Bank Forward Mortgage Rates, Fees & Info

Hannaford, ND

LEI: 549300J9E3YDKIBPUY45

Tax ID: 45-0192700

5 stars - out of 5 stars, based on 20 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Bank Forward is a smaller bank specializing in Home Purchase and Refi loans. Bank Forward has a high proportion of conventional loans. Their top markets by origination volume include: Fargo, Bemidji, Minneapolis, Jamestown, and Grand Forks among others. We have data for 17 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Bank Forward 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. Bank Forward is typically an average 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 6.60% 3/19/23
    30 Year Conventional Refi 6.41% 3/19/23
    30 Year Cash-out Refi 6.47% 3/19/23
    30 Year FHA Refi 6.27% 3/19/23
    30 Year VA Purchase 6.27% 3/19/23
    30 Year USDA Purchase 6.27% 3/19/23
    15 Year Conventional Purchase 5.89% 3/19/23
    15 Year Conventional Refi 5.74% 3/19/23
    15 Year Cash-out Refi 5.74% 3/19/23
    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.


    Originations

    382

    Origination Dollar Volume (All Markets)

    $168,410,000

    Employee count

    236 Show all (5) awards

    Relative Rate

    Bank Forward's average 30 year fixed mortgage rate was 2.99%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.16%.

    Relative Fees (Closing Costs)

    Bank Forward's average total fees/closing costs for a 30 year fixed rate mortgage were $4,091.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    FARGO, ND-MN (FHA|USDA|VA) 50 $91,430,000 $1,828,600 $3,908 3.40%
    Outside of Metro Areas 153 $30,175,000 $197,222 $3,665 3.40%
    Bemidji, MN (FHA|USDA|VA) 75 $14,395,000 $191,933 $3,499 3.23%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 3 $8,815,000 $2,938,333 $4,239 2.71%
    Jamestown, ND (FHA|USDA|VA) 34 $6,880,000 $202,353 $3,825 3.34%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 26 $6,830,000 $262,692 $4,127 2.86%
    Brainerd, MN (FHA|USDA|VA) 27 $6,035,000 $223,519 $3,823 3.22%
    PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,155,000 $385,000 $3,441 3.21%
    Fergus Falls, MN (FHA|USDA|VA) 2 $790,000 $395,000 $5,550 3.19%
    Wahpeton, ND-MN (FHA|USDA|VA) 2 $420,000 $210,000 $3,713 2.69%
    GREAT FALLS, MT (FHA|USDA|VA) 1 $305,000 $305,000 $6,210 2.63%
    Minot, ND (FHA|USDA|VA) 1 $295,000 $295,000 $5,983 2.38%
    Red Wing, MN (FHA|USDA|VA) 1 $275,000 $275,000 $5,256 3.25%
    BISMARCK, ND (FHA|USDA|VA) 1 $235,000 $235,000 $4,728 3.13%
    Dickinson, ND (FHA|USDA|VA) 1 $185,000 $185,000 $3,778 3.25%
    LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $115,000 $115,000 $3,181 2.38%
    Grand Rapids, MN (FHA|USDA|VA) 1 $75,000 $75,000 $0 4.35%
    Bank Forward's top markets include Fargo, Bemidji, Minneapolis, Jamestown, and Grand Forks among others.

    Their top states include:
  • North Dakota (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)

    • Similar Lenders

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

    Deerwood Bank
    Similarity Rank: 192
    AFFINITY PLUS
    Similarity Rank: 333
    Bank Forward
    Similarity Rank: 408
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 462
    Frandsen Bank & Trust
    Similarity Rank: 846
    Choice Financial Group
    Similarity Rank: 1066
    Merchants Bank
    Similarity Rank: 1248
    First International Bank & Trust
    Similarity Rank: 1472
    Alerus Financial
    Similarity Rank: 1617
    Servion, Inc.
    Similarity Rank: 1872

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 382 $168,410,000 $440,864 $3,746 3.29%

    For 2021, Bank Forward's most frequently originated type of loan was Conventional, with 382 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 207 $111,605,000 $539,155 $4,032 3.48%
    Refi 103 $42,505,000 $412,670 $3,149 3.11%
    Cash Out Refi 63 $12,605,000 $200,079 $3,958 2.95%
    Other 6 $1,090,000 $181,667 $3,157 3.85%
    Home Improvement 3 $605,000 $201,667 $4,078 2.92%

