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 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, Bemidji, Hutchinson, St. Cloud, and Faribault among others. We have data for 24 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.

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    Originations

    544

    Origination Dollar Volume (All Markets)

    $93,750,000

    Employee count

    152

    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) 451 $75,245,000 $166,840 $6,090 3.31%
    Bemidji, MN (FHA|USDA|VA) 1 $5,005,000 $5,005,000 $0 5.05%
    Outside of Metro Areas 26 $4,660,000 $179,231 $4,857 3.72%
    Hutchinson, MN (FHA|USDA|VA) 19 $1,875,000 $98,684 $4,617 3.05%
    ST. CLOUD, MN (FHA|USDA|VA) 7 $1,155,000 $165,000 $4,946 4.70%
    Faribault-Northfield, MN (FHA|USDA|VA) 6 $680,000 $113,333 $5,700 3.56%
    Willmar, MN (FHA|USDA|VA) 6 $600,000 $100,000 $5,409 2.77%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $545,000 $545,000 $11,196 3.88%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $450,000 $225,000 $5,131 4.06%
    Brainerd, MN (FHA|USDA|VA) 2 $440,000 $220,000 $6,224 4.06%
    ROCHESTER, MN (FHA|USDA|VA) 4 $430,000 $107,500 $4,109 4.16%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $345,000 $345,000 $4,610 4.50%
    DULUTH, MN-WI (FHA|USDA|VA) 3 $335,000 $111,667 $4,140 4.38%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 2 $310,000 $155,000 $3,037 4.38%
    MADISON, WI (FHA|USDA|VA) 1 $265,000 $265,000 $6,049 4.00%
    CHAMPAIGN-URBANA, IL (FHA|USDA|VA) 1 $265,000 $265,000 $5,614 4.13%
    Winona, MN (FHA|USDA|VA) 2 $200,000 $100,000 $8,323 1.75%
    MANKATO, MN (FHA|USDA|VA) 2 $190,000 $95,000 $5,303 2.13%
    Newport, TN (FHA|USDA|VA) 1 $185,000 $185,000 $0 4.63%
    Grand Rapids, MN (FHA|USDA|VA) 1 $145,000 $145,000 $4,576 5.13%
    Granbury, TX (FHA|USDA|VA) 1 $125,000 $125,000 $4,978 4.75%
    Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 1 $115,000 $115,000 $4,055 5.38%
    Worthington, MN (FHA|USDA|VA) 2 $110,000 $55,000 $3,923 2.25%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $75,000 $75,000 $5,522 5.38%
    Midcountry Bank's top markets include Minneapolis, Bemidji, Hutchinson, St. Cloud, and Faribault among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Nevada (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.

    ST. CLOUD FINANCIAL
    Similarity Rank: 978
    South Metro Federal Credit Union
    Similarity Rank: 1088
    First National Bank of Elk River
    Similarity Rank: 1110
    WESTconsin Credit Union
    Similarity Rank: 1216
    IDEAL
    Similarity Rank: 1221
    Liberty Bank Minnesota
    Similarity Rank: 1344
    SPIRE Credit Union
    Similarity Rank: 1368
    FLAT BRANCH MORTGAGE, INC.
    Similarity Rank: 1518
    Cornerstone State Bank
    Similarity Rank: 2002
    TOPLINE FEDERAL CREDIT UNION
    Similarity Rank: 2100

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 432 $69,210,000 $160,208 $4,746 3.19%
    FHA 100 $21,680,000 $216,800 $9,258 4.04%
    VA 10 $2,410,000 $241,000 $5,279 4.00%
    USDA 2 $450,000 $225,000 $7,823 3.88%

    For 2019, Midcountry Bank's most frequently originated type of loan was Conventional, with 432 originations. Their 2nd most popular type was FHA, with 100 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 492 $76,030,000 $154,533 $5,939 3.26%
    Cash Out Refi 28 $6,200,000 $221,429 $5,565 4.46%
    Refi 21 $11,365,000 $541,190 $5,928 4.39%
    Home Improvement 3 $155,000 $51,667 $650 3.46%

