Northwest Bank Of Rockford Mortgage Rates, Fees & Info

ROCKFORD, IL

LEI: 2138007DQF1WY8NDYM18

Tax ID: 36-2727135

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

Review & Overview

Northwest Bank Of Rockford is a smaller bank specializing in Home Purchase and 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Rockford, Freeport, Rochelle, Janesville, and Kankakee among others. We have data for 18 markets. (Some data included below & more in-depth data is available with an active subscription.)

Northwest Bank Of Rockford has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Northwest Bank Of Rockford is typically a low 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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SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	7.22%	4/18/24
30 Year Conventional Refi	6.97%	4/18/24
30 Year Cash-out Refi	7.15%	4/18/24
30 Year FHA Purchase	7.41%	4/18/24
30 Year FHA Refi	7.06%	4/18/24
15 Year Conventional Purchase	6.61%	4/18/24
15 Year Conventional Refi	5.95%	4/18/24
15 Year Cash-out Refi	5.95%	4/18/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Northwest Bank Of Rockford Mortgage Calculator

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This is not an official calculator from Northwest Bank Of Rockford. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

366

Origination Dollar Volume (All Markets)

$49,880,000

Employee count

Awards

NORTHWEST BANK OF ROCKFORD 30 Year Conventional Loans silver

NORTHWEST BANK OF ROCKFORD FHA Loans silver

NORTHWEST BANK OF ROCKFORD FHA Loans gold

Show all (4) awards

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
ROCKFORD, IL (FHA\|USDA\|VA)	271	$35,335,000	$130,387	$2,247	4.61%
Freeport, IL (FHA\|USDA\|VA)	42	$4,500,000	$107,143	$2,046	4.51%
Rochelle, IL (FHA\|USDA\|VA)	13	$2,185,000	$168,077	$1,905	4.80%
Outside of Metro Areas	8	$1,800,000	$225,000	$2,244	3.98%
JANESVILLE-BELOIT, WI (FHA\|USDA\|VA)	5	$1,035,000	$207,000	$2,499	4.63%
KANKAKEE, IL (FHA\|USDA\|VA)	8	$820,000	$102,500	$3,455	4.41%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA\|USDA\|VA)	2	$640,000	$320,000	$3,341	4.25%
MILWAUKEE-WAUKESHA, WI (FHA\|USDA\|VA)	2	$560,000	$280,000	$2,324	4.06%
Whitewater, WI (FHA\|USDA\|VA)	3	$465,000	$155,000	$3,219	4.42%
Chicago-Naperville-Elgin, IL-IN-WI (FHA\|USDA\|VA)	1	$425,000	$425,000	$4,286	4.75%
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA\|USDA\|VA)	2	$360,000	$180,000	$2,208	4.50%
PHOENIX-MESA-CHANDLER, AZ (FHA\|USDA\|VA)	2	$350,000	$175,000	$2,009	4.31%
Baraboo, WI (FHA\|USDA\|VA)	1	$315,000	$315,000	$1,891	4.50%
MADISON, WI (FHA\|USDA\|VA)	2	$300,000	$150,000	$1,972	4.19%
CAPE CORAL-FORT MYERS, FL (FHA\|USDA\|VA)	1	$295,000	$295,000	$0	5.50%
Galesburg, IL (FHA\|USDA\|VA)	1	$225,000	$225,000	$1,413	3.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA\|USDA\|VA)	1	$175,000	$175,000	$3,400	4.00%
INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA\|USDA\|VA)	1	$95,000	$95,000	$2,210	4.38%

Northwest Bank Of Rockford's top markets include Rockford, Freeport, Rochelle, Janesville, and Kankakee among others.