    For 2021, Bank Forward's most frequently cited loan purpose was Home Purchase, with 207 originations. The 2nd most popular reason was Refi, with 103 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 153 $34,005,000 $222,255 $4,091 2.99%
    5 Year 91 $50,025,000 $549,725 $2,905 4.39%
    15 Year 86 $16,010,000 $186,163 $3,496 2.34%
    Other 18 $47,740,000 $2,652,222 $2,741 4.38%
    20 Year 17 $3,145,000 $185,000 $3,502 2.85%
    3 Year 12 $15,960,000 $1,330,000 $3,878 4.19%
    10 Year 3 $1,385,000 $461,667 $4,981 4.74%
    1 Year 2 $140,000 $70,000 $0 4.30%

    For 2021, Bank Forward's most frequently cited loan duration was 30 Year, with 153 originations. The 2nd most popular length was 5 Year, with 91 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 104 $14,060,000 $135,192
    $2k-3k 84 $18,860,000 $224,524
    $<1k 54 $7,090,000 $131,296
    $3k-4k 36 $11,140,000 $309,444
    $4k-5k 12 $5,060,000 $421,667
    $5k+ 11 $6,155,000 $559,545

    Bank Forward's average total fees were $4,091, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 104 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 113 $117,855,000 $1,042,965
    2.5-3% 103 $23,095,000 $224,223
    <2.5% 91 $16,125,000 $177,198
    4-5% 52 $8,800,000 $169,231
    5-6% 19 $2,265,000 $119,211
    6-7% 4 $270,000 $67,500

    During 2021, Bank Forward's average interest rate for loans was 2.99%, while their most frequently originated rate bucket for loans was 3-4%, with 113 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 145 $21,775,000 $150,172 $3,133 3.14%
    $200k-400k 112 $30,380,000 $271,250 $4,499 3.15%
    $100,000 or less 73 $4,805,000 $65,822 $2,225 3.78%
    $400k-600k 35 $16,235,000 $463,857 $6,295 3.21%
    $1MM+ 12 $90,980,000 $7,581,667 $0 3.51%
    $600k-1MM 5 $4,235,000 $847,000 $6,564 3.80%

    2021 saw Bank Forward place emphasis on $100k-200k loans with 145 originations, totaling $21,775,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 72 $11,720,000 $162,778 $3,408 3.16%
    $50k or less 68 $7,870,000 $115,735 $2,932 3.46%
    $100k-150k 63 $13,165,000 $208,968 $4,124 3.18%
    $75k-100k 44 $8,630,000 $196,136 $3,946 3.05%
    $150k-250k 41 $12,835,000 $313,049 $4,702 3.06%
    $250k+ 16 $5,670,000 $354,375 $5,395 3.23%

    Bank Forward lent most frequently to those with incomes in the $50k-75k range, with 72 originations. The second most popular income band? $50k or less, with 68 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 74 $15,010,000 $202,838 $3,644 2.87%
    30-36% 71 $12,925,000 $182,042 $3,574 2.96%
    <20% 31 $6,265,000 $202,097 $3,664 2.99%
    39% 14 $3,550,000 $253,571 $4,486 2.99%
    36% 14 $2,730,000 $195,000 $3,524 2.97%
    38% 13 $2,625,000 $201,923 $3,963 2.84%
    42% 12 $2,950,000 $245,833 $3,842 3.05%
    41% 8 $2,750,000 $343,750 $4,335 3.53%
    48% 8 $1,600,000 $200,000 $3,871 3.09%
    37% 8 $1,810,000 $226,250 $3,591 3.40%
    40% 7 $1,585,000 $226,429 $4,372 2.73%
    43% 7 $1,175,000 $167,857 $3,361 3.18%
    >60% 7 $1,375,000 $196,429 $3,262 5.12%
    44% 6 $1,260,000 $210,000 $3,707 3.10%
    47% 5 $905,000 $181,000 $4,037 2.68%
    49% 5 $945,000 $189,000 $3,235 3.12%
    50-60% 5 $1,435,000 $287,000 $4,750 3.99%
    45% 4 $890,000 $222,500 $4,450 2.56%
    46% 2 $580,000 $290,000 $3,988 2.50%

