Northwest Bank Mortgage Rates, Fees & Info
Spencer, IALEI: 549300RBJCM5B02O5U05
Tax ID: 42-1325507
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Mortgage Data
Bank Data
Review & Overview
Northwest Bank is a smaller bank specializing in Home Purchase loans. Northwest Bank has a high proportion of conventional loans. They have a low ratio of USDA loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Des Moines, Spirit Lake, Omaha, Sioux City, and Spencer among others. We have data for 49 markets. (Some data included below & more in-depth data is available with an active subscription.)Northwest 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. Northwest 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 5.98% | 11/17/24 |
| 30 Year Conventional Purchase | 6.65% | 11/17/24 |
| 30 Year Conventional Refi | 6.60% | 11/17/24 |
| 30 Year Cash-out Refi | 6.69% | 11/17/24 |
| 30 Year FHA Purchase | 7.48% | 11/17/24 |
| 30 Year FHA Refi | 6.39% | 11/17/24 |
| 30 Year VA Purchase | 6.06% | 11/17/24 |
| 30 Year USDA Purchase | 6.84% | 11/17/24 |
| 15 Year Conventional Purchase | 5.93% | 11/17/24 |
| 15 Year Conventional Refi | 5.94% | 11/17/24 |
| 15 Year Cash-out Refi | 5.94% | 11/17/24 |
| 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. | ||
Northwest Bank Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,254Origination Dollar Volume (All Markets)
$296,790,000Employee count
297Awards
Northwest Bank - 2018
Northwest Bank is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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 |
|---|---|---|---|---|---|
| DES MOINES-WEST DES MOINES, IA (FHA|USDA|VA) | 403 | $75,905,000 | $188,350 | $2,117 | 4.60% |
| Outside of Metro Areas | 646 | $62,050,000 | $96,053 | $2,046 | 4.74% |
| Spirit Lake, IA (FHA|USDA|VA) | 313 | $50,025,000 | $159,824 | $1,848 | 4.70% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 191 | $29,475,000 | $154,319 | $2,002 | 4.74% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 164 | $20,580,000 | $125,488 | $2,790 | 4.81% |
| Spencer, IA (FHA|USDA|VA) | 212 | $19,330,000 | $91,179 | $2,010 | 4.55% |
| Fort Dodge, IA (FHA|USDA|VA) | 216 | $16,920,000 | $78,333 | $1,862 | 4.86% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 10 | $3,650,000 | $365,000 | $6,132 | 4.44% |
| AMES, IA (FHA|USDA|VA) | 14 | $2,600,000 | $185,714 | $1,796 | 4.93% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $2,030,000 | $1,015,000 | $5,384 | 4.94% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 3 | $1,635,000 | $545,000 | $6,247 | 4.88% |
| MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) | 8 | $1,260,000 | $157,500 | $2,153 | 4.70% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $1,095,000 | $365,000 | $4,126 | 4.54% |
| SIOUX FALLS, SD (FHA|USDA|VA) | 6 | $750,000 | $125,000 | $2,065 | 4.68% |
| Storm Lake, IA (FHA|USDA|VA) | 16 | $740,000 | $46,250 | $1,769 | 5.00% |
| IOWA CITY, IA (FHA|USDA|VA) | 3 | $585,000 | $195,000 | $1,765 | 4.83% |
| Albert Lea, MN (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $3,121 | 4.13% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $2,701 | 4.88% |
| MANKATO, MN (FHA|USDA|VA) | 2 | $420,000 | $210,000 | $2,213 | 4.35% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $3,869 | 4.63% |
| LINCOLN, NE (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $1,685 | 4.38% |
| Fremont, NE (FHA|USDA|VA) | 3 | $345,000 | $115,000 | $2,588 | 5.14% |