    For 2019, Midcountry Bank's most frequently cited loan purpose was Home Purchase, with 492 originations. The 2nd most popular reason was Cash Out Refi, with 28 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 471 $80,275,000 $170,435 $6,634 3.28%
    10 Year 47 $2,295,000 $48,830 $333 4.46%
    5 Year 10 $1,660,000 $166,000 $0 0.50%
    15 Year 9 $1,735,000 $192,778 $4,501 3.81%
    Other 6 $7,710,000 $1,285,000 $0 5.05%
    20 Year 1 $75,000 $75,000 $4,470 6.25%

    For 2019, Midcountry Bank's most frequently cited loan duration was 30 Year, with 471 originations. The 2nd most popular length was 10 Year, with 47 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 166 $38,560,000 $232,289
    $2k-3k 112 $17,160,000 $153,214
    $<1k 55 $2,565,000 $46,636
    $4k-5k 38 $11,350,000 $298,684
    $1k-2k 20 $3,080,000 $154,000
    $5k+ 19 $8,585,000 $451,842

    Midcountry Bank's average total fees were $6,634, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 166 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 210 $42,210,000 $201,000
    3-4% 144 $34,600,000 $240,278
    <2.5% 125 $1,215,000 $9,720
    5-6% 64 $15,650,000 $244,531
    6-7% 1 $75,000 $75,000

    During 2019, Midcountry Bank's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 4-5%, with 210 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 195 $49,675,000 $254,744 $7,357 4.29%
    $100,000 or less 187 $3,085,000 $16,497 $1,243 1.49%
    $100k-200k 142 $22,800,000 $160,563 $5,542 4.45%
    $400k-600k 15 $7,155,000 $477,000 $8,553 4.07%
    $1MM+ 5 $11,035,000 $2,207,000 $14,979 4.59%

    2019 saw Midcountry Bank place emphasis on $200k-400k loans with 195 originations, totaling $49,675,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 189 $26,335,000 $139,339 $5,798 3.32%
    $50k or less 176 $19,430,000 $110,398 $6,037 2.65%
    $75k-100k 94 $15,360,000 $163,404 $5,117 4.04%
    $100k-150k 36 $8,830,000 $245,278 $6,884 4.19%
    $250k+ 15 $6,465,000 $431,000 $8,627 3.91%
    $150k-250k 13 $4,005,000 $308,077 $6,356 4.58%

    Midcountry Bank lent most frequently to those with incomes in the $50k-75k range, with 189 originations. The second most popular income band? $50k or less, with 176 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 82 $14,060,000 $171,463 $5,718 3.72%
    20-30% 60 $10,890,000 $181,500 $5,434 3.78%
    44% 49 $6,315,000 $128,878 $5,822 3.22%
    42% 40 $4,650,000 $116,250 $5,253 3.04%
    43% 34 $4,120,000 $121,176 $5,990 2.89%
    40% 32 $4,730,000 $147,813 $5,825 3.06%
    48% 31 $3,945,000 $127,258 $6,224 3.20%
    49% 30 $3,720,000 $124,000 $6,849 2.30%
    46% 28 $3,210,000 $114,643 $6,190 2.98%
    45% 22 $3,650,000 $165,909 $6,376 3.36%
    47% 22 $3,190,000 $145,000 $8,002 2.30%
    39% 20 $3,290,000 $164,500 $5,567 3.40%
    37% 18 $2,800,000 $155,556 $4,757 4.08%
    41% 17 $2,755,000 $162,059 $5,452 3.68%
    <20% 16 $5,100,000 $318,750 $6,727 4.26%
    38% 15 $2,825,000 $188,333 $6,489 3.91%
    36% 14 $2,040,000 $145,714 $4,973 3.71%
    50-60% 2 $540,000 $270,000 $6,225 4.25%
    >60% 2 $530,000 $265,000 $8,914 4.00%

    Midcountry Bank lent most frequently to those with DTI ratios of 30-36%, with 82 originations. The next most common DTI ratio? 20-30%, with 60 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 494 $76,960,000 $155,789 $5,861 3.35%
    Not applicable 7 $10,705,000 $1,529,286 $0 4.86%
    Black 19 $2,395,000 $126,053 $5,567 3.30%
    Asian 9 $1,645,000 $182,778 $7,690 3.31%
    Not provided 10 $1,440,000 $144,000 $6,601 3.15%
    Native Hawaiian or Islander 2 $270,000 $135,000 $5,919 2.75%
    Asian Indian 2 $240,000 $120,000 $3,898 4.63%
    American Indian 1 $95,000 $95,000 $3,164 4.63%

