Fortifi Bank Mortgage Rates, Fees & Info
Berlin, WILEI: 254900TQL77TN5I01K05
Tax ID: 39-0280510
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Bank Data
Review & Overview
Fortifi Bank is a smaller bank specializing in Refi, Cash Out 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: Green Bay, Oshkosh, Madison, Fond Du Lac, and Appleton among others. We have data for 31 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
926Origination Dollar Volume (All Markets)
$199,930,000Employee count
101Top 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 | 412 | $73,890,000 | $179,345 | $0 | 0.00% |
| GREEN BAY, WI (FHA|USDA|VA) | 111 | $33,475,000 | $301,577 | $0 | 0.00% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 158 | $32,790,000 | $207,532 | $0 | 0.00% |
| MADISON, WI (FHA|USDA|VA) | 97 | $31,185,000 | $321,495 | $0 | 0.00% |
| FOND DU LAC, WI (FHA|USDA|VA) | 62 | $9,850,000 | $158,871 | $0 | 0.00% |
| APPLETON, WI (FHA|USDA|VA) | 34 | $6,900,000 | $202,941 | $0 | 0.00% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 8 | $2,640,000 | $330,000 | $0 | 0.00% |
| MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) | 8 | $1,350,000 | $168,750 | $0 | 0.00% |
| Baraboo, WI (FHA|USDA|VA) | 5 | $1,145,000 | $229,000 | $0 | 0.00% |
| JANESVILLE-BELOIT, WI (FHA|USDA|VA) | 4 | $880,000 | $220,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $0 | 0.00% |
| FLAGSTAFF, AZ (FHA|USDA|VA) | 1 | $495,000 | $495,000 | $0 | 0.00% |
| RACINE, WI (FHA|USDA|VA) | 2 | $470,000 | $235,000 | $0 | 0.00% |
| Shawano, WI (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $0 | 0.00% |
| Beaver Dam, WI (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $0 | 0.00% |
| Iron Mountain, MI-WI (FHA|USDA|VA) | 3 | $395,000 | $131,667 | $0 | 0.00% |
| Heber, UT (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 0.00% |
| Watertown-Fort Atkinson, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| Whitewater, WI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $0 | 0.00% |
| WAUSAU-WESTON, WI (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $0 | 0.00% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| GRAND JUNCTION, CO (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 0.00% |
| MONTGOMERY, AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| Manitowoc, WI (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| EAU CLAIRE, WI (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $0 | 0.00% |
| Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 0.00% |
| Stevens Point, WI (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 0.00% |
| Marinette, WI-MI (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 0.00% |
| Tupelo, MS (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $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 | 924 | $199,760,000 | $216,190 | $0 | 0.00% |
| USDA | 2 | $170,000 | $85,000 | $0 | 0.00% |
For 2020, Fortifi Bank's most frequently originated type of loan was Conventional, with 924 originations. Their 2nd most popular type was USDA, with 2 originations.
Loan Reason
For 2020, Fortifi Bank's most frequently cited loan purpose was Refi, with 458 originations. The 2nd most popular reason was Cash Out Refi, with 265 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 926 | $199,930,000 | $215,907 | $0 | 0.00% |
For 2020, Fortifi Bank's most frequently cited loan duration was Other, with 926 originations.
Loan Sizing
2020 saw Fortifi Bank place emphasis on $100k-200k loans with 383 originations, totaling $56,375,000 in origination value.
Applicant Income
Fortifi Bank lent most frequently to those with incomes in the $75k-100k range, with 190 originations. The second most popular income band? $50k-75k, with 180 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 926 | $199,930,000 | $215,907 | $0 | 0.00% |
Fortifi Bank lent most frequently to those with DTI ratios of Exempt%, with 926 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.79%
Fortifi Bank has an average approval rate.
Pick Rate
Approvals leading to origination84.02%
Fortifi Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 926 | $199,930,000 | $215,907 |
Occupancy Type Mix
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Fortifi Bank | 408 Main Street Montello, WI 53949 | Full Service B&M | $43,736 |
| Fortifi Bank | 120 Alder Avenue Omro, WI 54963 | Full Service B&M | $43,234 |
| Fortifi Bank | 1330 Montondon Avenue, P.O. Box 311 Waunakee, WI 53597 | Full Service B&M | $30,067 |
| Fortifi Bank | 140 West Huron Street Berlin, WI 54923 | Full Service B&M | $194,985 |
| Fortifi Bank | 356 S. Pioneer Park Rd Westfield, WI 53964 | Full Service B&M | $27,415 |
| Fortifi Bank | 701 Cormier Rd Green Bay, WI 54304 | Full Service B&M | $47,171 |
| Fortifi Bank | 908 East Main Street Winneconne, WI 54986 | Full Service B&M | $25,740 |
| Fortifi Bank | N6230 State Road 49 Green Lake, WI 54941 | Full Service B&M | $55,470 |
For 2020, Fortifi Bank had 8 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $21,358 |
| Net interest income | $18,393 |
| Total noninterest income | $6,051 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $592 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,459 |
| Pre-tax net operating income | $7,768 |
| Securities gains (or losses, -) | $74 |
| Income before extraordinary items | $5,768 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $5,768 |
| Minority interest net income | $0 |
| Net income | $5,768 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $5,709 |
Fortifi Bank's gross interest income from loans was $21,358,000.
Fortifi Bank's net interest income from loans was $18,393,000.
Fortifi Bank's fee based income from loans was $592,000.
