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

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Ovm Financial is a small mortgage company specializing in 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 by origination volume include: Virginia Beach, Fayetteville, Richmond, Jacksonville, and Washington among others. We have data for 75 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Ovm Financial 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. Ovm Financial is typically a high 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.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 7.07% 12/4/22
    30 Year Conventional Refi 6.79% 12/4/22
    30 Year Cash-out Refi 6.96% 12/4/22
    30 Year FHA Purchase 7.83% 12/4/22
    30 Year FHA Refi 7.43% 12/4/22
    30 Year VA Purchase 6.70% 12/4/22
    30 Year VA Refi 6.29% 12/4/22
    30 Year USDA Purchase 7.51% 12/4/22
    15 Year Conventional Purchase 4.64% 12/4/22
    15 Year Conventional Refi 6.05% 12/4/22
    15 Year Cash-out Refi 6.05% 12/4/22
    15 Year VA Purchase 6.33% 12/4/22
    15 Year VA Refi 6.22% 12/4/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    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 mortgage rate was 3.06%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.09%.

    Relative Fees (Closing Costs)

    Ovm Financial's average total fees/closing costs for a 30 year fixed rate mortgage were $6,715.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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
    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.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Maryland (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against OVM FINANCIAL based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    CENTRAL VIRGINIA
    Similarity Rank: 111
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    ABNB Federal Credit Union
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    Cedar Point Federal Credit Union
    Similarity Rank: 546
    DRAGAS MORTGAGE COMPANY
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    FREEDOM FIRST
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    Suncoast Credit Union
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    Towne Mortgage of the Carolinas, LLC
    Similarity Rank: 1539

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Ovm Financial's most frequently originated type of loan was VA, with 2,577 originations. Their 2nd most popular type was Conventional, with 2,188 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Ovm Financial's most frequently cited loan purpose was Home Purchase, with 5,607 originations. The 2nd most popular reason was 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 2021, Ovm Financial's most frequently cited loan duration was 30 Year, with 6,140 originations. The 2nd most popular length was 15 Year, with 161 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 207 $53,845,000 $260,121
    $4k-5k 131 $42,265,000 $322,634
    $5k+ 115 $48,655,000 $423,087

    Ovm Financial's average total fees were $6,715, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.06%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    98.58%

    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
    87.95%

    Ovm Financial has an 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%