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 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 by origination volume include: Colorado Springs, Dallas, Pueblo, Columbia, and Jefferson City among others. We have data for 69 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% | 5/5/24 |
| 30 Year Conventional Refi | 7.37% | 5/5/24 |
| 30 Year Cash-out Refi | 8.20% | 5/5/24 |
| 30 Year FHA Purchase | 9.31% | 5/5/24 |
| 30 Year FHA Refi | 10.73% | 5/5/24 |
| 30 Year VA Purchase | 9.26% | 5/5/24 |
| 30 Year VA Refi | 6.52% | 5/5/24 |
| 30 Year USDA Purchase | 8.93% | 5/5/24 |
| 15 Year Conventional Purchase | 8.32% | 5/5/24 |
| 15 Year Conventional Refi | 7.35% | 5/5/24 |
| 15 Year Cash-out Refi | 7.35% | 5/5/24 |
| 15 Year FHA Refi | 7.10% | 5/5/24 |
| 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
983Origination Dollar Volume (All Markets)
$228,665,000Awards
Midwest Mortgage Associates Corporation - 2020
Midwest Mortgage Associates Corporation is a 2020 , due to their low .
For 2020, 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) | 205 | $61,845,000 | $301,683 | $6,534 | 2.98% |
| Outside of Metro Areas | 160 | $35,630,000 | $222,688 | $6,389 | 3.12% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 95 | $27,725,000 | $291,842 | $6,713 | 3.06% |
| PUEBLO, CO (FHA|USDA|VA) | 115 | $23,475,000 | $204,130 | $5,067 | 3.12% |
| COLUMBIA, MO (FHA|USDA|VA) | 108 | $20,660,000 | $191,296 | $5,277 | 2.93% |
| JEFFERSON CITY, MO (FHA|USDA|VA) | 36 | $6,380,000 | $177,222 | $4,914 | 3.08% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 12 | $4,590,000 | $382,500 | $6,214 | 2.68% |
| TULSA, OK (FHA|USDA|VA) | 23 | $3,945,000 | $171,522 | $6,648 | 3.82% |
| GAINESVILLE, FL (FHA|USDA|VA) | 25 | $3,895,000 | $155,800 | $6,239 | 3.36% |
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 18 | $3,760,000 | $208,889 | $6,054 | 2.76% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 19 | $3,725,000 | $196,053 | $7,167 | 3.20% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 12 | $2,950,000 | $245,833 | $7,941 | 3.20% |
| WICHITA, KS (FHA|USDA|VA) | 12 | $2,190,000 | $182,500 | $5,534 | 4.26% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 10 | $1,890,000 | $189,000 | $5,396 | 3.14% |
| EL PASO, TX (FHA|USDA|VA) | 10 | $1,810,000 | $181,000 | $7,925 | 3.34% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 5 | $1,605,000 | $321,000 | $7,415 | 2.88% |
| OKLAHOMA CITY, OK (FHA|USDA|VA) | 7 | $1,575,000 | $225,000 | $7,235 | 3.61% |
| BEAUMONT-PORT ARTHUR, TX (FHA|USDA|VA) | 8 | $1,310,000 | $163,750 | $6,720 | 3.19% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 5 | $1,105,000 | $221,000 | $4,870 | 2.78% |
| Granbury, TX (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $8,209 | 3.00% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 5 | $955,000 | $191,000 | $6,627 | 3.88% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 4 | $940,000 | $235,000 | $5,836 | 3.22% |
| GREELEY, CO (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $6,631 | 3.08% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 3 | $705,000 | $235,000 | $6,226 | 3.33% |
| Moberly, MO (FHA|USDA|VA) | 5 | $705,000 | $141,000 | $5,192 | 2.70% |
| Cañon City, CO (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,517 | 3.38% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $685,000 | $228,333 | $4,983 | 2.88% |
| Warrensburg, MO (FHA|USDA|VA) | 2 | $600,000 | $300,000 | $13,594 | 3.25% |
| Kirksville, MO (FHA|USDA|VA) | 4 | $560,000 | $140,000 | $5,049 | 3.31% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 4 | $530,000 | $132,500 | $4,637 | 3.28% |
| WICHITA FALLS, TX (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $10,744 | 3.50% |
| Del Rio, TX (FHA|USDA|VA) | 3 | $515,000 | $171,667 | $7,486 | 3.42% |
| Mexico, MO (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $7,752 | 3.19% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $3,131 | 3.38% |
| BROWNSVILLE-HARLINGEN, TX (FHA|USDA|VA) | 3 | $505,000 | $168,333 | $7,292 | 3.46% |
| Fort Leonard Wood, MO (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $4,726 | 3.33% |
| LAWTON, OK (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $9,915 | 3.56% |
| Gainesville, TX (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $5,336 | 3.06% |
| Lake City, FL (FHA|USDA|VA) | 3 | $435,000 | $145,000 | $5,088 | 3.38% |
| OCALA, FL (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $4,838 | 3.33% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 2 | $380,000 | $190,000 | $3,707 | 3.06% |