| JONESBORO, AR (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,355 | 4.10% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $340,000 | $170,000 | $2,744 | 4.10% |
| Mason City, IA (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $1,299 | 4.35% |
| Rolla, MO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,860 | 4.50% |
| Muscatine, IA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $1,839 | 4.75% |
| CEDAR RAPIDS, IA (FHA|USDA|VA) | 3 | $315,000 | $105,000 | $1,697 | 4.83% |
| Fergus Falls, MN (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $2,114 | 3.75% |
| TUCSON, AZ (FHA|USDA|VA) | 2 | $300,000 | $150,000 | $3,095 | 4.56% |
| Grand Rapids, MN (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $2,730 | 5.00% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,567 | 4.88% |
| Holland, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $2,365 | 4.50% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 5.25% |
| DAVENPORT-MOLINE-ROCK ISLAND, IA-IL (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $1,279 | 4.88% |
| COLUMBIA, MO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $1,404 | 4.25% |
| Aberdeen, SD (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $3,415 | 4.88% |
| WATERLOO-CEDAR FALLS, IA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $1,364 | 4.88% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,007 | 4.63% |
| MADISON, WI (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $1,880 | 3.25% |
| Fairmont, MN (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,838 | 5.13% |
| Hutchinson, MN (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $0 | 4.75% |
| Brainerd, MN (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,212 | 4.88% |
| REDDING, CA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $2,830 | 4.88% |
| Oskaloosa, IA (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $2,164 | 4.63% |
| FARGO, ND-MN (FHA|USDA|VA) | 1 | $75,000 | $75,000 | $1,673 | 4.50% |
| Marshalltown, IA (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $200 | 6.25% |
| Carroll, IA (FHA|USDA|VA) | 1 | $55,000 | $55,000 | $0 | 5.58% |
| Sterling, IL (FHA|USDA|VA) | 1 | $25,000 | $25,000 | $0 | 3.95% |
Similar Lenders
We use machine learning to identify the top lenders compared against Northwest Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
For 2018, Northwest Bank's most frequently originated type of loan was Conventional, with 1,360 originations. Their 2nd most popular type was HELOC, with 810 originations.
Loan Reason
For 2018, Northwest Bank's most frequently cited loan purpose was Home Purchase, with 1,047 originations. The 2nd most popular reason was Refi, with 520 originations.
Loan Duration/Length
For 2018, Northwest Bank's most frequently cited loan duration was 30 Year, with 920 originations. The 2nd most popular length was 10 Year, with 853 originations.
Origination Fees/Closing Costs
Northwest Bank's average total fees were $2,392, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,072 originations.
Interest Rates
During 2018, Northwest Bank's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 1,143 originations.
Loan Sizing
2018 saw Northwest Bank place emphasis on $100,000 or less loans with 1,165 originations, totaling $54,855,000 in origination value.
Applicant Income
Northwest Bank lent most frequently to those with incomes in the $50k or less range, with 481 originations. The second most popular income band? $50k-75k, with 461 originations.
