Fortunebank Mortgage Rates, Fees & Info
Arnold, MOLEI: 549300WB1KDYDW5IRX09
Tax ID: 20-3586209
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Mortgage Data
Bank Data
Review & Overview
Fortunebank is a smaller bank specializing in Home Purchase and Refi loans. Fortunebank has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: St. Louis, Crestview, Springfield, Nashville, and Cape Coral among others. We have data for 26 markets. (Some data included below & more in-depth data is available with an active subscription.)Fortunebank 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.
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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Originations
443Origination Dollar Volume (All Markets)
$104,805,000Employee count
70Top 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 |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 403 | $95,235,000 | $236,315 | $0 | 0.00% |
| Outside of Metro Areas | 13 | $2,235,000 | $171,923 | $0 | 0.00% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $630,000 | $315,000 | $0 | 0.00% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $0 | 0.00% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $0 | 0.00% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $0 | 0.00% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $0 | 0.00% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $415,000 | $415,000 | $0 | 0.00% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| Poplar Bluff, MO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $0 | 0.00% |
| Sikeston, MO (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 0.00% |
| FAYETTEVILLE-SPRINGDALE-ROGERS, AR (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $0 | 0.00% |
| OMAHA-COUNCIL BLUFFS, NE-IA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $0 | 0.00% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $0 | 0.00% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| Holland, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $0 | 0.00% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $0 | 0.00% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 0.00% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 0.00% |
| Sedalia, MO (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $0 | 0.00% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $0 | 0.00% |
| Hannibal, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $0 | 0.00% |
| DeRidder, LA (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $0 | 0.00% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 0.00% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against FortuneBank 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 2019, Fortunebank's most frequently originated type of loan was Conventional, with 389 originations. Their 2nd most popular type was FHA, with 39 originations.
Loan Reason
For 2019, Fortunebank's most frequently cited loan purpose was Home Purchase, with 206 originations. The 2nd most popular reason was Refi, with 150 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Other | 443 | $104,805,000 | $236,580 | $0 | 0.00% |
For 2019, Fortunebank's most frequently cited loan duration was Other, with 443 originations.
Loan Sizing
2019 saw Fortunebank place emphasis on $200k-400k loans with 204 originations, totaling $55,980,000 in origination value.
Applicant Income
Fortunebank lent most frequently to those with incomes in the $50k-75k range, with 101 originations. The second most popular income band? $100k-150k, with 99 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Exempt% | 443 | $104,805,000 | $236,580 | $0 | 0.00% |
Fortunebank lent most frequently to those with DTI ratios of Exempt%, with 443 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.09%
Fortunebank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination77.88%
Fortunebank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| Exempt | 443 | $104,805,000 | $236,580 |
Occupancy Type Mix
Complaints
| Bank Name | Product | Issue | 2019 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| Freedom Mortgage Company | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 17 | 3.1% |
| Freedom Mortgage Company | Conventional home mortgage | Closing on a mortgage | 11 | 2.0% |
| Freedom Mortgage Company | Conventional home mortgage | Incorrect information on your report | 3 | 0.6% |
| Freedom Mortgage Company | Conventional home mortgage | Problem with a credit reporting company's investigation into an existing problem | 1 | 0.2% |
| Freedom Mortgage Company | Conventional home mortgage | Struggling to pay mortgage | 22 | 4.1% |
| Freedom Mortgage Company | Conventional home mortgage | Trouble during payment process | 127 | 23.5% |
| Freedom Mortgage Company | FHA mortgage | Applying for a mortgage or refinancing an existing mortgage | 25 | 4.6% |
| Freedom Mortgage Company | FHA mortgage | Closing on a mortgage | 16 | 3.0% |
| Freedom Mortgage Company | FHA mortgage | Incorrect information on your report | 6 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Problem with a credit reporting company's investigation into an existing problem | 6 | 1.1% |
| Freedom Mortgage Company | FHA mortgage | Struggling to pay mortgage | 67 | 12.4% |
| Freedom Mortgage Company | FHA mortgage | Trouble during payment process | 81 | 15.0% |
| Freedom Mortgage Company | FHA mortgage | Unable to get your credit report or credit score | 1 | 0.2% |
| Freedom Mortgage Company | Home equity loan or line of credit (HELOC) | Incorrect information on your report | 1 | 0.2% |
| Freedom Mortgage Company | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 0.2% |
| Freedom Mortgage Company | Other type of mortgage | Closing on a mortgage | 5 | 0.9% |
| Freedom Mortgage Company | Other type of mortgage | Struggling to pay mortgage | 3 | 0.6% |
| Freedom Mortgage Company | Other type of mortgage | Trouble during payment process | 10 | 1.8% |
| Freedom Mortgage Company | VA mortgage | Applying for a mortgage or refinancing an existing mortgage | 18 | 3.3% |
| Freedom Mortgage Company | VA mortgage | Closing on a mortgage | 11 | 2.0% |
| Freedom Mortgage Company | VA mortgage | Incorrect information on your report | 4 | 0.7% |
| Freedom Mortgage Company | VA mortgage | Problem with a credit reporting company's investigation into an existing problem | 2 | 0.4% |
| Freedom Mortgage Company | VA mortgage | Struggling to pay mortgage | 26 | 4.8% |
| Freedom Mortgage Company | VA mortgage | Trouble during payment process | 77 | 14.2% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| FortuneBank | 3494 Jeffco Boulevard Arnold, MO 63010 | Full Service B&M | $110,659 |
| FortuneBank | 6121 Telegraph Road Saint Louis, MO 63129 | Full Service B&M | $41,347 |
For 2019, Fortunebank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $9,548 |
| Net interest income | $6,551 |
| Total noninterest income | $5,109 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $39 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $5,070 |
| Pre-tax net operating income | $1,738 |
| Securities gains (or losses, -) | $5 |
| Income before extraordinary items | $1,305 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $1,305 |
| Minority interest net income | $0 |
| Net income | $1,305 |
| Sale, conversion, retirement of capital stock, net | $-4 |
| Net operating income | $1,301 |
Fortunebank's gross interest income from loans was $9,548,000.
