Bank Forward Mortgage Rates, Fees & Info
Hannaford, ND
LEI: 549300J9E3YDKIBPUY45
Tax ID: 45-0192700
5 stars
-
out of 5 stars, based on 20 reviews
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Mortgage Data
Bank Data
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 include Fargo, Bemidji, Minneapolis, Jamestown, and Grand Forks among others. Bank Forward has
an above average
approval rate for mortages when compared nationally.
They have
a below average
pick rate when compared to the same sample of other lendors.
Bank Forward is typically
an average fee
lendor.
Originations
382
Origination Dollar Volume (All Markets)
$168,410,000
Employee count
236
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Bank Forward - 2021
Bank Forward is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Bank Forward's average 30 year fixed rate mortgage of loans were
2.99%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.16%.
Relative Fees
Bank Forward's average total fees for a 30 year fixed rate
mortgage are $4,091.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| 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.
Product Mix
| Loan Type |
Originations |
Total Value |
Average Loan |
Average Fees |
Average Rate |
| Conventional |
382 |
$168,410,000 |
$440,864 |
$3,746 |
3.29% |
For the 2021 period, Bank Forward's most frequently
originated loan type
of loans were Conventional, with 382 originations.
Loan Reason
| Loan Reason |
Originations |
Total Value |
Average Loan |
Average Fees |
Average 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 the 2021, Bank Forward's most frequently cited loan
purpose
of loans were Home Purchase, with 207
originations.
The 2nd most popular reason of loans were 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 the 2021, Bank Forward's most frequently cited loan
length
of loans were 30 Year, with 153 originations.
The 2nd most popular length of loans were 5 Year,
with 91 originations.
Origination Fees
| Origination Fee |
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 |
48 |
$16,200,000 |
$337,500 |
| $5k+ |
11 |
$6,155,000 |
$559,545 |
$4,091 of loans were Bank Forward's
average total fees, while their most
frequently occuring range of origination fees 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 of loans were 2.99%, while their
most frequently originated rate bucket of loans were 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 |
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
96.47%
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
76.26%
Bank Forward has a below average pick rate.
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 |
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 |
| 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 |
For 2021, Bank Forward had 13 branches.
Yearly Performance Overview
Bank Income
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.
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 |
