Incrediblebank Mortgage Rates, Fees & Info

Wausau, WI

LEI: 549300TV5ZED3EINI708

Tax ID: 39-1088977

5 stars - out of 5 stars, based on 35 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Incrediblebank is a smaller bank specializing in Home Purchase and Refi loans. Incrediblebank has a high proportion of conventional loans. They have a low ratio of USDA loans. Their top markets include Wausau, Marquette, Houghton, Madison, and Iron Mountain among others. Incrediblebank 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. Incrediblebank is typically a low fee lendor.


Originations

1,214

Origination Dollar Volume (All Markets)

$230,760,000

Employee count

253 Show all (8) awards

Relative Rate

Incrediblebank's average 30 year fixed rate mortgage of loans were 3.04%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.11%.

Relative Fees

Incrediblebank's average total fees for a 30 year fixed rate mortgage are $2,419.

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
Outside of Metro Areas 316 $58,600,000 $185,443 $2,358 2.93%
WAUSAU-WESTON, WI (FHA|USDA|VA) 326 $57,480,000 $176,319 $2,077 2.76%
Marquette, MI (FHA|USDA|VA) 296 $57,340,000 $193,716 $2,231 3.00%
Houghton, MI (FHA|USDA|VA) 83 $13,695,000 $165,000 $2,641 2.94%
MADISON, WI (FHA|USDA|VA) 45 $11,885,000 $264,111 $1,959 2.82%
Iron Mountain, MI-WI (FHA|USDA|VA) 55 $7,355,000 $133,727 $2,335 3.12%
Stevens Point, WI (FHA|USDA|VA) 12 $2,510,000 $209,167 $2,468 2.95%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 8 $2,200,000 $275,000 $2,120 2.80%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 9 $2,135,000 $237,222 $2,340 2.78%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 5 $2,095,000 $419,000 $4,062 2.90%
GREEN BAY, WI (FHA|USDA|VA) 5 $1,315,000 $263,000 $2,295 2.93%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 2 $1,260,000 $630,000 $2,772 4.44%
Clewiston, FL (FHA|USDA|VA) 1 $945,000 $945,000 $0 3.99%
GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 4 $840,000 $210,000 $2,519 2.50%
FOND DU LAC, WI (FHA|USDA|VA) 3 $775,000 $258,333 $2,200 2.75%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $750,000 $375,000 $4,024 3.06%
SHEBOYGAN, WI (FHA|USDA|VA) 4 $700,000 $175,000 $1,753 2.53%
Shawano, WI (FHA|USDA|VA) 5 $605,000 $121,000 $2,237 2.78%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $545,000 $545,000 $3,592 2.88%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $515,000 $515,000 $3,021 2.13%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 1 $505,000 $505,000 $3,184 2.75%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 2 $500,000 $250,000 $1,871 2.63%
Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 2 $450,000 $225,000 $2,213 2.19%
KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) 2 $390,000 $195,000 $2,727 2.88%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 2 $380,000 $190,000 $1,963 2.63%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 1 $375,000 $375,000 $2,179 2.50%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 1 $365,000 $365,000 $4,161 2.63%
APPLETON, WI (FHA|USDA|VA) 1 $365,000 $365,000 $2,027 2.75%
COLUMBUS, OH (FHA|USDA|VA) 1 $345,000 $345,000 $3,697 2.88%
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $325,000 $325,000 $2,112 2.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $305,000 $305,000 $4,225 2.50%
COLUMBIA, SC (FHA|USDA|VA) 1 $305,000 $305,000 $2,630 1.88%
Manitowoc, WI (FHA|USDA|VA) 1 $255,000 $255,000 $1,520 3.00%
TUSCALOOSA, AL (FHA|USDA|VA) 1 $245,000 $245,000 $4,254 2.00%
Beaver Dam, WI (FHA|USDA|VA) 1 $235,000 $235,000 $1,445 2.38%
DULUTH, MN-WI (FHA|USDA|VA) 1 $235,000 $235,000 $2,275 2.50%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $235,000 $235,000 $2,928 3.00%
Marinette, WI-MI (FHA|USDA|VA) 2 $220,000 $110,000 $1,423 2.94%
JANESVILLE-BELOIT, WI (FHA|USDA|VA) 1 $215,000 $215,000 $2,050 2.75%
YUMA, AZ (FHA|USDA|VA) 1 $185,000 $185,000 $4,047 2.50%
Baraboo, WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,162 3.25%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $155,000 $155,000 $2,009 2.88%
BISMARCK, ND (FHA|USDA|VA) 1 $135,000 $135,000 $1,668 2.13%
HOMOSASSA SPRINGS, FL (FHA|USDA|VA) 1 $125,000 $125,000 $2,934 3.00%
Escanaba, MI (FHA|USDA|VA) 1 $105,000 $105,000 $2,520 5.50%
KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 1 $85,000 $85,000 $2,195 2.38%