Applicant Debt to Income Ratio
Northwest Bank lent most frequently to those with DTI ratios of 20-30%, with 570 originations. The next most common DTI ratio? 30-36%, with 405 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.79%
Northwest 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 origination85.14%
Northwest Bank has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| 0.0 | 2 | $60,000 | $30,000 |
| 200.0 | 3 | $185,000 | $61,667 |
| NA | 2,249 | $296,545,000 | $131,856 |
Occupancy Type Mix
LTV Distribution
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Northwest Bank | 10 North 29th Street Fort Dodge, IA 50501 | Full Service B&M | $104,041 |
| Northwest Bank | 1008 18th Street Spirit Lake, IA 51360 | Full Service B&M | $119,329 |
| Northwest Bank | 111 Central Avenue Nw Le Mars, IA 51031 | Full Service B&M | $67,673 |
| Northwest Bank | 1321 Hawkeye Ave Sw Le Mars, IA 51031 | Full Service B&M | $7,519 |
| Northwest Bank | 14320 Arbor Street Omaha, NE 68144 | Full Service B&M | $105,518 |
| Northwest Bank | 1700 Se Delaware Ave Ankeny, IA 50021 | Full Service B&M | $23,189 |
| Northwest Bank | 1802 Okoboji Avenue Milford, IA 51351 | Full Service B&M | $25,322 |
| Northwest Bank | 204 East State Street Algona, IA 50511 | Full Service B&M | $82,007 |
| Northwest Bank | 242 North Main Avenue Sioux Center, IA 51250 | Full Service B&M | $80,413 |
| Northwest Bank | 46 North Okoboji Grove Road Arnolds Park, IA 51331 | Full Service B&M | $52,200 |
| Northwest Bank | 5700 University Ave West Des Moines, IA 50266 | Full Service B&M | $105,793 |
| Northwest Bank | 5801 Sunnybrrok Drive Sioux City, IA 51101 | Full Service B&M | $74,769 |
| Northwest Bank | 705 North Grand Avenue Spencer, IA 51301 | Full Service B&M | $0 |
| Northwest Bank | 705 North Grand Avenue Spencer, IA 51301 | Full Service B&M | $200,734 |
| Northwest Bank | 723 First Avenue South Fort Dodge, IA 50501 | Full Service B&M | $27,017 |
| Northwest Bank | 801 Sumner Avenue Humboldt, IA 50548 | Full Service B&M | $60,904 |
| Northwest Bank | 818 West Seventh Street Sioux City, IA 51103 | Full Service B&M | $19,948 |
| Northwest Bank | 911 North Ankeny Boulevard Ankeny, IA 50021 | Full Service B&M | $59,329 |
| Northwest Bank | 9719 Giles Rd La Vista, NE 68128 | Full Service B&M | $31,303 |
| Northwest Bank | One North 6th Street Estherville, IA 51334 | Full Service B&M | $56,379 |
For 2018, Northwest Bank had 20 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $64,014 |
| Net interest income | $54,751 |
| Total noninterest income | $15,666 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $2,633 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $13,033 |
| Pre-tax net operating income | $24,146 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $23,045 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $23,045 |
| Minority interest net income | $0 |
| Net income | $23,045 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $23,045 |
Northwest Bank's gross interest income from loans was $64,014,000.
Northwest Bank's net interest income from loans was $54,751,000.
Northwest Bank's fee based income from loans was $2,633,000.
Northwest Bank's net income from loans was $23,045,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $9,263 |
| Provision for credit losses | $750 |
| Total noninterest expense | $45,521 |
| Salaries and employee benefits | $26,312 |
| Premises and equipment expense | $3,742 |
| Additional noninterest expense | $15,467 |
| Applicable income taxes | $1,101 |
| Net charge-offs | $-677 |
| Cash dividends | $15,447 |
Northwest Bank's interest expense for loans was $9,263,000.
Northwest Bank's payroll and benefits expense were $26,312,000.
Northwest Bank's property, plant and equipment expenses $3,742,000.
