Fortifi Bank Mortgage Rates, Fees & Info
Berlin, WILEI: 254900TQL77TN5I01K05
Tax ID: 39-0280510
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Bank Data
Overview
Fortifi Bank is a smaller bank specializing in Cash Out Refi, Refi, and Home Purchase loans. Fortifi Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Oshkosh, Green Bay, Madison, Fond Du Lac, and Appleton among others. Fortifi Bank has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Fortifi Bank is typically a low fee lendor.Originations
682Origination Dollar Volume (All Markets)
$139,820,000Employee count
101Awards
Fortifi Bank - 2021
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For 2021, less than of lenders were eligible for this award.
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Relative Rate
Fortifi Bank's average 30 year fixed rate mortgage of loans were
3.15%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0%.
Relative Fees
Fortifi Bank's average total fees for a 30 year fixed rate
mortgage are $1,706.
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 |
|---|---|---|---|---|---|
| Outside of Metro Areas | 295 | $52,495,000 | $177,949 | $1,582 | 3.14% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 121 | $25,835,000 | $213,512 | $1,523 | 3.11% |
| GREEN BAY, WI (FHA|USDA|VA) | 103 | $21,625,000 | $209,951 | $1,392 | 3.20% |
| MADISON, WI (FHA|USDA|VA) | 66 | $18,650,000 | $282,576 | $1,479 | 2.97% |
| FOND DU LAC, WI (FHA|USDA|VA) | 40 | $6,610,000 | $165,250 | $1,462 | 3.15% |
| APPLETON, WI (FHA|USDA|VA) | 21 | $5,505,000 | $262,143 | $1,785 | 2.96% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 7 | $1,635,000 | $233,571 | $1,566 | 3.02% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $1,325,000 | $1,325,000 | $0 | 4.50% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 5 | $985,000 | $197,000 | $1,453 | 3.21% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $1,669 | 3.13% |
| Platteville, WI (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $0 | 4.50% |
| Shawano, WI (FHA|USDA|VA) | 3 | $475,000 | $158,333 | $800 | 3.92% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $1,833 | 2.56% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $1,810 | 3.25% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,374 | 3.38% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $2,345 | 2.75% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $1,522 | 2.63% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,030 | 2.88% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,103 | 3.50% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $1,485 | 2.50% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $1,547 | 2.25% |
| SHEBOYGAN, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,762 | 2.50% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,947 | 2.38% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $1,667 | 2.75% |
| Baraboo, WI (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 4.75% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 3.25% |
Fortifi Bank's top markets include Oshkosh, Green Bay, Madison, Fond Du Lac, and Appleton among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 681 | $139,675,000 | $205,103 | $1,542 | 3.13% |
| USDA | 1 | $145,000 | $145,000 | $3,761 | 3.50% |
For the 2021 period, Fortifi Bank's most frequently originated loan type of loans were Conventional, with 681 originations. Their 2nd most popular type is USDA, with 1 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 262 | $52,060,000 | $198,702 | $1,371 | 3.11% |
| Refi | 255 | $50,915,000 | $199,667 | $1,403 | 2.91% |
