Wisconsin Mortgage Corporation Rates, Fees & Info

BROOKFIELD, WI

LEI: 549300S4QGNTM8G5J005

Tax ID: 39-1460253

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Wisconsin Mortgage Corporation is a smaller mortgage company specializing in Home Purchase and Refi loans. Wisconsin Mortgage Corporation 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 Milwaukee, Racine, Whitewater, Beaver Dam, and Sheboygan among others. Wisconsin Mortgage Corporation 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. Wisconsin Mortgage Corporation is typically a low fee lendor.


Originations

1,210

Origination Dollar Volume (All Markets)

$291,670,000
Show all (9) awards

Relative Rate

Wisconsin Mortgage Corporation's average 30 year fixed rate mortgage of loans were 3.02%.

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

This yields a difference of -0.13%.

Relative Fees

Wisconsin Mortgage Corporation's average total fees for a 30 year fixed rate mortgage are $2,930.

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
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 872 $220,210,000 $252,534 $2,794 2.98%
RACINE, WI (FHA|USDA|VA) 72 $15,230,000 $211,528 $2,883 2.98%
Whitewater, WI (FHA|USDA|VA) 44 $11,200,000 $254,545 $2,846 3.05%
Beaver Dam, WI (FHA|USDA|VA) 36 $8,590,000 $238,611 $3,228 3.01%
SHEBOYGAN, WI (FHA|USDA|VA) 35 $7,285,000 $208,143 $3,049 2.90%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 37 $6,555,000 $177,162 $2,939 2.89%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 29 $6,235,000 $215,000 $3,391 2.97%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 35 $6,155,000 $175,857 $2,747 3.04%
FOND DU LAC, WI (FHA|USDA|VA) 13 $2,465,000 $189,615 $2,747 2.82%
Outside of Metro Areas 14 $2,420,000 $172,857 $2,312 3.11%
MADISON, WI (FHA|USDA|VA) 8 $1,930,000 $241,250 $3,449 2.91%
APPLETON, WI (FHA|USDA|VA) 4 $980,000 $245,000 $2,934 3.03%
Shawano, WI (FHA|USDA|VA) 2 $610,000 $305,000 $2,222 3.13%
Manitowoc, WI (FHA|USDA|VA) 3 $565,000 $188,333 $2,248 3.13%
Marinette, WI-MI (FHA|USDA|VA) 3 $555,000 $185,000 $2,300 3.38%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $370,000 $185,000 $1,946 3.00%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $315,000 $315,000 $9,394 2.63%

Wisconsin Mortgage Corporation's top markets include Milwaukee, Racine, Whitewater, Beaver Dam, and Sheboygan among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 975 $237,205,000 $243,287 $2,411 3.05%
FHA 133 $28,245,000 $212,368 $5,237 2.72%
VA 92 $24,110,000 $262,065 $3,666 2.64%
USDA 10 $2,110,000 $211,000 $4,988 2.70%

For the 2021 period, Wisconsin Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 975 originations. Their 2nd most popular type is FHA, with 133 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 856 $208,880,000 $244,019 $3,004 3.01%
Refi 279 $66,205,000 $237,294 $2,278 2.85%
Cash Out Refi 65 $14,655,000 $225,462 $3,019 3.09%
Home Improvement 10 $1,930,000 $193,000 $3,076 3.41%

For the 2021, Wisconsin Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 856 originations. The 2nd most popular reason of loans were Refi, with 279 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 1,071 $264,095,000 $246,587 $2,930 3.02%
15 Year 95 $20,225,000 $212,895 $2,326 2.56%
20 Year 24 $5,300,000 $220,833 $2,217 3.04%
10 Year 15 $1,015,000 $67,667 $773 2.91%
Other 5 $1,035,000 $207,000 $1,970 3.03%

For the 2021, Wisconsin Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 1,071 originations. The 2nd most popular length of loans were 15 Year, with 95 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 883 $216,695,000 $245,408
$1k-2k 269 $58,075,000 $215,892
$2k-3k 35 $9,555,000 $273,000
$3k-4k 18 $5,370,000 $298,333
$5k+ 5 $1,975,000 $395,000

