Bmo Harris Bank N.a.

Chicago, IL 60656

LEI: 3Y4U8VZURTYWI1W2K376

Tax ID: 36-2085229

2019 Data | 2018 Data


Overview

Bmo Harris Bank N.a. is a small mortgage company specializing in Home Purchase and Cash Out Refi loans. Bmo Harris Bank N.a. has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets include Chicago, Milwaukee, Phoenix, Minneapolis, and Indianapolis among others. They have a below average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Bmo Harris Bank N.a. is typically a lendor.


Originations

13,574

Origination Dollar Volume (All Markets)

$2,436,900,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 13,519 $2,428,345,000 $179,625
FHA 55 $8,555,000 $155,545

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 2,216 $849,450,000 $383,326
Home Improvement 3,192 $278,760,000 $87,331
Other 2,941 $330,455,000 $112,361
Refi 809 $328,805,000 $406,434
Cash Out Refi 4,416 $649,430,000 $147,063

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
CHICAGO-NAPERVILLE-EVANSTON, IL 3,698 $600,460,000 $162,374
MILWAUKEE-WAUKESHA, WI 1,629 $257,835,000 $158,278
Outside of Metro Areas 1,211 $184,865,000 $152,655
PHOENIX-MESA-CHANDLER, AZ 746 $162,850,000 $218,298
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI 525 $107,435,000 $204,638
INDIANAPOLIS-CARMEL-ANDERSON, IN 818 $89,170,000 $109,010
LAKE COUNTY-KENOSHA COUNTY, IL-WI 494 $83,200,000 $168,421
MADISON, WI 447 $78,655,000 $175,962
ELGIN, IL 464 $52,530,000 $113,211
RICHMOND, VA 2 $51,400,000 $25,700,000
GREEN BAY, WI 383 $49,235,000 $128,551
NEWARK, NJ-PA 3 $45,685,000 $15,228,333
KANSAS CITY, MO-KS 294 $45,510,000 $154,796
ST. LOUIS, MO-IL 203 $40,545,000 $199,729
GARY, IN 350 $37,180,000 $106,229
NORTH PORT-SARASOTA-BRADENTON, FL 155 $36,565,000 $235,903
TUCSON, AZ 68 $32,220,000 $473,824
NAPLES-MARCO ISLAND, FL 56 $31,840,000 $568,571
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 26 $26,940,000 $1,036,154
APPLETON, WI 191 $22,475,000 $117,670
ROCKFORD, IL 204 $22,370,000 $109,657
RACINE, WI 171 $17,055,000 $99,737
ANAHEIM-SANTA ANA-IRVINE, CA 9 $16,425,000 $1,825,000
WAUSAU-WESTON, WI 169 $14,585,000 $86,302
ST. CLOUD, MN 4 $14,320,000 $3,580,000
JANESVILLE-BELOIT, WI 151 $13,925,000 $92,219
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 7 $13,605,000 $1,943,571
PRESCOTT VALLEY-PRESCOTT, AZ 58 $13,420,000 $231,379
CAPE CORAL-FORT MYERS, FL 40 $12,280,000 $307,000
SHEBOYGAN, WI 113 $11,595,000 $102,611
KAHULUI-WAILUKU-LAHAINA, HI 4 $11,150,000 $2,787,500
DENVER-AURORA-LAKEWOOD, CO 15 $10,885,000 $725,667
SEATTLE-BELLEVUE-KENT, WA 15 $10,855,000 $723,667
TAMPA-ST. PETERSBURG-CLEARWATER, FL 43 $9,805,000 $228,023
EAU CLAIRE, WI 75 $9,115,000 $121,533
MIAMI-MIAMI BEACH-KENDALL, FL 11 $9,055,000 $823,182
OSHKOSH-NEENAH, WI 91 $9,015,000 $99,066
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA 17 $8,385,000 $493,235
BRIDGEPORT-STAMFORD-NORWALK, CT 6 $7,640,000 $1,273,333
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 7 $7,255,000 $1,036,429
LAS VEGAS-HENDERSON-PARADISE, NV 10 $7,240,000 $724,000
