Ovm Financial Mortgage Rates, Fees & Info

Norfolk, VA

LEI: 254900K3H3XMRQNU9F32

Tax ID: 61-1445782

3.3 stars - out of 5 stars, based on 79 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

6,307

Origination Dollar Volume (All Markets)

$1,648,775,000

Awards

OVM FINANCIAL  30 Year Conventional Loans silver
Show all (1) awards

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 applications
97.96%

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 origination
84.88%

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%