Mid American Mortgage Rates, Fees & Info
Wichita, KSLEI: 549300P5F47MW3AQ2048
Tax ID: 48-0542669
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Mortgage Data
Review & Overview
Mid American is a smaller mortgage company specializing in Home Purchase loans. Mid American has a high proportion of conventional loans. Their top markets by origination volume include: Wichita, Winfield, Kansas City, Topeka, and Hutchinson among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)Mid American has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mid American is typically a low 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 | 6.95% | 5/13/24 |
| 30 Year Cash-out Refi | 6.90% | 5/13/24 |
| 15 Year Conventional Purchase | 7.00% | 5/13/24 |
| 15 Year Conventional Refi | 6.47% | 5/13/24 |
| 15 Year Cash-out Refi | 6.47% | 5/13/24 |
| 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. | ||
Mid American Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
140Origination Dollar Volume (All Markets)
$11,530,000Awards
MID AMERICAN - 2018
MID AMERICAN 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 |
|---|---|---|---|---|---|
| WICHITA, KS (FHA|USDA|VA) | 114 | $9,800,000 | $85,965 | $1,071 | 4.90% |
| Winfield, KS (FHA|USDA|VA) | 8 | $690,000 | $86,250 | $1,738 | 4.41% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $240,000 | $120,000 | $1,509 | 5.00% |
| TOPEKA, KS (FHA|USDA|VA) | 5 | $225,000 | $45,000 | $1,192 | 4.65% |
| Hutchinson, KS (FHA|USDA|VA) | 3 | $205,000 | $68,333 | $1,183 | 4.71% |
| LAWRENCE, KS (FHA|USDA|VA) | 3 | $185,000 | $61,667 | $1,036 | 4.63% |
| Outside of Metro Areas | 4 | $170,000 | $42,500 | $1,365 | 4.75% |
| TULSA, OK (FHA|USDA|VA) | 1 | $15,000 | $15,000 | $0 | 4.50% |
Similar Lenders
We use machine learning to identify the top lenders compared against MID AMERICAN based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 64
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 137 | $11,385,000 | $83,102 | $1,133 | 4.80% |
| HELOC | 3 | $145,000 | $48,333 | n/a | 7.08% |
For 2018, Mid American's most frequently originated type of loan was Conventional, with 137 originations. Their 2nd most popular type was HELOC, with 3 originations.
Loan Reason
For 2018, Mid American's most frequently cited loan purpose was Home Improvement, with 58 originations. The 2nd most popular reason was Home Purchase, with 37 originations.
Loan Duration/Length
For 2018, Mid American's most frequently cited loan duration was 10 Year, with 51 originations. The 2nd most popular length was 30 Year, with 42 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 128 | $10,080,000 | $78,750 |
| $1k-2k | 1 | $55,000 | $55,000 |
Mid American's average total fees were $1,840, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 128 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 90 | $6,990,000 | $77,667 |
| 5-6% | 21 | $1,105,000 | $52,619 |
| 3-4% | 16 | $2,930,000 | $183,125 |
| 6-7% | 7 | $215,000 | $30,714 |
| 7-8% | 6 | $290,000 | $48,333 |
During 2018, Mid American's average interest rate for loans was 4.58%, while their most frequently originated rate bucket for loans was 4-5%, with 90 originations.
Loan Sizing
2018 saw Mid American place emphasis on $100,000 or less loans with 102 originations, totaling $4,210,000 in origination value.
Applicant Income
Mid American lent most frequently to those with incomes in the $50k or less range, with 37 originations. The second most popular income band? $50k-75k, with 32 originations.
Applicant Debt to Income Ratio
Mid American lent most frequently to those with DTI ratios of 20-30%, with 40 originations. The next most common DTI ratio? 30-36%, with 28 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications86.87%
Mid American has an average approval rate.
Pick Rate
Approvals leading to origination77.14%
Mid American has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 140 | $11,530,000 | $82,357 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 1 | $85,000 | $85,000 |
| Single Family (1-4 Units):Site-Built | 139 | $11,445,000 | $82,338 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MidAmerica Mortgage Inc | Conventional home mortgage | Struggling to pay mortgage | 1 | 5.0% |
| MidAmerica Mortgage Inc | Conventional home mortgage | Trouble during payment process | 8 | 40.0% |
| MidAmerica Mortgage Inc | FHA mortgage | Closing on a mortgage | 1 | 5.0% |
| MidAmerica Mortgage Inc | FHA mortgage | Trouble during payment process | 3 | 15.0% |
| MidAmerica Mortgage Inc | VA mortgage | Struggling to pay mortgage | 1 | 5.0% |
| MidAmerica Mortgage Inc | VA mortgage | Trouble during payment process | 6 | 30.0% |