FOND DU LAC, WI 83 $6,865,000 $82,711
SANTA FE, NM 3 $6,445,000 $2,148,333
KOKOMO, IN 83 $5,875,000 $70,783
SAN FRANCISCO-SAN MATEO-REDWOOD CITY, CA 4 $5,660,000 $1,415,000
LA CROSSE-ONALASKA, WI-MN 59 $5,405,000 $91,610
MANSFIELD, OH 1 $4,265,000 $4,265,000
NILES, MI 11 $3,595,000 $326,818
PUNTA GORDA, FL 20 $3,480,000 $174,000
BOULDER, CO 2 $3,220,000 $1,610,000
PORT ST. LUCIE, FL 4 $3,010,000 $752,500
CHARLOTTE-CONCORD-GASTONIA, NC-SC 6 $2,960,000 $493,333
FORT LAUDERDALE-POMPANO BEACH-SUNRISE, FL 9 $2,955,000 $328,333
DULUTH, MN-WI 26 $2,950,000 $113,462
PORTLAND-VANCOUVER-HILLSBORO, OR-WA 6 $2,820,000 $470,000
ORLANDO-KISSIMMEE-SANFORD, FL 12 $2,690,000 $224,167
HOUSTON-THE WOODLANDS-SUGAR LAND, TX 3 $2,565,000 $855,000
NEW BRUNSWICK-LAKEWOOD, NJ 5 $2,545,000 $509,000
SAN JOSE-SUNNYVALE-SANTA CLARA, CA 3 $2,425,000 $808,333
OXNARD-THOUSAND OAKS-VENTURA, CA 3 $2,425,000 $808,333
CHARLESTON-NORTH CHARLESTON, SC 2 $2,410,000 $1,205,000
BRUNSWICK, GA 1 $2,375,000 $2,375,000
SANTA ROSA-PETALUMA, CA 2 $2,330,000 $1,165,000
OLYMPIA-LACEY-TUMWATER, WA 4 $2,250,000 $562,500
PHILADELPHIA, PA 5 $2,215,000 $443,000
CAMBRIDGE-NEWTON-FRAMINGHAM, MA 2 $2,120,000 $1,060,000
LAKE HAVASU CITY-KINGMAN, AZ 5 $2,065,000 $413,000
MICHIGAN CITY-LA PORTE, IN 13 $1,945,000 $149,615
NEW ORLEANS-METAIRIE, LA 2 $1,940,000 $970,000
LEXINGTON-FAYETTE, KY 1 $1,875,000 $1,875,000
SAN DIEGO-CHULA VISTA-CARLSBAD, CA 4 $1,710,000 $427,500
WARREN-TROY-FARMINGTON HILLS, MI 3 $1,605,000 $535,000
LOS ANGELES-LONG BEACH-GLENDALE, CA 3 $1,545,000 $515,000
BEND, OR 2 $1,460,000 $730,000
COLUMBIA, MO 4 $1,450,000 $362,500
PORTLAND-SOUTH PORTLAND, ME 1 $1,415,000 $1,415,000
SEBASTIAN-VERO BEACH, FL 1 $1,405,000 $1,405,000
FLAGSTAFF, AZ 6 $1,240,000 $206,667
SANTA MARIA-SANTA BARBARA, CA 2 $1,180,000 $590,000
SPRINGFIELD, IL 4 $1,150,000 $287,500
KENNEWICK-RICHLAND, WA 2 $1,110,000 $555,000
FORT WAYNE, IN 4 $1,110,000 $277,500
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA 4 $1,100,000 $275,000
DALLAS-PLANO-IRVING, TX 2 $1,090,000 $545,000
AUSTIN-ROUND ROCK-GEORGETOWN, TX 2 $1,070,000 $535,000
WICHITA, KS 3 $1,035,000 $345,000
PITTSBURGH, PA 1 $1,025,000 $1,025,000
LAWRENCE, KS 6 $1,020,000 $170,000
RALEIGH-CARY, NC 1 $1,005,000 $1,005,000
COLUMBUS, OH 6 $1,000,000 $166,667
DES MOINES-WEST DES MOINES, IA 3 $995,000 $331,667
LOUISVILLE/JEFFERSON COUNTY, KY-IN 5 $975,000 $195,000
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 2 $970,000 $485,000
NEW HAVEN-MILFORD, CT 1 $895,000 $895,000
NEW YORK-JERSEY CITY-WHITE PLAINS, NY-NJ 1 $895,000 $895,000
ST. JOSEPH, MO-KS 9 $895,000 $99,444
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL 1 $895,000 $895,000
BLOOMINGTON, IN 8 $860,000 $107,500
SPRINGFIELD, MO 3 $855,000 $285,000
BELLINGHAM, WA 3 $835,000 $278,333
ASHEVILLE, NC 3 $805,000 $268,333
JACKSONVILLE, FL 2 $780,000 $390,000
BOISE CITY, ID 1 $765,000 $765,000
GRAND RAPIDS-KENTWOOD, MI 1 $755,000 $755,000
TERRE HAUTE, IN 6 $730,000 $121,667
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 6 $720,000 $120,000
