Northwest Bank Of Rockford Mortgage Rates, Fees & Info

ROCKFORD, IL

LEI: 2138007DQF1WY8NDYM18

Tax ID: 36-2727135

5 stars - out of 5 stars, based on 24 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Northwest Bank Of Rockford is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Northwest Bank Of Rockford has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Rockford, Freeport, Chicago, Janesville, and North Port among others. Northwest Bank Of Rockford has an average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Northwest Bank Of Rockford is typically a low fee lendor.


Originations

568

Origination Dollar Volume (All Markets)

$88,470,000

Employee count

73 Show all (5) awards

Relative Rate

Northwest Bank Of Rockford's average 30 year fixed rate mortgage of loans were 3.27%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of 0.12%.

Relative Fees

Northwest Bank Of Rockford's average total fees for a 30 year fixed rate mortgage are $2,442.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
ROCKFORD, IL (FHA|USDA|VA) 395 $58,555,000 $148,241 $2,153 3.18%
Freeport, IL (FHA|USDA|VA) 71 $8,325,000 $117,254 $2,104 2.93%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 22 $4,130,000 $187,727 $2,679 3.11%
Outside of Metro Areas 17 $3,185,000 $187,353 $2,253 2.85%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 19 $2,825,000 $148,684 $2,647 3.75%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $2,230,000 $557,500 $5,127 3.39%
Rochelle, IL (FHA|USDA|VA) 12 $1,430,000 $119,167 $2,206 3.06%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 1 $1,285,000 $1,285,000 $3,678 4.75%
KANKAKEE, IL (FHA|USDA|VA) 7 $1,095,000 $156,429 $2,854 2.95%
Key West, FL (FHA|USDA|VA) 2 $990,000 $495,000 $3,850 3.65%
MADISON, WI (FHA|USDA|VA) 2 $720,000 $360,000 $3,027 3.12%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $545,000 $545,000 $5,634 4.13%
CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $545,000 $545,000 $4,289 2.88%
PEORIA, IL (FHA|USDA|VA) 2 $530,000 $265,000 $2,270 2.81%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $395,000 $395,000 $1,420 2.88%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $345,000 $345,000 $4,016 2.69%
Whitewater, WI (FHA|USDA|VA) 2 $280,000 $140,000 $2,143 4.19%
HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) 1 $235,000 $235,000 $2,150 2.88%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,095 2.88%
THE VILLAGES, FL (FHA|USDA|VA) 1 $155,000 $155,000 $2,481 2.75%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 1 $125,000 $125,000 $1,771 3.13%
LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $105,000 $105,000 $2,593 2.75%
CARBONDALE-MARION, IL (FHA|USDA|VA) 1 $105,000 $105,000 $2,746 2.38%
FLORENCE, SC (FHA|USDA|VA) 1 $85,000 $85,000 $2,550 3.38%
WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) 1 $75,000 $75,000 $2,343 2.50%

Northwest Bank Of Rockford's top markets include Rockford, Freeport, Chicago, Janesville, and North Port among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 557 $87,085,000 $156,346 $2,183 3.16%
FHA 11 $1,385,000 $125,909 $5,102 2.93%

For the 2021 period, Northwest Bank Of Rockford's most frequently originated loan type of loans were Conventional, with 557 originations. Their 2nd most popular type is FHA, with 11 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 227 $40,245,000 $177,291 $2,910 3.37%
Refi 205 $29,095,000 $141,927 $1,775 2.89%
Cash Out Refi 133 $18,735,000 $140,865 $1,896 3.14%
Other 2 $390,000 $195,000 $848 4.63%
Home Improvement 1 $5,000 $5,000 $165 5.00%

For the 2021, Northwest Bank Of Rockford's most frequently cited loan purpose of loans were Home Purchase, with 227 originations. The 2nd most popular reason of loans were Refi, with 205 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 352 $55,130,000 $156,619 $2,442 3.27%
15 Year 139 $20,135,000 $144,856 $1,921 2.49%
20 Year 34 $4,750,000 $139,706 $1,910 2.99%
5 Year 20 $4,410,000 $220,500 $157 5.09%
10 Year 17 $1,865,000 $109,706 $1,538 3.23%
Other 4 $2,020,000 $505,000 $3,678 5.40%
1 Year 2 $160,000 $80,000 $0 5.50%

For the 2021, Northwest Bank Of Rockford's most frequently cited loan length of loans were 30 Year, with 352 originations. The 2nd most popular length of loans were 15 Year, with 139 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 523 $79,195,000 $151,424
$1k-2k 15 $2,015,000 $134,333
$2k-3k 4 $1,680,000 $420,000

