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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    Northwest Bank Of Rockford is a smaller bank specializing in Refi, Home Purchase, 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.) They have a low ratio of USDA loans. Their top markets by origination volume include: Rockford, Freeport, Chicago, Kankakee, and Rochelle among others. We have data for 31 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.22% 11/17/24
    30 Year Conventional Refi 6.97% 11/17/24
    30 Year Cash-out Refi 7.15% 11/17/24
    30 Year FHA Purchase 7.41% 11/17/24
    30 Year FHA Refi 7.06% 11/17/24
    15 Year Conventional Purchase 6.61% 11/17/24
    15 Year Conventional Refi 5.95% 11/17/24
    15 Year Cash-out Refi 5.95% 11/17/24
    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






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    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

    744

    Origination Dollar Volume (All Markets)

    $110,390,000

    Employee count

    77 Show all (6) 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) 503 $72,105,000 $143,350 $1,968 3.24%
    Freeport, IL (FHA|USDA|VA) 97 $11,625,000 $119,845 $2,005 2.89%
    Outside of Metro Areas 24 $4,760,000 $198,333 $2,082 2.96%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 23 $4,745,000 $206,304 $2,304 3.10%
    KANKAKEE, IL (FHA|USDA|VA) 22 $3,710,000 $168,636 $2,935 3.03%
    Rochelle, IL (FHA|USDA|VA) 27 $3,595,000 $133,148 $2,088 3.03%
    JANESVILLE-BELOIT, WI (FHA|USDA|VA) 12 $1,820,000 $151,667 $2,082 3.28%
    MADISON, WI (FHA|USDA|VA) 5 $1,015,000 $203,000 $2,286 2.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 3 $965,000 $321,667 $3,585 2.96%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 3 $625,000 $208,333 $1,572 2.83%
    Baraboo, WI (FHA|USDA|VA) 2 $510,000 $255,000 $1,908 3.00%
    CINCINNATI, OH-KY-IN (FHA|USDA|VA) 1 $475,000 $475,000 $4,301 2.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 2 $460,000 $230,000 $1,556 2.81%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 2 $450,000 $225,000 $2,365 3.13%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $410,000 $205,000 $3,606 2.50%
    Huntington, IN (FHA|USDA|VA) 1 $335,000 $335,000 $1,986 3.00%
    DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 1 $255,000 $255,000 $3,272 3.63%
    Dixon, IL (FHA|USDA|VA) 1 $255,000 $255,000 $2,239 2.75%
    Pella, IA (FHA|USDA|VA) 1 $245,000 $245,000 $1,796 2.88%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $235,000 $235,000 $2,749 3.13%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $225,000 $225,000 $4,125 3.25%
    Galesburg, IL (FHA|USDA|VA) 1 $225,000 $225,000 $1,371 2.63%
    Ottawa, IL (FHA|USDA|VA) 1 $205,000 $205,000 $1,939 2.63%
    Pontiac, IL (FHA|USDA|VA) 1 $175,000 $175,000 $3,472 4.63%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $175,000 $175,000 $2,310 2.38%
    Shawano, WI (FHA|USDA|VA) 1 $175,000 $175,000 $1,536 3.13%
    Whitewater, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,885 3.75%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $145,000 $145,000 $2,429 3.13%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $125,000 $125,000 $2,181 3.25%
    PEORIA, IL (FHA|USDA|VA) 1 $115,000 $115,000 $1,949 2.75%
    KNOXVILLE, TN (FHA|USDA|VA) 1 $75,000 $75,000 $2,188 3.13%
    Northwest Bank Of Rockford's top markets include Rockford, Freeport, Chicago, Kankakee, and Rochelle among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Ohio (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.