GREENVILLE-ANDERSON, SC 2 $660,000 $330,000
ROCKINGHAM COUNTY-STRAFFORD COUNTY, NH 1 $645,000 $645,000
CINCINNATI, OH-KY-IN 4 $640,000 $160,000
BREMERTON-SILVERDALE-PORT ORCHARD, WA 2 $610,000 $305,000
SAN RAFAEL, CA 1 $605,000 $605,000
SACRAMENTO-ROSEVILLE-FOLSOM, CA 1 $605,000 $605,000
ROCHESTER, MN 2 $540,000 $270,000
CARBONDALE-MARION, IL 3 $535,000 $178,333
FORT COLLINS, CO 1 $535,000 $535,000
IOWA CITY, IA 1 $505,000 $505,000
FAYETTEVILLE-SPRINGDALE-ROGERS, AR 1 $475,000 $475,000
SPOKANE-SPOKANE VALLEY, WA 1 $475,000 $475,000
BOSTON, MA 1 $455,000 $455,000
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 1 $445,000 $445,000
PROVO-OREM, UT 1 $435,000 $435,000
ALBUQUERQUE, NM 2 $420,000 $210,000
HILTON HEAD ISLAND-BLUFFTON, SC 2 $400,000 $200,000
HOMOSASSA SPRINGS, FL 5 $385,000 $77,000
LAKELAND-WINTER HAVEN, FL 3 $375,000 $125,000
HICKORY-LENOIR-MORGANTON, NC 1 $375,000 $375,000
KNOXVILLE, TN 2 $360,000 $180,000
CAMDEN, NJ 1 $345,000 $345,000
FORT SMITH, AR-OK 1 $335,000 $335,000
DAYTON-KETTERING, OH 2 $330,000 $165,000
TACOMA-LAKEWOOD, WA 1 $325,000 $325,000
CHARLOTTESVILLE, VA 1 $305,000 $305,000
KANKAKEE, IL 2 $300,000 $150,000
DANVILLE, IL 2 $300,000 $150,000
PITTSFIELD, MA 1 $295,000 $295,000
EUGENE-SPRINGFIELD, OR 1 $285,000 $285,000
COLUMBIA, SC 1 $285,000 $285,000
KINGSPORT-BRISTOL, TN-VA 1 $265,000 $265,000
DUBUQUE, IA 1 $235,000 $235,000
PEORIA, IL 3 $235,000 $78,333
LAFAYETTE-WEST LAFAYETTE, IN 2 $230,000 $115,000
OCALA, FL 2 $230,000 $115,000
AUGUSTA-RICHMOND COUNTY, GA-SC 1 $225,000 $225,000
CLEVELAND-ELYRIA, OH 2 $220,000 $110,000
SEBRING-AVON PARK, FL 2 $210,000 $105,000
DURHAM-CHAPEL HILL, NC 1 $205,000 $205,000
CHATTANOOGA, TN-GA 1 $185,000 $185,000
DOTHAN, AL 1 $165,000 $165,000
CEDAR RAPIDS, IA 1 $155,000 $155,000
MONROE, LA 1 $145,000 $145,000
SHREVEPORT-BOSSIER CITY, LA 1 $135,000 $135,000
GREENSBORO-HIGH POINT, NC 2 $130,000 $65,000
LAS CRUCES, NM 1 $125,000 $125,000
CANTON-MASSILLON, OH 1 $125,000 $125,000
BALTIMORE-COLUMBIA-TOWSON, MD 1 $125,000 $125,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 2 $120,000 $60,000
SIERRA VISTA-DOUGLAS, AZ 1 $115,000 $115,000
SOUTH BEND-MISHAWAKA, IN-MI 2 $110,000 $55,000
OMAHA-COUNCIL BLUFFS, NE-IA 1 $105,000 $105,000
DETROIT-DEARBORN-LIVONIA, MI 1 $105,000 $105,000
BLOOMINGTON, IL 1 $105,000 $105,000
BROWNSVILLE-HARLINGEN, TX 1 $105,000 $105,000
TOPEKA, KS 1 $105,000 $105,000
CHAMPAIGN-URBANA, IL 1 $95,000 $95,000
WARNER ROBINS, GA 1 $75,000 $75,000
TOLEDO, OH 1 $75,000 $75,000
COLUMBUS, IN 1 $55,000 $55,000
DAVENPORT-MOLINE-ROCK ISLAND, IA-IL 1 $55,000 $55,000
TALLAHASSEE, FL 1 $55,000 $55,000
BARNSTABLE TOWN, MA 1 $35,000 $35,000
LINCOLN, NE 1 $25,000 $25,000
THE VILLAGES, FL 1 $25,000 $25,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
2.5-3% 76 $82,060,000 $1,079,737
3-4% 1,369 $640,225,000 $467,659
4-5% 2,248 $715,280,000 $318,185
5-6% 5,110 $714,710,000 $139,865
6-7% 2,259 $177,815,000 $78,714
7-8% 1,447 $77,575,000 $53,611
Over 8% 1,065 $29,235,000 $27,451