| Home Purchase | 164 | $36,840,000 | $224,634 | $2,124 | 3.48% |
| Other | 1 | $5,000 | $5,000 | $100 | 4.75% |
For the 2021, Fortifi Bank's most frequently cited loan purpose of loans were Cash Out Refi, with 262 originations. The 2nd most popular reason of loans were Refi, with 255 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 318 | $72,860,000 | $229,119 | $1,706 | 3.15% |
| 15 Year | 200 | $36,430,000 | $182,150 | $1,474 | 2.49% |
| Other | 73 | $8,255,000 | $113,082 | $1,071 | 4.48% |
| 20 Year | 62 | $12,680,000 | $204,516 | $1,543 | 2.94% |
| 3 Year | 13 | $6,025,000 | $463,462 | $0 | 4.92% |
| 5 Year | 9 | $2,625,000 | $291,667 | $0 | 4.78% |
| 10 Year | 7 | $945,000 | $135,000 | $1,498 | 2.52% |
For the 2021, Fortifi Bank's most frequently cited loan length of loans were 30 Year, with 318 originations. The 2nd most popular length of loans were 15 Year, with 200 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 612 | $123,060,000 | $201,078 |
| $1k-2k | 1 | $905,000 | $905,000 |
| $3k-4k | 1 | $175,000 | $175,000 |
$1,706 of loans were Fortifi Bank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 612 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 2.5-3% | 274 | $58,990,000 | $215,292 |
| 3-4% | 167 | $37,355,000 | $223,683 |
| <2.5% | 144 | $26,600,000 | $184,722 |
| 4-5% | 74 | $14,520,000 | $196,216 |
| 5-6% | 20 | $2,140,000 | $107,000 |
| 6-7% | 2 | $90,000 | $45,000 |
During 2021, Fortifi Bank's average interest rate of loans were 3.15%, while their most frequently originated rate bucket of loans were 2.5-3%, with 274 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $100k-200k | 270 | $40,240,000 | $149,037 | $1,639 | 3.00% |
| $200k-400k | 216 | $60,520,000 | $280,185 | $1,581 | 2.99% |
| $100,000 or less | 143 | $9,325,000 | $65,210 | $1,283 | 3.53% |
| $400k-600k | 45 | $21,995,000 | $488,778 | $1,540 | 3.02% |
| $600k-1MM | 5 | $3,665,000 | $733,000 | $3,627 | 4.20% |
| $1MM+ | 3 | $4,075,000 | $1,358,333 | $0 | 4.62% |
2021 saw Fortifi Bank place emphasis on $100k-200k loans with 270 originations, totaling $40,240,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 139 | $20,655,000 | $148,597 | $1,654 | 3.12% |
| $100k-150k | 134 | $30,520,000 | $227,761 | $1,547 | 2.99% |
| $75k-100k | 122 | $22,520,000 | $184,590 | $1,559 | 3.09% |
| $50k or less | 95 | $9,975,000 | $105,000 | $1,548 | 3.30% |
| $150k-250k | 89 | $23,765,000 | $267,022 | $1,578 | 3.04% |
| $250k+ | 62 | $19,650,000 | $316,935 | $1,495 | 2.98% |
Fortifi Bank lent most frequently to those with incomes in the $50k-75k range, with 139 originations. The second most popular income band? $100k-150k, with 134 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 198 | $37,330,000 | $188,535 | $1,545 | 3.02% |
| 30-36% | 125 | $26,795,000 | $214,360 | $1,516 | 3.05% |
| <20% | 98 | $17,810,000 | $181,735 | $1,515 | 2.87% |
| 37% | 26 | $5,240,000 | $201,538 | $1,622 | 3.12% |
| 39% | 21 | $4,165,000 | $198,333 | $1,673 | 3.04% |
| 43% | 19 | $4,545,000 | $239,211 | $1,610 | 3.22% |
| 42% | 18 | $2,900,000 | $161,111 | $1,247 | 3.12% |
| 38% | 18 | $3,260,000 | $181,111 | $1,463 | 3.41% |
| 44% | 17 | $3,185,000 | $187,353 | $1,433 | 3.16% |
| 41% | 15 | $3,265,000 | $217,667 | $1,638 | 3.33% |
| 40% | 15 | $3,005,000 | $200,333 | $1,683 | 3.56% |
| 36% | 15 | $3,375,000 | $225,000 | $1,548 | 3.18% |
| 45% | 15 | $3,065,000 | $204,333 | $1,805 | 3.15% |
| 46% | 13 | $3,405,000 | $261,923 | $1,597 | 3.03% |
| 48% | 13 | $2,395,000 | $184,231 | $1,618 | 2.85% |
| 49% | 11 | $2,495,000 | $226,818 | $1,801 | 3.01% |
| 47% | 10 | $2,390,000 | $239,000 | $1,403 | 2.97% |
