Without a doubt, part of the credit for Midwest's success comes from the model itself: its an outsourcing story. Expenses - including payroll - are simply much lower in Houghton Michigan than they are in Ann Arbor, Detroit, or Chicago. But the model wouldn't work without the right individuals. Chief among them, the president of Midwest, who is passionately motivated by success. But success isn't define in terms of dollars. (Profit is rarely discussed at Midwest.) Success at Midwest is defined by its ability to set and exceed borrower and lender expectations, and its ability to lead those expectations higher through continuous productivity gains.

I don't mean to come off as a commercial. I neither recommend nor discourage ownership of UNIB. I am simply impressed by Midwest's ability to perform.

As far as market share goes, that's a tough call. Midwest spends very little on marketing and sales. Sometimes I think that MLS would be satisfied to keep its current market share, and simply improve productivity every year.