Forward Bank Mortgage Rates, Fees & Info

Marshfield, WI

LEI: 254900IER2H3R8YLBW04

Tax ID: 39-0452950

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
  • 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)

    • Review & Overview

    Forward Bank is a smaller bank specializing in Home Purchase loans. Forward Bank has a high proportion of conventional loans. Their top markets by origination volume include: Wisconsin Rapids, Wausau, Eau Claire, Stevens Point, and Madison among others. We have data for 12 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Forward Bank has an above average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders. Forward Bank 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.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.35% 12/16/24
    30 Year Conventional Refi 6.40% 12/16/24
    30 Year Cash-out Refi 6.64% 12/16/24
    15 Year Conventional Purchase 5.90% 12/16/24
    15 Year Conventional Refi 5.99% 12/16/24
    15 Year Cash-out Refi 5.99% 12/16/24
    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.

    Forward Bank Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Forward Bank. 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

    521

    Origination Dollar Volume (All Markets)

    $94,245,000
    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
    Outside of Metro Areas 311 $52,845,000 $169,920 $2,037 4.66%
    Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 106 $20,090,000 $189,528 $1,966 4.53%
    WAUSAU-WESTON, WI (FHA|USDA|VA) 66 $13,020,000 $197,273 $2,098 4.43%
    EAU CLAIRE, WI (FHA|USDA|VA) 26 $5,350,000 $205,769 $1,980 4.40%
    Stevens Point, WI (FHA|USDA|VA) 3 $925,000 $308,333 $2,243 4.25%
    MADISON, WI (FHA|USDA|VA) 2 $550,000 $275,000 $2,174 3.81%
    Iron Mountain, MI-WI (FHA|USDA|VA) 1 $535,000 $535,000 $0 5.05%
    DULUTH, MN-WI (FHA|USDA|VA) 2 $380,000 $190,000 $1,956 4.88%
    Menomonie, WI (FHA|USDA|VA) 1 $255,000 $255,000 $4,063 6.38%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $205,000 $205,000 $0 6.87%
    Marinette, WI-MI (FHA|USDA|VA) 1 $55,000 $55,000 $1,769 4.00%
    SHEBOYGAN, WI (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.00%
    Forward Bank's top markets include Wisconsin Rapids, Wausau, Eau Claire, Stevens Point, and Madison among others.

    Their top states include:
  • Wisconsin (FHA|USDA|VA)
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

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

    CO-OP Credit Union
    Similarity Rank: 84
    AbbyBank
    Similarity Rank: 112
    Security Financial Bank
    Similarity Rank: 165
    WESTconsin Credit Union
    Similarity Rank: 209
    Forward Bank
    Similarity Rank: 312
    Citizens State Bank of La Crosse
    Similarity Rank: 360
    Prevail Bank
    Similarity Rank: 380
    Peoples State Bank
    Similarity Rank: 420
    Citizens Community Federal
    Similarity Rank: 525
    Merchants Bank
    Similarity Rank: 638

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 521 $94,245,000 $180,893 $2,033 4.60%

    For 2022, Forward Bank's most frequently originated type of loan was Conventional, with 521 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 341 $69,245,000 $203,065 $2,243 4.71%
    Cash Out Refi 94 $16,090,000 $171,170 $1,851 4.48%
    Refi 49 $6,575,000 $134,184 $1,632 3.86%
    Home Improvement 20 $1,380,000 $69,000 $1,079 4.95%
    Other 17 $955,000 $56,176 $1,198 4.56%

    For 2022, Forward Bank's most frequently cited loan purpose was Home Purchase, with 341 originations. The 2nd most popular reason was Cash Out Refi, with 94 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 317 $63,805,000 $201,278 $2,182 4.65%
    10 Year 88 $8,640,000 $98,182 $1,536 4.11%
    15 Year 60 $8,980,000 $149,667 $1,965 4.28%
    20 Year 30 $5,050,000 $168,333 $1,779 4.95%
    Other 21 $7,075,000 $336,905 $3,000 5.63%
    5 Year 4 $680,000 $170,000 $0 6.88%
    3 Year 1 $15,000 $15,000 $0 7.75%