    The Greenwood's State Bank
    Similarity Rank: 135
    Rock Valley Credit Union
    Similarity Rank: 135
    Glenview State Bank
    Similarity Rank: 312
    Liberty Bank for Savings
    Similarity Rank: 312
    The Park Bank
    Similarity Rank: 338
    State Bank of Cross Plains
    Similarity Rank: 352
    CROWN MORTGAGE COMPANY
    Similarity Rank: 627
    Oregon Community Bank
    Similarity Rank: 638
    AMERITRUST MORTGAGE CORPORATION
    Similarity Rank: 648
    The Equitable Bank, S.S.B.
    Similarity Rank: 820

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 731 $108,545,000 $148,488 $2,002 3.15%
    FHA 10 $1,290,000 $129,000 $5,268 3.06%
    HELOC 2 $490,000 $245,000 n/a 5.13%
    USDA 1 $65,000 $65,000 $2,948 3.75%

    For 2020, Northwest Bank Of Rockford's most frequently originated type of loan was Conventional, with 731 originations. Their 2nd most popular type was FHA, with 10 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 354 $55,810,000 $157,655 $1,711 2.99%
    Home Purchase 233 $31,115,000 $133,541 $2,690 3.32%
    Cash Out Refi 152 $23,210,000 $152,697 $1,951 3.22%
    Home Improvement 5 $255,000 $51,000 $497 5.20%

    For 2020, Northwest Bank Of Rockford's most frequently cited loan purpose was Refi, with 354 originations. The 2nd most popular reason was Home Purchase, with 233 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 414 $65,080,000 $157,198 $2,245 3.27%
    15 Year 224 $29,140,000 $130,089 $1,842 2.66%
    20 Year 49 $8,155,000 $166,429 $1,806 3.08%
    5 Year 27 $4,885,000 $180,926 $662 5.04%
    10 Year 24 $2,260,000 $94,167 $1,206 3.32%
    Other 6 $870,000 $145,000 $0 5.13%

    For 2020, Northwest Bank Of Rockford's most frequently cited loan duration was 30 Year, with 414 originations. The 2nd most popular length was 15 Year, with 224 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 667 $98,485,000 $147,654
    $1k-2k 35 $4,145,000 $118,429
    $2k-3k 6 $1,470,000 $245,000
    $4k-5k 1 $185,000 $185,000
    $5k+ 1 $445,000 $445,000

    Northwest Bank Of Rockford's average total fees were $2,245, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 667 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 285 $43,275,000 $151,842
    3-4% 254 $39,180,000 $154,252
    <2.5% 128 $18,290,000 $142,891
    4-5% 57 $6,295,000 $110,439
    5-6% 19 $3,305,000 $173,947
    6-7% 1 $45,000 $45,000

    During 2020, Northwest Bank Of Rockford's average interest rate for loans was 3.27%, while their most frequently originated rate bucket for loans was 2.5-3%, with 285 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 347 $49,535,000 $142,752 $2,036 3.08%
    $100,000 or less 248 $16,830,000 $67,863 $1,969 3.29%
    $200k-400k 136 $36,500,000 $268,382 $2,144 3.09%
    $400k-600k 11 $5,355,000 $486,818 $3,061 3.28%
    $1MM+ 1 $1,215,000 $1,215,000 $0 3.85%
    $600k-1MM 1 $955,000 $955,000 $0 5.50%

    2020 saw Northwest Bank Of Rockford place emphasis on $100k-200k loans with 347 originations, totaling $49,535,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 168 $28,150,000 $167,560 $1,953 3.11%
    $50k-75k 167 $19,615,000 $117,455 $2,084 3.03%
    $50k or less 127 $11,055,000 $87,047 $2,130 3.13%
    $75k-100k 124 $18,280,000 $147,419 $2,054 3.07%
    $150k-250k 90 $17,910,000 $199,000 $2,057 3.05%
    $250k+ 32 $9,020,000 $281,875 $2,027 3.01%