Incrediblebank's top markets include Wausau, Marquette, Houghton, Madison, and Iron Mountain among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,183 $227,035,000 $191,915 $2,225 2.90%
USDA 31 $3,725,000 $120,161 $3,737 2.71%

For the 2021 period, Incrediblebank's most frequently originated loan type of loans were Conventional, with 1,183 originations. Their 2nd most popular type is USDA, with 31 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Home Purchase 473 $99,115,000 $209,545 $2,823 3.18%
Refi 442 $80,610,000 $182,376 $1,814 2.58%
Cash Out Refi 250 $44,660,000 $178,640 $2,158 2.81%
Other 26 $3,200,000 $123,077 $1,966 3.54%
Home Improvement 23 $3,175,000 $138,043 $1,907 3.56%

For the 2021, Incrediblebank's most frequently cited loan purpose of loans were Home Purchase, with 473 originations. The 2nd most popular reason of loans were Refi, with 442 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 670 $131,590,000 $196,403 $2,419 3.04%
15 Year 292 $51,530,000 $176,473 $2,028 2.38%
20 Year 122 $21,050,000 $172,541 $1,968 2.91%
10 Year 65 $9,085,000 $139,769 $1,891 2.18%
5 Year 42 $8,420,000 $200,476 $180 4.51%
30+ year 14 $5,760,000 $411,429 $4,476 4.43%
Other 6 $2,750,000 $458,333 $1,477 4.27%
3 Year 2 $420,000 $210,000 $0 4.47%
1 Year 1 $155,000 $155,000 $0 4.50%

For the 2021, Incrediblebank's most frequently cited loan length of loans were 30 Year, with 670 originations. The 2nd most popular length of loans were 15 Year, with 292 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,127 $211,045,000 $187,263
$1k-2k 28 $5,530,000 $197,500
$2k-3k 5 $925,000 $185,000
$3k-4k 4 $740,000 $185,000
$5k+ 1 $275,000 $275,000

$2,419 of loans were Incrediblebank's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,127 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
2.5-3% 447 $88,295,000 $197,528
<2.5% 397 $68,475,000 $172,481
3-4% 286 $55,320,000 $193,427
4-5% 59 $15,405,000 $261,102
5-6% 19 $3,045,000 $160,263
6-7% 3 $125,000 $41,667
7-8% 3 $95,000 $31,667

During 2021, Incrediblebank's average interest rate of loans were 3.04%, while their most frequently originated rate bucket of loans were 2.5-3%, with 447 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 559 $83,145,000 $148,739 $2,174 2.83%
$200k-400k 344 $94,030,000 $273,343 $2,404 2.87%
$100,000 or less 244 $17,210,000 $70,533 $2,073 3.02%
$400k-600k 59 $28,365,000 $480,763 $2,957 2.97%
$600k-1MM 6 $4,740,000 $790,000 $4,633 4.75%
$1MM+ 2 $3,270,000 $1,635,000 $0 4.00%

2021 saw Incrediblebank place emphasis on $100k-200k loans with 559 originations, totaling $83,145,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 303 $44,875,000 $148,102 $2,169 2.84%
$50k or less 223 $23,945,000 $107,377 $2,253 2.89%
$100k-150k 211 $44,535,000 $211,066 $2,178 2.74%
$75k-100k 202 $36,950,000 $182,921 $2,230 2.90%
$150k-250k 143 $40,075,000 $280,245 $2,510 2.99%
$250k+ 65 $23,055,000 $354,692 $2,685 2.74%

