Midwest Equity Mortgage Llc

Oakbrook Terrace, IL 60181

LEI: 549300OV8NE5ZPEPMF52

Tax ID: 20-4866754

2019 Data | 2018 Data


Overview

Midwest Equity Mortgage Llc is a small mortgage company specializing in Home Purchase and Refi loans. Midwest Equity Mortgage Llc 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 include Oakland, Denver, Chicago, Los Angeles, and San Diego among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Midwest Equity Mortgage Llc is typically a medium-low fee lendor.


Originations

4,660

Origination Dollar Volume (All Markets)

$1,891,630,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 3,526 $1,565,860,000 $444,090
FHA 848 $222,720,000 $262,642
VA 260 $98,990,000 $380,731
USDA 26 $4,060,000 $156,154

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,178 $801,500,000 $367,998
Other 2 $330,000 $165,000
Refi 1,672 $770,210,000 $460,652
Cash Out Refi 808 $319,590,000 $395,532

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
OAKLAND-BERKELEY-LIVERMORE, CA 827 $498,265,000 $602,497
DENVER-AURORA-LAKEWOOD, CO 712 $245,540,000 $344,860
CHICAGO-NAPERVILLE-EVANSTON, IL 560 $155,060,000 $276,893
LOS ANGELES-LONG BEACH-GLENDALE, CA 257 $139,855,000 $544,183
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 222 $111,070,000 $500,315
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 92 $64,110,000 $696,848
ST. LOUIS, MO-IL 320 $58,110,000 $181,594
ANAHEIM-SANTA ANA-IRVINE, CA 86 $53,580,000 $623,023
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 65 $50,195,000 $772,231
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 132 $46,370,000 $351,288
SEATTLE-BELLEVUE-KENT, WA 84 $46,000,000 $547,619
OXNARD-THOUSAND OAKS-VENTURA, CA 62 $32,720,000 $527,742
AUSTIN-ROUND ROCK-GEORGETOWN, TX 103 $31,455,000 $305,388
REDDING, CA 110 $29,860,000 $271,455
SACRAMENTO-ROSEVILLE-FOLSOM, CA 76 $27,540,000 $362,368
Outside of Metro Areas 110 $25,030,000 $227,545
LAS VEGAS-HENDERSON-PARADISE, NV 77 $20,495,000 $266,169
VALLEJO, CA 51 $18,765,000 $367,941
PHOENIX-MESA-CHANDLER, AZ 49 $17,745,000 $362,143
GREELEY, CO 39 $12,205,000 $312,949
SAN RAFAEL, CA 17 $11,885,000 $699,118
ELGIN, IL 45 $10,885,000 $241,889
LAKE COUNTY-KENOSHA COUNTY, IL-WI 29 $9,935,000 $342,586
SALINAS, CA 15 $9,715,000 $647,667
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 18 $9,630,000 $535,000
MIAMI-MIAMI BEACH-KENDALL, FL 27 $9,345,000 $346,111
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 23 $8,935,000 $388,478
TACOMA-LAKEWOOD, WA 22 $8,730,000 $396,818
SANTA ROSA-PETALUMA, CA 16 $7,720,000 $482,500
COLORADO SPRINGS, CO 27 $7,435,000 $275,370
CALIFORNIA-LEXINGTON PARK, MD 23 $6,515,000 $283,261
GARY, IN 37 $6,495,000 $175,541
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 14 $5,620,000 $401,429
STOCKTON, CA 16 $5,620,000 $351,250
TAMPA-ST. PETERSBURG-CLEARWATER, FL 18 $5,260,000 $292,222
NAPA, CA 6 $4,990,000 $831,667
SANTA CRUZ-WATSONVILLE, CA 8 $4,620,000 $577,500
PORT ST. LUCIE, FL 22 $4,410,000 $200,455
FRESNO, CA 11 $3,305,000 $300,455
SANTA MARIA-SANTA BARBARA, CA 7 $3,175,000 $453,571
MILWAUKEE-WAUKESHA, WI 14 $3,090,000 $220,714
FORT COLLINS, CO 9 $3,005,000 $333,889
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 5 $2,685,000 $537,000
NEW BRUNSWICK-LAKEWOOD, NJ 8 $2,610,000 $326,250
BREMERTON-SILVERDALE-PORT ORCHARD, WA 8 $2,390,000 $298,750
BOULDER, CO 7 $2,385,000 $340,714
DALLAS-PLANO-IRVING, TX 6 $2,170,000 $361,667
CAPE CORAL-FORT MYERS, FL 9 $1,985,000 $220,556
SAN LUIS OBISPO-PASO ROBLES, CA 4 $1,930,000 $482,500
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 4 $1,570,000 $392,500
NORTH PORT-SARASOTA-BRADENTON, FL 5 $1,545,000 $309,000
MODESTO, CA 5 $1,535,000 $307,000
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 6 $1,530,000 $255,000
FORT WORTH-ARLINGTON-GRAPEVINE, TX 6 $1,520,000 $253,333
BELLINGHAM, WA 2 $1,350,000 $675,000
MERCED, CA 5 $1,295,000 $259,000
BEND, OR 2 $1,290,000 $645,000
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 5 $1,205,000 $241,000
NEWARK, NJ-PA 3 $1,205,000 $401,667
NAPLES-MARCO ISLAND, FL 4 $1,190,000 $297,500
BALTIMORE-COLUMBIA-TOWSON, MD 2 $990,000 $495,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 2 $980,000 $490,000
SAN ANTONIO-NEW BRAUNFELS, TX 4 $970,000 $242,500
BAKERSFIELD, CA 5 $965,000 $193,000
PENSACOLA-FERRY PASS-BRENT, FL 4 $890,000 $222,500
HANFORD-CORCORAN, CA 3 $835,000 $278,333
LONGVIEW, WA 2 $810,000 $405,000
KANSAS CITY, MO-KS 4 $800,000 $200,000
SALEM, OR 3 $795,000 $265,000
CORPUS CHRISTI, TX 3 $735,000 $245,000
GRAND JUNCTION, CO 2 $730,000 $365,000
YUBA CITY, CA 3 $725,000 $241,667
ORLANDO-KISSIMMEE-SANFORD, FL 2 $670,000 $335,000
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 2 $660,000 $330,000
TALLAHASSEE, FL 2 $640,000 $320,000
CHICO, CA 2 $630,000 $315,000
ALBANY-LEBANON, OR 2 $610,000 $305,000
RACINE, WI 4 $600,000 $150,000
KANKAKEE, IL 2 $590,000 $295,000
RENO, NV 2 $580,000 $290,000
WENATCHEE, WA 2 $570,000 $285,000
VISALIA, CA 2 $570,000 $285,000
PEORIA, IL 2 $570,000 $285,000
ROCKFORD, IL 3 $535,000 $178,333
SPRINGFIELD, MO 3 $505,000 $168,333
KILLEEN-TEMPLE, TX 3 $495,000 $165,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $470,000 $235,000
SPRINGFIELD, IL 4 $470,000 $117,500
TYLER, TX 2 $460,000 $230,000
BLOOMINGTON, IN 1 $445,000 $445,000
SPOKANE-SPOKANE VALLEY, WA 2 $390,000 $195,000
TUCSON, AZ 2 $380,000 $190,000
JACKSONVILLE, FL 2 $320,000 $160,000
BIRMINGHAM-HOOVER, AL 1 $305,000 $305,000
MICHIGAN CITY-LA PORTE, IN 2 $300,000 $150,000
KENNEWICK-RICHLAND, WA 1 $295,000 $295,000
PHILADELPHIA, PA 1 $285,000 $285,000
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 1 $275,000 $275,000
FLAGSTAFF, AZ 1 $265,000 $265,000
THE VILLAGES, FL 1 $255,000 $255,000
WALLA WALLA, WA 1 $245,000 $245,000
PUEBLO, CO 1 $235,000 $235,000
SHEBOYGAN, WI 1 $235,000 $235,000
DAPHNE-FAIRHOPE-FOLEY, AL 1 $235,000 $235,000
OLYMPIA-LACEY-TUMWATER, WA 1 $225,000 $225,000
TUSCALOOSA, AL 1 $205,000 $205,000
JEFFERSON CITY, MO 2 $200,000 $100,000
GRANTS PASS, OR 1 $195,000 $195,000
WACO, TX 1 $185,000 $185,000
YAKIMA, WA 1 $185,000 $185,000
LYNCHBURG, VA 1 $145,000 $145,000
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 1 $115,000 $115,000
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 1 $95,000 $95,000
CAPE GIRARDEAU, MO-IL 1 $85,000 $85,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 77 $1,465,000 $19,026
2.5-3% 16 $7,770,000 $485,625
3-4% 2,246 $1,024,160,000 $455,993
4-5% 1,977 $737,435,000 $373,007
5-6% 259 $80,765,000 $311,834
6-7% 41 $19,505,000 $475,732
7-8% 30 $14,780,000 $492,667
Over 8% 10 $3,540,000 $354,000

