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

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    M/i Financial is a small mortgage company specializing in 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 by origination volume include: Tampa, Minneapolis, Charlotte, Columbus, and Orlando among others. We have data for 22 markets. (Some data included below & more in-depth data is available with an active subscription.)

    M/i Financial 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. M/i Financial is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.71% 11/26/22
    30 Year Conventional Refi 6.35% 11/26/22
    30 Year Cash-out Refi 6.56% 11/26/22
    30 Year FHA Purchase 7.55% 11/26/22
    30 Year VA Purchase 6.41% 11/26/22
    30 Year USDA Purchase 7.08% 11/26/22
    15 Year Conventional Purchase 5.99% 11/26/22
    15 Year Conventional Refi 5.71% 11/26/22
    15 Year Cash-out Refi 5.71% 11/26/22
    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.


    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 mortgage rate was 2.91%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.24%.

    Relative Fees (Closing Costs)

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

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

    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
    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.

    Their top states include:
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Ohio (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against M/I FINANCIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    The Riddell National Bank
    Similarity Rank: 252
    Mutual Savings Bank
    Similarity Rank: 264
    St James Mortgage Corporation
    Similarity Rank: 304
    AMOCO
    Similarity Rank: 405
    Independent Federal Credit Union
    Similarity Rank: 560
    WESTSTAR MORTGAGE CORPORATION
    Similarity Rank: 560
    U S WIDE FINANCIAL LLC
    Similarity Rank: 588
    T&I Credit union
    Similarity Rank: 618

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, M/i Financial's most frequently originated type of loan was Conventional, with 5,109 originations. Their 2nd most popular type was FHA, with 755 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, M/i Financial's most frequently cited loan purpose was Home Purchase, with 6,435 originations. The 2nd most popular reason was 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 2021, M/i Financial's most frequently cited loan duration was 30 Year, with 5,915 originations. The 2nd most popular length was 15 Year, with 466 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 5,353 $1,811,175,000 $338,348
    $2k-3k 334 $120,870,000 $361,886
    $3k-4k 221 $80,155,000 $362,692
    $<1k 197 $72,735,000 $369,213
    $5k+ 183 $74,395,000 $406,530
    $4k-5k 158 $55,910,000 $353,861

    M/i Financial's average total fees were $5,859, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 2.91%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    98.77%

    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
    81.14%

    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%