M/i Financial Mortgage Rates, Fees & Info
COLUMBUS, OHLEI: 549300PXL1KA5TOL2O82
Tax ID: 31-1076317
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage 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
6,449Origination Dollar Volume (All Markets)
$2,216,185,000Awards
M/I FINANCIAL - 2021
M/I FINANCIAL is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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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 applications98.36%
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 origination75.65%
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% |
