M/i Financial Mortgage Rates, Fees & Info

COLUMBUS, OH

LEI: 549300PXL1KA5TOL2O82

Tax ID: 31-1076317

4.6 stars - out of 5 stars, based on 80 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

M/i Financial is a small mortgage company specializing in Home Purchase loans. M/i Financial 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 Tampa, Minneapolis, Charlotte, Columbus, and Orlando among others. M/i Financial has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. M/i Financial is typically an average fee lendor.


Originations

6,449

Origination Dollar Volume (All Markets)

$2,216,185,000
Show all (26) awards

Relative Rate

M/i Financial 's average 30 year fixed rate mortgage of loans were 2.91%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.24%.

Relative Fees

M/i Financial 's average total fees for a 30 year fixed rate mortgage are $5,859.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 601 $216,045,000 $359,476 $6,220 2.85%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 584 $211,590,000 $362,312 $4,170 2.83%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 490 $191,050,000 $389,898 $4,937 2.83%
COLUMBUS, OH (FHA|USDA|VA) 506 $181,730,000 $359,150 $5,483 2.92%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 463 $176,685,000 $381,609 $6,125 2.87%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 499 $171,755,000 $344,198 $7,484 2.86%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) 561 $166,665,000 $297,086 $4,839 2.91%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 450 $153,800,000 $341,778 $4,824 2.88%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 461 $128,165,000 $278,015 $7,891 2.91%
AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) 334 $116,660,000 $349,281 $6,812 2.80%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 373 $100,085,000 $268,324 $6,986 2.93%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 257 $97,075,000 $377,724 $5,518 2.73%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 258 $92,130,000 $357,093 $5,846 2.95%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 182 $65,300,000 $358,791 $3,937 2.75%
RALEIGH-CARY, NC (FHA|USDA|VA) 142 $49,430,000 $348,099 $3,954 2.97%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 149 $49,345,000 $331,174 $4,042 3.08%
DAYTON-KETTERING, OH (FHA|USDA|VA) 62 $24,380,000 $393,226 $5,930 2.74%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 32 $12,840,000 $401,250 $6,551 2.89%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 25 $5,605,000 $224,200 $5,751 2.96%
ANN ARBOR, MI (FHA|USDA|VA) 13 $3,675,000 $282,692 $4,824 2.80%
PUNTA GORDA, FL (FHA|USDA|VA) 6 $1,670,000 $278,333 $5,784 3.10%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $505,000 $505,000 $2,501 2.50%

M/i Financial 's top markets include Tampa, Minneapolis, Charlotte, Columbus, and Orlando among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 5,109 $1,774,935,000 $347,413 $4,776 2.89%
FHA 755 $223,065,000 $295,450 $9,732 2.92%
VA 570 $214,210,000 $375,807 $8,965 2.68%
USDA 15 $3,975,000 $265,000 $7,354 2.93%

For the 2021 period, M/i Financial 's most frequently originated loan type of loans were Conventional, with 5,109 originations. Their 2nd most popular type is FHA, with 755 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 6,435 $2,211,475,000 $343,664 $5,740 2.87%
Refi 8 $2,470,000 $308,750 $2,094 2.42%
Cash Out Refi 5 $1,435,000 $287,000 $2,453 2.70%
Other 1 $805,000 $805,000 $4,707 3.25%

For the 2021, M/i Financial 's most frequently cited loan purpose of loans were Home Purchase, with 6,435 originations. The 2nd most popular reason of loans were Refi, with 8 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 5,915 $2,061,675,000 $348,550 $5,859 2.91%
15 Year 466 $132,420,000 $284,163 $4,288 2.38%
20 Year 58 $20,220,000 $348,621 $4,773 2.70%
10 Year 9 $1,545,000 $171,667 $3,478 2.43%
Other 1 $325,000 $325,000 $8,090 2.88%

For the 2021, M/i Financial 's most frequently cited loan length of loans were 30 Year, with 5,915 originations. The 2nd most popular length of loans were 15 Year, with 466 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 5,353 $1,811,175,000 $338,348
$3k-4k 379 $136,065,000 $359,011
$2k-3k 334 $120,870,000 $361,886
$<1k 197 $72,735,000 $369,213
$5k+ 183 $74,395,000 $406,530

$5,859 of loans were M/i Financial 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 5,353 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 3,833 $1,344,725,000 $350,828
3-4% 1,562 $520,860,000 $333,457
<2.5% 1,016 $339,340,000 $333,996
4-5% 38 $11,260,000 $296,316

During 2021, M/i Financial 's average interest rate of loans were 2.91%, while their most frequently originated rate bucket of loans were 2.5-3%, with 3,833 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 4,313 $1,329,335,000 $308,216 $5,795 2.89%
$400k-600k 1,734 $810,540,000 $467,439 $5,882 2.84%
$100k-200k 301 $46,125,000 $153,239 $4,156 2.81%
$100,000 or less 64 $4,490,000 $70,156 $3,385 2.68%
$600k-1MM 36 $24,570,000 $682,500 $8,240 2.94%
$1MM+ 1 $1,125,000 $1,125,000 $10,299 2.50%

