Fortifi Bank Mortgage Rates, Fees & Info
Berlin, WILEI: 254900TQL77TN5I01K05
Tax ID: 39-0280510
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Review & 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 by origination volume include: Oshkosh, Madison, Green Bay, Fond Du Lac, and Appleton among others. We have data for 20 markets. (Some data included below & more in-depth data is available with an active subscription.)Fortifi Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders.
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 | 6.62% | 11/21/24 |
| 30 Year Conventional Refi | 6.43% | 11/21/24 |
| 30 Year Cash-out Refi | 6.62% | 11/21/24 |
| 30 Year USDA Purchase | 7.03% | 11/21/24 |
| 15 Year Conventional Purchase | 5.57% | 11/21/24 |
| 15 Year Conventional Refi | 5.65% | 11/21/24 |
| 15 Year Cash-out Refi | 5.65% | 11/21/24 |
| 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. | ||
Fortifi Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
435Origination Dollar Volume (All Markets)
$87,415,000Employee count
115Top 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 | 225 | $32,825,000 | $145,889 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 59 | $17,725,000 | $300,424 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 53 | $13,295,000 | $250,849 | $0 | 0.00% |
| GREEN BAY, WI (FHA|USDA|VA) | 39 | $10,485,000 | $268,846 | $0 | 0.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 28 | $5,450,000 | $194,643 | $0 | 0.00% |
| APPLETON, WI (FHA|USDA|VA) | 7 | $1,685,000 | $240,714 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 6 | $1,440,000 | $240,000 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $1,265,000 | $1,265,000 | $0 | 0.00% |
| Baraboo, WI (FHA|USDA|VA) | 4 | $800,000 | $200,000 | $0 | 0.00% |
| Rochelle, IL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $0 | 0.00% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 2 | $360,000 | $180,000 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| Shawano, WI (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Fortifi Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 434 | $87,340,000 | $201,244 | $0 | 0.00% |
| USDA | 1 | $75,000 | $75,000 | $0 | 0.00% |
For 2019, Fortifi Bank's most frequently originated type of loan was Conventional, with 434 originations. Their 2nd most popular type was USDA, with 1 originations.
Loan Reason
For 2019, Fortifi Bank's most frequently cited loan purpose was Cash Out Refi, with 165 originations. The 2nd most popular reason was Refi, with 137 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 435 | $87,415,000 | $200,954 | $0 | 0.00% |
For 2019, Fortifi Bank's most frequently cited loan duration was Other, with 435 originations.
Loan Sizing
2019 saw Fortifi Bank place emphasis on $100k-200k loans with 152 originations, totaling $22,130,000 in origination value.
Applicant Income
Fortifi Bank lent most frequently to those with incomes in the $100k-150k range, with 100 originations. The second most popular income band? $50k-75k, with 93 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 435 | $87,415,000 | $200,954 | $0 | 0.00% |
Fortifi Bank lent most frequently to those with DTI ratios of Exempt%, with 435 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications93.43%
Fortifi Bank has an average approval rate.
Pick Rate
Approvals leading to origination85.52%
Fortifi Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 435 | $87,415,000 | $200,954 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Fortifi Bank | 120 Alder Avenue Omro, WI 54963 | Full Service B&M | $35,866 |
| Fortifi Bank | 1330 Montondon Avenue, P.O. Box 311 Waunakee, WI 53597 | Full Service B&M | $19,398 |
| Fortifi Bank | 140 West Huron Street Berlin, WI 54923 | Full Service B&M | $156,886 |
| Fortifi Bank | 356 S. Pioneer Park Rd Westfield, WI 53964 | Full Service B&M | $22,947 |
| Fortifi Bank | 408 Main Street Montello, WI 53949 | Full Service B&M | $35,906 |
| Fortifi Bank | 701 Cormier Rd Green Bay, WI 54304 | Full Service B&M | $25,942 |
| Fortifi Bank | 908 East Main Street Winneconne, WI 54986 | Full Service B&M | $21,374 |
| Fortifi Bank | N6230 State Road 49 Green Lake, WI 54941 | Full Service B&M | $42,033 |
For 2019, Fortifi Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $20,627 |
| Net interest income | $16,896 |
| Total noninterest income | $3,997 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $752 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $3,245 |
| Pre-tax net operating income | $3,960 |
| Securities gains (or losses, -) | $-15 |
| Income before extraordinary items | $2,926 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,926 |
| Minority interest net income | $0 |
| Net income | $2,926 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,937 |
Fortifi Bank's gross interest income from loans was $20,627,000.
Fortifi Bank's net interest income from loans was $16,896,000.
Fortifi Bank's fee based income from loans was $752,000.
