Fortunebank Mortgage Rates, Fees & Info
Arnold, MOLEI: 549300WB1KDYDW5IRX09
Tax ID: 20-3586209
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Review & Overview
Fortunebank is a smaller bank specializing in Refi and Cash Out Refi loans. Fortunebank has a high proportion of conventional 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: St. Louis, Cape Girardeau, Dallas, Kansas City, and Reno among others. We have data for 39 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. Fortunebank 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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Originations
604Origination Dollar Volume (All Markets)
$150,960,000Employee count
62Awards
FortuneBank - 2020
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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 |
|---|---|---|---|---|---|
| ST. LOUIS, MO-IL (FHA|USDA|VA) | 507 | $127,915,000 | $252,298 | $2,291 | 3.11% |
| Outside of Metro Areas | 28 | $5,240,000 | $187,143 | $2,213 | 3.12% |
| CAPE GIRARDEAU, MO-IL (FHA|USDA|VA) | 6 | $1,340,000 | $223,333 | $2,846 | 3.40% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 4 | $1,200,000 | $300,000 | $3,667 | 2.81% |
| KANSAS CITY, MO-KS (FHA|USDA|VA) | 5 | $1,145,000 | $229,000 | $2,341 | 3.27% |
| RENO, NV (FHA|USDA|VA) | 5 | $1,095,000 | $219,000 | $3,331 | 3.50% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 3 | $1,065,000 | $355,000 | $3,729 | 3.04% |
| SALT LAKE CITY, UT (FHA|USDA|VA) | 3 | $845,000 | $281,667 | $2,448 | 2.46% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 3 | $815,000 | $271,667 | $3,977 | 3.42% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $765,000 | $255,000 | $2,600 | 3.08% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 1 | $735,000 | $735,000 | $29,284 | 3.99% |
| SPRINGFIELD, MO (FHA|USDA|VA) | 3 | $675,000 | $225,000 | $3,124 | 3.33% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $2,992 | 3.38% |
| CLEVELAND-ELYRIA, OH (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $3,874 | 2.63% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $10,171 | 4.00% |
| Sikeston, MO (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $2,261 | 2.99% |
| HUNTSVILLE, AL (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $2,675 | 3.13% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $475,000 | $475,000 | $3,280 | 2.75% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,233 | 2.75% |
| OCALA, FL (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $5,975 | 4.13% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $3,642 | 2.50% |
| Poplar Bluff, MO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $2,422 | 2.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $2,984 | 2.63% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $3,444 | 2.99% |
| SIOUX CITY, IA-NE-SD (FHA|USDA|VA) | 2 | $320,000 | $160,000 | $3,333 | 3.37% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $3,080 | 3.38% |
| Farmington, MO (FHA|USDA|VA) | 2 | $290,000 | $145,000 | $2,277 | 3.06% |
| Holland, MI (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $1,987 | 2.99% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,952 | 3.13% |
| Sedalia, MO (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,851 | 3.49% |
| CARBONDALE-MARION, IL (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $1,400 | 3.38% |
| LAS CRUCES, NM (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,287 | 2.63% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $3,746 | 2.75% |
| ROCKFORD, IL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,470 | 2.50% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,334 | 2.63% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $0 | 3.50% |
| COLUMBUS, IN (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $1,857 | 2.49% |
| TULSA, OK (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $3,628 | 3.63% |
| Rolla, MO (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $2,240 | 4.25% |
Similar Lenders
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 592 | $148,070,000 | $250,118 | $2,314 | 3.12% |
| FHA | 8 | $1,480,000 | $185,000 | $6,341 | 3.30% |
| VA | 4 | $1,410,000 | $352,500 | $11,604 | 3.09% |
For 2020, Fortunebank's most frequently originated type of loan was Conventional, with 592 originations. Their 2nd most popular type was FHA, with 8 originations.