2021 saw M/i Financial place emphasis on $200k-400k loans with 4,313 originations, totaling $1,329,335,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 2,271 $822,175,000 $362,032 $5,645 2.85%
$75k-100k 1,375 $440,335,000 $320,244 $6,049 2.88%
$150k-250k 1,295 $516,635,000 $398,946 $5,364 2.88%
$50k-75k 1,023 $280,745,000 $274,433 $6,217 2.87%
$250k+ 305 $120,105,000 $393,787 $5,251 2.96%
$50k or less 180 $36,190,000 $201,056 $5,129 2.86%

M/i Financial lent most frequently to those with incomes in the $100k-150k range, with 2,271 originations. The second most popular income band? $75k-100k, with 1,375 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 1,459 $513,395,000 $351,881 $5,085 2.85%
30-36% 1,183 $423,135,000 $357,680 $5,338 2.88%
<20% 468 $143,720,000 $307,094 $4,580 2.78%
50-60% 382 $123,560,000 $323,455 $9,154 2.85%
39% 246 $83,460,000 $339,268 $5,595 2.90%
41% 232 $81,660,000 $351,983 $5,834 2.91%
38% 232 $79,230,000 $341,509 $5,893 2.86%
44% 231 $80,055,000 $346,558 $5,703 2.93%
49% 228 $76,080,000 $333,684 $6,108 2.92%
40% 224 $78,540,000 $350,625 $6,354 2.88%
36% 211 $71,935,000 $340,924 $5,486 2.87%
43% 199 $70,925,000 $356,407 $6,123 2.93%
42% 198 $65,860,000 $332,626 $5,860 2.94%
46% 192 $65,670,000 $342,031 $6,102 2.88%
45% 191 $66,005,000 $345,576 $6,428 2.89%
48% 184 $60,440,000 $328,478 $6,189 2.90%
37% 173 $60,385,000 $349,046 $5,242 2.91%
47% 170 $55,050,000 $323,824 $5,873 2.92%
>60% 44 $16,230,000 $368,864 $8,557 2.75%

M/i Financial lent most frequently to those with DTI ratios of 20-30%, with 1,459 originations. The next most common DTI ratio? 30-36%, with 1,183 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 3,733 $1,243,625,000 $333,144 $5,652 2.89%
Asian 1,158 $423,380,000 $365,613 $5,226 2.82%
Black 650 $228,620,000 $351,723 $7,020 2.93%
Not provided 552 $191,470,000 $346,866 $5,871 2.87%
Asian Indian 225 $87,515,000 $388,956 $5,265 2.77%
American Indian 48 $13,770,000 $286,875 $7,406 2.88%
Other Asian 35 $12,885,000 $368,143 $5,594 2.90%
Chinese 9 $3,055,000 $339,444 $5,067 2.99%
Filipino 9 $2,985,000 $331,667 $6,233 2.76%
Korean 8 $2,560,000 $320,000 $6,088 2.64%
Native Hawaiian 8 $2,540,000 $317,500 $6,124 2.83%
8 $2,050,000 $256,250 $6,795 2.75%
Vietnamese 4 $930,000 $232,500 $4,274 2.75%
Other Pacific Islander 2 $800,000 $400,000 $4,549 2.88%

Approval Rates

Total approvals of all applications
98.36%

M/i Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
75.65%

M/i Financial has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 6,449 $2,216,185,000 $343,648

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
6,449 $2,216,185,000 $343,648

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 192 $26,790,000 $139,531 $3,642 2.72%
40-60% 341 $85,145,000 $249,692 $4,212 2.76%
60-80% 1,617 $557,325,000 $344,666 $4,856 2.91%
80-100% 4,085 $1,480,015,000 $362,305 $5,935 2.88%
Over 100% 174 $63,520,000 $365,057 $14,972 2.68%
Under 20% 38 $2,540,000 $66,842 $3,246 2.71%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
Movement Mortgage LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 4 11.1%
Movement Mortgage LLC Conventional home mortgage Closing on a mortgage 4 11.1%
Movement Mortgage LLC Conventional home mortgage Trouble during payment process 13 36.1%
Movement Mortgage LLC FHA mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.8%
Movement Mortgage LLC FHA mortgage Closing on a mortgage 3 8.3%
Movement Mortgage LLC FHA mortgage Problem with a credit reporting company's investigation into an existing problem 1 2.8%
Movement Mortgage LLC FHA mortgage Struggling to pay mortgage 2 5.6%
Movement Mortgage LLC FHA mortgage Trouble during payment process 1 2.8%
Movement Mortgage LLC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 2.8%
Movement Mortgage LLC Other type of mortgage Closing on a mortgage 2 5.6%
Movement Mortgage LLC VA mortgage Closing on a mortgage 1 2.8%
Movement Mortgage LLC VA mortgage Trouble during payment process 3 8.3%