    Approval Rates

    Total approvals of all applications
    92.13%

    Midcountry Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    84.01%

    Midcountry Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 544 $93,750,000 $172,335

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $10,550,000 $1,758,333
    Single Family (1-4 Units):Manufactured 3 $305,000 $101,667
    Single Family (1-4 Units):Site-Built 535 $82,895,000 $154,944

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 5 $875,000 $175,000 $4,386 3.95%
    40-60% 15 $7,715,000 $514,333 $5,108 4.29%
    60-80% 75 $20,955,000 $279,400 $5,677 4.45%
    80-100% 272 $60,200,000 $221,324 $6,852 4.34%
    Over 100% 3 $875,000 $291,667 $10,250 3.75%
    Under 20% 174 $3,130,000 $17,989 $724 1.27%

    Complaints

    Bank Name Product Issue 2019 CPFB Complaints % of Total Issues
    Madison Management Services, LLC Conventional home mortgage Struggling to pay mortgage 2 40.0%
    Madison Management Services, LLC Conventional home mortgage Trouble during payment process 1 20.0%
    Madison Management Services, LLC Home equity loan or line of credit (HELOC) Trouble during payment process 1 20.0%
    Madison Management Services, LLC Other type of mortgage Problem with a credit reporting company's investigation into an existing problem 1 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    MidCountry Bank 1002 Greeley Avenue Glencoe, MN 55336 Full Service B&M $22,307
    MidCountry Bank 1113 W Saint Germain St Saint Cloud, MN 56301 Full Service B&M $45,035
    MidCountry Bank 122 East Second Street Winthrop, MN 55396 Full Service B&M $15,411
    MidCountry Bank 1310 Highway 96 East, Suite 116 White Bear Lake, MN 55110 Full Service B&M $30,773
    MidCountry Bank 1320 South Frontage Road Hastings, MN 55033 Full Service B&M $33,682
    MidCountry Bank 14617 Highway 7 Minnetonka, MN 55345 Full Service B&M $56,960
    MidCountry Bank 14994 Glazier Avenue Apple Valley, MN 55124 Full Service B&M $24,610
    MidCountry Bank 200 East Frontage Road Waconia, MN 55387 Full Service B&M $32,114
    MidCountry Bank 201 Main St S Hutchinson, MN 55350 Full Service B&M $97,626
    MidCountry Bank 305 10th Ave South Buffalo, MN 55313 Full Service B&M $55,585
    MidCountry Bank 3240 East Tropicana Avenue Las Vegas, NV 89121 Full Service B&M $11,599
    MidCountry Bank 501 North Sibley Avenue Litchfield, MN 55355 Full Service B&M $32,704
    MidCountry Bank 6505 Cahill Avenue East Inver Grove Heights, MN 55076 Full Service B&M $24,787
    MidCountry Bank 7825 Washington Avenue South, Suite120 Minneapolis, MN 55439 Full Service B&M $111,161

    For 2019, Midcountry Bank had 14 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $43,234
    Net interest income $33,755
    Total noninterest income $8,665
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $815
    Trading account gains and fees $0
    Additional Noninterest Income $7,850
    Pre-tax net operating income $7,716
    Securities gains (or losses, -) $395
    Income before extraordinary items $5,996
    Discontinued Operations (Extraordinary gains, net) $2,497
    Net income of bank and minority interests $8,493
    Minority interest net income $0
    Net income $8,493
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,683

    Midcountry Bank's gross interest income from loans was $43,234,000.
    Midcountry Bank's net interest income from loans was $33,755,000.
    Midcountry Bank's fee based income from loans was $815,000.
    Midcountry Bank's net income from loans was $8,493,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,479
    Provision for credit losses $3,327
    Total noninterest expense $31,377
    Salaries and employee benefits $19,252
    Premises and equipment expense $2,285
    Additional noninterest expense $9,840
    Applicable income taxes $2,115
    Net charge-offs $444
    Cash dividends $5,000

    Midcountry Bank's interest expense for loans was $9,479,000.
    Midcountry Bank's payroll and benefits expense were $19,252,000.
    Midcountry Bank's property, plant and equipment expenses $2,285,000.

