Fortress Bank Mortgage Rates, Fees & Info

Peoria, IL

LEI: 5493003EAJYUK1F8B139

Tax ID: 37-1232652

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Fortress Bank is a smaller bank specializing in Home Purchase loans. Fortress Bank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Peoria, Des Moines, Davenport, Fort Madison, and Chicago among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fortress 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. Fortress Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.62% 4/28/24
    30 Year Conventional Refi 6.56% 4/28/24
    30 Year Cash-out Refi 6.64% 4/28/24
    30 Year FHA Purchase 7.38% 4/28/24
    30 Year FHA Refi 6.27% 4/28/24
    30 Year VA Purchase 6.18% 4/28/24
    30 Year USDA Purchase 6.87% 4/28/24
    15 Year Conventional Purchase 6.04% 4/28/24
    15 Year Conventional Refi 6.10% 4/28/24
    15 Year Cash-out Refi 6.10% 4/28/24
    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.

    Fortress Bank Mortgage Calculator






    Your Estimates

    Estimated Loan Payment: Update the calculator values and click calculate payment!

    This is not an official calculator from Fortress Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

    The default purchase price is the median sales price across the US for 2022Q4, per FRED.


    Originations

    468

    Origination Dollar Volume (All Markets)

    $83,780,000
    Show all (9) awards

    Top 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
    PEORIA, IL (FHA|USDA|VA) 188 $25,210,000 $134,096 $2,439 4.98%
    DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) 109 $25,205,000 $231,239 $3,003 4.90%
    DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) 22 $5,300,000 $240,909 $2,414 4.79%
    Fort Madison-Keokuk, IA-IL-MO (FHA|USDA|VA) 36 $3,650,000 $101,389 $2,022 4.98%
    Outside of Metro Areas 16 $3,140,000 $196,250 $2,999 5.23%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $2,165,000 $240,556 $2,992 4.51%
    Macomb, IL (FHA|USDA|VA) 17 $1,835,000 $107,941 $2,353 4.70%
    Pella, IA (FHA|USDA|VA) 4 $960,000 $240,000 $3,920 4.97%
    FARGO, ND-MN (FHA|USDA|VA) 1 $915,000 $915,000 $3,892 5.13%
    AMES, IA (FHA|USDA|VA) 4 $830,000 $207,500 $3,092 5.19%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 3 $785,000 $261,667 $3,697 3.33%
    TUCSON, AZ (FHA|USDA|VA) 1 $735,000 $735,000 $4,366 4.25%
    ST. LOUIS, MO-IL (FHA|USDA|VA) 3 $725,000 $241,667 $3,296 5.50%
    CEDAR RAPIDS, IA (FHA|USDA|VA) 3 $625,000 $208,333 $4,845 5.17%
    CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $565,000 $565,000 $3,416 6.38%
    ASHEVILLE, NC (FHA|USDA|VA) 1 $555,000 $555,000 $4,130 5.50%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $550,000 $275,000 $2,644 4.31%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $535,000 $535,000 $5,396 3.75%
    DULUTH, MN-WI (FHA|USDA|VA) 1 $505,000 $505,000 $5,435 5.75%
    FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) 1 $505,000 $505,000 $2,429 2.38%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $505,000 $505,000 $5,026 4.99%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $475,000 $475,000 $1,889 5.13%
    NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) 1 $465,000 $465,000 $3,443 3.75%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $445,000 $445,000 $12,710 5.38%
    Burlington, IA-IL (FHA|USDA|VA) 5 $445,000 $89,000 $2,783 4.48%
    TERRE HAUTE, IN (FHA|USDA|VA) 2 $420,000 $210,000 $2,322 3.94%
    ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) 1 $405,000 $405,000 $3,093 5.50%
    CASPER, WY (FHA|USDA|VA) 1 $395,000 $395,000 $2,280 5.63%
    BATON ROUGE, LA (FHA|USDA|VA) 2 $380,000 $190,000 $2,974 5.25%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $355,000 $355,000 $2,961 3.13%
    Sebastian-Vero Beach, FL (FHA|USDA|VA) 1 $325,000 $325,000 $2,392 4.50%
    MEMPHIS, TN-MS-AR (FHA|USDA|VA) 3 $305,000 $101,667 $0 4.25%
    DECATUR, IL (FHA|USDA|VA) 2 $300,000 $150,000 $2,467 6.56%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $295,000 $295,000 $0 5.50%
    Hermiston-Pendleton, OR (FHA|USDA|VA) 1 $265,000 $265,000 $3,245 3.13%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $265,000 $265,000 $0 5.38%
    KANSAS CITY, MO-KS (FHA|USDA|VA) 2 $250,000 $125,000 $0 5.50%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 1 $245,000 $245,000 $0 4.63%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $235,000 $235,000 $0 3.38%
    Galesburg, IL (FHA|USDA|VA) 4 $230,000 $57,500 $1,717 6.11%
    Fort Dodge, IA (FHA|USDA|VA) 2 $230,000 $115,000 $2,496 4.06%
    ROCHESTER, MN (FHA|USDA|VA) 1 $225,000 $225,000 $2,770 5.75%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 2 $200,000 $100,000 $1,997 4.06%
    Oskaloosa, IA (FHA|USDA|VA) 2 $180,000 $90,000 $3,014 4.31%
    BLOOMINGTON, IL (FHA|USDA|VA) 1 $175,000 $175,000 $1,702 5.25%
    FORT WAYNE, IN (FHA|USDA|VA) 1 $165,000 $165,000 $0 6.13%
    RACINE, WI (FHA|USDA|VA) 1 $125,000 $125,000 $0 6.75%
    Quincy, IL-MO (FHA|USDA|VA) 1 $105,000 $105,000 $2,022 3.63%
    Taylorville, IL (FHA|USDA|VA) 1 $75,000 $75,000 $2,008 2.38%
    Fortress Bank's top markets include Peoria, Des Moines, Davenport, Fort Madison, and Chicago among others.