Their top states include:

Illinois (FHA|USDA|VA)

Wisconsin (FHA|USDA|VA)

Oregon (FHA|USDA|VA)

Florida (FHA|USDA|VA)

Arizona (FHA|USDA|VA)

Similar Lenders

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

Rock Valley Credit Union
Similarity Rank: 14

State Bank of Cross Plains
Similarity Rank: 78

Liberty Bank for Savings
Similarity Rank: 85

First Community Credit Union
Similarity Rank: 140

Merchants Bank
Similarity Rank: 150

The Greenwood's State Bank
Similarity Rank: 154

EDUCATORS CREDIT UNION
Similarity Rank: 396

Stillman Bank
Similarity Rank: 480

UNITED
Similarity Rank: 498

Southern Lkaes Credit Union
Similarity Rank: 513

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	345	$47,345,000	$137,232	$2,094	4.60%
FHA	20	$2,470,000	$123,500	$4,952	4.16%
USDA	1	$65,000	$65,000	$2,845	4.50%

For 2019, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 345 originations. Their 2nd most popular type was FHA, with 20 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	171	$22,845,000	$133,596	$2,814	4.57%
Refi	115	$17,295,000	$150,391	$1,772	4.44%
Cash Out Refi	79	$9,725,000	$123,101	$1,819	4.73%
Home Improvement	1	$15,000	$15,000	$220	6.50%

For 2019, Northwest Bank Of Rockford's most frequently cited loan purpose was Home Purchase, with 171 originations. The 2nd most popular reason was Refi, with 115 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	262	$37,180,000	$141,908	$2,392	4.63%
15 Year	60	$8,250,000	$137,500	$2,156	3.88%
5 Year	15	$1,495,000	$99,667	$293	5.54%
10 Year	14	$860,000	$61,429	$994	5.52%
20 Year	12	$1,760,000	$146,667	$1,803	4.06%
Other	2	$40,000	$20,000	$410	6.00%
3 Year	1	$295,000	$295,000	$0	5.50%

For 2019, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 262 originations. The 2nd most popular length was 15 Year, with 60 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	312	$43,980,000	$140,962
$1k-2k	36	$3,380,000	$93,889
$2k-3k	1	$305,000	$305,000

Northwest Bank Of Rockford's average total fees were $2,392, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 312 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
4-5%	151	$21,955,000	$145,397
3-4%	123	$18,995,000	$154,431
5-6%	80	$8,080,000	$101,000
6-7%	8	$460,000	$57,500
7-8%	2	$50,000	$25,000
2.5-3%	1	$325,000	$325,000
Over 8%	1	$15,000	$15,000

During 2019, Northwest Bank Of Rockford's average interest rate for loans was 4.63%, while their most frequently originated rate bucket for loans was 4-5%, with 151 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	168	$10,630,000	$63,274	$2,119	4.83%
$100k-200k	129	$18,135,000	$140,581	$2,322	4.36%
$200k-400k	61	$16,685,000	$273,525	$2,545	4.36%
$400k-600k	7	$3,165,000	$452,143	$1,913	4.25%
$1MM+	1	$1,265,000	$1,265,000	$2,330	4.25%

2019 saw Northwest Bank Of Rockford place emphasis on $100,000 or less loans with 168 originations, totaling $10,630,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$50k or less	88	$6,390,000	$72,614	$2,319	4.67%
$50k-75k	79	$8,865,000	$112,215	$2,277	4.51%
$75k-100k	64	$8,260,000	$129,063	$2,183	4.64%
$100k-150k	59	$9,365,000	$158,729	$2,286	4.43%
$150k-250k	43	$9,085,000	$211,279	$2,314	4.54%
$250k+	22	$6,630,000	$301,364	$2,102	4.20%

