Bank Forward Mortgage Rates, Fees & Info

Hannaford, ND

LEI: 549300J9E3YDKIBPUY45

Tax ID: 45-0192700

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

2021 Data | 2020 Data | 2019 Data | 2018 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 Show all (5) awards

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

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