Mid America Mortgage (fka Schmidt Mortgage Company) Ohio

Name

Mid America Mortgage (fka Schmidt Mortgage Company) Ohio

Legal name

Click n' Close Inc.

Website

https://schmidtmortgage.com

Company type

Private

Founded year

1940

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Residential Mortgage Lending

NAICS

Real Estate Credit (522292), Credit Intermediation and Related Activities (522)

SIC

Mortgage Bankers & Loan Correspondents (6162)

akta.pro primary industry

Purchase Mortgage Origination (Homebuyer Focused) (FSALAAAD)

akta.pro secondary industries

Government-Insured Mortgage Origination (FHA/VA/USDA) (FSALAAAI), Cash-Out Refinance Origination (FSALAAAF), Mortgage Loan Sales & Aggregation (Correspondent/Conduit Aggregators) (FSALAFAD), Government Wholesale Lending (FHA/VA/USDA) (FSALACAE)

Keywords

• Residential mortgage lending
• Home purchase financing
• Mortgage refinancing
• Government-insured loans
• Loan servicing

Headquarters

HQ city

Akron

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Supply Chain

Revenue model

1. Mortgage Origination: Origination fees from residential home purchase loans and refinance transactions. Offers conventional, FHA, VA, USDA, and jumbo loan products for 1-4 unit residential properties including stick built homes, condos, townhouses, and modular homes.
2. Loan Servicing: Mid America Mortgage services loans in-house, with some loans assigned, sold, or transferred. Customer service provided for existing loans including payment processing, payoff requests, escrow inquiries, loss mitigation, and late stage default management.
3. Mortgage Servicing Rights Acquisition: Purchase of mortgage servicing rights from other lenders. Acquired $2.7 billion in government loan MSRs including delinquent VA- and FHA-insured loans. Provides liquidity to smaller market players.

Pricing tiers

Go-to-market motion3 records

Distribution channels5 records

Marketing channels5 records

Core offering

Schmidt Mortgage Company, operating as the Ohio division of Mid America Mortgage, originates and services residential mortgage loans including conventional, FHA, VA, USDA, and jumbo products for 1-4 unit residential properties. The company funds home purchase financing and refinancing through retail branch offices, wholesale lending, and correspondent channels, and supports the loans it originates with in-house loan servicing. It also runs a specialized Section 184 Native American home loan program and an eCorrespondent division focused on electronic closings (eClosings) and electronic promissory notes (eNotes).

Product overview

Mid America Mortgage (operating as Schmidt Mortgage Company in Ohio) is a multi-state, full-service mortgage lender offering a comprehensive suite of residential mortgage products through retail, wholesale, and correspondent channels. The company's core offerings include home purchase financing (conventional, FHA, VA, USDA, and jumbo loans) and refinancing solutions, supplemented by specialized programs like Section 184 home loans for Native Americans. The company operates across digital and traditional channels, providing AccountConnect for online loan servicing, eClosings and eNotes for electronic mortgage processing through its eCorrespondent division, and maintains approvals/issuer status with major government agencies (FHA, VA, USDA, Ginnie Mae) and GSEs (Fannie Mae). Schmidt Mortgage Company serves Ohio as a division of Mid America Mortgage, Inc., leveraging the parent company's volume and vendor relationships for competitive pricing.

Differentiator

Problem solved

Functional benefit

Products and services

• Home Purchase Financing Home purchase loan options including conventional, FHA, VA, USDA, and jumbo loans for primary residences, second homes, and rental properties throughout Ohio. Targets individual home buyers financing 1-4 unit residential properties.
• Refinancing Mortgage refinancing solutions including rate reduction, term shortening, and cash-out options with competitive rates and closing costs for Ohio homeowners.
• Fixed Rate Loans Fixed rate mortgage products available in 30, 20, 15, and 10-year terms for predictable monthly payments on 1-4 unit residential properties.
• Adjustable Rate Mortgages Adjustable rate mortgage products available in 3/1, 5/1, and 7/1 ARM configurations for qualified borrowers.
• Jumbo Loans Fixed and adjustable rate mortgages for higher loan amounts exceeding conventional conforming loan limits.
• Section 184 Home Loans Home loans for Native Americans offered through the Section 184 loan program, in which Mid America Mortgage is the nation's leading provider.
• Government-Insured Loans (FHA, VA, USDA) Government-insured financing solutions including FHA, VA, and USDA loans with low and no money down options for eligible borrowers.
• AccountConnect Loan Servicing Online portal for Mid America Mortgage customers to access loan account information, make payments, and manage their mortgage servicing, including payment processing, payoff requests, escrow inquiries, loss mitigation, and late stage default management.
• eCorrespondent Division Division focused on helping emerging mortgage bankers and brokers transition to eClosings, and purchasing their eNotes, as part of Mid America's digital mortgage initiative.
• Click n' Close Accelerated Loan Program Accelerated loan processing program enabling loan closings within two weeks for qualified conventional buyers with 20% down payment, accessed through the Click n' Close online application portal.