| >60% | 7 | $1,245,000 | $177,857 | $1,587 | 4.05% |
| 50-60% | 7 | $1,065,000 | $152,143 | $1,466 | 4.34% |
Fortifi Bank lent most frequently to those with DTI ratios of 20-30%, with 198 originations. The next most common DTI ratio? 30-36%, with 125 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 605 | $120,505,000 | $199,182 | $1,546 | 3.09% |
| Not provided | 51 | $10,205,000 | $200,098 | $1,575 | 2.94% |
| Not applicable | 19 | $8,095,000 | $426,053 | $0 | 4.90% |
| Asian | 3 | $555,000 | $185,000 | $1,145 | 3.39% |
| Black | 2 | $300,000 | $150,000 | $1,574 | 2.50% |
| American Indian | 2 | $160,000 | $80,000 | $1,168 | 2.56% |
Approval Rates
Total approvals of all applications94.54%
Fortifi Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.54%
Fortifi Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 682 | $139,820,000 | $205,015 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 682 | $139,820,000 | $205,015 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 58 | $7,850,000 | $135,345 | $1,376 | 3.07% |
| 40-60% | 157 | $27,065,000 | $172,389 | $1,525 | 2.85% |
| 60-80% | 319 | $75,635,000 | $237,100 | $1,610 | 3.10% |
| 80-100% | 117 | $27,445,000 | $234,573 | $1,800 | 3.27% |
| Over 100% | 1 | $515,000 | $515,000 | $0 | 4.40% |
| Under 20% | 30 | $1,310,000 | $43,667 | $366 | 4.36% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Fortifi Bank | 1092 W. Fond Du Lac St Ripon, WI 54971 | Full Service B&M | $16,915 |
| Fortifi Bank | 120 Alder Avenue Omro, WI 54963 | Full Service B&M | $48,571 |
| Fortifi Bank | 1330 Montondon Avenue, P.O. Box 311 Waunakee, WI 53597 | Full Service B&M | $37,376 |
| Fortifi Bank | 140 W Huron St Berlin, WI 54923 | Limited, Administrative | $0 |
| Fortifi Bank | 240 Broadway Berlin, WI 54923 | Full Service B&M | $200,256 |
| Fortifi Bank | 240 Broadway Street Berlin, WI 54923 | Full Service B&M | $0 |
| Fortifi Bank | 408 Main Street Montello, WI 53949 | Full Service B&M | $59,124 |
| Fortifi Bank | 701 Cormier Rd Green Bay, WI 54304 | Full Service B&M | $53,323 |
| Fortifi Bank | 908 East Main Street Winneconne, WI 54986 | Full Service B&M | $28,576 |
| Fortifi Bank | N6230 State Road 49 Green Lake, WI 54941 | Full Service B&M | $43,124 |
For 2021, Fortifi Bank had 10 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $21,194 |
| Net interest income | $20,079 |
| Total noninterest income | $7,089 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $597 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,492 |
| Pre-tax net operating income | $11,733 |
| Securities gains (or losses, -) | $7 |
| Income before extraordinary items | $8,620 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $8,620 |
| Minority interest net income | $0 |
| Net income | $8,620 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $8,614 |
Fortifi Bank's gross interest income from loans was $21,194,000.
Fortifi Bank's net interest income from loans was $20,079,000.
Fortifi Bank's fee based income from loans was $597,000.
Fortifi Bank's net income from loans was $8,620,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $1,115 |
| Provision for credit losses | $300 |
| Total noninterest expense | $15,135 |
| Salaries and employee benefits | $8,913 |
| Premises and equipment expense | $1,353 |
| Additional noninterest expense | $4,869 |
| Applicable income taxes | $3,120 |
| Net charge-offs | $478 |
| Cash dividends | $1,440 |
Fortifi Bank's interest expense for loans was $1,115,000.
Fortifi Bank's payroll and benefits expense were $8,913,000.
Fortifi Bank's property, plant and equipment expenses $1,353,000.