Fortunebank's net interest income from loans was $6,551,000.
Fortunebank's fee based income from loans was $39,000.
Fortunebank's net income from loans was $1,305,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,997 |
| Provision for credit losses | $255 |
| Total noninterest expense | $9,667 |
| Salaries and employee benefits | $6,835 |
| Premises and equipment expense | $761 |
| Additional noninterest expense | $2,071 |
| Applicable income taxes | $438 |
| Net charge-offs | $620 |
| Cash dividends | $880 |
Fortunebank's interest expense for loans was $2,997,000.
Fortunebank's payroll and benefits expense were $6,835,000.
Fortunebank's property, plant and equipment expenses $761,000.
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 | 2.0% |
| 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 | 1.0% |
| 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 | $163,840 |
| Deposits held in domestic offices | $163,840 |
| Deposits by Individuals, partnerships, and corporations | $155,853 |
| Deposits by U.S. Government | $4 |
| Deposits by States and political subdivisions in the U.S. | $7,983 |
| Deposits by Commercial banks and other depository institutions in U.S. | $0 |
| Deposits by Banks in foreign countries | $0 |
| Deposits by Foreign governments and official institutions | $0 |
| Transaction accounts | $31,127 |
| Demand deposits | $16,560 |
| Nontransaction accounts | $132,713 |
| Money market deposit accounts (MMDAs) | $12,567 |
| Other savings deposits (excluding MMDAs) | $4,475 |
| Total time deposits | $115,671 |
| Total time and savings deposits | $147,280 |
| Noninterest-bearing deposits | $16,559 |
| Interest-bearing deposits | $147,281 |
| Retail deposits | $133,686 |
| IRAs and Keogh plan accounts | $6,534 |
| Brokered deposits | $16,934 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $199,171 |
| Cash & Balances due from depository institutions | $9,759 |
| Interest-bearing balances | $7,531 |
| Total securities | $9,264 |
| Federal funds sold & reverse repurchase | $1,485 |
| Net loans and leases | $164,459 |
| Loan and leases loss allowance | $1,469 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,465 |
| Other real estate owned | $2,091 |
| Goodwill and other intangibles | $943 |
| All other assets | $5,705 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $199,171 |
| Total Liabilities | $181,362 |
| Total deposits | $163,840 |
| Interest-bearing deposits | $147,281 |
| Deposits held in domestic offices | $163,840 |
| % insured (estimated) | $91 |
| Federal funds purchased and repurchase agreements | $5,500 |
| Trading liabilities | $0 |
| Other borrowed funds | $10,000 |
| Subordinated debt | $0 |
| All other liabilities | $2,022 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $164,459 |
| Loan and leases loss allowance | $1,469 |
| Total loans and leases (domestic) | $165,928 |
| All real estate loans | $132,979 |
| Real estate loans in domestic offices | $132,979 |
| Construction and development loans | $13,986 |
| Residential 1-4 family construction | $3,173 |
| Other construction, all land development and other land | $10,813 |
| Loans secured by nonfarm nonresidential properties | $72,857 |
| Nonfarm nonresidential secured by owner-occupied properties | $32,074 |
| Commercial real estate & other non-farm, non-residential | $40,783 |
| Multifamily residential real estate | $8,733 |
| 1-4 family residential loans | $34,995 |
| Farmland loans | $2,408 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $32,231 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $490 |
| Credit card loans | $0 |
| Related Plans | $112 |
| Consumer Auto Loans | $378 |
| Other loans to individuals | $0 |
| All other loans & leases | $436 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $436 |
| 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 | $0 |
| Non 1-4 family restructured loans & leases | $0 |
| Total loans and leases (foreign) | $0 |
FortuneBank had $164,459,000 of loans outstanding in 2019. $132,979,000 of loans were in real estate loans. $13,986,000 of loans were in development loans. $8,733,000 of loans were in multifamily mortgage loans. $34,995,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $378,000 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 | 79 | $25,574 | $323,722 |
| Nonfarm, nonresidential loans - <$100k | 5 | $196 | $39,200 |
| Nonfarm, nonresidential loans - $100-250k | 24 | $3,344 | $139,333 |
| Nonfarm, nonresidential loans - $250k-1MM | 50 | $22,034 | $440,680 |
| Commercial & Industrial, US addressed loans - <$1MM | 119 | $29,294 | $246,168 |
| Commercial & Industrial, US addressed loans - <$100k | 23 | $708 | $30,783 |
| Commercial & Industrial, US addressed loans - $100-250k | 34 | $4,983 | $146,559 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 62 | $23,603 | $380,694 |
| Farmland loans - <$1MM | 2 | $102 | $51,000 |
| Farmland loans - <$100k | 2 | $102 | $51,000 |