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 180 $8,810,000 $48,944
$100k-200k 701 $108,555,000 $154,857
$200k-400k 1,821 $547,485,000 $300,651
$400k-600k 1,155 $556,535,000 $481,848
$600k-1000k 670 $491,240,000 $733,194
$Over $1MM 133 $179,005,000 $1,345,902

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 120 $46,500,000 $387,500
40-60% 541 $254,595,000 $470,601
60-80% 1,725 $817,285,000 $473,788
80-100% 2,116 $746,760,000 $352,911
Over 100% 53 $20,615,000 $388,962
Under 20% 105 $5,875,000 $55,952

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 1,102 $439,840,000 $399,129
$150k-250k 992 $523,650,000 $527,873
$50k-75k 738 $167,700,000 $227,236
$50k-or less 585 $131,775,000 $225,256
$75k-100k 716 $218,190,000 $304,735
$Over $250k 526 $409,730,000 $778,954

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 3,347 $1,326,825,000 $396,422
Not provided 544 $253,600,000 $466,176
Asian 407 $217,035,000 $533,256
Black 333 $83,995,000 $252,237
Native Hawaiian 14 $5,300,000 $378,571
American Indian 15 $4,875,000 $325,000

Approval Rates

Total approvals of all applications
94.74%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
76.89%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 4,660 $1,891,630,000 $405,929

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 400 $167,550,000 $418,875
$1k-2k 3,095 $1,274,395,000 $411,759
$2k-3k 344 $116,800,000 $339,535
$3k-4k 437 $174,275,000 $398,799
$5k+ 255 $131,235,000 $514,647

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Manufactured 19 $5,045,000 $265,526
Single Family (1-4 Units):Site-Built 4,641 $1,886,585,000 $406,504