Northwest Bank Of Rockford lent most frequently to those with incomes in the $50k or less range, with 88 originations. The second most popular income band? $50k-75k, with 79 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
30-36%	79	$9,855,000	$124,747	$2,308	4.51%
20-30%	76	$12,100,000	$159,211	$2,226	4.45%
<20%	31	$3,625,000	$116,935	$1,996	4.42%
43%	19	$2,305,000	$121,316	$2,110	4.71%
42%	15	$2,045,000	$136,333	$2,680	4.68%
38%	15	$2,235,000	$149,000	$2,571	4.45%
41%	15	$2,155,000	$143,667	$2,664	4.43%
50-60%	15	$2,395,000	$159,667	$2,348	5.09%
44%	13	$1,635,000	$125,769	$2,572	4.75%
49%	13	$1,075,000	$82,692	$1,993	4.93%
37%	11	$1,475,000	$134,091	$1,854	4.38%
45%	9	$1,345,000	$149,444	$2,111	4.22%
39%	8	$1,220,000	$152,500	$2,143	4.34%
36%	7	$1,045,000	$149,286	$2,081	4.43%
47%	7	$1,315,000	$187,857	$2,358	4.71%
48%	7	$805,000	$115,000	$2,102	4.33%
40%	6	$820,000	$136,667	$2,772	4.71%
46%	6	$960,000	$160,000	$2,021	4.15%
>60%	3	$245,000	$81,667	$1,689	5.67%

Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 30-36%, with 79 originations. The next most common DTI ratio? 20-30%, with 76 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	323	$45,725,000	$141,563	$2,265	4.47%
Not provided	19	$1,815,000	$95,526	$2,042	5.21%
Not applicable	9	$1,085,000	$120,556	$0	5.71%
Black	13	$825,000	$63,462	$2,286	5.43%
Asian	2	$430,000	$215,000	$3,128	4.78%

Approval Rates

Total approvals of all applications
89.92%

Northwest Bank Of Rockford has an average approval rate.

Pick Rate

Approvals leading to origination
86.34%

Northwest Bank Of Rockford has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	366	$49,880,000	$136,284

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	3	$595,000	$198,333
Single Family (1-4 Units):Site-Built	363	$49,285,000	$135,771

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	14	$830,000	$59,286	$1,509	5.01%
40-60%	37	$3,995,000	$107,973	$1,784	4.42%
60-80%	162	$22,630,000	$139,691	$2,005	4.52%
80-100%	149	$22,315,000	$149,765	$2,754	4.57%
Under 20%	4	$110,000	$27,500	$480	6.31%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
NORTHWEST BANCSHARES INC	Other type of mortgage	Trouble during payment process	1	100.0%

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	$82,196
Northwest Bank of Rockford	125 Phelps Avenue Rockford, IL 61108	Full Service B&M	$84,262
Northwest Bank of Rockford	3106 North Rockton Avenue Rockford, IL 61101	Full Service B&M	$70,376
Northwest Bank of Rockford	4402 Peak Drive Loves Park, IL 61111	Full Service B&M	$3,880
Northwest Bank of Rockford	5305 North Second Street Loves Park, IL 61111	Full Service B&M	$13,278

For 2019, Northwest Bank Of Rockford had 5 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$12,723
Net interest income	$9,831
Total noninterest income	$3,288
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$429
Trading account gains and fees	$0
Additional Noninterest Income	$2,859
Pre-tax net operating income	$1,161
Securities gains (or losses, -)	$13
Income before extraordinary items	$1,006
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$1,006
Minority interest net income	$0
Net income	$1,006
Sale, conversion, retirement of capital stock, net	$35
Net operating income	$994

Northwest Bank Of Rockford's gross interest income from loans was $12,723,000.
Northwest Bank Of Rockford's net interest income from loans was $9,831,000.
Northwest Bank Of Rockford's fee based income from loans was $429,000.
Northwest Bank Of Rockford's net income from loans was $1,006,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$2,892
Provision for credit losses	$1,660
Total noninterest expense	$10,298
Salaries and employee benefits	$5,687
Premises and equipment expense	$1,259
Additional noninterest expense	$3,352
Applicable income taxes	$168
Net charge-offs	$2,010
Cash dividends	$1,000

Northwest Bank Of Rockford's interest expense for loans was $2,892,000.
Northwest Bank Of Rockford's payroll and benefits expense were $5,687,000.
Northwest Bank Of Rockford's property, plant and equipment expenses $1,259,000.

