Ovm Financial Mortgage Rates, Fees & Info
Norfolk, VALEI: 254900K3H3XMRQNU9F32
Tax ID: 61-1445782
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Mortgage Data
Review & Overview
Ovm Financial is a smaller mortgage company specializing in Home Purchase loans. They have an average proportion of FHA loans. Ovm Financial has an average proportion of conventional loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Virginia Beach, Fayetteville, Washington, Richmond, and Roanoke among others. We have data for 51 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 an average 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.88% | 11/22/24 |
| 30 Year Conventional Refi | 6.73% | 11/22/24 |
| 30 Year Cash-out Refi | 6.84% | 11/22/24 |
| 30 Year FHA Purchase | 7.69% | 11/22/24 |
| 30 Year FHA Refi | 7.29% | 11/22/24 |
| 30 Year VA Purchase | 6.60% | 11/22/24 |
| 30 Year VA Refi | 6.30% | 11/22/24 |
| 30 Year USDA Purchase | 7.18% | 11/22/24 |
| 15 Year Conventional Purchase | 4.22% | 11/22/24 |
| 15 Year Conventional Refi | 6.44% | 11/22/24 |
| 15 Year Cash-out Refi | 6.44% | 11/22/24 |
| 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. | ||
Ovm Financial Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,461Origination Dollar Volume (All Markets)
$774,875,000Top 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) | 2,745 | $627,195,000 | $228,486 | $5,314 | 4.23% |
| FAYETTEVILLE, NC (FHA|USDA|VA) | 239 | $41,545,000 | $173,828 | $3,944 | 4.16% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 92 | $29,300,000 | $318,478 | $6,897 | 3.96% |
| Outside of Metro Areas | 91 | $14,665,000 | $161,154 | $4,853 | 4.54% |
| RICHMOND, VA (FHA|USDA|VA) | 29 | $7,935,000 | $273,621 | $5,975 | 4.17% |
| ROANOKE, VA (FHA|USDA|VA) | 41 | $7,265,000 | $177,195 | $4,935 | 4.37% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 30 | $7,240,000 | $241,333 | $6,089 | 4.15% |
| Elizabeth City, NC (FHA|USDA|VA) | 33 | $5,965,000 | $180,758 | $5,602 | 4.37% |
| LYNCHBURG, VA (FHA|USDA|VA) | 22 | $4,180,000 | $190,000 | $5,580 | 4.45% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 11 | $3,255,000 | $295,909 | $5,066 | 4.76% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 13 | $3,085,000 | $237,308 | $5,151 | 4.36% |
| Lumberton, NC (FHA|USDA|VA) | 22 | $2,550,000 | $115,909 | $3,690 | 4.26% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 9 | $1,945,000 | $216,111 | $6,470 | 4.16% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 7 | $1,685,000 | $240,714 | $8,441 | 4.27% |
| Pinehurst-Southern Pines, NC (FHA|USDA|VA) | 5 | $1,485,000 | $297,000 | $6,423 | 3.85% |
| Sanford, NC (FHA|USDA|VA) | 6 | $1,220,000 | $203,333 | $6,241 | 4.33% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 6 | $1,170,000 | $195,000 | $3,654 | 4.44% |
| COLUMBIA, SC (FHA|USDA|VA) | 6 | $1,080,000 | $180,000 | $5,459 | 4.44% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 4 | $920,000 | $230,000 | $6,365 | 4.50% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $5,834 | 4.54% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 3 | $905,000 | $301,667 | $9,877 | 4.83% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $12,876 | 3.88% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $690,000 | $345,000 | $15,615 | 4.19% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 3 | $665,000 | $221,667 | $8,124 | 3.63% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 2 | $660,000 | $330,000 | $4,777 | 4.25% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 3 | $655,000 | $218,333 | $7,130 | 4.17% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $4,171 | 4.94% |
| HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $14,388 | 4.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $4,720 | 4.69% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $12,483 | 3.50% |
| HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $4,482 | 4.88% |
| Wilson, NC (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,726 | 3.88% |
| Danville, VA (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $10,157 | 3.38% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $13,646 | 4.75% |
| Laurinburg, NC (FHA|USDA|VA) | 3 | $255,000 | $85,000 | $2,899 | 4.50% |
| WILMINGTON, NC (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,337 | 5.13% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $245,000 | $245,000 | $5,260 | 4.00% |
| HICKORY-LENOIR-MORGANTON, NC (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $3,177 | 3.75% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $4,194 | 3.38% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $3,469 | 3.50% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $0 | 4.25% |
| Morehead City, NC (FHA|USDA|VA) | 2 | $200,000 | $100,000 | $3,128 | 5.25% |
| STAUNTON, VA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $3,435 | 4.00% |
| SAVANNAH, GA (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $3,907 | 4.63% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,203 | 4.63% |
| NEW BERN, NC (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $3,750 | 4.38% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $3,724 | 4.38% |
| Albemarle, NC (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,324 | 5.13% |
| MACON-BIBB COUNTY, GA (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $5,179 | 3.75% |
| SPARTANBURG, SC (FHA|USDA|VA) | 2 | $110,000 | $55,000 | $3,147 | 3.31% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $65,000 | $65,000 | $3,147 | 5.25% |
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Product Mix
For 2019, Ovm Financial's most frequently originated type of loan was VA, with 1,727 originations. Their 2nd most popular type was FHA, with 929 originations.
Loan Reason
For 2019, Ovm Financial's most frequently cited loan purpose was Home Purchase, with 3,185 originations. The 2nd most popular reason was Refi, with 176 originations.
Loan Duration/Length
For 2019, Ovm Financial's most frequently cited loan duration was 30 Year, with 3,412 originations. The 2nd most popular length was 15 Year, with 43 originations.
Origination Fees/Closing Costs
Ovm Financial's average total fees were $5,320, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 1,743 originations.
Interest Rates
During 2019, Ovm Financial's average interest rate for loans was 4.24%, while their most frequently originated rate bucket for loans was 4-5%, with 1,606 originations.
Loan Sizing
2019 saw Ovm Financial place emphasis on $200k-400k loans with 1,865 originations, totaling $502,765,000 in origination value.
Applicant Income
Ovm Financial lent most frequently to those with incomes in the $50k-75k range, with 1,355 originations. The second most popular income band? $50k or less, with 774 originations.
Applicant Debt to Income Ratio
Ovm Financial lent most frequently to those with DTI ratios of 30-36%, with 539 originations. The next most common DTI ratio? 50-60%, with 464 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications97.53%
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 origination83.53%
Ovm Financial has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,461 | $774,875,000 | $223,888 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Manufactured | 23 | $2,665,000 | $115,870 |
| Single Family (1-4 Units):Site-Built | 3,438 | $772,210,000 | $224,610 |