    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 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $534,724
    Deposits held in domestic offices $534,724
    Deposits by Individuals, partnerships, and corporations $503,669
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $4,714
    Deposits by Commercial banks and other depository institutions in U.S. $26,341
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $37,370
    Demand deposits $21,745
    Nontransaction accounts $497,354
    Money market deposit accounts (MMDAs) $221,604
    Other savings deposits (excluding MMDAs) $96,890
    Total time deposits $178,860
    Total time and savings deposits $512,979
    Noninterest-bearing deposits $97,310
    Interest-bearing deposits $437,414
    Retail deposits $488,631
    IRAs and Keogh plan accounts $16,753
    Brokered deposits $23,387
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $762,344
    Cash & Balances due from depository institutions $57,537
    Interest-bearing balances $52,959
    Total securities $48,059
    Federal funds sold & reverse repurchase $2,037
    Net loans and leases $609,785
    Loan and leases loss allowance $3,094
    Trading account assets $0
    Bank premises and fixed assets $7,247
    Other real estate owned $389
    Goodwill and other intangibles $9,106
    All other assets $28,184

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $762,344
    Total Liabilities $656,088
    Total deposits $534,724
    Interest-bearing deposits $437,414
    Deposits held in domestic offices $534,724
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $112,893
    Subordinated debt $0
    All other liabilities $8,471

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $609,785
    Loan and leases loss allowance $3,094
    Total loans and leases (domestic) $612,879
    All real estate loans $504,102
    Real estate loans in domestic offices $504,102
    Construction and development loans $45,809
    Residential 1-4 family construction $7,814
    Other construction, all land development and other land $37,995
    Loans secured by nonfarm nonresidential properties $226,487
    Nonfarm nonresidential secured by owner-occupied properties $32,480
    Commercial real estate & other non-farm, non-residential $194,007
    Multifamily residential real estate $82,514
    1-4 family residential loans $127,283
    Farmland loans $22,009
    Loans held in foreign offices $0
    Farm loans $9,079
    Commercial and industrial loans $70,521
    To non-U.S. addressees $0
    Loans to individuals $1,408
    Credit card loans $0
    Related Plans $490
    Consumer Auto Loans $259
    Other loans to individuals $659
    All other loans & leases $27,769
    Loans to foreign governments and official institutions $0
    Other loans $6
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $2,424
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $6,593
    Non 1-4 family restructured loans & leases $2,343
    Total loans and leases (foreign) $0

    MidCountry Bank had $609,785,000 of loans outstanding in 2019. $504,102,000 of loans were in real estate loans. $45,809,000 of loans were in development loans. $82,514,000 of loans were in multifamily mortgage loans. $127,283,000 of loans were in 1-4 family mortgage loans. $9,079,000 of loans were in farm loans. $0 of loans were in credit card loans. $259,000 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 38 $10,973 $288,763
    Nonfarm, nonresidential loans - <$100k 3 $123 $41,000
    Nonfarm, nonresidential loans - $100-250k 9 $1,403 $155,889
    Nonfarm, nonresidential loans - $250k-1MM 26 $9,447 $363,346
    Commercial & Industrial, US addressed loans - <$1MM 69 $8,896 $128,928
    Commercial & Industrial, US addressed loans - <$100k 36 $401 $11,139
    Commercial & Industrial, US addressed loans - $100-250k 15 $1,396 $93,067
    Commercial & Industrial, US addressed loans - $250k-1MM 18 $7,099 $394,389
    Farmland loans - <$1MM 55 $6,614 $120,255
    Farmland loans - <$100k 18 $737 $40,944
    Farmland loans - $100-250k 14 $1,299 $92,786
    Farmland loans - $250k-1MM 23 $4,578 $199,043
    Agriculture operations loans - <$1MM 33 $1,533 $46,455
    Agriculture operations loans - <$100k 22 $405 $18,409
    Agriculture operations loans - $100-250k 6 $419 $69,833
    Agriculture operations loans - $250k-1MM 5 $709 $141,800