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 Improvement and Home Purchase loans. Mid American has a high proportion of conventional loans. Their top markets by origination volume include: Wichita, Winfield, Tulsa, Topeka, and Kansas City among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)Mid American 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. 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 relatively high 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% | 11/17/24 |
| 30 Year Cash-out Refi | 6.90% | 11/17/24 |
| 15 Year Conventional Purchase | 7.00% | 11/17/24 |
| 15 Year Conventional Refi | 6.47% | 11/17/24 |
| 15 Year Cash-out Refi | 6.47% | 11/17/24 |
| 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
175Origination Dollar Volume (All Markets)
$17,265,000Awards
MID AMERICAN - 2022
MID AMERICAN 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 |
|---|---|---|---|---|---|
| WICHITA, KS (FHA|USDA|VA) | 142 | $13,150,000 | $92,606 | $1,203 | 5.38% |
| Winfield, KS (FHA|USDA|VA) | 8 | $860,000 | $107,500 | $15,804 | 4.84% |
| TULSA, OK (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $1,017 | 3.25% |
| TOPEKA, KS (FHA|USDA|VA) | 6 | $630,000 | $105,000 | $1,818 | 4.50% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 6 | $620,000 | $103,333 | $1,427 | 6.08% |
| Outside of Metro Areas | 5 | $485,000 | $97,000 | $2,127 | 5.63% |
| LAWRENCE, KS (FHA|USDA|VA) | 5 | $465,000 | $93,000 | $1,440 | 5.15% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,622 | 5.38% |
| Hutchinson, KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $1,875 | 3.25% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 175 | $17,265,000 | $98,657 | $1,953 | 5.33% |
For 2022, Mid American's most frequently originated type of loan was Conventional, with 175 originations.
Loan Reason
For 2022, Mid American's most frequently cited loan purpose was Home Improvement, with 75 originations. The 2nd most popular reason was Home Purchase, with 49 originations.
Loan Duration/Length
For 2022, Mid American's most frequently cited loan duration was 15 Year, with 50 originations. The 2nd most popular length was 30 Year, with 45 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 163 | $16,135,000 | $98,988 |
| $1k-2k | 2 | $280,000 | $140,000 |
| $3k-4k | 1 | $135,000 | $135,000 |
| $4k-5k | 1 | $135,000 | $135,000 |
Mid American's average total fees were $2,300, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 163 originations.
Interest Rates
During 2022, Mid American's average interest rate for loans was 5.20%, while their most frequently originated rate bucket for loans was 5-6%, with 55 originations.
Loan Sizing
2022 saw Mid American place emphasis on $100,000 or less loans with 110 originations, totaling $5,230,000 in origination value.
Applicant Income
Mid American lent most frequently to those with incomes in the $100k-150k range, with 42 originations. The second most popular income band? $50k-75k, with 40 originations.
Applicant Debt to Income Ratio
Mid American lent most frequently to those with DTI ratios of 20-30%, with 48 originations. The next most common DTI ratio? 30-36%, with 23 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications91.59%
Mid American has an average approval rate.
Pick Rate
Approvals leading to origination81.71%
Mid American has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 175 | $17,265,000 | $98,657 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2022 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MidAmerica Mortgage Inc | Conventional home mortgage | Struggling to pay mortgage | 1 | 50.0% |
| MidAmerica Mortgage Inc | FHA mortgage | Struggling to pay mortgage | 1 | 50.0% |