    Northwest Bank Of Rockford lent most frequently to those with incomes in the $100k-150k range, with 168 originations. The second most popular income band? $50k-75k, with 167 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 215 $32,595,000 $151,605 $2,066 3.01%
    30-36% 136 $19,610,000 $144,191 $1,922 3.05%
    <20% 78 $10,790,000 $138,333 $1,801 2.96%
    41% 33 $4,575,000 $138,636 $2,116 3.10%
    42% 32 $5,030,000 $157,188 $2,498 3.20%
    40% 32 $5,260,000 $164,375 $2,181 2.86%
    39% 24 $3,560,000 $148,333 $2,201 3.29%
    44% 22 $3,070,000 $139,545 $2,089 3.17%
    45% 20 $2,960,000 $148,000 $2,255 3.07%
    36% 20 $3,410,000 $170,500 $2,199 3.18%
    38% 19 $2,065,000 $108,684 $2,084 3.25%
    43% 17 $3,235,000 $190,294 $1,831 3.33%
    37% 15 $1,755,000 $117,000 $1,845 3.18%
    46% 13 $1,735,000 $133,462 $1,930 3.47%
    49% 11 $2,085,000 $189,545 $2,834 2.97%
    48% 10 $970,000 $97,000 $2,255 3.10%
    47% 8 $1,170,000 $146,250 $1,998 2.94%
    50-60% 6 $320,000 $53,333 $1,398 3.98%
    >60% 3 $665,000 $221,667 $2,804 4.46%

    Northwest Bank Of Rockford lent most frequently to those with DTI ratios of 20-30%, with 215 originations. The next most common DTI ratio? 30-36%, with 136 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 683 $99,635,000 $145,878 $2,013 3.08%
    Not applicable 29 $5,435,000 $187,414 $0 5.04%
    Not provided 14 $2,830,000 $202,143 $2,855 2.98%
    Black 11 $1,565,000 $142,273 $3,110 3.07%
    Asian 5 $695,000 $139,000 $2,338 3.16%
    Native Hawaiian or Islander 1 $155,000 $155,000 $1,782 3.25%
    American Indian 1 $75,000 $75,000 $1,908 2.88%

    Approval Rates

    Total approvals of all applications
    89.40%

    Northwest Bank Of Rockford has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.16%

    Northwest Bank Of Rockford has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 744 $110,390,000 $148,374

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 6 $2,150,000 $358,333
    Single Family (1-4 Units):Site-Built 738 $108,240,000 $146,667

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $2,445,000 $78,871 $1,526 3.16%
    40-60% 107 $12,335,000 $115,280 $1,782 2.76%
    60-80% 367 $57,785,000 $157,452 $1,927 3.19%
    80-100% 229 $34,595,000 $151,070 $2,451 3.22%
    Over 100% 6 $3,090,000 $515,000 $0 5.18%
    Under 20% 4 $140,000 $35,000 $632 4.09%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    NORTHWEST BANCSHARES INC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    NORTHWEST BANCSHARES INC Conventional home mortgage Trouble during payment process 1 50.0%

    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 $100,111
    Northwest Bank of Rockford 125 Phelps Avenue Rockford, IL 61108 Full Service B&M $95,494
    Northwest Bank of Rockford 3106 North Rockton Avenue Rockford, IL 61101 Full Service B&M $76,699
    Northwest Bank of Rockford 4402 Peak Drive Loves Park, IL 61111 Full Service B&M $22,279

    For 2020, Northwest Bank Of Rockford had 4 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $13,337
    Net interest income $10,758
    Total noninterest income $5,555
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $350
    Trading account gains and fees $0
    Additional Noninterest Income $5,205
    Pre-tax net operating income $2,482
    Securities gains (or losses, -) $2
    Income before extraordinary items $1,955
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $1,955
    Minority interest net income $0
    Net income $1,955
    Sale, conversion, retirement of capital stock, net $47
    Net operating income $1,953

    Northwest Bank Of Rockford's gross interest income from loans was $13,337,000.
    Northwest Bank Of Rockford's net interest income from loans was $10,758,000.
    Northwest Bank Of Rockford's fee based income from loans was $350,000.
    Northwest Bank Of Rockford's net income from loans was $1,955,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,579
    Provision for credit losses $2,810
    Total noninterest expense $11,021
    Salaries and employee benefits $6,248
    Premises and equipment expense $992
    Additional noninterest expense $3,781
    Applicable income taxes $529
    Net charge-offs $2,338
    Cash dividends $250

    Northwest Bank Of Rockford's interest expense for loans was $2,579,000.
    Northwest Bank Of Rockford's payroll and benefits expense were $6,248,000.
    Northwest Bank Of Rockford's property, plant and equipment expenses $992,000.