Fortifi Bank's net income from loans was $2,926,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $3,731 |
| Provision for credit losses | $575 |
| Total noninterest expense | $16,358 |
| Salaries and employee benefits | $9,697 |
| Premises and equipment expense | $1,553 |
| Additional noninterest expense | $5,108 |
| Applicable income taxes | $1,019 |
| Net charge-offs | $259 |
| Cash dividends | $1,096 |
Fortifi Bank's interest expense for loans was $3,731,000.
Fortifi Bank's payroll and benefits expense were $9,697,000.
Fortifi Bank's property, plant and equipment expenses $1,553,000.
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 | 1.0% |
| Commercial & industrial loans | 2.0% |
| 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 | $401,419 |
| Deposits held in domestic offices | $401,419 |
| Deposits by Individuals, partnerships, and corporations | $352,044 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $49,126 |
| Deposits by Commercial banks and other depository institutions in U.S. | $248 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $41,214 |
| Demand deposits | $22,388 |
| Nontransaction accounts | $360,204 |
| Money market deposit accounts (MMDAs) | $80,332 |
| Other savings deposits (excluding MMDAs) | $159,833 |
| Total time deposits | $120,039 |
| Total time and savings deposits | $379,030 |
| Noninterest-bearing deposits | $87,485 |
| Interest-bearing deposits | $313,934 |
| Retail deposits | $354,227 |
| IRAs and Keogh plan accounts | $11,107 |
| Brokered deposits | $26,908 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $456,691 |
| Cash & Balances due from depository institutions | $40,700 |
| Interest-bearing balances | $32,536 |
| Total securities | $53,074 |
| Federal funds sold & reverse repurchase | $1,210 |
| Net loans and leases | $337,875 |
| Loan and leases loss allowance | $3,628 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,567 |
| Other real estate owned | $2,459 |
| Goodwill and other intangibles | $1,319 |
| All other assets | $13,487 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $456,691 |
| Total Liabilities | $413,263 |
| Total deposits | $401,419 |
| Interest-bearing deposits | $313,934 |
| Deposits held in domestic offices | $401,419 |
| % insured (estimated) | $74 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $8,154 |
| Subordinated debt | $0 |
| All other liabilities | $3,690 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $337,875 |
| Loan and leases loss allowance | $3,628 |
| Total loans and leases (domestic) | $341,503 |
| All real estate loans | $267,939 |
| Real estate loans in domestic offices | $267,939 |
| Construction and development loans | $43,387 |
| Residential 1-4 family construction | $10,001 |
| Other construction, all land development and other land | $33,386 |
| Loans secured by nonfarm nonresidential properties | $120,474 |
| Nonfarm nonresidential secured by owner-occupied properties | $73,757 |
| Commercial real estate & other non-farm, non-residential | $46,717 |
| Multifamily residential real estate | $12,474 |
| 1-4 family residential loans | $84,342 |
| Farmland loans | $7,262 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,686 |
| Commercial and industrial loans | $63,489 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $7,747 |
| Credit card loans | $0 |
| Related Plans | $1,558 |
| Consumer Auto Loans | $203 |
| Other loans to individuals | $5,986 |
| All other loans & leases | $641 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $111 |
| 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 | $542 |
| Non 1-4 family restructured loans & leases | $542 |
| Total loans and leases (foreign) | $0 |
Fortifi Bank had $337,875,000 of loans outstanding in 2019. $267,939,000 of loans were in real estate loans. $43,387,000 of loans were in development loans. $12,474,000 of loans were in multifamily mortgage loans. $84,342,000 of loans were in 1-4 family mortgage loans. $1,686,000 of loans were in farm loans. $0 of loans were in credit card loans. $203,000 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 | 253 | $58,207 | $230,067 |
| Nonfarm, nonresidential loans - <$100k | 62 | $2,830 | $45,645 |
| Nonfarm, nonresidential loans - $100-250k | 79 | $10,198 | $129,089 |
| Nonfarm, nonresidential loans - $250k-1MM | 112 | $45,179 | $403,384 |
| Commercial & Industrial, US addressed loans - <$1MM | 451 | $42,603 | $94,463 |
| Commercial & Industrial, US addressed loans - <$100k | 266 | $7,498 | $28,188 |
| Commercial & Industrial, US addressed loans - $100-250k | 96 | $10,189 | $106,135 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 89 | $24,916 | $279,955 |
| Farmland loans - <$1MM | 32 | $5,118 | $159,938 |
| Farmland loans - <$100k | 9 | $415 | $46,111 |
| Farmland loans - $100-250k | 14 | $1,747 | $124,786 |
| Farmland loans - $250k-1MM | 9 | $2,956 | $328,444 |
| Agriculture operations loans - <$1MM | 41 | $1,686 | $41,122 |
| Agriculture operations loans - <$100k | 29 | $669 | $23,069 |
| Agriculture operations loans - $100-250k | 8 | $647 | $80,875 |
| Agriculture operations loans - $250k-1MM | 4 | $370 | $92,500 |