Ovm Financial Mortgage Rates, Fees & Info
Norfolk, VALEI: 254900K3H3XMRQNU9F32
Tax ID: 61-1445782
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Ovm Financial is a small mortgage company specializing in Home Purchase loans. Ovm Financial has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Virginia Beach, Fayetteville, Richmond, Jacksonville, and Washington among others. Ovm Financial 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. Ovm Financial is typically a high fee lendor.Originations
6,307Origination Dollar Volume (All Markets)
$1,648,775,000Awards
OVM FINANCIAL - 2021
OVM FINANCIAL is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Ovm Financial 's average 30 year fixed rate mortgage of loans were
3.06%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.09%.
Relative Fees
Ovm Financial 's average total fees for a 30 year fixed rate
mortgage are $6,715.
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 |
|---|---|---|---|---|---|
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 4,970 | $1,327,780,000 | $267,159 | $6,877 | 3.03% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 321 | $63,095,000 | $196,558 | $5,287 | 2.57% |
| Outside of Metro Areas | 201 | $42,135,000 | $209,627 | $4,906 | 3.15% |
| RICHMOND, VA (FHA|USDA|VA) | 156 | $38,730,000 | $248,269 | $5,906 | 3.17% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 132 | $37,380,000 | $283,182 | $6,083 | 3.31% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 64 | $27,290,000 | $426,406 | $8,335 | 2.98% |
| ROANOKE, VA (FHA|USDA|VA) | 110 | $21,730,000 | $197,545 | $5,151 | 3.08% |
| Elizabeth City, NC (FHA|USDA|VA) | 47 | $10,615,000 | $225,851 | $6,203 | 3.08% |
| LYNCHBURG, VA (FHA|USDA|VA) | 38 | $8,060,000 | $212,105 | $5,309 | 3.08% |
| BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) | 32 | $7,240,000 | $226,250 | $5,145 | 3.26% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 19 | $5,415,000 | $285,000 | $6,606 | 3.18% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 15 | $4,575,000 | $305,000 | $5,798 | 3.03% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 10 | $4,160,000 | $416,000 | $5,764 | 2.99% |
| Lumberton, NC (FHA|USDA|VA) | 29 | $4,045,000 | $139,483 | $4,531 | 2.60% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 10 | $2,830,000 | $283,000 | $6,283 | 3.21% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 7 | $2,735,000 | $390,714 | $8,194 | 3.02% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 10 | $2,720,000 | $272,000 | $3,906 | 2.86% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 8 | $2,550,000 | $318,750 | $5,739 | 3.03% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 6 | $2,230,000 | $371,667 | $4,947 | 2.81% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 5 | $1,985,000 | $397,000 | $6,510 | 3.08% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 5 | $1,895,000 | $379,000 | $4,530 | 3.13% |
| WILMINGTON, NC (FHA|USDA|VA) | 7 | $1,775,000 | $253,571 | $5,036 | 3.14% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 5 | $1,445,000 | $289,000 | $10,935 | 3.10% |
| Roanoke Rapids, NC (FHA|USDA|VA) | 5 | $1,205,000 | $241,000 | $5,511 | 2.90% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 5 | $1,165,000 | $233,000 | $5,632 | 3.10% |
| Sanford, NC (FHA|USDA|VA) | 4 | $1,100,000 | $275,000 | $5,667 | 2.91% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 5 | $1,065,000 | $213,000 | $3,847 | 3.03% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $6,688 | 3.44% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $925,000 | $308,333 | $6,544 | 3.38% |
| Palatka, FL (FHA|USDA|VA) | 3 | $915,000 | $305,000 | $5,856 | 3.17% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $4,239 | 2.58% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 2 | $880,000 | $440,000 | $7,535 | 3.19% |
| Danville, VA (FHA|USDA|VA) | 5 | $855,000 | $171,000 | $5,033 | 3.33% |
| NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $4,621 | 2.94% |
| STAUNTON, VA (FHA|USDA|VA) | 3 | $795,000 | $265,000 | $5,307 | 2.92% |
| Nacogdoches, TX (FHA|USDA|VA) | 4 | $780,000 | $195,000 | $4,738 | 3.09% |
| Key West, FL (FHA|USDA|VA) | 1 | $665,000 | $665,000 | $20,928 | 3.00% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $12,623 | 3.63% |
| KINGSPORT-BRISTOL, TN-VA (FHA|USDA|VA) | 1 | $635,000 | $635,000 | $22,535 | 3.63% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $5,979 | 2.88% |
| FLORENCE, SC (FHA|USDA|VA) | 2 | $550,000 | $275,000 | $1,947 | 2.75% |
