Bank Forward Mortgage Rates, Fees & Info

Hannaford, ND

LEI: 549300J9E3YDKIBPUY45

Tax ID: 45-0192700

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

Jump to:

  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • 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)

    • Review & Overview

    Bank Forward is a smaller bank specializing in Home Purchase loans. Bank Forward has a high proportion of conventional loans. Their top markets by origination volume include: Bemidji, Grand Forks, Jamestown, Fargo, and Brainerd among others. We have data for 14 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 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 6.52% 4/28/24
    30 Year Conventional Refi 6.49% 4/28/24
    30 Year Cash-out Refi 6.44% 4/28/24
    30 Year VA Purchase 6.27% 4/28/24
    30 Year VA Refi 6.27% 4/28/24
    15 Year Conventional Purchase 6.25% 4/28/24
    15 Year Conventional Refi 5.98% 4/28/24
    15 Year Cash-out Refi 5.98% 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.

    Bank Forward Mortgage Calculator






    Your Estimates

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

    This is not an official calculator from Bank Forward. 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

    199

    Origination Dollar Volume (All Markets)

    $42,925,000

    Awards

    Bank Forward 30 Year Conventional Loans gold Bank Forward 30 Year Conventional Loans silver Bank Forward 30 Year Conventional Loans silver
    Show all (3) 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
    Outside of Metro Areas 73 $13,085,000 $179,247 $3,316 4.77%
    Bemidji, MN (FHA|USDA|VA) 39 $7,675,000 $196,795 $3,458 4.85%
    GRAND FORKS, ND-MN (FHA|USDA|VA) 27 $7,505,000 $277,963 $3,966 4.56%
    Jamestown, ND (FHA|USDA|VA) 21 $4,045,000 $192,619 $3,566 4.71%
    FARGO, ND-MN (FHA|USDA|VA) 14 $3,540,000 $252,857 $4,369 4.67%
    Brainerd, MN (FHA|USDA|VA) 14 $3,270,000 $233,571 $3,760 4.87%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 4 $1,830,000 $457,500 $5,830 4.46%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $525,000 $525,000 $8,204 5.13%
    Alexandria, MN (FHA|USDA|VA) 1 $445,000 $445,000 $7,012 4.99%
    ST. CLOUD, MN (FHA|USDA|VA) 1 $245,000 $245,000 $5,016 5.25%
    Fergus Falls, MN (FHA|USDA|VA) 1 $235,000 $235,000 $4,705 5.60%
    Wahpeton, ND-MN (FHA|USDA|VA) 1 $215,000 $215,000 $4,078 5.49%
    SIOUX FALLS, SD (FHA|USDA|VA) 1 $165,000 $165,000 $3,660 4.99%
    BISMARCK, ND (FHA|USDA|VA) 1 $145,000 $145,000 $3,827 5.25%
    Bank Forward's top markets include Bemidji, Grand Forks, Jamestown, Fargo, and Brainerd among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • North Dakota (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • South Dakota (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.

    Bank Forward
    Similarity Rank: 42
    Deerwood Bank
    Similarity Rank: 81
    RiverWood Bank
    Similarity Rank: 112
    AFFINITY PLUS
    Similarity Rank: 280
    FIRST COMMUNITY CREDIT UNION
    Similarity Rank: 345
    Frandsen Bank & Trust
    Similarity Rank: 574
    Choice Financial Group
    Similarity Rank: 682
    Alerus Financial
    Similarity Rank: 1485
    Gate City Bank
    Similarity Rank: 1496
    Bremer Bank
    Similarity Rank: 1606

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 199 $42,925,000 $215,704 $3,681 4.76%

    For 2022, Bank Forward's most frequently originated type of loan was Conventional, with 199 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 129 $30,825,000 $238,953 $4,079 4.81%
    Refi 35 $6,195,000 $177,000 $2,759 4.40%
    Cash Out Refi 29 $4,605,000 $158,793 $2,967 4.97%
    Home Improvement 3 $455,000 $151,667 $2,804 4.58%
    Other 3 $845,000 $281,667 $5,113 5.07%

    For 2022, Bank Forward's most frequently cited loan purpose was Home Purchase, with 129 originations. The 2nd most popular reason was Refi, with 35 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 65 $13,195,000 $203,000 $3,670 4.56%
    5 Year 45 $8,825,000 $196,111 $3,174 5.07%
    10 Year 35 $8,915,000 $254,714 $4,149 4.98%
    Other 24 $6,790,000 $282,917 $4,357 4.74%
    15 Year 14 $2,340,000 $167,143 $3,808 3.79%
    3 Year 13 $2,445,000 $188,077 $2,923 5.36%
    20 Year 3 $415,000 $138,333 $3,333 4.25%