Fortifi Bank's net income from loans was $5,768,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,965 |
| Provision for credit losses | $1,350 |
| Total noninterest expense | $15,326 |
| Salaries and employee benefits | $8,946 |
| Premises and equipment expense | $1,339 |
| Additional noninterest expense | $5,041 |
| Applicable income taxes | $2,074 |
| Net charge-offs | $41 |
| Cash dividends | $735 |
Fortifi Bank's interest expense for loans was $2,965,000.
Fortifi Bank's payroll and benefits expense were $8,946,000.
Fortifi Bank's property, plant and equipment expenses $1,339,000.
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 | 1.0% |
| Personal loans | 1.0% |
| Credit card loans | 0.0% |
| Other individual loans | 1.0% |
| Auto loans | 0.0% |
| Other consumer loans | 1.0% |
| Unsecured commercial real estate loans | 0.0% |
Deposits
| Type | Value (in 000's) |
|---|---|
| Total deposits | $457,985 |
| Deposits held in domestic offices | $457,985 |
| Deposits by Individuals, partnerships, and corporations | $406,068 |
| Deposits by U.S. Government | $0 |
| Deposits by States and political subdivisions in the U.S. | $51,918 |
| 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 | $242,297 |
| Demand deposits | $128,786 |
| Nontransaction accounts | $215,689 |
| Money market deposit accounts (MMDAs) | $83,643 |
| Other savings deposits (excluding MMDAs) | $63,200 |
| Total time deposits | $68,845 |
| Total time and savings deposits | $329,200 |
| Noninterest-bearing deposits | $128,873 |
| Interest-bearing deposits | $329,112 |
| Retail deposits | $441,009 |
| IRAs and Keogh plan accounts | $9,615 |
| Brokered deposits | $4,998 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $525,258 |
| Cash & Balances due from depository institutions | $57,586 |
| Interest-bearing balances | $42,988 |
| Total securities | $54,906 |
| Federal funds sold & reverse repurchase | $241 |
| Net loans and leases | $390,547 |
| Loan and leases loss allowance | $4,938 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $6,655 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $1,726 |
| All other assets | $13,597 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $525,258 |
| Total Liabilities | $476,180 |
| Total deposits | $457,985 |
| Interest-bearing deposits | $329,112 |
| Deposits held in domestic offices | $457,985 |
| % insured (estimated) | $73 |
| Federal funds purchased and repurchase agreements | $0 |
| Trading liabilities | $0 |
| Other borrowed funds | $14,204 |
| Subordinated debt | $0 |
| All other liabilities | $3,991 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $390,547 |
| Loan and leases loss allowance | $4,938 |
| Total loans and leases (domestic) | $395,485 |
| All real estate loans | $302,246 |
| Real estate loans in domestic offices | $302,246 |
| Construction and development loans | $49,465 |
| Residential 1-4 family construction | $11,824 |
| Other construction, all land development and other land | $37,641 |
| Loans secured by nonfarm nonresidential properties | $156,915 |
| Nonfarm nonresidential secured by owner-occupied properties | $79,553 |
| Commercial real estate & other non-farm, non-residential | $77,362 |
| Multifamily residential real estate | $10,210 |
| 1-4 family residential loans | $78,747 |
| Farmland loans | $6,909 |
| Loans held in foreign offices | $0 |
| Farm loans | $1,013 |
| Commercial and industrial loans | $83,238 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $8,521 |
| Credit card loans | $0 |
| Related Plans | $1,757 |
| Consumer Auto Loans | $65 |
| Other loans to individuals | $6,699 |
| All other loans & leases | $467 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $29 |
| 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 | $539 |
| Non 1-4 family restructured loans & leases | $539 |
| Total loans and leases (foreign) | $0 |
Fortifi Bank had $390,547,000 of loans outstanding in 2020. $302,246,000 of loans were in real estate loans. $49,465,000 of loans were in development loans. $10,210,000 of loans were in multifamily mortgage loans. $78,747,000 of loans were in 1-4 family mortgage loans. $1,013,000 of loans were in farm loans. $0 of loans were in credit card loans. $65,000 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 | 252 | $61,043 | $242,234 |
| Nonfarm, nonresidential loans - <$100k | 58 | $2,788 | $48,069 |
| Nonfarm, nonresidential loans - $100-250k | 76 | $9,975 | $131,250 |
| Nonfarm, nonresidential loans - $250k-1MM | 118 | $48,280 | $409,153 |
| Commercial & Industrial, US addressed loans - <$1MM | 666 | $56,324 | $84,571 |
| Commercial & Industrial, US addressed loans - <$100k | 441 | $12,421 | $28,166 |
| Commercial & Industrial, US addressed loans - $100-250k | 127 | $14,391 | $113,315 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 98 | $29,512 | $301,143 |
| Farmland loans - <$1MM | 32 | $4,294 | $134,188 |
| Farmland loans - <$100k | 12 | $506 | $42,167 |
| Farmland loans - $100-250k | 12 | $1,496 | $124,667 |
| Farmland loans - $250k-1MM | 8 | $2,292 | $286,500 |
| Agriculture operations loans - <$1MM | 33 | $1,012 | $30,667 |
| Agriculture operations loans - <$100k | 25 | $649 | $25,960 |
| Agriculture operations loans - $100-250k | 4 | $182 | $45,500 |
| Agriculture operations loans - $250k-1MM | 4 | $181 | $45,250 |