$2,442 of loans were Northwest Bank Of Rockford's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 523 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 226 $31,520,000 $139,469
2.5-3% 179 $30,565,000 $170,754
<2.5% 113 $15,625,000 $138,274
4-5% 34 $7,860,000 $231,176
5-6% 12 $2,660,000 $221,667
6-7% 4 $240,000 $60,000

During 2021, Northwest Bank Of Rockford's average interest rate of loans were 3.27%, while their most frequently originated rate bucket of loans were 3-4%, with 226 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 244 $34,520,000 $141,475 $2,207 3.10%
$100,000 or less 201 $14,015,000 $69,726 $2,076 3.19%
$200k-400k 97 $24,725,000 $254,897 $2,394 3.05%
$400k-600k 21 $10,195,000 $485,476 $3,244 3.58%
$600k-1MM 3 $2,295,000 $765,000 $2,681 4.42%
$1MM+ 2 $2,720,000 $1,360,000 $6,653 3.88%

2021 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 244 originations, totaling $34,520,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k or less 146 $13,000,000 $89,041 $2,261 3.12%
$50k-75k 135 $16,825,000 $124,630 $2,175 3.07%
$100k-150k 101 $17,245,000 $170,743 $2,081 3.13%
$75k-100k 89 $13,445,000 $151,067 $2,176 2.96%
$150k-250k 45 $10,155,000 $225,667 $2,258 3.02%
$250k+ 28 $10,910,000 $389,643 $3,215 3.12%

Northwest Bank Of Rockford lent most frequently to those with incomes in the $50k or less range, with 146 originations. The second most popular income band? $50k-75k, with 135 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 153 $23,095,000 $150,948 $2,262 2.99%
30-36% 104 $16,020,000 $154,038 $2,246 3.08%
<20% 44 $5,400,000 $122,727 $2,233 2.99%
44% 23 $3,395,000 $147,609 $2,280 3.13%
38% 23 $3,045,000 $132,391 $2,410 3.24%
43% 22 $3,520,000 $160,000 $2,309 3.10%
39% 22 $2,620,000 $119,091 $2,122 3.06%
41% 21 $3,065,000 $145,952 $2,446 3.13%
42% 18 $2,290,000 $127,222 $2,057 3.10%
37% 18 $2,940,000 $163,333 $1,711 3.44%
40% 18 $2,720,000 $151,111 $2,306 3.17%
45% 18 $3,150,000 $175,000 $2,356 3.20%
46% 16 $2,950,000 $184,375 $2,423 2.99%
48% 15 $2,185,000 $145,667 $2,107 2.90%
47% 10 $1,720,000 $172,000 $2,271 3.07%
49% 10 $1,890,000 $189,000 $2,013 2.95%
36% 7 $685,000 $97,857 $1,797 3.16%
>60% 2 $460,000 $230,000 $1,513 4.63%
50-60% 2 $670,000 $335,000 $3,379 3.38%

Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 104 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 503 $74,765,000 $148,638 $2,206 3.08%
Not applicable 23 $6,725,000 $292,391 $2,509 4.91%
Asian 11 $2,905,000 $264,091 $3,121 3.14%
Not provided 17 $2,355,000 $138,529 $2,520 3.00%
Black 13 $1,655,000 $127,308 $2,523 3.17%
American Indian 1 $65,000 $65,000 $1,717 2.63%

Approval Rates

Total approvals of all applications
89.65%

Northwest Bank Of Rockford has an average approval rate.

Pick Rate

Approvals leading to origination
84.95%

Northwest Bank Of Rockford has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 568 $88,470,000 $155,757

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
568 $88,470,000 $155,757

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 33 $2,525,000 $76,515 $1,691 3.14%
40-60% 100 $12,800,000 $128,000 $1,966 2.79%
60-80% 216 $33,710,000 $156,065 $2,029 3.16%
80-100% 207 $35,955,000 $173,696 $2,711 3.24%
Over 100% 7 $3,355,000 $479,286 $3,678 4.98%
Under 20% 5 $125,000 $25,000 $973 3.73%

Complaints

Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
NORTHWEST BANCSHARES INC Conventional home mortgage Struggling to pay mortgage 1 11.1%
NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 5 55.6%
NORTHWEST BANCSHARES INC Home equity loan or line of credit (HELOC) Trouble during payment process 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 11.1%
NORTHWEST BANCSHARES INC Other type of mortgage Struggling to pay mortgage 1 11.1%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Northwest Bank of Rockford 1100 Ralston Road Machesney Park, IL 61115 Full Service B&M $112,947
Northwest Bank of Rockford 125 Phelps Avenue Rockford, IL 61108 Full Service B&M $100,107
Northwest Bank of Rockford 3106 North Rockton Avenue Rockford, IL 61101 Full Service B&M $72,076
Northwest Bank of Rockford 4402 Peak Drive Loves Park, IL 61111 Full Service B&M $35,040

