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)
$2,216,185,000Relative 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% |