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	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	1.0%
HELOC loans	1.0%
All other family	1.0%
Commercial & industrial loans	1.0%
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	$252,858
Deposits held in domestic offices	$252,858
Deposits by Individuals, partnerships, and corporations	$242,941
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$9,917
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	$77,503
Demand deposits	$48,577
Nontransaction accounts	$175,355
Money market deposit accounts (MMDAs)	$44,326
Other savings deposits (excluding MMDAs)	$20,534
Total time deposits	$110,495
Total time and savings deposits	$204,281
Noninterest-bearing deposits	$48,577
Interest-bearing deposits	$204,282
Retail deposits	$236,260
IRAs and Keogh plan accounts	$14,892
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$294,962
Cash & Balances due from depository institutions	$20,144
Interest-bearing balances	$14,256
Total securities	$41,780
Federal funds sold & reverse repurchase	$6,317
Net loans and leases	$209,351
Loan and leases loss allowance	$2,474
Trading account assets	$0
Bank premises and fixed assets	$7,670
Other real estate owned	$0
Goodwill and other intangibles	$993
All other assets	$8,707

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$294,962
Total Liabilities	$267,403
Total deposits	$252,858
Interest-bearing deposits	$204,282
Deposits held in domestic offices	$252,858
% insured (estimated)	$87
Federal funds purchased and repurchase agreements	$2,603
Trading liabilities	$0
Other borrowed funds	$10,255
Subordinated debt	$0
All other liabilities	$1,687

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$209,351
Loan and leases loss allowance	$2,474
Total loans and leases (domestic)	$211,825
All real estate loans	$136,209
Real estate loans in domestic offices	$136,209
Construction and development loans	$11,232
Residential 1-4 family construction	$5,619
Other construction, all land development and other land	$5,613
Loans secured by nonfarm nonresidential properties	$75,822
Nonfarm nonresidential secured by owner-occupied properties	$33,259
Commercial real estate & other non-farm, non-residential	$42,563
Multifamily residential real estate	$6,422
1-4 family residential loans	$41,698
Farmland loans	$1,035
Loans held in foreign offices	$0
Farm loans	$0
Commercial and industrial loans	$56,128
To non-U.S. addressees	$0
Loans to individuals	$10,116
Credit card loans	$0
Related Plans	$79
Consumer Auto Loans	$8,627
Other loans to individuals	$1,410
All other loans & leases	$9,372
Loans to foreign governments and official institutions	$0
Other loans	$114
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	$424
Non 1-4 family restructured loans & leases	$85
Total loans and leases (foreign)	$0

NORTHWEST BANK OF ROCKFORD had $209,351,000 of loans outstanding in 2019. $136,209,000 of loans were in real estate loans. $11,232,000 of loans were in development loans. $6,422,000 of loans were in multifamily mortgage loans. $41,698,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $8,627,000 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	182	$31,316	$172,066
Nonfarm, nonresidential loans - <$100k	48	$1,925	$40,104
Nonfarm, nonresidential loans - $100-250k	68	$7,582	$111,500
Nonfarm, nonresidential loans - $250k-1MM	66	$21,809	$330,439
Commercial & Industrial, US addressed loans - <$1MM	338	$30,399	$89,938
Commercial & Industrial, US addressed loans - <$100k	205	$5,747	$28,034
Commercial & Industrial, US addressed loans - $100-250k	64	$6,906	$107,906
Commercial & Industrial, US addressed loans - $250k-1MM	69	$17,746	$257,188
Farmland loans - <$1MM	7	$1,034	$147,714
Farmland loans - <$100k	3	$230	$76,667
Farmland loans - $100-250k	2	$214	$107,000
Farmland loans - $250k-1MM	2	$590	$295,000