Fortifi Bank Mortgage Rates, Fees & Info

Berlin, WI

LEI: 254900TQL77TN5I01K05

Tax ID: 39-0280510

5 stars - out of 5 stars, based on 26 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

682

Origination Dollar Volume (All Markets)

$139,820,000

Employee count

101 Show all (8) awards

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 applications
94.54%

Fortifi Bank has an average approval rate.

Pick Rate

Approvals leading to origination
85.54%

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