    Their top states include:
  • Illinois (FHA|USDA|VA)
  • Iowa (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Missouri (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Fortress Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    First Savings Bank of Hegewisch
    Similarity Rank: 64
    THE FAMILY CREDIT UNION
    Similarity Rank: 84
    Liberty Bank for Savings
    Similarity Rank: 116
    ASCENTRA
    Similarity Rank: 135
    R.I.A. Federal Credit Union
    Similarity Rank: 154
    FINANCIAL PLUS
    Similarity Rank: 198
    FINANCIAL PLUS Credit Union
    Similarity Rank: 236
    Goodfield State Bank
    Similarity Rank: 240
    DuTrac Community Credit Union
    Similarity Rank: 250
    GAS AND ELECTRIC CREDIT UNION
    Similarity Rank: 272

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 382 $70,520,000 $184,607 $2,198 4.87%
    FHA 59 $8,995,000 $152,458 $4,817 5.10%
    VA 16 $3,210,000 $200,625 $4,206 4.80%
    USDA 11 $1,055,000 $95,909 $3,085 5.53%

    For 2022, Fortress Bank's most frequently originated type of loan was Conventional, with 382 originations. Their 2nd most popular type was FHA, with 59 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 367 $66,035,000 $179,932 $2,783 5.04%
    Refi 56 $11,760,000 $210,000 $2,155 4.78%
    Cash Out Refi 44 $5,900,000 $134,091 $2,405 4.01%
    Other 1 $85,000 $85,000 $1,804 4.75%

    For 2022, Fortress Bank's most frequently cited loan purpose was Home Purchase, with 367 originations. The 2nd most popular reason was Refi, with 56 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 401 $74,485,000 $185,748 $2,796 5.02%
    15 Year 45 $6,155,000 $136,778 $1,892 3.99%
    20 Year 13 $2,035,000 $156,538 $2,148 4.44%
    10 Year 4 $140,000 $35,000 $1,636 5.03%
    Other 3 $505,000 $168,333 $2,723 5.86%
    5 Year 2 $460,000 $230,000 $0 5.81%

    For 2022, Fortress Bank's most frequently cited loan duration was 30 Year, with 401 originations. The 2nd most popular length was 15 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 363 $65,325,000 $179,959
    $1k-2k 35 $7,995,000 $228,429
    $2k-3k 10 $2,480,000 $248,000
    $3k-4k 3 $675,000 $225,000
    $5k+ 1 $445,000 $445,000

