Bank Midwest Mortgage Rates, Fees & Info
Spirit Lake, IALEI: 549300USNPUCH96WTF23
Tax ID: 41-0256760
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Mortgage Data
Review & Overview
Bank Midwest is a smaller bank specializing in Home Purchase loans. Bank Midwest has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Aberdeen, Spirit Lake, Fairmont, New Ulm, and Sioux Falls among others. We have data for 16 markets. (Some data included below & more in-depth data is available with an active subscription.)Bank Midwest 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.
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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Originations
103Origination Dollar Volume (All Markets)
$39,145,000Top 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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 38 | $13,620,000 | $358,421 | $0 | 0.00% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $11,005,000 | $11,005,000 | $0 | 0.00% |
| Spirit Lake, IA (FHA|USDA|VA) | 14 | $4,670,000 | $333,571 | $0 | 0.00% |
| Fairmont, MN (FHA|USDA|VA) | 20 | $3,150,000 | $157,500 | $0 | 0.00% |
| New Ulm, MN (FHA|USDA|VA) | 10 | $1,470,000 | $147,000 | $0 | 0.00% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 4 | $1,290,000 | $322,500 | $0 | 0.00% |
| Willmar, MN (FHA|USDA|VA) | 1 | $925,000 | $925,000 | $0 | 0.00% |
| MANKATO, MN (FHA|USDA|VA) | 3 | $895,000 | $298,333 | $0 | 0.00% |
| RACINE, WI (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $0 | 0.00% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 3 | $305,000 | $101,667 | $0 | 0.00% |
| DULUTH, MN-WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| Carroll, IA (FHA|USDA|VA) | 2 | $250,000 | $125,000 | $0 | 0.00% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 2 | $230,000 | $115,000 | $0 | 0.00% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Bank Midwest based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 130
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 99 | $38,615,000 | $390,051 | $0 | 0.00% |
| USDA | 4 | $530,000 | $132,500 | $0 | 0.00% |
For 2024, Bank Midwest's most frequently originated type of loan was Conventional, with 99 originations. Their 2nd most popular type was USDA, with 4 originations.
Loan Reason
For 2024, Bank Midwest's most frequently cited loan purpose was Home Purchase, with 80 originations. The 2nd most popular reason was Home Improvement, with 8 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 103 | $39,145,000 | $380,049 | $0 | 0.00% |
For 2024, Bank Midwest's most frequently cited loan duration was Other, with 103 originations.
Loan Sizing
2024 saw Bank Midwest place emphasis on $100k-200k loans with 40 originations, totaling $5,900,000 in origination value.
Applicant Income
Bank Midwest lent most frequently to those with incomes in the $50k-75k range, with 25 originations. The second most popular income band? $100k-150k, with 17 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 103 | $39,145,000 | $380,049 | $0 | 0.00% |
Bank Midwest lent most frequently to those with DTI ratios of Exempt%, with 103 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.33%
Bank Midwest has an average approval rate.
Pick Rate
Approvals leading to origination78.64%
Bank Midwest has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 103 | $39,145,000 | $380,049 |