    For 2022, Forward Bank's most frequently cited loan duration was 30 Year, with 317 originations. The 2nd most popular length was 10 Year, with 88 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 454 $80,540,000 $177,401
    $1k-2k 3 $595,000 $198,333
    $3k-4k 1 $115,000 $115,000
    $5k+ 1 $255,000 $255,000

    Forward Bank's average total fees were $2,182, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 454 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 155 $27,345,000 $176,419
    3-4% 148 $30,130,000 $203,581
    5-6% 104 $19,160,000 $184,231
    6-7% 52 $8,050,000 $154,808
    2.5-3% 42 $6,500,000 $154,762
    7-8% 16 $2,710,000 $169,375
    Over 8% 2 $110,000 $55,000
    <2.5% 2 $240,000 $120,000

    During 2022, Forward Bank's average interest rate for loans was 4.65%, while their most frequently originated rate bucket for loans was 4-5%, with 155 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 198 $28,620,000 $144,545 $2,108 4.52%
    $100,000 or less 147 $9,245,000 $62,891 $1,774 4.76%
    $200k-400k 145 $38,955,000 $268,655 $2,218 4.60%
    $400k-600k 26 $12,370,000 $475,769 $1,629 4.10%
    $1MM+ 3 $3,765,000 $1,255,000 $0 5.18%
    $600k-1MM 2 $1,290,000 $645,000 $3,170 5.27%

    2022 saw Forward Bank place emphasis on $100k-200k loans with 198 originations, totaling $28,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 106 $15,410,000 $145,377 $1,985 4.32%
    $50k or less 91 $9,105,000 $100,055 $2,079 4.83%
    $100k-150k 88 $16,860,000 $191,591 $2,159 4.61%
    $75k-100k 71 $13,285,000 $187,113 $2,098 4.60%
    $250k+ 69 $17,795,000 $257,899 $1,944 4.43%
    $150k-250k 49 $10,485,000 $213,980 $1,990 4.34%

    Forward Bank lent most frequently to those with incomes in the $50k-75k range, with 106 originations. The second most popular income band? $50k or less, with 91 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 119 $19,375,000 $162,815 $2,025 4.34%
    30-36% 90 $15,150,000 $168,333 $1,999 4.47%
    <20% 69 $10,905,000 $158,043 $2,137 4.30%
    37% 26 $5,140,000 $197,692 $2,016 4.54%
    39% 20 $4,490,000 $224,500 $2,102 4.84%
    38% 19 $3,945,000 $207,632 $1,890 4.04%
    42% 18 $3,470,000 $192,778 $1,878 4.34%
    50-60% 17 $2,755,000 $162,059 $1,785 5.01%
    36% 15 $3,255,000 $217,000 $1,882 4.20%
    44% 11 $2,035,000 $185,000 $2,244 4.52%
    40% 11 $2,095,000 $190,455 $2,112 4.70%
    41% 10 $1,680,000 $168,000 $2,218 4.29%
    43% 10 $2,400,000 $240,000 $2,168 4.53%
    49% 6 $1,020,000 $170,000 $2,316 5.96%
    45% 5 $985,000 $197,000 $2,077 3.98%
    >60% 4 $810,000 $202,500 $1,831 4.23%
    46% 4 $1,070,000 $267,500 $2,654 4.83%
    47% 4 $790,000 $197,500 $1,480 4.06%
    48% 1 $135,000 $135,000 $2,260 3.50%

    Forward Bank lent most frequently to those with DTI ratios of 20-30%, with 119 originations. The next most common DTI ratio? 30-36%, with 90 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 473 $83,035,000 $175,550 $2,029 4.53%
    Not applicable 36 $9,260,000 $257,222 $0 5.57%
    Not provided 7 $1,095,000 $156,429 $2,134 4.34%
    Asian 4 $640,000 $160,000 $2,279 4.26%
    Chinese 1 $215,000 $215,000 $2,084 5.75%

    Approval Rates

    Total approvals of all applications
    96.28%

    Forward Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    91.17%

    Forward Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 521 $94,245,000 $180,893

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    521 $94,245,000 $180,893

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 47 $4,825,000 $102,660 $1,617 4.37%
    40-60% 68 $12,820,000 $188,529 $1,945 4.28%
    60-80% 171 $33,735,000 $197,281 $1,952 4.51%
    80-100% 207 $41,425,000 $200,121 $2,313 4.74%
    Under 20% 28 $1,440,000 $51,429 $898 5.24%