Incrediblebank lent most frequently to those with incomes in the $50k-75k range, with 303 originations. The second most popular income band? $50k or less, with 223 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 343 $63,085,000 $183,921 $2,203 2.74%
30-36% 252 $45,170,000 $179,246 $2,246 2.92%
<20% 134 $25,410,000 $189,627 $2,200 2.74%
41% 42 $8,170,000 $194,524 $2,311 2.78%
37% 41 $8,145,000 $198,659 $2,452 3.02%
39% 40 $8,300,000 $207,500 $2,518 2.96%
44% 38 $7,560,000 $198,947 $2,297 2.89%
42% 37 $7,095,000 $191,757 $2,249 2.91%
40% 37 $5,805,000 $156,892 $2,260 3.04%
43% 36 $7,610,000 $211,389 $2,656 2.80%
36% 34 $6,550,000 $192,647 $2,295 2.75%
38% 31 $5,335,000 $172,097 $2,268 2.94%
45% 27 $5,145,000 $190,556 $2,333 2.82%
47% 26 $5,800,000 $223,077 $2,293 2.90%
49% 21 $4,305,000 $205,000 $2,431 3.12%
46% 18 $2,960,000 $164,444 $2,236 2.83%
48% 12 $2,390,000 $199,167 $2,078 2.78%
50-60% 4 $970,000 $242,500 $1,599 4.28%
>60% 2 $210,000 $105,000 $1,723 4.21%

Incrediblebank lent most frequently to those with DTI ratios of 20-30%, with 343 originations. The next most common DTI ratio? 30-36%, with 252 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 993 $182,775,000 $184,063 $2,239 2.85%
Not provided 155 $32,335,000 $208,613 $2,398 2.87%
Not applicable 37 $10,455,000 $282,568 $0 4.47%
Asian 15 $2,505,000 $167,000 $2,655 3.07%
American Indian 7 $1,365,000 $195,000 $1,986 2.75%
Asian Indian 2 $520,000 $260,000 $3,043 2.25%
Black 2 $380,000 $190,000 $2,563 2.81%
Native Hawaiian 2 $260,000 $130,000 $2,089 2.50%
Korean 1 $165,000 $165,000 $2,372 2.63%

Approval Rates

Total approvals of all applications
90.30%

Incrediblebank has an average approval rate.

Pick Rate

Approvals leading to origination
78.84%

Incrediblebank has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,214 $230,760,000 $190,082

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,214 $230,760,000 $190,082

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 65 $9,035,000 $139,000 $2,043 2.77%
40-60% 206 $32,120,000 $155,922 $1,949 2.59%
60-80% 554 $114,220,000 $206,173 $2,173 2.86%
80-100% 371 $74,125,000 $199,798 $2,657 3.06%
Over 100% 2 $310,000 $155,000 $0 5.35%
Under 20% 16 $950,000 $59,375 $1,059 4.55%

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Incrediblebank 101 Grand Avenue Wausau, WI 54403 Full Service B&M $134,853
Incrediblebank 3210 East Main Street Merrill, WI 54452 Full Service B&M $115,838
Incrediblebank 327 N 17th Avenue Wausau, WI 54401 Full Service Cyber Office $117,823
Incrediblebank 327 North 17th Avenue Wausau, WI 54401 Full Service B&M $131,088
Incrediblebank 4107 Barbican Avenue Schofield, WI 54476 Full Service B&M $54,880
Incrediblebank 56500 Us Highway 41 Calumet, MI 49913 Full Service B&M $54,811
Incrediblebank 8329 Murphy Dr. Middleton, WI 53562 Full Service B&M $35,775
Incrediblebank 8590 Us 51 North Minocqua, WI 54548 Full Service B&M $171,727
Incrediblebank 101 West B Street Iron Mountain, MI 49801 Full Service B&M $65,350
Incrediblebank 1101 North Third Street Marquette, MI 49855 Full Service B&M $64,973
Incrediblebank 1130 East Grand Avenue Rothschild, WI 54474 Full Service B&M $164,014
Incrediblebank 1140 West Washington Street Marquette, MI 49855 Full Service B&M $112,873
Incrediblebank 1218 N 4th St Tomahawk, WI 54487 Full Service B&M $49,846
Incrediblebank 141 South Willow Street Eagle River, WI 54521 Full Service B&M $79,816
Incrediblebank 19795 West Sharon Avenue Houghton, MI 49931 Full Service B&M $67,914
Incrediblebank 200 South Suffolk Street Ironwood, MI 49938 Full Service B&M $83,312

For 2021, Incrediblebank had 16 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $69,014
Net interest income $64,110
Total noninterest income $22,611
Gross Fiduciary activities income $0
Service charges on deposit accounts $1,779
Trading account gains and fees $0
Additional Noninterest Income $20,832
Pre-tax net operating income $33,927
Securities gains (or losses, -) $474
Income before extraordinary items $34,401
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $34,401
Minority interest net income $0
Net income $34,401
Sale, conversion, retirement of capital stock, net $0
Net operating income $33,927

Incrediblebank's gross interest income from loans was $69,014,000.
Incrediblebank's net interest income from loans was $64,110,000.
Incrediblebank's fee based income from loans was $1,779,000.
Incrediblebank's net income from loans was $34,401,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $4,904
Provision for credit losses $1,257
Total noninterest expense $51,537
Salaries and employee benefits $33,516
Premises and equipment expense $5,869
Additional noninterest expense $12,152
Applicable income taxes $0
Net charge-offs $802
Cash dividends $22,200

Incrediblebank's interest expense for loans was $4,904,000.
Incrediblebank's payroll and benefits expense were $33,516,000.
Incrediblebank's property, plant and equipment expenses $5,869,000.