    For 2022, Bank Forward's most frequently cited loan duration was 30 Year, with 65 originations. The 2nd most popular length was 5 Year, with 45 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 64 $8,910,000 $139,219
    $2k-3k 50 $11,860,000 $237,200
    $<1k 46 $5,040,000 $109,565
    $3k-4k 20 $6,320,000 $316,000
    $5k+ 13 $7,795,000 $599,615
    $4k-5k 6 $3,000,000 $500,000

    Bank Forward's average total fees were $3,670, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 64 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 96 $24,510,000 $255,313
    5-6% 51 $8,675,000 $170,098
    3-4% 34 $7,620,000 $224,118
    6-7% 9 $1,005,000 $111,667
    2.5-3% 5 $605,000 $121,000
    7-8% 3 $365,000 $121,667
    <2.5% 1 $145,000 $145,000

    During 2022, Bank Forward's average interest rate for loans was 4.56%, while their most frequently originated rate bucket for loans was 4-5%, with 96 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 70 $10,250,000 $146,429 $3,022 4.63%
    $200k-400k 68 $18,380,000 $270,294 $4,448 4.75%
    $100,000 or less 40 $2,310,000 $57,750 $1,605 5.20%
    $400k-600k 16 $8,220,000 $513,750 $6,843 4.46%
    $600k-1MM 4 $2,710,000 $677,500 $7,896 4.21%
    $1MM+ 1 $1,055,000 $1,055,000 $13,200 4.24%

    2022 saw Bank Forward place emphasis on $100k-200k loans with 70 originations, totaling $10,250,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 46 $7,210,000 $156,739 $3,030 4.73%
    $50k or less 36 $4,120,000 $114,444 $2,626 5.02%
    $100k-150k 33 $9,055,000 $274,394 $4,507 4.56%
    $150k-250k 32 $9,210,000 $287,813 $4,492 4.70%
    $75k-100k 22 $3,170,000 $144,091 $2,924 5.08%
    $250k+ 20 $8,040,000 $402,000 $5,883 4.65%

    Bank Forward lent most frequently to those with incomes in the $50k-75k range, with 46 originations. The second most popular income band? $50k or less, with 36 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 43 $8,455,000 $196,628 $3,691 4.73%
    30-36% 43 $9,365,000 $217,791 $3,871 4.68%
    <20% 27 $5,055,000 $187,222 $3,346 4.41%
    37% 13 $3,505,000 $269,615 $3,997 5.22%
    36% 8 $2,500,000 $312,500 $5,099 4.90%
    40% 8 $2,490,000 $311,250 $3,399 4.60%
    39% 8 $1,350,000 $168,750 $2,729 4.78%
    50-60% 7 $3,155,000 $450,714 $5,931 4.67%
    38% 7 $985,000 $140,714 $2,271 4.84%
    45% 7 $1,475,000 $210,714 $3,703 4.19%
    >60% 6 $1,390,000 $231,667 $3,229 5.35%
    44% 5 $625,000 $125,000 $2,960 5.00%
    43% 5 $805,000 $161,000 $3,524 5.15%
    42% 4 $730,000 $182,500 $3,729 4.56%
    48% 3 $365,000 $121,667 $3,352 6.29%
    41% 3 $315,000 $105,000 $2,485 4.95%
    47% 1 $235,000 $235,000 $4,705 5.60%
    49% 1 $125,000 $125,000 $2,975 5.49%

    Bank Forward lent most frequently to those with DTI ratios of 20-30%, with 43 originations. The next most common DTI ratio? 30-36%, with 43 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 187 $40,775,000 $218,048 $3,686 4.76%
    Not provided 7 $1,535,000 $219,286 $4,448 4.47%
    American Indian 5 $615,000 $123,000 $2,419 5.37%

    Approval Rates

    Total approvals of all applications
    97.79%

    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
    67.34%

    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 199 $42,925,000 $215,704

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    199 $42,925,000 $215,704

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $1,515,000 $116,538 $2,157 4.68%
    40-60% 30 $4,960,000 $165,333 $3,167 4.79%
    60-80% 88 $21,770,000 $247,386 $4,210 4.65%
    80-100% 58 $14,340,000 $247,241 $4,048 4.79%
    Under 20% 10 $340,000 $34,000 $414 5.59%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 7 46.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.7%