| Forest City, NC (FHA|USDA|VA) | 1 | $525,000 | $525,000 | $7,005 | 3.25% |
| GOLDSBORO, NC (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $5,397 | 2.81% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 2 | $500,000 | $250,000 | $5,889 | 2.69% |
| WINSTON-SALEM, NC (FHA|USDA|VA) | 3 | $495,000 | $165,000 | $6,049 | 2.04% |
| OCALA, FL (FHA|USDA|VA) | 2 | $480,000 | $240,000 | $8,684 | 2.75% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 3 | $465,000 | $155,000 | $3,398 | 3.00% |
| Laurinburg, NC (FHA|USDA|VA) | 3 | $445,000 | $148,333 | $2,724 | 2.04% |
| Lufkin, TX (FHA|USDA|VA) | 2 | $440,000 | $220,000 | $8,754 | 3.00% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $19,564 | 2.88% |
| CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) | 1 | $425,000 | $425,000 | $4,167 | 3.25% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,673 | 2.69% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,714 | 3.00% |
| Sevierville, TN (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $4,655 | 3.38% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $8,814 | 3.25% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $10,114 | 3.25% |
| GREENVILLE, NC (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $812 | 2.38% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $9,623 | 3.88% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $4,510 | 2.88% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,487 | 2.88% |
| MORRISTOWN, TN (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $3,873 | 3.38% |
| Martinsville, VA (FHA|USDA|VA) | 2 | $280,000 | $140,000 | $5,981 | 2.50% |
| HARRISONBURG, VA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $3,458 | 3.25% |
| Washington, NC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,608 | 3.00% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $7,076 | 3.75% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $4,596 | 3.50% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $0 | 3.88% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $7,587 | 2.88% |
| KILLEEN-TEMPLE, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,112 | 3.25% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $10 | 2.50% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $95 | 2.75% |
| GAINESVILLE, FL (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,251 | 3.50% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,965 | 3.75% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $5,709 | 2.25% |
| VALDOSTA, GA (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $2,933 | 3.00% |
Ovm Financial 's top markets include Virginia Beach, Fayetteville, Richmond, Jacksonville, and Washington among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| VA | 2,577 | $799,095,000 | $310,087 | $8,285 | 2.88% |
| Conventional | 2,188 | $484,510,000 | $221,440 | $3,621 | 3.11% |
| FHA | 1,491 | $355,235,000 | $238,253 | $8,114 | 3.14% |
| USDA | 51 | $9,935,000 | $194,804 | $6,317 | 3.36% |
For the 2021 period, Ovm Financial 's most frequently originated loan type of loans were VA, with 2,577 originations. Their 2nd most popular type is Conventional, with 2,188 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 5,607 | $1,464,125,000 | $261,124 | $6,828 | 3.04% |
| Refi | 445 | $118,925,000 | $267,247 | $4,192 | 2.76% |
| Cash Out Refi | 255 | $65,725,000 | $257,745 | $6,100 | 3.03% |
For the 2021, Ovm Financial 's most frequently cited loan purpose of loans were Home Purchase, with 5,607 originations. The 2nd most popular reason of loans were Refi, with 445 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 6,140 | $1,620,790,000 | $263,972 | $6,715 | 3.06% |
| 15 Year | 161 | $26,185,000 | $162,640 | $2,759 | 1.70% |
| 20 Year | 5 | $1,545,000 | $309,000 | $3,692 | 2.80% |
| Other | 1 | $255,000 | $255,000 | $3,764 | 2.75% |
For the 2021, Ovm Financial 's most frequently cited loan length of loans were 30 Year, with 6,140 originations. The 2nd most popular length of loans were 15 Year, with 161 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 3,805 | $1,052,985,000 | $276,737 |
| $<1k | 1,665 | $358,325,000 | $215,210 |
| $2k-3k | 384 | $92,700,000 | $241,406 |
| $3k-4k | 338 | $96,110,000 | $284,349 |
| $5k+ | 115 | $48,655,000 | $423,087 |
$6,715 of loans were Ovm Financial 's average total fees, while their most frequently occuring range of origination fees were in the $1k-2k bucket, with 3,805 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 2,739 | $635,915,000 | $232,171 |
