M/i Financial Mortgage Rates, Fees & Info
COLUMBUS, OHLEI: 549300PXL1KA5TOL2O82
Tax ID: 31-1076317
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Mortgage Data
Review & Overview
M/i Financial is a smaller 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 by origination volume include: Tampa, Orlando, Chicago, Charlotte, and Austin 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.36% | 4/14/24 |
| 30 Year Cash-out Refi | 6.54% | 4/14/24 |
| 30 Year FHA Purchase | 7.07% | 4/14/24 |
| 30 Year VA Purchase | 5.95% | 4/14/24 |
| 30 Year USDA Purchase | 6.71% | 4/14/24 |
| 15 Year Conventional Purchase | 5.92% | 4/14/24 |
| 15 Year VA Purchase | 5.68% | 4/14/24 |
| 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. | ||
M/i Financial Mortgage Calculator
Your Estimates
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This is not an official calculator from M/i Financial. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,649Origination Dollar Volume (All Markets)
$800,155,000Awards
M/I FINANCIAL - 2018
M/I FINANCIAL is a 2018 , due to their low .
For 2018, 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 |
|---|---|---|---|---|---|
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 317 | $91,035,000 | $287,177 | $5,280 | 4.63% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 243 | $74,375,000 | $306,070 | $5,757 | 4.67% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 218 | $65,420,000 | $300,092 | $4,543 | 4.65% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 218 | $64,860,000 | $297,523 | $4,095 | 4.50% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 191 | $56,745,000 | $297,094 | $6,577 | 4.49% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 178 | $55,030,000 | $309,157 | $3,524 | 4.66% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 196 | $54,350,000 | $277,296 | $4,794 | 4.68% |
| COLUMBUS, OH (FHA|USDA|VA) | 184 | $54,140,000 | $294,239 | $4,982 | 4.59% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 144 | $50,580,000 | $351,250 | $4,930 | 4.42% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 139 | $46,295,000 | $333,058 | $4,378 | 4.46% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 136 | $42,100,000 | $309,559 | $6,977 | 4.41% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 145 | $41,805,000 | $288,310 | $8,485 | 4.40% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 132 | $36,810,000 | $278,864 | $6,088 | 4.56% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 48 | $13,360,000 | $278,333 | $5,792 | 4.71% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 35 | $12,185,000 | $348,143 | $7,023 | 4.55% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 22 | $9,030,000 | $410,455 | $5,381 | 4.53% |
| DAYTON-KETTERING, OH (FHA|USDA|VA) | 26 | $8,090,000 | $311,154 | $6,998 | 4.54% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 30 | $7,980,000 | $266,000 | $4,332 | 4.54% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 23 | $7,855,000 | $341,522 | $4,931 | 4.77% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 10 | $4,090,000 | $409,000 | $4,686 | 4.65% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 12 | $3,490,000 | $290,833 | $4,698 | 4.65% |
| ANN ARBOR, MI (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $5,912 | 4.50% |
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.
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Product Mix
For 2018, M/i Financial's most frequently originated type of loan was Conventional, with 2,061 originations. Their 2nd most popular type was FHA, with 308 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Home Purchase | 2,649 | $800,155,000 | $302,059 | $5,411 | 4.57% |
For 2018, M/i Financial's most frequently cited loan purpose was Home Purchase, with 2,649 originations.
Loan Duration/Length
For 2018, M/i Financial's most frequently cited loan duration was 30 Year, with 2,436 originations. The 2nd most popular length was 15 Year, with 178 originations.
Origination Fees/Closing Costs
M/i Financial's average total fees were $5,507, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,518 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 2,062 | $622,840,000 | $302,056 |
| 3-4% | 312 | $93,680,000 | $300,256 |
| 5-6% | 272 | $82,730,000 | $304,154 |
| <2.5% | 2 | $640,000 | $320,000 |
| 6-7% | 1 | $265,000 | $265,000 |
During 2018, M/i Financial's average interest rate for loans was 4.61%, while their most frequently originated rate bucket for loans was 4-5%, with 2,062 originations.
Loan Sizing
2018 saw M/i Financial place emphasis on $200k-400k loans with 2,044 originations, totaling $610,300,000 in origination value.
Applicant Income
M/i Financial lent most frequently to those with incomes in the $100k-150k range, with 950 originations. The second most popular income band? $75k-100k, with 573 originations.
Applicant Debt to Income Ratio
M/i Financial lent most frequently to those with DTI ratios of 20-30%, with 547 originations. The next most common DTI ratio? 30-36%, with 508 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.67%
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 origination65.31%
M/i Financial has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,649 | $800,155,000 | $302,059 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 2,649 | $800,155,000 | $302,059 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2018 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Movement Mortgage LLC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 5 | 19.2% |
| Movement Mortgage LLC | Conventional home mortgage | Closing on a mortgage | 4 | 15.4% |
| Movement Mortgage LLC | Conventional home mortgage | Trouble during payment process | 2 | 7.7% |
| Movement Mortgage LLC | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 7 | 26.9% |
| Movement Mortgage LLC | FHA mortgage | Closing on a mortgage | 5 | 19.2% |
| Movement Mortgage LLC | FHA mortgage | Struggling to pay mortgage | 1 | 3.8% |
| Movement Mortgage LLC | Home equity loan or line of credit (HELOC) | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.8% |
| Movement Mortgage LLC | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 3.8% |