Loan Performance
| Type of Loan | % of Loans Noncurrent (30+ days, end of period snapshot) |
|---|---|
| All loans | 1.0% |
| Real Estate loans | 0.0% |
| Construction & Land Development loans | 0.0% |
| Nonfarm, nonresidential loans | 0.0% |
| Multifamily residential loans | 11.0% |
| 1-4 family residential loans | 0.0% |
| HELOC loans | 0.0% |
| All other family | 0.0% |
| Commercial & industrial loans | 5.0% |
| 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 | $518,047 |
| Deposits held in domestic offices | $518,047 |
| Deposits by Individuals, partnerships, and corporations | $458,287 |
| Deposits by U.S. Government | $1 |
| Deposits by States and political subdivisions in the U.S. | $57,772 |
| Deposits by Commercial banks and other depository institutions in U.S. | $1,987 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $241,363 |
| Demand deposits | $140,666 |
| Nontransaction accounts | $276,684 |
| Money market deposit accounts (MMDAs) | $154,220 |
| Other savings deposits (excluding MMDAs) | $72,235 |
| Total time deposits | $50,231 |
| Total time and savings deposits | $377,381 |
| Noninterest-bearing deposits | $140,744 |
| Interest-bearing deposits | $377,303 |
| Retail deposits | $507,901 |
| IRAs and Keogh plan accounts | $8,396 |
| Brokered deposits | $0 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $602,553 |
| Cash & Balances due from depository institutions | $122,102 |
| Interest-bearing balances | $104,751 |
| Total securities | $107,178 |
| Federal funds sold & reverse repurchase | $262 |
| Net loans and leases | $349,008 |
| Loan and leases loss allowance | $4,760 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,601 |
| Other real estate owned | $912 |
| Goodwill and other intangibles | $2,196 |
| All other assets | $15,294 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $602,553 |
| Total Liabilities | $537,424 |
| Total deposits | $518,047 |
| Interest-bearing deposits | $377,303 |
| Deposits held in domestic offices | $518,047 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $15,133 |
| Subordinated debt | $0 |
| All other liabilities | $4,244 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $349,008 |
| Loan and leases loss allowance | $4,760 |
| Total loans and leases (domestic) | $353,768 |
| All real estate loans | $290,417 |
| Real estate loans in domestic offices | $290,417 |
| Construction and development loans | $55,489 |
| Residential 1-4 family construction | $10,713 |
| Other construction, all land development and other land | $44,776 |
| Loans secured by nonfarm nonresidential properties | $149,829 |
| Nonfarm nonresidential secured by owner-occupied properties | $78,156 |
| Commercial real estate & other non-farm, non-residential | $71,673 |
| Multifamily residential real estate | $10,470 |
| 1-4 family residential loans | $69,803 |
| Farmland loans | $4,826 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,061 |
| Commercial and industrial loans | $55,900 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $6,162 |
| Credit card loans | $0 |
| Related Plans | $1,350 |
| Consumer Auto Loans | $36 |
| Other loans to individuals | $4,776 |
| All other loans & leases | $227 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $46 |
| 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 | $672 |
| Non 1-4 family restructured loans & leases | $672 |
| Total loans and leases (foreign) | $0 |
Fortifi Bank had $349,008,000 of loans outstanding in 2021. $290,417,000 of loans were in real estate loans. $55,489,000 of loans were in development loans. $10,470,000 of loans were in multifamily mortgage loans. $69,803,000 of loans were in 1-4 family mortgage loans. $1,061,000 of loans were in farm loans. $0 of loans were in credit card loans. $36,000 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 | 235 | $59,739 | $254,209 |
| Nonfarm, nonresidential loans - <$100k | 55 | $2,630 | $47,818 |
| Nonfarm, nonresidential loans - $100-250k | 66 | $8,805 | $133,409 |
| Nonfarm, nonresidential loans - $250k-1MM | 114 | $48,304 | $423,719 |
| Commercial & Industrial, US addressed loans - <$1MM | 399 | $31,972 | $80,130 |
| Commercial & Industrial, US addressed loans - <$100k | 234 | $5,164 | $22,068 |
| Commercial & Industrial, US addressed loans - $100-250k | 79 | $6,898 | $87,316 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 86 | $19,910 | $231,512 |
| Farmland loans - <$1MM | 23 | $2,394 | $104,087 |
| Farmland loans - <$100k | 9 | $358 | $39,778 |
| Farmland loans - $100-250k | 9 | $971 | $107,889 |
| Farmland loans - $250k-1MM | 5 | $1,065 | $213,000 |
| Agriculture operations loans - <$1MM | 28 | $1,061 | $37,893 |
| Agriculture operations loans - <$100k | 21 | $669 | $31,857 |
| Agriculture operations loans - $100-250k | 4 | $131 | $32,750 |
| Agriculture operations loans - $250k-1MM | 3 | $261 | $87,000 |
