79,645,000 | $239,174 |
| 5-6% | 134 | $23,550,000 | $175,746 |
| 3-4% | 22 | $5,730,000 | $260,455 |
| 6-7% | 3 | $685,000 | $228,333 |
| Over 8% | 1 | $115,000 | $115,000 |
During 2018, Midwest Mortgage Associates Corporation's average interest rate for loans was 4.84%, while their most frequently originated rate bucket for loans was 4-5%, with 333 originations.
Loan Sizing
2018 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 240 originations, totaling $65,520,000 in origination value.
Applicant Income
Midwest Mortgage Associates Corporation lent most frequently to those with incomes in the $50k-75k range, with 168 originations. The second most popular income band? $50k or less, with 131 originations.
Applicant Debt to Income Ratio
Midwest Mortgage Associates Corporation lent most frequently to those with DTI ratios of 50-60%, with 48 originations. The next most common DTI ratio? 30-36%, with 47 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications96.06%
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 origination53.14%
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 | 493 | $109,725,000 | $222,566 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 29 | $4,065,000 | $140,172 |
| Single Family (1-4 Units):Site-Built | 464 | $105,660,000 | $227,716 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |