Midcountry Bank Mortgage Rates, Fees & Info

Minneapolis, MN

LEI: 549300WIWUF4JZ6O0629

Tax ID: 41-0325766

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Midcountry Bank is a smaller bank specializing in Home Purchase and Refi loans. Midcountry Bank 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: Minneapolis, Duluth, Grand Forks, St. Cloud, and Hutchinson among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Midcountry Bank 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. Midcountry Bank 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.

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    Originations

    643

    Origination Dollar Volume (All Markets)

    $129,755,000

    Employee count

    340

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 536 $96,760,000 $180,522 $6,196 4.88%
    DULUTH, MN-WI (FHA|USDA|VA) 4 $9,340,000 $2,335,000 $3,144 4.75%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $7,850,000 $3,925,000 $0 4.85%
    ST. CLOUD, MN (FHA|USDA|VA) 16 $3,740,000 $233,750 $6,455 4.76%
    Hutchinson, MN (FHA|USDA|VA) 28 $3,060,000 $109,286 $4,340 4.80%
    Outside of Metro Areas 23 $2,715,000 $118,043 $4,619 4.91%
    Brainerd, MN (FHA|USDA|VA) 11 $1,595,000 $145,000 $4,544 4.66%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $745,000 $745,000 $664 5.50%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $595,000 $595,000 $6,349 4.13%
    Faribault-Northfield, MN (FHA|USDA|VA) 4 $510,000 $127,500 $5,600 5.33%
    ROCHESTER, MN (FHA|USDA|VA) 5 $505,000 $101,000 $5,237 4.75%
    TUCSON, AZ (FHA|USDA|VA) 1 $455,000 $455,000 $9,080 4.25%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $390,000 $195,000 $5,976 4.56%
    Bemidji, MN (FHA|USDA|VA) 2 $350,000 $175,000 $6,599 5.06%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $325,000 $325,000 $4,859 4.50%
    MANKATO, MN (FHA|USDA|VA) 1 $235,000 $235,000 $0 4.50%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $215,000 $215,000 $5,133 5.13%
    Worthington, MN (FHA|USDA|VA) 2 $150,000 $75,000 $4,440 5.75%
    CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,563 6.00%
    Grand Rapids, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,458 6.00%
    Midcountry Bank's top markets include Minneapolis, Duluth, Grand Forks, St. Cloud, and Hutchinson among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)

    • Similar Lenders

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

    Cornerstone State Bank
    Similarity Rank: 408
    MEMBERS COOPERATIVE
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    South Metro Federal Credit Union
    Similarity Rank: 882
    First National Bank of Elk River
    Similarity Rank: 984
    Liberty Bank Minnesota
    Similarity Rank: 1080
    ST. CLOUD FINANCIAL
    Similarity Rank: 1150
    First State Bank and Trust
    Similarity Rank: 1162
    St. Paul Federal Credit Union
    Similarity Rank: 1197

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 497 $99,565,000 $200,332 $4,985 4.97%
    FHA 115 $23,935,000 $208,130 $8,977 4.66%
    VA 16 $3,880,000 $242,500 $5,423 4.49%
    USDA 15 $2,375,000 $158,333 $5,405 4.68%

    For 2018, Midcountry Bank's most frequently originated type of loan was Conventional, with 497 originations. Their 2nd most popular type was FHA, with 115 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 583 $96,735,000 $165,926 $5,818 4.90%
    Refi 30 $27,810,000 $927,000 $9,376 4.66%
    Cash Out Refi 27 $5,155,000 $190,926 $5,407 4.81%
    Home Improvement 3 $55,000 $18,333 $227 4.53%

    For 2018, Midcountry Bank's most frequently cited loan purpose was Home Purchase, with 583 originations. The 2nd most popular reason was Refi, with 30 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 550 $99,340,000 $180,618 $6,530 4.87%
    10 Year 43 $9,455,000 $219,884 $317 5.12%
    5 Year 25 $875,000 $35,000 $0 4.98%
    15 Year 13 $2,845,000 $218,846 $5,958 4.42%
    Other 9 $16,285,000 $1,809,444 $212 4.69%
    20 Year 2 $210,000 $105,000 $3,733 4.38%
    3 Year 1 $745,000 $745,000 $664 5.50%

    For 2018, Midcountry Bank's most frequently cited loan duration was 30 Year, with 550 originations. The 2nd most popular length was 10 Year, with 43 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 173 $40,395,000 $233,497
    $2k-3k 156 $24,190,000 $155,064
    $<1k 63 $7,735,000 $122,778
    $4k-5k 36 $10,750,000 $298,611
    $1k-2k 35 $3,685,000 $105,286
    $5k+ 26 $14,170,000 $545,000

    Midcountry Bank's average total fees were $6,530, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 173 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 311 $93,105,000 $299,373
    5-6% 164 $27,600,000 $168,293
    3-4% 26 $7,130,000 $274,231
    6-7% 4 $610,000 $152,500

    During 2018, Midcountry Bank's average interest rate for loans was 4.87%, while their most frequently originated rate bucket for loans was 4-5%, with 311 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 209 $3,855,000 $18,445 $1,647 5.09%
    $200k-400k 203 $51,825,000 $255,296 $7,378 4.81%
    $100k-200k 201 $31,635,000 $157,388 $5,410 4.91%
    $400k-600k 13 $5,995,000 $461,154 $9,103 4.35%
    $1MM+ 10 $31,160,000 $3,116,000 $17,384 4.53%
    $600k-1MM 7 $5,285,000 $755,000 $11,703 4.90%

    2018 saw Midcountry Bank place emphasis on $100,000 or less loans with 209 originations, totaling $3,855,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 225 $31,395,000 $139,533 $5,751 4.92%
    $50k or less 216 $19,960,000 $92,407 $5,201 4.97%
    $75k-100k 90 $17,910,000 $199,000 $5,818 4.80%
    $100k-150k 53 $12,895,000 $243,302 $6,388 4.80%
    $150k-250k 28 $8,120,000 $290,000 $7,073 4.68%
    $250k+ 15 $12,755,000 $850,333 $12,560 4.60%

    Midcountry Bank lent most frequently to those with incomes in the $50k-75k range, with 225 originations. The second most popular income band? $50k or less, with 216 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 104 $19,600,000 $188,462 $5,232 4.79%
    20-30% 78 $15,210,000 $195,000 $5,727 4.75%
    47% 44 $5,020,000 $114,091 $6,777 5.08%
    49% 41 $4,605,000 $112,317 $6,580 4.86%
    46% 40 $5,660,000 $141,500 $5,387 5.00%
    43% 38 $6,030,000 $158,684 $6,474 4.90%
    44% 36 $5,430,000 $150,833 $5,944 5.01%
    45% 33 $3,015,000 $91,364 $5,529 4.89%
    37% 32 $6,730,000 $210,313 $5,843 4.84%
    48% 31 $3,565,000 $115,000 $6,058 4.99%
    42% 26 $6,870,000 $264,231 $8,455 4.81%
    40% 25 $3,255,000 $130,200 $4,769 5.09%
    41% 24 $3,520,000 $146,667 $6,688 4.83%
    38% 24 $4,140,000 $172,500 $5,453 4.98%
    36% 19 $3,455,000 $181,842 $5,926 5.08%
    39% 16 $2,420,000 $151,250 $6,784 4.70%
    <20% 13 $3,045,000 $234,231 $6,634 4.78%
    50-60% 4 $900,000 $225,000 $9,793 4.94%
    >60% 1 $745,000 $745,000 $664 5.50%

    Midcountry Bank lent most frequently to those with DTI ratios of 30-36%, with 104 originations. The next most common DTI ratio? 20-30%, with 78 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 545 $89,345,000 $163,936 $6,015 4.86%
    Not applicable 13 $26,015,000 $2,001,154 $0 4.73%
    Asian 31 $7,495,000 $241,774 $4,562 4.97%
    Black 43 $5,165,000 $120,116 $5,734 5.12%
    Not provided 9 $1,635,000 $181,667 $7,757 4.77%
    American Indian 2 $100,000 $50,000 $3,763 5.38%

    Approval Rates

    Total approvals of all applications
    90.87%

    Midcountry Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    79.94%

    Midcountry Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 643 $129,755,000 $201,796

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 10 $25,300,000 $2,530,000
    Single Family (1-4 Units):Site-Built 633 $104,455,000 $165,016

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $7,040,000 $704,000 $3,558 4.60%
    40-60% 23 $4,265,000 $185,435 $4,201 4.80%
    60-80% 89 $41,005,000 $460,730 $6,091 4.68%
    80-100% 336 $74,390,000 $221,399 $6,786 4.91%
    Over 100% 3 $615,000 $205,000 $6,369 4.63%
    Under 20% 182 $2,440,000 $13,407 $317 5.10%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    Madison Management Services, LLC Conventional home mortgage Trouble during payment process 1 33.3%
    Madison Management Services, LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 33.3%
    Madison Management Services, LLC Other type of mortgage Trouble during payment process 1 33.3%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    MidCountry Bank 1002 Greeley Avenue Glencoe, MN 55336 Full Service B&M $22,957
    MidCountry Bank 1113 W Saint Germain St Saint Cloud, MN 56301 Full Service B&M $41,887
    MidCountry Bank 122 East Second Street Winthrop, MN 55396 Full Service B&M $14,885
    MidCountry Bank 1310 Highway 96 East, Suite 116 White Bear Lake, MN 55110 Full Service B&M $23,314
    MidCountry Bank 1320 South Frontage Road Hastings, MN 55033 Full Service B&M $33,707
    MidCountry Bank 14617 Highway 7 Minnetonka, MN 55345 Full Service B&M $51,110
    MidCountry Bank 14994 Glazier Avenue Apple Valley, MN 55124 Full Service B&M $22,760
    MidCountry Bank 200 East Frontage Road Waconia, MN 55387 Full Service B&M $31,687
    MidCountry Bank 201 Main St S Hutchinson, MN 55350 Full Service B&M $96,456
    MidCountry Bank 23800 Highway 7 Excelsior, MN 55331 Full Service Retail $19,306
    MidCountry Bank 305 10th Ave South Buffalo, MN 55313 Full Service B&M $52,249
    MidCountry Bank 3240 East Tropicana Avenue Las Vegas, NV 89121 Full Service B&M $14,676
    MidCountry Bank 501 North Sibley Avenue Litchfield, MN 55355 Full Service B&M $30,195
    MidCountry Bank 6505 Cahill Avenue East Inver Grove Heights, MN 55076 Full Service B&M $24,349
    MidCountry Bank 7825 Washington Avenue South, Suite120 Minneapolis, MN 55439 Full Service B&M $79,300

    For 2018, Midcountry Bank had 15 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $3,976
    Net interest income $3,254
    Total noninterest income $2,593
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $72
    Trading account gains and fees $0
    Additional Noninterest Income $2,521
    Pre-tax net operating income $1,313
    Securities gains (or losses, -) $0
    Income before extraordinary items $984
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $984
    Minority interest net income $0
    Net income $984
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $984

    Midcountry Bank's gross interest income from loans was $3,976,000.
    Midcountry Bank's net interest income from loans was $3,254,000.
    Midcountry Bank's fee based income from loans was $72,000.
    Midcountry Bank's net income from loans was $984,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $722
    Provision for credit losses $202
    Total noninterest expense $4,332
    Salaries and employee benefits $2,402
    Premises and equipment expense $330
    Additional noninterest expense $1,600
    Applicable income taxes $329
    Net charge-offs $-2
    Cash dividends $0

