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: 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.
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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
487Origination Dollar Volume (All Markets)
$131,725,000Awards
Midwest Mortgage Associates Corporation - 2022
Midwest Mortgage Associates Corporation is a 2022 , due to their low .
For 2022, 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 |
|---|---|---|---|---|---|
| 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% |
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Product Mix
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
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
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
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
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
2022 saw Midwest Mortgage Associates Corporation place emphasis on $200k-400k loans with 209 originations, totaling $58,665,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications97.47%
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 origination60.37%
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 |
LTV Distribution
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% |