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 | 3.0% |
| 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 | $1,318,129 |
| Deposits held in domestic offices | $1,318,129 |
| Deposits by Individuals, partnerships, and corporations | $1,207,099 |
| Deposits by U.S. Government | $3 |
| Deposits by States and political subdivisions in the U.S. | $102,339 |
| Deposits by Commercial banks and other depository institutions in U.S. | $8,688 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $249,738 |
| Demand deposits | $185,311 |
| Nontransaction accounts | $1,068,391 |
| Money market deposit accounts (MMDAs) | $381,834 |
| Other savings deposits (excluding MMDAs) | $313,944 |
| Total time deposits | $372,613 |
| Total time and savings deposits | $1,132,818 |
| Noninterest-bearing deposits | $275,946 |
| Interest-bearing deposits | $1,042,183 |
| Retail deposits | $1,258,599 |
| IRAs and Keogh plan accounts | $39,198 |
| Brokered deposits | $11,324 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $1,606,623 |
| Cash & Balances due from depository institutions | $57,412 |
| Interest-bearing balances | $18,258 |
| Total securities | $176,791 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $1,299,518 |
| Loan and leases loss allowance | $17,499 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $23,938 |
| Other real estate owned | $0 |
| Goodwill and other intangibles | $13,952 |
| All other assets | $35,012 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $1,606,623 |
| Total Liabilities | $1,453,515 |
| Total deposits | $1,318,129 |
| Interest-bearing deposits | $1,042,183 |
| Deposits held in domestic offices | $1,318,129 |
| % insured (estimated) | $82 |
| Federal funds purchased and repurchase agreements | $53,207 |
| Trading liabilities | $0 |
| Other borrowed funds | $67,354 |
| Subordinated debt | $0 |
| All other liabilities | $14,825 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $1,299,518 |
| Loan and leases loss allowance | $17,499 |
| Total loans and leases (domestic) | $1,317,017 |
| All real estate loans | $919,419 |
| Real estate loans in domestic offices | $919,419 |
| Construction and development loans | $118,937 |
| Residential 1-4 family construction | $31,195 |
| Other construction, all land development and other land | $87,742 |
| Loans secured by nonfarm nonresidential properties | $332,493 |
| Nonfarm nonresidential secured by owner-occupied properties | $107,653 |
| Commercial real estate & other non-farm, non-residential | $224,840 |
| Multifamily residential real estate | $57,129 |
| 1-4 family residential loans | $317,281 |
| Farmland loans | $93,579 |
| Loans held in foreign offices | $0 |
| Farm loans | $117,402 |
| Commercial and industrial loans | $232,140 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $26,161 |
| Credit card loans | $0 |
| Related Plans | $2,472 |
| Consumer Auto Loans | $19,507 |
| Other loans to individuals | $4,182 |
| All other loans & leases | $21,895 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $0 |
| Loans to depository institutions and acceptances of other banks | $0 |
| Loans not secured by real estate | $0 |
| Loans secured by real estate to non-U.S. addressees | $0 |
| Restructured Loans & leases | $519 |
| Non 1-4 family restructured loans & leases | $216 |
| Total loans and leases (foreign) | $0 |
Northwest Bank had $1,299,518,000 of loans outstanding in 2018. $919,419,000 of loans were in real estate loans. $118,937,000 of loans were in development loans. $57,129,000 of loans were in multifamily mortgage loans. $317,281,000 of loans were in 1-4 family mortgage loans. $117,402,000 of loans were in farm loans. $0 of loans were in credit card loans. $19,507,000 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 | 557 | $126,030 | $226,266 |
| Nonfarm, nonresidential loans - <$100k | 160 | $6,817 | $42,606 |
| Nonfarm, nonresidential loans - $100-250k | 175 | $23,422 | $133,840 |
| Nonfarm, nonresidential loans - $250k-1MM | 222 | $95,791 | $431,491 |
| Commercial & Industrial, US addressed loans - <$1MM | 1,453 | $130,899 | $90,089 |
| Commercial & Industrial, US addressed loans - <$100k | 883 | $24,863 | $28,157 |
| Commercial & Industrial, US addressed loans - $100-250k | 309 | $31,478 | $101,871 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 261 | $74,558 | $285,663 |
| Farmland loans - <$1MM | 198 | $30,263 | $152,843 |
| Farmland loans - <$100k | 53 | $2,580 | $48,679 |
| Farmland loans - $100-250k | 80 | $9,435 | $117,938 |
| Farmland loans - $250k-1MM | 65 | $18,248 | $280,738 |
| Agriculture operations loans - <$1MM | 766 | $66,125 | $86,325 |
| Agriculture operations loans - <$100k | 489 | $19,761 | $40,411 |
| Agriculture operations loans - $100-250k | 178 | $22,546 | $126,663 |
| Agriculture operations loans - $250k-1MM | 99 | $23,818 | $240,586 |