| Stephenville, TX (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $4,924 | 2.50% |
| TEXARKANA, TX-AR (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $10,840 | 4.00% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 3 | $325,000 | $108,333 | $5,112 | 3.38% |
| ODESSA, TX (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $14,324 | 2.25% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $6,066 | 2.75% |
| WACO, TX (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,692 | 2.75% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $10,442 | 2.88% |
| MIDLAND, TX (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $6,286 | 2.50% |
| Branson, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $5,100 | 3.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $5,140 | 3.38% |
| Blytheville, AR (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,271 | 3.38% |
| Sedalia, MO (FHA|USDA|VA) | 2 | $180,000 | $90,000 | $3,215 | 3.00% |
| SHERMAN-DENISON, TX (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,816 | 2.75% |
| LUBBOCK, TX (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,116 | 3.00% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $5,516 | 3.50% |
| FORT SMITH, AR-OK (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $3,921 | 3.25% |
| JOPLIN, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,192 | 2.50% |
| Sikeston, MO (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $5,371 | 2.50% |
| TYLER, TX (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,523 | 2.88% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $1,776 | 3.25% |
| Marshall, MO (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,570 | 2.38% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $7,169 | 2.88% |
| Batesville, AR (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,640 | 3.50% |
| Lebanon, MO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,860 | 2.75% |
| Farmington, MO (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $5,048 | 3.25% |
| LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $5,439 | 3.63% |
| Bartlesville, OK (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $7,476 | 4.25% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $5,244 | 3.00% |
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Product Mix
For 2020, Midwest Mortgage Associates Corporation's most frequently originated type of loan was Conventional, with 526 originations. Their 2nd most popular type was FHA, with 233 originations.
Loan Reason
For 2020, Midwest Mortgage Associates Corporation's most frequently cited loan purpose was Home Purchase, with 582 originations. The 2nd most popular reason was Refi, with 259 originations.
Loan Duration/Length
For 2020, Midwest Mortgage Associates Corporation's most frequently cited loan duration was 30 Year, with 909 originations. The 2nd most popular length was 15 Year, with 52 originations.
Origination Fees/Closing Costs
Midwest Mortgage Associates Corporation's average total fees were $6,263, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 441 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 405 | $87,525,000 | $216,111 |
| 2.5-3% | 356 | $89,240,000 | $250,674 |
| <2.5% | 163 | $40,885,000 | $250,828 |
| 4-5% | 50 | $9,720,000 | $194,400 |
| 5-6% | 9 | $1,295,000 | $143,889 |
During 2020, Midwest Mortgage Associates Corporation's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 405 originations.
Loan Sizing
2020 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 485 originations, totaling $135,485,000 in origination value.
Applicant Income
Midwest Mortgage Associates Corporation lent most frequently to those with incomes in the $50k-75k range, with 257 originations. The second most popular income band? $50k or less, with 219 originations.
Applicant Debt to Income Ratio
Midwest Mortgage Associates Corporation lent most frequently to those with DTI ratios of 20-30%, with 176 originations. The next most common DTI ratio? 30-36%, with 159 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.40%
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 origination57.48%
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 | 983 | $228,665,000 | $232,620 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 44 | $6,250,000 | $142,045 |
| Single Family (1-4 Units):Site-Built | 939 | $222,415,000 | $236,864 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MIDWEST EQUITY MORTGAGE, LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 100.0% |