| 2.5-3% | 2,709 | $773,395,000 | $285,491 |
| <2.5% | 809 | $230,095,000 | $284,419 |
| 4-5% | 42 | $8,650,000 | $205,952 |
| 5-6% | 8 | $720,000 | $90,000 |
During 2021, Ovm Financial 's average interest rate of loans were 3.06%, while their most frequently originated rate bucket of loans were 3-4%, with 2,739 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 3,778 | $1,073,540,000 | $284,156 | $7,282 | 3.00% |
| $100k-200k | 1,358 | $222,580,000 | $163,903 | $5,173 | 3.15% |
| $400k-600k | 635 | $296,125,000 | $466,339 | $9,532 | 2.93% |
| $100,000 or less | 466 | $6,320,000 | $13,562 | $482 | 3.02% |
| $600k-1MM | 68 | $47,880,000 | $704,118 | $12,288 | 2.86% |
| $1MM+ | 2 | $2,330,000 | $1,165,000 | $20,225 | 3.00% |
2021 saw Ovm Financial place emphasis on $200k-400k loans with 3,778 originations, totaling $1,073,540,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 2,399 | $549,745,000 | $229,156 | $6,536 | 3.05% |
| $75k-100k | 1,228 | $354,220,000 | $288,453 | $7,580 | 3.02% |
| $50k or less | 1,180 | $203,900,000 | $172,797 | $4,786 | 3.00% |
| $100k-150k | 993 | $338,775,000 | $341,163 | $7,544 | 3.00% |
| $150k-250k | 394 | $157,890,000 | $400,736 | $7,449 | 3.00% |
| $250k+ | 78 | $33,450,000 | $428,846 | $6,117 | 3.04% |
Ovm Financial lent most frequently to those with incomes in the $50k-75k range, with 2,399 originations. The second most popular income band? $75k-100k, with 1,228 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30-36% | 1,069 | $260,455,000 | $243,644 | $6,222 | 3.00% |
| 20-30% | 936 | $241,680,000 | $258,205 | $5,714 | 2.98% |
| 50-60% | 512 | $148,690,000 | $290,410 | $8,842 | 2.98% |
| 42% | 321 | $80,185,000 | $249,798 | $6,425 | 3.11% |
| 44% | 315 | $73,435,000 | $233,127 | $6,354 | 3.14% |
| 43% | 304 | $75,980,000 | $249,934 | $6,414 | 3.17% |
| 40% | 295 | $74,135,000 | $251,305 | $6,654 | 2.99% |
| 41% | 279 | $71,075,000 | $254,749 | $6,675 | 3.11% |
| 38% | 256 | $65,670,000 | $256,523 | $6,543 | 3.11% |
| 39% | 243 | $59,565,000 | $245,123 | $5,940 | 3.12% |
| <20% | 225 | $54,305,000 | $241,356 | $4,540 | 2.97% |
| 37% | 214 | $57,080,000 | $266,729 | $7,173 | 3.05% |
| 45% | 204 | $60,000,000 | $294,118 | $7,738 | 3.04% |
| 49% | 202 | $59,520,000 | $294,653 | $7,792 | 3.01% |
| 46% | 202 | $60,060,000 | $297,327 | $7,974 | 2.96% |
| 36% | 197 | $51,415,000 | $260,990 | $7,167 | 3.09% |
| 48% | 183 | $53,385,000 | $291,721 | $7,543 | 3.03% |
| 47% | 182 | $53,960,000 | $296,484 | $7,693 | 3.04% |
| >60% | 8 | $2,290,000 | $286,250 | $8,930 | 3.08% |
Ovm Financial lent most frequently to those with DTI ratios of 30-36%, with 1,069 originations. The next most common DTI ratio? 20-30%, with 936 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 4,363 | $1,171,335,000 | $268,470 | $6,668 | 3.00% |
| Black | 1,593 | $383,895,000 | $240,989 | $6,448 | 3.09% |
| Asian | 216 | $58,180,000 | $269,352 | $6,712 | 3.00% |
| Not provided | 69 | $17,045,000 | $247,029 | $6,652 | 3.04% |
| American Indian | 39 | $9,405,000 | $241,154 | $6,298 | 2.89% |
| Native Hawaiian | 16 | $5,510,000 | $344,375 | $8,377 | 2.84% |
| Asian Indian | 5 | $1,565,000 | $313,000 | $4,614 | 3.03% |
| Filipino | 3 | $865,000 | $288,333 | $5,312 | 3.00% |
| Other Asian | 2 | $730,000 | $365,000 | $1,914 | 3.13% |
| Other Pacific Islander | 1 | $245,000 | $245,000 | $8,036 | 2.88% |
Approval Rates
Total approvals of all applications97.96%
Ovm Financial has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination84.88%
Ovm Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 6,307 | $1,648,775,000 | $261,420 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6,307 | $1,648,775,000 | $261,420 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 36 | $6,070,000 | $168,611 | $3,917 | 2.92% |
| 40-60% | 157 | $34,965,000 | $222,707 | $4,308 | 2.98% |
| 60-80% | 649 | $176,685,000 | $272,242 | $4,705 | 3.06% |
| 80-100% | 3,949 | $1,074,915,000 | $272,199 | $6,470 | 3.06% |
| Over 100% | 1,089 | $353,125,000 | $324,265 | $11,195 | 2.88% |
| Under 20% | 427 | $3,015,000 | $7,061 | $189 | 3.00% |
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| OVM FINANCIAL, INC | Conventional home mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
| OVM FINANCIAL, INC | Conventional home mortgage | Trouble during payment process | 1 | 33.3% |
| OVM FINANCIAL, INC | Other type of mortgage | Applying for a mortgage or refinancing an existing mortgage | 1 | 33.3% |