    Fortress Bank's average total fees were $2,796, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 363 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 135 $25,165,000 $186,407
    3-4% 112 $20,400,000 $182,143
    4-5% 110 $21,480,000 $195,273
    6-7% 81 $12,595,000 $155,494
    2.5-3% 15 $2,185,000 $145,667
    7-8% 8 $870,000 $108,750
    <2.5% 7 $1,085,000 $155,000

    During 2022, Fortress Bank's average interest rate for loans was 5.02%, while their most frequently originated rate bucket for loans was 5-6%, with 135 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 161 $22,965,000 $142,640 $2,716 4.90%
    $100,000 or less 152 $10,580,000 $69,605 $2,137 5.02%
    $200k-400k 121 $32,765,000 $270,785 $3,046 4.81%
    $400k-600k 29 $13,715,000 $472,931 $3,139 4.98%
    $600k-1MM 5 $3,755,000 $751,000 $3,850 4.33%

    2022 saw Fortress Bank place emphasis on $100k-200k loans with 161 originations, totaling $22,965,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 113 $14,615,000 $129,336 $2,637 4.94%
    $50k or less 108 $9,750,000 $90,278 $2,523 4.90%
    $100k-150k 94 $23,450,000 $249,468 $2,876 4.97%
    $75k-100k 72 $12,690,000 $176,250 $2,844 4.89%
    $150k-250k 53 $13,995,000 $264,057 $2,417 4.81%
    $250k+ 25 $8,725,000 $349,000 $2,973 4.81%

    Fortress Bank lent most frequently to those with incomes in the $50k-75k range, with 113 originations. The second most popular income band? $50k or less, with 108 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 86 $14,540,000 $169,070 $2,350 4.77%
    30-36% 82 $14,190,000 $173,049 $2,695 4.78%
    <20% 44 $7,050,000 $160,227 $2,260 4.67%
    44% 22 $3,950,000 $179,545 $3,295 5.08%
    40% 21 $3,775,000 $179,762 $2,954 5.10%
    38% 21 $2,475,000 $117,857 $2,332 4.92%
    36% 20 $3,080,000 $154,000 $2,499 5.14%
    42% 18 $3,540,000 $196,667 $2,727 4.87%
    41% 18 $2,760,000 $153,333 $2,723 4.99%
    43% 17 $3,515,000 $206,765 $2,682 5.56%
    46% 17 $3,425,000 $201,471 $3,179 4.75%
    45% 16 $3,580,000 $223,750 $3,375 5.27%
    37% 16 $3,490,000 $218,125 $3,070 5.11%
    48% 14 $2,850,000 $203,571 $2,427 4.90%
    39% 13 $2,575,000 $198,077 $3,001 4.91%
    50-60% 12 $3,070,000 $255,833 $3,089 5.39%
    47% 11 $1,845,000 $167,727 $2,603 4.86%
    49% 10 $1,690,000 $169,000 $3,401 4.44%
    >60% 6 $1,740,000 $290,000 $2,709 5.17%

    Fortress Bank lent most frequently to those with DTI ratios of 20-30%, with 86 originations. The next most common DTI ratio? 30-36%, with 82 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 391 $68,575,000 $175,384 $2,620 4.93%
    Not provided 49 $9,245,000 $188,673 $2,993 4.74%
    Asian Indian 10 $2,880,000 $288,000 $2,751 4.39%
    Asian 6 $1,620,000 $270,000 $4,342 4.79%
    Black 11 $1,305,000 $118,636 $2,186 5.55%
    American Indian 1 $155,000 $155,000 $4,819 5.63%

    Approval Rates

    Total approvals of all applications
    95.20%

    Fortress Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    81.62%

    Fortress Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 468 $83,780,000 $179,017

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    468 $83,780,000 $179,017

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 12 $1,380,000 $115,000 $1,862 4.92%
    40-60% 36 $5,040,000 $140,000 $2,077 4.39%
    60-80% 145 $28,085,000 $193,690 $2,284 4.75%
    80-100% 263 $48,015,000 $182,567 $2,942 5.07%
    Over 100% 5 $825,000 $165,000 $5,154 4.55%
    Under 20% 7 $435,000 $62,143 $1,121 5.55%