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 6,320 $325,330,000 $51,476
$100k-200k 4,259 $565,165,000 $132,699
$200k-400k 2,007 $527,425,000 $262,793
$400k-600k 498 $241,100,000 $484,137
$600k-1000k 279 $208,805,000 $748,405
$Over $1MM 211 $569,075,000 $2,697,038

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 3,864 $429,230,000 $111,084
40-60% 2,129 $496,985,000 $233,436
60-80% 2,881 $899,955,000 $312,376
80-100% 1,613 $459,505,000 $284,876
Over 100% 1 $125,000 $125,000
Under 20% 3,085 $151,055,000 $48,964

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 2,522 $353,810,000 $140,289
$150k-250k 1,679 $358,195,000 $213,338
$50k-75k 2,824 $286,270,000 $101,370
$50k-or less 2,595 $231,395,000 $89,170
$75k-100k 2,288 $261,180,000 $114,152
$Over $250k 1,094 $590,590,000 $539,845

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 11,382 $1,618,520,000 $142,200
Not provided 1,312 $438,380,000 $334,131
Not applicable 49 $265,395,000 $5,416,224
Asian 455 $76,955,000 $169,132
Black 284 $25,890,000 $91,162
American Indian 61 $7,915,000 $129,754
Asian Indian 10 $1,480,000 $148,000
Native Hawaiian 10 $1,240,000 $124,000
Other Asian 3 $495,000 $165,000
Filipino 3 $345,000 $115,000
Korean 2 $110,000 $55,000
Other Pacific Islander 1 $105,000 $105,000
Japanese 1 $45,000 $45,000
Chinese 1 $25,000 $25,000

Approval Rates

Total approvals of all applications
69.50%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
78.98%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 13,574 $2,436,900,000 $179,527

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 2,334 $723,920,000 $310,163
$1k-2k 825 $183,635,000 $222,588
$2k-3k 246 $69,930,000 $284,268
$3k-4k 104 $42,280,000 $406,538
$5k+ 44 $29,810,000 $677,500

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Multifamily:Site-Built 45 $261,125,000 $5,802,778
Single Family (1-4 Units):Manufactured 74 $5,360,000 $72,432
Single Family (1-4 Units):Site-Built 13,455 $2,170,415,000 $161,309