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 1.0%
HELOC loans 1.0%
All other family 1.0%
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 $1,519,764
Deposits held in domestic offices $1,519,764
Deposits by Individuals, partnerships, and corporations $1,291,327
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $228,308
Deposits by Commercial banks and other depository institutions in U.S. $129
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $720,540
Demand deposits $343,879
Nontransaction accounts $799,224
Money market deposit accounts (MMDAs) $369,637
Other savings deposits (excluding MMDAs) $244,233
Total time deposits $185,354
Total time and savings deposits $1,175,885
Noninterest-bearing deposits $343,879
Interest-bearing deposits $1,175,885
Retail deposits $1,462,213
IRAs and Keogh plan accounts $27,303
Brokered deposits $25,959
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $1,758,190
Cash & Balances due from depository institutions $53,649
Interest-bearing balances $31,139
Total securities $309,566
Federal funds sold & reverse repurchase $1,334
Net loans and leases $1,292,917
Loan and leases loss allowance $11,731
Trading account assets $0
Bank premises and fixed assets $26,662
Other real estate owned $141
Goodwill and other intangibles $24,720
All other assets $49,201

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $1,758,190
Total Liabilities $1,605,993
Total deposits $1,519,764
Interest-bearing deposits $1,175,885
Deposits held in domestic offices $1,519,764
% insured (estimated) $72
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $59,930
Subordinated debt $0
All other liabilities $26,299

Issued Loan Types

Type Value (in 000's)
Net loans and leases $1,292,917
Loan and leases loss allowance $11,731
Total loans and leases (domestic) $1,304,648
All real estate loans $675,023
Real estate loans in domestic offices $675,023
Construction and development loans $62,940
Residential 1-4 family construction $6,478
Other construction, all land development and other land $56,462
Loans secured by nonfarm nonresidential properties $484,820
Nonfarm nonresidential secured by owner-occupied properties $306,552
Commercial real estate & other non-farm, non-residential $178,268
Multifamily residential real estate $23,023
1-4 family residential loans $103,049
Farmland loans $1,191
Loans held in foreign offices $0
Farm loans $34
Commercial and industrial loans $528,816
To non-U.S. addressees $0
Loans to individuals $87,719
Credit card loans $0
Related Plans $344
Consumer Auto Loans $1,742
Other loans to individuals $85,633
All other loans & leases $13,056
Loans to foreign governments and official institutions $0
Other loans $272
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 $4,718
Non 1-4 family restructured loans & leases $4,519
Total loans and leases (foreign) $0

IncredibleBank had $1,292,917,000 of loans outstanding in 2021. $675,023,000 of loans were in real estate loans. $62,940,000 of loans were in development loans. $23,023,000 of loans were in multifamily mortgage loans. $103,049,000 of loans were in 1-4 family mortgage loans. $34,000 of loans were in farm loans. $0 of loans were in credit card loans. $1,742,000 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 550 $100,589 $182,889
Nonfarm, nonresidential loans - <$100k 122 $4,538 $37,197
Nonfarm, nonresidential loans - $100-250k 152 $17,568 $115,579
Nonfarm, nonresidential loans - $250k-1MM 276 $78,483 $284,359
Commercial & Industrial, US addressed loans - <$1MM 1,213 $192,892 $159,021
Commercial & Industrial, US addressed loans - <$100k 545 $13,357 $24,508
Commercial & Industrial, US addressed loans - $100-250k 221 $25,860 $117,014
Commercial & Industrial, US addressed loans - $250k-1MM 447 $153,675 $343,792
Farmland loans - <$1MM 7 $881 $125,857
Farmland loans - <$100k 2 $31 $15,500
Farmland loans - $100-250k 3 $421 $140,333
Farmland loans - $250k-1MM 2 $429 $214,500
Agriculture operations loans - <$1MM 2 $34 $17,000
Agriculture operations loans - <$100k 2 $34 $17,000