    Bank Forward lent most frequently to those with DTI ratios of 20-30%, with 74 originations. The next most common DTI ratio? 30-36%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 54 $103,250,000 $1,912,037 $0 3.91%
    White 297 $60,455,000 $203,552 $3,772 3.15%
    Not provided 26 $4,080,000 $156,923 $3,484 3.44%
    American Indian 3 $345,000 $115,000 $3,391 5.08%
    Native Hawaiian or Islander 1 $155,000 $155,000 $3,286 3.38%
    Asian 1 $125,000 $125,000 $2,508 2.25%

    Approval Rates

    Total approvals of all applications
    97.67%

    Bank Forward 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
    69.11%

    Bank Forward has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 382 $168,410,000 $440,864

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    382 $168,410,000 $440,864

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 19 $14,775,000 $777,632 $2,339 3.79%
    40-60% 67 $43,605,000 $650,821 $3,255 3.11%
    60-80% 172 $83,830,000 $487,384 $3,838 3.33%
    80-100% 118 $25,170,000 $213,305 $4,099 3.21%
    Under 20% 5 $755,000 $151,000 $932 4.00%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    BANK OF THE WEST Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 5 16.7%
    BANK OF THE WEST VA mortgage Trouble during payment process 1 3.3%
    BANK OF THE WEST Other type of mortgage Trouble during payment process 2 6.7%
    BANK OF THE WEST Other type of mortgage Struggling to pay mortgage 1 3.3%
    BANK OF THE WEST Other type of mortgage Closing on a mortgage 1 3.3%
    BANK OF THE WEST Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 1 3.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Trouble during payment process 3 10.0%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Closing on a mortgage 4 13.3%
    BANK OF THE WEST Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 2 6.7%
    BANK OF THE WEST FHA mortgage Trouble during payment process 1 3.3%
    BANK OF THE WEST Conventional home mortgage Struggling to pay mortgage 2 6.7%
    BANK OF THE WEST Conventional home mortgage Closing on a mortgage 1 3.3%
    BANK OF THE WEST Conventional home mortgage Trouble during payment process 6 20.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Bank Forward 106 6th Street South Walker, MN 56484 Full Service B&M $58,378
    Bank Forward 700 Paul Bunyan Dr Nw Bemidji, MN 56601 Full Service B&M $41,567
    Bank Forward 802 Burrell Avenue Southwest Cooperstown, ND 58425 Full Service B&M $46,377
    Bank Forward 122 3rd Ave Wimbledon, ND 58492 Full Service B&M $11,588
    Bank Forward 1301 Ralph Engelstad Arena Drive Grand Forks, ND 58204 Full Service B&M $60,070
    Bank Forward 3350 South Columbia Road Grand Forks, ND 58201 Full Service B&M $3,281
    Bank Forward 390 Wheat St Hannaford, ND 58448 Full Service B&M $28,495
    Bank Forward 400 2nd Avenue, Southwest Jamestown, ND 58402 Full Service B&M $182,862
    Bank Forward 430 West Main Street Valley City, ND 58072 Full Service B&M $127,222
    Bank Forward 484 Main Street Carrington, ND 58421 Full Service B&M $61,704
    Bank Forward 5650 37th Avenue South Fargo, ND 58104 Full Service B&M $46,168
    Bank Forward 6 South 8th Street New Rockford, ND 58356 Full Service B&M $56,617
    Bank Forward 65 Main Street Bowdon, ND 58418 Full Service B&M $10,784

    For 2021, Bank Forward had 13 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $33,238
    Net interest income $29,065
    Total noninterest income $16,279
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $398
    Trading account gains and fees $0
    Additional Noninterest Income $15,881
    Pre-tax net operating income $14,007
    Securities gains (or losses, -) $53
    Income before extraordinary items $14,058
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $14,058
    Minority interest net income $0
    Net income $14,058
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $14,005

    Bank Forward's gross interest income from loans was $33,238,000.
    Bank Forward's net interest income from loans was $29,065,000.
    Bank Forward's fee based income from loans was $398,000.
    Bank Forward's net income from loans was $14,058,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $4,173
    Provision for credit losses $250
    Total noninterest expense $31,087
    Salaries and employee benefits $21,727
    Premises and equipment expense $3,260
    Additional noninterest expense $6,100
    Applicable income taxes $2
    Net charge-offs $-37
    Cash dividends $6,400

    Bank Forward's interest expense for loans was $4,173,000.
    Bank Forward's payroll and benefits expense were $21,727,000.
    Bank Forward's property, plant and equipment expenses $3,260,000.