    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 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 $302,979
    Deposits held in domestic offices $302,979
    Deposits by Individuals, partnerships, and corporations $296,801
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $6,178
    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 $113,486
    Demand deposits $77,773
    Nontransaction accounts $189,493
    Money market deposit accounts (MMDAs) $72,148
    Other savings deposits (excluding MMDAs) $24,096
    Total time deposits $93,248
    Total time and savings deposits $225,206
    Noninterest-bearing deposits $77,773
    Interest-bearing deposits $225,206
    Retail deposits $290,485
    IRAs and Keogh plan accounts $15,398
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $352,993
    Cash & Balances due from depository institutions $54,987
    Interest-bearing balances $43,973
    Total securities $49,044
    Federal funds sold & reverse repurchase $2,516
    Net loans and leases $229,300
    Loan and leases loss allowance $2,947
    Trading account assets $0
    Bank premises and fixed assets $7,288
    Other real estate owned $0
    Goodwill and other intangibles $1,150
    All other assets $8,708

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $352,993
    Total Liabilities $322,539
    Total deposits $302,979
    Interest-bearing deposits $225,206
    Deposits held in domestic offices $302,979
    % insured (estimated) $82
    Federal funds purchased and repurchase agreements $2,892
    Trading liabilities $0
    Other borrowed funds $14,830
    Subordinated debt $0
    All other liabilities $1,838

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $229,300
    Loan and leases loss allowance $2,947
    Total loans and leases (domestic) $232,247
    All real estate loans $133,243
    Real estate loans in domestic offices $133,243
    Construction and development loans $8,537
    Residential 1-4 family construction $5,972
    Other construction, all land development and other land $2,565
    Loans secured by nonfarm nonresidential properties $77,254
    Nonfarm nonresidential secured by owner-occupied properties $33,196
    Commercial real estate & other non-farm, non-residential $44,058
    Multifamily residential real estate $7,056
    1-4 family residential loans $38,891
    Farmland loans $1,505
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $78,165
    To non-U.S. addressees $0
    Loans to individuals $11,636
    Credit card loans $0
    Related Plans $49
    Consumer Auto Loans $9,807
    Other loans to individuals $1,780
    All other loans & leases $9,203
    Loans to foreign governments and official institutions $0
    Other loans $138
    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 $74
    Non 1-4 family restructured loans & leases $0
    Total loans and leases (foreign) $0

    NORTHWEST BANK OF ROCKFORD had $229,300,000 of loans outstanding in 2020. $133,243,000 of loans were in real estate loans. $8,537,000 of loans were in development loans. $7,056,000 of loans were in multifamily mortgage loans. $38,891,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $9,807,000 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 152 $25,332 $166,658
    Nonfarm, nonresidential loans - <$100k 39 $1,620 $41,538
    Nonfarm, nonresidential loans - $100-250k 60 $6,823 $113,717
    Nonfarm, nonresidential loans - $250k-1MM 53 $16,889 $318,660
    Commercial & Industrial, US addressed loans - <$1MM 464 $39,349 $84,804
    Commercial & Industrial, US addressed loans - <$100k 342 $13,671 $39,974
    Commercial & Industrial, US addressed loans - $100-250k 72 $7,613 $105,736
    Commercial & Industrial, US addressed loans - $250k-1MM 50 $18,065 $361,300
    Farmland loans - <$1MM 8 $1,022 $127,750
    Farmland loans - <$100k 3 $221 $73,667
    Farmland loans - $100-250k 3 $299 $99,667
    Farmland loans - $250k-1MM 2 $502 $251,000