$2,930 of loans were Wisconsin Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 883 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 621 $152,175,000 $245,048
3-4% 420 $102,010,000 $242,881
<2.5% 147 $33,695,000 $229,218
4-5% 22 $3,790,000 $172,273

During 2021, Wisconsin Mortgage Corporation's average interest rate of loans were 3.02%, while their most frequently originated rate bucket of loans were 2.5-3%, with 621 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 620 $170,060,000 $274,290 $2,983 2.97%
$100k-200k 434 $67,890,000 $156,429 $2,736 2.97%
$400k-600k 100 $47,520,000 $475,200 $2,784 3.01%
$100,000 or less 52 $3,460,000 $66,538 $1,856 3.16%
$600k-1MM 4 $2,740,000 $685,000 $5,553 3.25%

2021 saw Wisconsin Mortgage Corporation place emphasis on $200k-400k loans with 620 originations, totaling $170,060,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 295 $57,605,000 $195,271 $2,834 2.97%
$100k-150k 273 $78,525,000 $287,637 $2,862 3.03%
$75k-100k 259 $62,345,000 $240,714 $2,979 2.98%
$50k or less 199 $33,085,000 $166,256 $2,697 2.91%
$150k-250k 139 $45,725,000 $328,957 $2,860 2.98%
$250k+ 42 $13,730,000 $326,905 $2,509 3.13%

Wisconsin Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 295 originations. The second most popular income band? $100k-150k, with 273 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 324 $76,610,000 $236,451 $2,511 2.99%
30-36% 232 $55,340,000 $238,534 $2,890 3.01%
<20% 107 $25,665,000 $239,860 $2,383 2.90%
42% 50 $12,840,000 $256,800 $2,866 3.01%
39% 48 $12,290,000 $256,042 $2,663 3.03%
37% 47 $11,475,000 $244,149 $3,254 2.93%
38% 46 $10,780,000 $234,348 $3,319 3.08%
44% 42 $10,500,000 $250,000 $3,326 2.98%
43% 39 $9,305,000 $238,590 $2,584 3.06%
45% 37 $9,705,000 $262,297 $3,692 2.96%
40% 35 $8,975,000 $256,429 $2,935 2.91%
41% 32 $7,120,000 $222,500 $2,577 3.05%
36% 31 $8,455,000 $272,742 $3,037 3.02%
49% 25 $6,235,000 $249,400 $3,367 2.99%
46% 24 $5,160,000 $215,000 $4,006 2.98%
48% 24 $5,510,000 $229,583 $3,112 2.99%
47% 23 $4,705,000 $204,565 $3,431 3.21%
50-60% 14 $3,270,000 $233,571 $5,272 2.95%

Wisconsin Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 324 originations. The next most common DTI ratio? 30-36%, with 232 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,055 $251,895,000 $238,763 $2,787 2.98%
Not provided 71 $19,865,000 $279,789 $3,159 3.03%
Black 43 $8,915,000 $207,326 $3,246 3.00%
Asian 26 $7,420,000 $285,385 $2,575 2.97%
American Indian 13 $3,115,000 $239,615 $3,769 2.80%
Other Asian 2 $460,000 $230,000 $6,768 2.56%

Approval Rates

Total approvals of all applications
94.21%

Wisconsin Mortgage Corporation has an average approval rate.

Pick Rate

Approvals leading to origination
83.81%

Wisconsin Mortgage Corporation has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,210 $291,670,000 $241,050

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,210 $291,670,000 $241,050

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 16 $2,170,000 $135,625 $2,160 2.81%
40-60% 111 $21,355,000 $192,387 $2,218 2.83%
60-80% 414 $106,050,000 $256,159 $2,500 3.08%
80-100% 650 $159,870,000 $245,954 $3,171 2.95%
Over 100% 7 $1,925,000 $275,000 $7,750 2.57%
Under 20% 12 $300,000 $25,000 $207 3.10%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 3 50.0%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 16.7%
WASHINGTON FEDERAL BANK, NATIONAL ASSOCIATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 16.7%