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. 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, Pueblo, Tulsa, and Columbia 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.
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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
696Origination Dollar Volume (All Markets)
$152,800,000Awards
Midwest Mortgage Associates Corporation - 2019
Midwest Mortgage Associates Corporation is a 2019 , due to their low .
For 2019, 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) | 142 | $40,980,000 | $288,592 | $7,408 | 4.04% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 64 | $17,110,000 | $267,344 | $8,161 | 3.99% |
| PUEBLO, CO (FHA|USDA|VA) | 70 | $13,460,000 | $192,286 | $5,423 | 4.16% |
| TULSA, OK (FHA|USDA|VA) | 72 | $12,570,000 | $174,583 | $6,733 | 4.44% |
| Outside of Metro Areas | 67 | $10,905,000 | $162,761 | $5,950 | 4.31% |
| COLUMBIA, MO (FHA|USDA|VA) | 51 | $9,475,000 | $185,784 | $5,892 | 3.99% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 22 | $7,230,000 | $328,636 | $8,530 | 4.65% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 26 | $5,870,000 | $225,769 | $7,955 | 4.03% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 16 | $3,750,000 | $234,375 | $9,205 | 3.95% |
| Del Rio, TX (FHA|USDA|VA) | 18 | $3,380,000 | $187,778 | $9,200 | 4.06% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 16 | $3,300,000 | $206,250 | $7,548 | 3.96% |
| EL PASO, TX (FHA|USDA|VA) | 14 | $2,740,000 | $195,714 | $9,262 | 4.13% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 11 | $2,685,000 | $244,091 | $8,317 | 4.16% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 15 | $2,335,000 | $155,667 | $5,437 | 4.27% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 15 | $2,215,000 | $147,667 | $5,617 | 3.93% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 10 | $2,090,000 | $209,000 | $7,902 | 4.05% |
| Cañon City, CO (FHA|USDA|VA) | 5 | $1,125,000 | $225,000 | $5,936 | 4.50% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 3 | $1,105,000 | $368,333 | $15,000 | 4.25% |
| AMARILLO, TX (FHA|USDA|VA) | 4 | $850,000 | $212,500 | $8,087 | 3.94% |
| GAINESVILLE, FL (FHA|USDA|VA) | 8 | $830,000 | $103,750 | $5,165 | 4.09% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 4 | $830,000 | $207,500 | $7,890 | 4.13% |
| FORT COLLINS, CO (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $9,103 | 4.63% |
| GREELEY, CO (FHA|USDA|VA) | 2 | $610,000 | $305,000 | $9,348 | 5.25% |
| Lebanon, MO (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $4,635 | 4.38% |
| JOPLIN, MO (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $7,604 | 4.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $7,236 | 4.00% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $12,997 | 4.13% |
| TYLER, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $7,357 | 3.50% |
| Moberly, MO (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,521 | 3.38% |
| Sedalia, MO (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $5,948 | 4.31% |
| Bartlesville, OK (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $7,101 | 4.19% |
| TEXARKANA, TX-AR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $8,404 | 4.00% |
| Mexico, MO (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,188 | 3.75% |
| Pecos, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $12,719 | 3.38% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $5,063 | 4.25% |
| Branson, MO (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $8,907 | 4.13% |
| Ardmore, OK (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $13,229 | 5.63% |
| Duncan, OK (FHA|USDA|VA) | 2 | $220,000 | $110,000 | $3,346 | 4.81% |
| Rockport, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $8,789 | 3.25% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,272 | 3.38% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $5,487 | 3.50% |
| Stillwater, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $6,731 | 5.38% |
| Durant, OK (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $4,923 | 5.13% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,151 | 3.25% |
| Fort Polk South, LA (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,280 | 4.00% |
| Corsicana, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,417 | 5.00% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $4,122 | 4.13% |
| Pampa, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $8,101 | 4.25% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $6,727 | 4.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $3,761 | 4.38% |
| Muskogee, OK (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,122 | 5.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $4,656 | 3.75% |
| ST. JOSEPH, MO-KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $4,649 | 3.38% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,063 | 3.50% |
| Farmington, MO (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,024 | 5.25% |
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Product Mix
For 2019, Midwest Mortgage Associates Corporation's most frequently originated type of loan was Conventional, with 265 originations. Their 2nd most popular type was FHA, with 227 originations.
Loan Reason
For 2019, Midwest Mortgage Associates Corporation's most frequently cited loan purpose was Home Purchase, with 566 originations. The 2nd most popular reason was Refi, with 68 originations.
Loan Duration/Length
For 2019, Midwest Mortgage Associates Corporation's most frequently cited loan duration was 30 Year, with 656 originations. The 2nd most popular length was 15 Year, with 30 originations.
Origination Fees/Closing Costs
Midwest Mortgage Associates Corporation's average total fees were $7,177, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 270 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 349 | $80,955,000 | $231,963 |
| 4-5% | 275 | $58,085,000 | $211,218 |
| 5-6% | 68 | $12,640,000 | $185,882 |
| 2.5-3% | 4 | $1,120,000 | $280,000 |
During 2019, Midwest Mortgage Associates Corporation's average interest rate for loans was 4.17%, while their most frequently originated rate bucket for loans was 3-4%, with 349 originations.
Loan Sizing
2019 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 310 originations, totaling $84,870,000 in origination value.
Applicant Income
Midwest Mortgage Associates Corporation lent most frequently to those with incomes in the $50k-75k range, with 223 originations. The second most popular income band? $50k or less, with 152 originations.
Applicant Debt to Income Ratio
Midwest Mortgage Associates Corporation lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 50-60%, with 89 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.47%
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 origination63.94%
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 | 696 | $152,800,000 | $219,540 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 49 | $7,265,000 | $148,265 |
| Single Family (1-4 Units):Site-Built | 647 | $145,535,000 | $224,938 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |