Fortunebank Mortgage Rates, Fees & Info

Arnold, MO

LEI: 549300WB1KDYDW5IRX09

Tax ID: 20-3586209

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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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Fortunebank is a smaller bank specializing in Home Purchase and Refi loans. Fortunebank has a high proportion of conventional loans. Their top markets by origination volume include: St. Louis, Birmingham, Chicago, Minneapolis, and Augusta among others. We have data for 7 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.

    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.


    Originations

    49

    Origination Dollar Volume (All Markets)

    $15,825,000

    Employee count

    59

    Awards

    FortuneBank 30 Year Conventional Loans silver
    Show all (1) 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
    ST. LOUIS, MO-IL (FHA|USDA|VA) 41 $12,605,000 $307,439 $2,456 3.84%
    BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 4.50%
    Outside of Metro Areas 3 $575,000 $191,667 $2,433 3.46%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $255,000 $255,000 $0 3.75%
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 1 $175,000 $175,000 $2,561 2.38%
    AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) 1 $115,000 $115,000 $2,583 2.88%
    LITTLE ROCK-NORTH LITTLE ROCK-CONWAY, AR (FHA|USDA|VA) 1 $95,000 $95,000 $0 4.00%
    Fortunebank's top markets include St. Louis, Birmingham, Chicago, Minneapolis, and Augusta among others.

    Their top states include:
  • Missouri (FHA|USDA|VA)
  • Alabama (FHA|USDA|VA)
  • Illinois (FHA|USDA|VA)
  • Minnesota (FHA|USDA|VA)
  • Georgia (FHA|USDA|VA)

    • 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.

    Town & Country Bank
    Similarity Rank: 328
    Ozarks Federal Savings and Loan Association
    Similarity Rank: 370
    CapGrow Home Mortgage, LLC
    Similarity Rank: 552
    D.W. BROWN MORTGAGE CORP.
    Similarity Rank: 627
    JERSEY STATE BANK
    Similarity Rank: 725
    HNB National Bank
    Similarity Rank: 910
    First National Bank of Waterloo
    Similarity Rank: 938
    VANTAGE Credit Union
    Similarity Rank: 1010
    Providence Bank
    Similarity Rank: 1102
    U S WIDE FINANCIAL LLC
    Similarity Rank: 1260

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 49 $15,825,000 $322,959 $2,463 3.78%

    For 2021, Fortunebank's most frequently originated type of loan was Conventional, with 49 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 25 $10,985,000 $439,400 $3,080 4.23%
    Refi 15 $3,535,000 $235,667 $2,124 3.17%
    Cash Out Refi 6 $880,000 $146,667 $2,161 3.25%
    Home Improvement 2 $310,000 $155,000 $3,211 4.69%
    Other 1 $115,000 $115,000 $2,952 3.00%

    For 2021, Fortunebank's most frequently cited loan purpose was Home Purchase, with 25 originations. The 2nd most popular reason was Refi, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 18 $2,880,000 $160,000 $2,626 3.28%
    1 Year 8 $1,180,000 $147,500 $0 4.63%
    Other 8 $4,770,000 $596,250 $2,296 4.50%
    5 Year 6 $5,630,000 $938,333 $0 4.33%
    20 Year 4 $530,000 $132,500 $2,079 3.38%
    15 Year 3 $405,000 $135,000 $1,959 2.42%
    3 Year 1 $125,000 $125,000 $0 4.00%
    10 Year 1 $305,000 $305,000 $2,369 2.38%

    For 2021, Fortunebank's most frequently cited loan duration was 30 Year, with 18 originations. The 2nd most popular length was 1 Year, with 8 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 19 $3,375,000 $177,632
    $1k-2k 7 $1,055,000 $150,714

    Fortunebank's average total fees were $2,626, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 19 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 18 $4,920,000 $273,333
    4-5% 13 $7,725,000 $594,231
    2.5-3% 8 $1,450,000 $181,250
    <2.5% 5 $895,000 $179,000
    5-6% 5 $835,000 $167,000

    During 2021, Fortunebank's average interest rate for loans was 3.28%, while their most frequently originated rate bucket for loans was 3-4%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 20 $2,950,000 $147,500 $2,341 3.59%
    $200k-400k 12 $3,170,000 $264,167 $2,557 3.59%
    $100,000 or less 11 $735,000 $66,818 $2,704 4.07%
    $1MM+ 3 $7,085,000 $2,361,667 $0 4.33%
    $600k-1MM 2 $1,460,000 $730,000 $0 4.13%
    $400k-600k 1 $425,000 $425,000 $0 4.25%

    2021 saw Fortunebank place emphasis on $100k-200k loans with 20 originations, totaling $2,950,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 7 $1,045,000 $149,286 $2,113 3.39%
    $100k-150k 6 $1,150,000 $191,667 $2,484 3.35%
    $150k-250k 6 $1,340,000 $223,333 $2,571 3.06%
    $50k or less 6 $680,000 $113,333 $2,432 3.38%
    $75k-100k 2 $400,000 $200,000 $2,379 3.31%
    $250k+ 1 $75,000 $75,000 $3,853 3.50%

    Fortunebank lent most frequently to those with incomes in the $50k-75k range, with 7 originations. The second most popular income band? $100k-150k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 11 $2,025,000 $184,091 $2,240 3.05%
    <20% 5 $815,000 $163,000 $1,979 3.53%
    30-36% 4 $650,000 $162,500 $3,390 3.22%
    40% 2 $400,000 $200,000 $2,379 3.31%
    41% 2 $200,000 $100,000 $3,112 4.13%
    42% 2 $380,000 $190,000 $2,591 3.38%
    >60% 1 $25,000 $25,000 $0 5.25%
    39% 1 $145,000 $145,000 $2,313 3.25%
    46% 1 $175,000 $175,000 $2,561 2.38%

    Fortunebank lent most frequently to those with DTI ratios of 20-30%, with 11 originations. The next most common DTI ratio? <20%, with 5 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 20 $11,010,000 $550,500 $0 4.43%
    White 27 $4,565,000 $169,074 $2,462 3.25%
    Not provided 1 $225,000 $225,000 $2,500 3.38%
    Black 1 $25,000 $25,000 $0 5.25%

    Approval Rates

    Total approvals of all applications
    97.50%

    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 origination
    40.82%

    Fortunebank 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 49 $15,825,000 $322,959

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    49 $15,825,000 $322,959

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $530,000 $265,000 $2,170 2.50%
    40-60% 10 $3,610,000 $361,000 $2,149 3.43%
    60-80% 26 $4,540,000 $174,615 $2,660 3.96%
    80-100% 11 $7,145,000 $649,545 $2,522 3.90%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    Freedom Mortgage Company Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 74 9.7%
    Freedom Mortgage Company Conventional home mortgage Closing on a mortgage 36 4.7%
    Freedom Mortgage Company Conventional home mortgage Improper use of your report 3 0.4%
    Freedom Mortgage Company Conventional home mortgage Incorrect information on your report 5 0.7%
    Freedom Mortgage Company Conventional home mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.4%
    Freedom Mortgage Company Conventional home mortgage Struggling to pay mortgage 18 2.4%
    Freedom Mortgage Company Conventional home mortgage Trouble during payment process 122 16.1%
    Freedom Mortgage Company FHA mortgage Applying for a mortgage or refinancing an existing mortgage 37 4.9%
    Freedom Mortgage Company FHA mortgage Closing on a mortgage 19 2.5%
    Freedom Mortgage Company FHA mortgage Credit monitoring or identity theft protection services 1 0.1%
    Freedom Mortgage Company FHA mortgage Improper use of your report 1 0.1%
    Freedom Mortgage Company FHA mortgage Incorrect information on your report 6 0.8%
    Freedom Mortgage Company FHA mortgage Problem with a credit reporting company's investigation into an existing problem 6 0.8%
    Freedom Mortgage Company FHA mortgage Struggling to pay mortgage 65 8.6%
    Freedom Mortgage Company FHA mortgage Trouble during payment process 82 10.8%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 1 0.1%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Improper use of your report 1 0.1%
    Freedom Mortgage Company Home equity loan or line of credit (HELOC) Trouble during payment process 1 0.1%
    Freedom Mortgage Company Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 10 1.3%
    Freedom Mortgage Company Other type of mortgage Closing on a mortgage 1 0.1%
    Freedom Mortgage Company Other type of mortgage Incorrect information on your report 1 0.1%
    Freedom Mortgage Company Other type of mortgage Struggling to pay mortgage 7 0.9%
    Freedom Mortgage Company Other type of mortgage Trouble during payment process 12 1.6%
    Freedom Mortgage Company Reverse mortgage Applying for a mortgage or refinancing an existing mortgage 2 0.3%
    Freedom Mortgage Company VA mortgage Applying for a mortgage or refinancing an existing mortgage 50 6.6%
    Freedom Mortgage Company VA mortgage Closing on a mortgage 32 4.2%
    Freedom Mortgage Company VA mortgage Incorrect information on your report 5 0.7%
    Freedom Mortgage Company VA mortgage Problem with a credit reporting company's investigation into an existing problem 3 0.4%
    Freedom Mortgage Company VA mortgage Struggling to pay mortgage 20 2.6%
    Freedom Mortgage Company VA mortgage Trouble during payment process 136 17.9%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Fortunebank 3494 Jeffco Boulevard Arnold, MO 63010 Full Service B&M $144,751
    Fortunebank 6121 Telegraph Road Saint Louis, MO 63129 Full Service B&M $74,801

    For 2021, Fortunebank had 2 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $10,852
    Net interest income $9,142
    Total noninterest income $4,855
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $31
    Trading account gains and fees $0
    Additional Noninterest Income $4,824
    Pre-tax net operating income $4,768
    Securities gains (or losses, -) $156
    Income before extraordinary items $3,710
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,710
    Minority interest net income $0
    Net income $3,710
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,586

    Fortunebank's gross interest income from loans was $10,852,000.
    Fortunebank's net interest income from loans was $9,142,000.
    Fortunebank's fee based income from loans was $31,000.
    Fortunebank's net income from loans was $3,710,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,710
    Provision for credit losses $-410
    Total noninterest expense $9,639
    Salaries and employee benefits $5,967
    Premises and equipment expense $986
    Additional noninterest expense $2,686
    Applicable income taxes $1,214
    Net charge-offs $-109
    Cash dividends $240

    Fortunebank's interest expense for loans was $1,710,000.
    Fortunebank's payroll and benefits expense were $5,967,000.
    Fortunebank's property, plant and equipment expenses $986,000.

    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 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 $224,419
    Deposits held in domestic offices $224,419
    Deposits by Individuals, partnerships, and corporations $212,966
    Deposits by U.S. Government $7
    Deposits by States and political subdivisions in the U.S. $10,936
    Deposits by Commercial banks and other depository institutions in U.S. $510
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $95,136
    Demand deposits $28,278
    Nontransaction accounts $129,283
    Money market deposit accounts (MMDAs) $19,868
    Other savings deposits (excluding MMDAs) $4,587
    Total time deposits $104,828
    Total time and savings deposits $196,141
    Noninterest-bearing deposits $28,278
    Interest-bearing deposits $196,141
    Retail deposits $200,341
    IRAs and Keogh plan accounts $8,290
    Brokered deposits $13,579
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $260,509
    Cash & Balances due from depository institutions $46,511
    Interest-bearing balances $44,254
    Total securities $0
    Federal funds sold & reverse repurchase $0
    Net loans and leases $200,057
    Loan and leases loss allowance $2,186
    Trading account assets $0
    Bank premises and fixed assets $5,489
    Other real estate owned $1,729
    Goodwill and other intangibles $864
    All other assets $5,859

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $260,509
    Total Liabilities $237,451
    Total deposits $224,419
    Interest-bearing deposits $196,141
    Deposits held in domestic offices $224,419
    % insured (estimated) $85
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $10,000
    Subordinated debt $0
    All other liabilities $3,032

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $200,057
    Loan and leases loss allowance $2,186
    Total loans and leases (domestic) $202,243
    All real estate loans $151,362
    Real estate loans in domestic offices $151,362
    Construction and development loans $7,255
    Residential 1-4 family construction $2,058
    Other construction, all land development and other land $5,197
    Loans secured by nonfarm nonresidential properties $113,013
    Nonfarm nonresidential secured by owner-occupied properties $38,133
    Commercial real estate & other non-farm, non-residential $74,880
    Multifamily residential real estate $11,192
    1-4 family residential loans $18,717
    Farmland loans $1,185
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $50,382
    To non-U.S. addressees $0
    Loans to individuals $447
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $431
    Other loans to individuals $16
    All other loans & leases $52
    Loans to foreign governments and official institutions $0
    Other loans $52
    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 $200,057,000 of loans outstanding in 2021. $151,362,000 of loans were in real estate loans. $7,255,000 of loans were in development loans. $11,192,000 of loans were in multifamily mortgage loans. $18,717,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $431,000 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 111 $36,488 $328,721
    Nonfarm, nonresidential loans - <$100k 9 $439 $48,778
    Nonfarm, nonresidential loans - $100-250k 36 $4,795 $133,194
    Nonfarm, nonresidential loans - $250k-1MM 66 $31,254 $473,545
    Commercial & Industrial, US addressed loans - <$1MM 220 $24,662 $112,100
    Commercial & Industrial, US addressed loans - <$100k 76 $2,209 $29,066
    Commercial & Industrial, US addressed loans - $100-250k 53 $4,911 $92,660
    Commercial & Industrial, US addressed loans - $250k-1MM 91 $17,542 $192,769
    Farmland loans - <$1MM 1 $66 $66,000
    Farmland loans - <$100k 1 $66 $66,000