Loan Reason
For 2020, Fortunebank's most frequently cited loan purpose was Refi, with 348 originations. The 2nd most popular reason was Cash Out Refi, with 128 originations.
Loan Duration/Length
For 2020, Fortunebank's most frequently cited loan duration was 30 Year, with 448 originations. The 2nd most popular length was 15 Year, with 82 originations.
Origination Fees/Closing Costs
Fortunebank's average total fees were $2,532, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 512 originations.
Interest Rates
During 2020, Fortunebank's average interest rate for loans was 3.15%, while their most frequently originated rate bucket for loans was 2.5-3%, with 263 originations.
Loan Sizing
2020 saw Fortunebank place emphasis on $200k-400k loans with 292 originations, totaling $81,520,000 in origination value.
Applicant Income
Fortunebank lent most frequently to those with incomes in the $100k-150k range, with 167 originations. The second most popular income band? $75k-100k, with 114 originations.
Applicant Debt to Income Ratio
Fortunebank lent most frequently to those with DTI ratios of 20-30%, with 153 originations. The next most common DTI ratio? 30-36%, with 100 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications94.04%
Fortunebank has an average approval rate.
Pick Rate
Approvals leading to origination73.68%
Fortunebank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 604 | $150,960,000 | $249,934 |
Occupancy Type Mix
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2020 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| FORD MOTOR CREDIT CO. | Conventional home mortgage | Trouble during payment process | 1 | 100.0% |
Bank Details
Branches
| Bank Name | Branch | Branch Type | Deposits (000's) |
|---|---|---|---|
| Fortunebank | 3494 Jeffco Boulevard Arnold, MO 63010 | Full Service B&M | $165,645 |
| Fortunebank | 6121 Telegraph Road Saint Louis, MO 63129 | Full Service B&M | $61,276 |
For 2020, Fortunebank had 2 branches.
Yearly Performance Overview
Bank Income
| Item | Value (in 000's) |
|---|---|
| Total interest income | $11,638 |
| Net interest income | $8,800 |
| Total noninterest income | $6,557 |
| Gross Fiduciary activities income | $0 |
| Service charges on deposit accounts | $36 |
| Trading account gains and fees | $0 |
| Additional Noninterest Income | $6,521 |
| Pre-tax net operating income | $3,269 |
| Securities gains (or losses, -) | $0 |
| Income before extraordinary items | $2,512 |
| Discontinued Operations (Extraordinary gains, net) | $0 |
| Net income of bank and minority interests | $2,512 |
| Minority interest net income | $0 |
| Net income | $2,512 |
| Sale, conversion, retirement of capital stock, net | $0 |
| Net operating income | $2,512 |
Fortunebank's gross interest income from loans was $11,638,000.
Fortunebank's net interest income from loans was $8,800,000.
Fortunebank's fee based income from loans was $36,000.
Fortunebank's net income from loans was $2,512,000.
Bank Expenses
| Item | Value (in 000's) |
|---|---|
| Total interest expense | $2,838 |
| Provision for credit losses | $952 |
| Total noninterest expense | $11,136 |
| Salaries and employee benefits | $7,676 |
| Premises and equipment expense | $859 |
| Additional noninterest expense | $2,601 |
| Applicable income taxes | $757 |
| Net charge-offs | $-67 |
| Cash dividends | $710 |
Fortunebank's interest expense for loans was $2,838,000.
Fortunebank's payroll and benefits expense were $7,676,000.
Fortunebank's property, plant and equipment expenses $859,000.
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 | 0.0% |
| 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 | $187,438 |
| Deposits held in domestic offices | $187,438 |
| Deposits by Individuals, partnerships, and corporations | $175,341 |
| Deposits by U.S. Government | $3 |
| Deposits by States and political subdivisions in the U.S. | $12,093 |
| 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 | $47,841 |
| Demand deposits | $21,741 |
| Nontransaction accounts | $139,596 |
| Money market deposit accounts (MMDAs) | $19,302 |
| Other savings deposits (excluding MMDAs) | $3,893 |
| Total time deposits | $116,401 |
| Total time and savings deposits | $165,696 |
| Noninterest-bearing deposits | $21,741 |
| Interest-bearing deposits | $165,697 |
| Retail deposits | $157,403 |
| IRAs and Keogh plan accounts | $7,464 |
| Brokered deposits | $12,056 |
| Deposits held in foreign offices | $0 |
Assets
| Asset | Value (in 000's) |
|---|---|
| Total Assets | $257,338 |
| Cash & Balances due from depository institutions | $7,034 |
| Interest-bearing balances | $5,257 |
| Total securities | $18,288 |
| Federal funds sold & reverse repurchase | $0 |
| Net loans and leases | $216,894 |
| Loan and leases loss allowance | $2,488 |
| Trading account assets | $0 |
| Bank premises and fixed assets | $5,444 |
| Other real estate owned | $1,920 |
| Goodwill and other intangibles | $900 |
| All other assets | $6,858 |
Liabilities
| Liabilities | Value (in 000's) |
|---|---|
| Total liabilities and capital | $257,338 |
| Total Liabilities | $237,571 |
| Total deposits | $187,438 |
| Interest-bearing deposits | $165,697 |
| Deposits held in domestic offices | $187,438 |
| % insured (estimated) | $87 |
| Federal funds purchased and repurchase agreements | $8,806 |
| Trading liabilities | $0 |
| Other borrowed funds | $39,581 |
| Subordinated debt | $0 |
| All other liabilities | $1,746 |
Issued Loan Types
| Type | Value (in 000's) |
|---|---|
| Net loans and leases | $216,894 |
| Loan and leases loss allowance | $2,488 |
| Total loans and leases (domestic) | $219,382 |
| All real estate loans | $152,033 |
| Real estate loans in domestic offices | $152,033 |
| Construction and development loans | $9,574 |
| Residential 1-4 family construction | $2,206 |
| Other construction, all land development and other land | $7,368 |
| Loans secured by nonfarm nonresidential properties | $99,499 |
| Nonfarm nonresidential secured by owner-occupied properties | $33,571 |
| Commercial real estate & other non-farm, non-residential | $65,928 |
| Multifamily residential real estate | $9,312 |
| 1-4 family residential loans | $32,456 |
| Farmland loans | $1,192 |
| Loans held in foreign offices | $0 |
| Farm loans | $0 |
| Commercial and industrial loans | $66,574 |
| To non-U.S. addressees | $0 |
| Loans to individuals | $320 |
| Credit card loans | $0 |
| Related Plans | $1 |
| Consumer Auto Loans | $315 |
| Other loans to individuals | $4 |
| All other loans & leases | $455 |
| Loans to foreign governments and official institutions | $0 |
| Other loans | $455 |
| 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 $216,894,000 of loans outstanding in 2020. $152,033,000 of loans were in real estate loans. $9,574,000 of loans were in development loans. $9,312,000 of loans were in multifamily mortgage loans. $32,456,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $315,000 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 | 113 | $32,312 | $285,947 |
| Nonfarm, nonresidential loans - <$100k | 14 | $691 | $49,357 |
| Nonfarm, nonresidential loans - $100-250k | 38 | $4,899 | $128,921 |
| Nonfarm, nonresidential loans - $250k-1MM | 61 | $26,722 | $438,066 |
| Commercial & Industrial, US addressed loans - <$1MM | 406 | $40,586 | $99,966 |
| Commercial & Industrial, US addressed loans - <$100k | 233 | $7,046 | $30,240 |
| Commercial & Industrial, US addressed loans - $100-250k | 76 | $7,716 | $101,526 |
| Commercial & Industrial, US addressed loans - $250k-1MM | 97 | $25,824 | $266,227 |
| Farmland loans - <$1MM | 1 | $72 | $72,000 |
| Farmland loans - <$100k | 1 | $72 | $72,000 |