Quantifiable outcome

• 80 consecutive months of year-over-year home price gains nationwide (referenced market data)
• +1 more outcomes

Named customers5 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered notable and core.

• North State BanknotableStrategic or Co-development Partner · 25 May 2017North State Bank (Hickory, NC) executed North Carolina's first eMortgage transaction in May 2017. Mid America Mortgage purchased the resulting eNote within one business day after receiving the final loan package. This partnership marked a milestone in electronic mortgage closings.
• LoanCarecoreTechnology or Integration · 1 May 2017LoanCare serves as Mid America's sub-servicer for mortgage servicing rights. LoanCare took possession of purchased MSRs (including the $2.7B government loan portfolio) for servicing operations.
• Click n' Close Inc. (Parent Company)coreOthersSchmidt Mortgage Company operates as a division of Click n' Close Inc. This relationship enables leverage of parent company's volume of business throughout various channels to secure competitive pricing and vendor relationships, ensuring better value and higher quality experience for clients. Click n' Close is NMLS 150009.

Scale indicators6 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• NewRez (formerly New Penn Financial): Non-depository mortgage lender and servicer offering retail, wholesale, and correspondent channels plus a sizable MSR portfolio. Comparable business model combining multi-channel origination with servicing income, similar in scale and agency approval profile.
• Caliber Home Loans: Mid-size non-depository mortgage banker operating retail, wholesale, and correspondent channels with strong government loan (FHA/VA/USDA) and MSR portfolio focus. Directly comparable as a similarly-sized multi-channel lender competing for similar originator and borrower relationships.
• Cardinal Financial: Mid-size multi-channel mortgage banker (retail, wholesale, correspondent) with FHA, VA, and conventional products. Comparable as a similar-sized non-bank lender competing for the same originator and borrower segments with comparable agency approvals.

Emerging players

• Kind Lending: Mid-size non-QM and government loan focused mortgage lender with retail and wholesale channels. Comparable as a growing non-depository lender focused on underserved and specialized loan segments, though with narrower product mix than Schmidt's government-led portfolio.

Broad incumbents

• Rocket Mortgage (Rocket Companies): Largest U.S. retail mortgage lender and direct-to-consumer digital originator. Comparable as a full-spectrum residential mortgage banker offering conventional, FHA, VA, USDA, and jumbo products with heavy technology investment, though at materially greater scale and broader geographic reach than Schmidt Mortgage.
• loanDepot: Multi-channel retail, wholesale, and correspondent mortgage lender offering conventional, government, and HELOC products. Comparable in operating across all three origination channels with diversified agency approvals, though at national scale versus Schmidt's Ohio retail focus.
• PennyMac Financial Services: Large mortgage banker and servicer with significant correspondent and direct lending operations, plus a substantial MSR portfolio. Comparable in combining origination with government MSR acquisition strategy, though at much larger scale.
• United Wholesale Mortgage (UWM): Largest U.S. wholesale mortgage lender focused on broker channel. Comparable as a non-depository mortgage banker with strong technology investment (BOLT platform) and broad government/conventional product approvals.
• Guaranteed Rate: National retail and wholesale mortgage lender offering conventional, FHA, VA, USDA, and jumbo products. Comparable in multi-channel origination strategy and digital mortgage innovation (digital mortgage app), with similar multi-state presence.
• Mr. Cooper (Nationstar Mortgage): Largest U.S. mortgage servicer with significant origination capability. Comparable in MSR-focused strategy and government loan servicing, though Mr. Cooper is dominant in servicing scale rather than retail branch distribution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xtwitter.com/SchmidtMortgage
• Facebookfacebook.com/SchmidtMortgageCompany
• LinkedInlinkedin.com/company/schmidt-mortgage-company

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mid America Mortgage (fka Schmidt Mortgage Company) Ohio