    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 0.0%
    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 $766,246
    Deposits held in domestic offices $766,246
    Deposits by Individuals, partnerships, and corporations $674,389
    Deposits by U.S. Government $52
    Deposits by States and political subdivisions in the U.S. $54,140
    Deposits by Commercial banks and other depository institutions in U.S. $37,665
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $128,162
    Demand deposits $126,820
    Nontransaction accounts $638,084
    Money market deposit accounts (MMDAs) $134,222
    Other savings deposits (excluding MMDAs) $336,839
    Total time deposits $167,023
    Total time and savings deposits $639,426
    Noninterest-bearing deposits $227,065
    Interest-bearing deposits $539,181
    Retail deposits $710,634
    IRAs and Keogh plan accounts $22,097
    Brokered deposits $31,870
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $873,139
    Cash & Balances due from depository institutions $129,793
    Interest-bearing balances $119,133
    Total securities $55,334
    Federal funds sold & reverse repurchase $0
    Net loans and leases $640,093
    Loan and leases loss allowance $8,256
    Trading account assets $0
    Bank premises and fixed assets $27,598
    Other real estate owned $2,353
    Goodwill and other intangibles $5,738
    All other assets $12,230

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $873,139
    Total Liabilities $787,109
    Total deposits $766,246
    Interest-bearing deposits $539,181
    Deposits held in domestic offices $766,246
    % insured (estimated) $70
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $15,000
    Subordinated debt $0
    All other liabilities $5,863

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $640,093
    Loan and leases loss allowance $8,256
    Total loans and leases (domestic) $648,349
    All real estate loans $448,729
    Real estate loans in domestic offices $448,729
    Construction and development loans $97,619
    Residential 1-4 family construction $19,514
    Other construction, all land development and other land $78,105
    Loans secured by nonfarm nonresidential properties $114,941
    Nonfarm nonresidential secured by owner-occupied properties $53,370
    Commercial real estate & other non-farm, non-residential $61,571
    Multifamily residential real estate $45,163
    1-4 family residential loans $74,575
    Farmland loans $116,431
    Loans held in foreign offices $0
    Farm loans $128,325
    Commercial and industrial loans $45,817
    To non-U.S. addressees $0
    Loans to individuals $19,578
    Credit card loans $0
    Related Plans $626
    Consumer Auto Loans $12,187
    Other loans to individuals $6,765
    All other loans & leases $5,901
    Loans to foreign governments and official institutions $0
    Other loans $5,158
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $87
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $163
    Non 1-4 family restructured loans & leases $24
    Total loans and leases (foreign) $0

    Bank Forward had $640,093,000 of loans outstanding in 2021. $448,729,000 of loans were in real estate loans. $97,619,000 of loans were in development loans. $45,163,000 of loans were in multifamily mortgage loans. $74,575,000 of loans were in 1-4 family mortgage loans. $128,325,000 of loans were in farm loans. $0 of loans were in credit card loans. $12,187,000 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 223 $36,652 $164,359
    Nonfarm, nonresidential loans - <$100k 67 $1,581 $23,597
    Nonfarm, nonresidential loans - $100-250k 79 $7,653 $96,873
    Nonfarm, nonresidential loans - $250k-1MM 77 $27,418 $356,078
    Commercial & Industrial, US addressed loans - <$1MM 584 $27,058 $46,332
    Commercial & Industrial, US addressed loans - <$100k 412 $8,568 $20,796
    Commercial & Industrial, US addressed loans - $100-250k 82 $5,805 $70,793
    Commercial & Industrial, US addressed loans - $250k-1MM 90 $12,685 $140,944
    Farmland loans - <$1MM 393 $57,556 $146,453
    Farmland loans - <$100k 106 $4,763 $44,934
    Farmland loans - $100-250k 190 $25,164 $132,442
    Farmland loans - $250k-1MM 97 $27,629 $284,835
    Agriculture operations loans - <$1MM 1,013 $59,785 $59,018
    Agriculture operations loans - <$100k 672 $15,512 $23,083
    Agriculture operations loans - $100-250k 213 $19,274 $90,488
    Agriculture operations loans - $250k-1MM 128 $24,999 $195,305