For 2021, Northwest Bank Of Rockford had 4 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $12,667
Net interest income $11,124
Total noninterest income $5,476
Gross Fiduciary activities income $0
Service charges on deposit accounts $432
Trading account gains and fees $0
Additional Noninterest Income $5,044
Pre-tax net operating income $5,543
Securities gains (or losses, -) $34
Income before extraordinary items $4,173
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $4,173
Minority interest net income $0
Net income $4,173
Sale, conversion, retirement of capital stock, net $41
Net operating income $4,146

Northwest Bank Of Rockford's gross interest income from loans was $12,667,000.
Northwest Bank Of Rockford's net interest income from loans was $11,124,000.
Northwest Bank Of Rockford's fee based income from loans was $432,000.
Northwest Bank Of Rockford's net income from loans was $4,173,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $1,543
Provision for credit losses $138
Total noninterest expense $10,919
Salaries and employee benefits $6,402
Premises and equipment expense $925
Additional noninterest expense $3,592
Applicable income taxes $1,404
Net charge-offs $290
Cash dividends $0

Northwest Bank Of Rockford's interest expense for loans was $1,543,000.
Northwest Bank Of Rockford's payroll and benefits expense were $6,402,000.
Northwest Bank Of Rockford's property, plant and equipment expenses $925,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 0.0%
Real Estate loans 0.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 1.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
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 $330,630
Deposits held in domestic offices $330,630
Deposits by Individuals, partnerships, and corporations $324,716
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $5,914
Deposits by Commercial banks and other depository institutions in U.S. $0
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $136,235
Demand deposits $93,981
Nontransaction accounts $194,395
Money market deposit accounts (MMDAs) $87,166
Other savings deposits (excluding MMDAs) $28,321
Total time deposits $78,908
Total time and savings deposits $236,649
Noninterest-bearing deposits $93,981
Interest-bearing deposits $236,649
Retail deposits $320,192
IRAs and Keogh plan accounts $14,440
Brokered deposits $0
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $381,370
Cash & Balances due from depository institutions $46,674
Interest-bearing balances $30,936
Total securities $83,392
Federal funds sold & reverse repurchase $2,543
Net loans and leases $230,657
Loan and leases loss allowance $2,795
Trading account assets $0
Bank premises and fixed assets $6,974
Other real estate owned $0
Goodwill and other intangibles $2,028
All other assets $9,102

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $381,370
Total Liabilities $347,384
Total deposits $330,630
Interest-bearing deposits $236,649
Deposits held in domestic offices $330,630
% insured (estimated) $82
Federal funds purchased and repurchase agreements $3,949
Trading liabilities $0
Other borrowed funds $10,758
Subordinated debt $0
All other liabilities $2,047

Issued Loan Types

Type Value (in 000's)
Net loans and leases $230,657
Loan and leases loss allowance $2,795
Total loans and leases (domestic) $233,452
All real estate loans $138,239
Real estate loans in domestic offices $138,239
Construction and development loans $12,528
Residential 1-4 family construction $5,960
Other construction, all land development and other land $6,568
Loans secured by nonfarm nonresidential properties $73,038
Nonfarm nonresidential secured by owner-occupied properties $30,615
Commercial real estate & other non-farm, non-residential $42,423
Multifamily residential real estate $8,832
1-4 family residential loans $42,698
Farmland loans $1,143
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $72,507
To non-U.S. addressees $0
Loans to individuals $13,319
Credit card loans $0
Related Plans $42
Consumer Auto Loans $10,731
Other loans to individuals $2,546
All other loans & leases $9,386
Loans to foreign governments and official institutions $0
Other loans $646
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $0
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $157
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

NORTHWEST BANK OF ROCKFORD had $230,657,000 of loans outstanding in 2021. $138,239,000 of loans were in real estate loans. $12,528,000 of loans were in development loans. $8,832,000 of loans were in multifamily mortgage loans. $42,698,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $10,731,000 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 145 $25,296 $174,455
Nonfarm, nonresidential loans - <$100k 37 $1,548 $41,838
Nonfarm, nonresidential loans - $100-250k 59 $6,937 $117,576
Nonfarm, nonresidential loans - $250k-1MM 49 $16,811 $343,082
Commercial & Industrial, US addressed loans - <$1MM 335 $37,962 $113,319
Commercial & Industrial, US addressed loans - <$100k 191 $4,363 $22,843
Commercial & Industrial, US addressed loans - $100-250k 71 $6,478 $91,239
Commercial & Industrial, US addressed loans - $250k-1MM 73 $27,121 $371,521
Farmland loans - <$1MM 6 $688 $114,667
Farmland loans - <$100k 3 $208 $69,333
Farmland loans - $100-250k 2 $133 $66,500
Farmland loans - $250k-1MM 1 $347 $347,000