    Midcountry Bank's interest expense for loans was $722,000.
    Midcountry Bank's payroll and benefits expense were $2,402,000.
    Midcountry Bank's property, plant and equipment expenses $330,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 1.0%
    Real Estate loans 1.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 2.0%
    HELOC loans 0.0%
    All other family 2.0%
    Commercial & industrial loans 0.0%
    Personal loans 1.0%
    Credit card loans 0.0%
    Other individual loans 1.0%
    Auto loans 0.0%
    Other consumer loans 1.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $578,980
    Deposits held in domestic offices $578,980
    Deposits by Individuals, partnerships, and corporations $526,207
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $8,613
    Deposits by Commercial banks and other depository institutions in U.S. $44,160
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $37,730
    Demand deposits $19,709
    Nontransaction accounts $541,250
    Money market deposit accounts (MMDAs) $230,211
    Other savings deposits (excluding MMDAs) $99,024
    Total time deposits $212,015
    Total time and savings deposits $559,271
    Noninterest-bearing deposits $100,051
    Interest-bearing deposits $478,929
    Retail deposits $478,327
    IRAs and Keogh plan accounts $18,248
    Brokered deposits $71,831
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $786,287
    Cash & Balances due from depository institutions $37,089
    Interest-bearing balances $32,655
    Total securities $60,525
    Federal funds sold & reverse repurchase $1,254
    Net loans and leases $638,517
    Loan and leases loss allowance $211
    Trading account assets $0
    Bank premises and fixed assets $7,924
    Other real estate owned $439
    Goodwill and other intangibles $10,887
    All other assets $29,652

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $786,287
    Total Liabilities $683,901
    Total deposits $578,980
    Interest-bearing deposits $478,929
    Deposits held in domestic offices $578,980
    % insured (estimated) $89
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $90,172
    Subordinated debt $0
    All other liabilities $14,749

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $638,517
    Loan and leases loss allowance $211
    Total loans and leases (domestic) $638,728
    All real estate loans $514,653
    Real estate loans in domestic offices $514,653
    Construction and development loans $56,871
    Residential 1-4 family construction $3,814
    Other construction, all land development and other land $53,057
    Loans secured by nonfarm nonresidential properties $205,379
    Nonfarm nonresidential secured by owner-occupied properties $32,296
    Commercial real estate & other non-farm, non-residential $173,083
    Multifamily residential real estate $95,026
    1-4 family residential loans $132,180
    Farmland loans $25,197
    Loans held in foreign offices $0
    Farm loans $12,129
    Commercial and industrial loans $64,485
    To non-U.S. addressees $0
    Loans to individuals $17,861
    Credit card loans $0
    Related Plans $434
    Consumer Auto Loans $223
    Other loans to individuals $17,204
    All other loans & leases $29,600
    Loans to foreign governments and official institutions $0
    Other loans $13
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $1,606
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $8,353
    Non 1-4 family restructured loans & leases $2,343
    Total loans and leases (foreign) $0

    MidCountry Bank had $638,517,000 of loans outstanding in 2018. $514,653,000 of loans were in real estate loans. $56,871,000 of loans were in development loans. $95,026,000 of loans were in multifamily mortgage loans. $132,180,000 of loans were in 1-4 family mortgage loans. $12,129,000 of loans were in farm loans. $0 of loans were in credit card loans. $223,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 44 $13,403 $304,614
    Nonfarm, nonresidential loans - <$100k 6 $242 $40,333
    Nonfarm, nonresidential loans - $100-250k 10 $1,593 $159,300
    Nonfarm, nonresidential loans - $250k-1MM 28 $11,568 $413,143
    Commercial & Industrial, US addressed loans - <$1MM 53 $5,378 $101,472
    Commercial & Industrial, US addressed loans - <$100k 26 $376 $14,462
    Commercial & Industrial, US addressed loans - $100-250k 12 $862 $71,833
    Commercial & Industrial, US addressed loans - $250k-1MM 15 $4,140 $276,000
    Farmland loans - <$1MM 59 $7,586 $128,576
    Farmland loans - <$100k 19 $862 $45,368
    Farmland loans - $100-250k 15 $1,427 $95,133
    Farmland loans - $250k-1MM 25 $5,297 $211,880
    Agriculture operations loans - <$1MM 47 $2,873 $61,128
    Agriculture operations loans - <$100k 27 $560 $20,741
    Agriculture operations loans - $100-250k 12 $947 $78,917
    Agriculture operations loans - $250k-1MM 8 $1,366 $170,750