Ovm Financial Mortgage Rates, Fees & Info

Norfolk, VA

LEI: 254900K3H3XMRQNU9F32

Tax ID: 61-1445782

Latest/2024 | 2023 Data | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Jump to:

Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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)

    • 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 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

    3,461

    Origination Dollar Volume (All Markets)

    $774,875,000

    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) 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%
    Ovm Financial's top markets include Virginia Beach, Fayetteville, Washington, Richmond, and Roanoke among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • South Carolina (FHA|USDA|VA)
  • Georgia (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.

    ABNB Federal Credit Union
    Similarity Rank: 75
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 160
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 165
    Call Federal Credit Union
    Similarity Rank: 372
    MEMBER ONE
    Similarity Rank: 500
    CHARTWAY FEDERAL CREDIT UNION
    Similarity Rank: 517
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 530
    FREEDOM FIRST
    Similarity Rank: 621
    UNIVERSITY OF VIRGINIA COMMUNITY CREDIT UNION,INC.
    Similarity Rank: 636
    NYMEO FEDERAL CREDIT UNION
    Similarity Rank: 697

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    VA 1,727 $449,195,000 $260,101 $5,032 4.11%
    FHA 929 $189,375,000 $203,848 $7,288 4.28%
    Conventional 791 $133,765,000 $169,109 $3,444 4.45%
    USDA 14 $2,540,000 $181,429 $5,331 4.36%

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 3,185 $706,785,000 $221,911 $5,332 4.25%
    Refi 176 $46,090,000 $261,875 $4,162 3.80%
    Cash Out Refi 100 $22,000,000 $220,000 $5,591 4.40%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 3,412 $768,890,000 $225,349 $5,320 4.24%
    15 Year 43 $5,045,000 $117,326 $2,435 3.45%
    20 Year 3 $745,000 $248,333 $3,986 4.92%
    10 Year 2 $80,000 $40,000 $1,457 3.56%
    Other 1 $115,000 $115,000 $876 4.75%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 1,743 $394,415,000 $226,285
    $1k-2k 1,330 $290,310,000 $218,278
    $2k-3k 188 $37,130,000 $197,500
    $3k-4k 115 $27,305,000 $237,435
    $4k-5k 40 $11,190,000 $279,750
    $5k+ 38 $12,940,000 $340,526

    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

    Loan Rate Originations Total Value Average Loan
    4-5% 1,606 $345,620,000 $215,205
    3-4% 1,511 $368,775,000 $244,060
    5-6% 311 $56,705,000 $182,331
    2.5-3% 11 $3,085,000 $280,455
    <2.5% 4 $20,000 $5,000
    6-7% 4 $600,000 $150,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,865 $502,765,000 $269,579 $5,942 4.13%
    $100k-200k 1,124 $177,420,000 $157,847 $4,668 4.37%
    $100,000 or less 290 $9,100,000 $31,379 $1,447 4.46%
    $400k-600k 177 $81,725,000 $461,723 $8,158 4.04%
    $600k-1MM 5 $3,865,000 $773,000 $15,839 3.88%

    2019 saw Ovm Financial place emphasis on $200k-400k loans with 1,865 originations, totaling $502,765,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 1,355 $275,965,000 $203,664 $5,173 4.23%
    $50k or less 774 $122,960,000 $158,863 $4,190 4.23%
    $75k-100k 605 $151,155,000 $249,843 $5,811 4.24%
    $100k-150k 498 $149,580,000 $300,361 $6,175 4.20%
    $150k-250k 180 $60,950,000 $338,611 $6,608 4.27%
    $250k+ 33 $10,825,000 $328,030 $5,279 4.34%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 539 $108,245,000 $200,826 $4,580 4.21%
    50-60% 464 $119,860,000 $258,319 $6,762 4.19%
    20-30% 400 $74,620,000 $186,550 $4,141 4.23%
    43% 177 $40,845,000 $230,763 $5,757 4.25%
    42% 157 $36,225,000 $230,732 $5,825 4.33%
    44% 157 $35,675,000 $227,229 $5,976 4.26%
    49% 152 $37,000,000 $243,421 $5,628 4.40%
    39% 141 $31,985,000 $226,844 $5,360 4.30%
    47% 136 $34,330,000 $252,426 $5,746 4.21%
    45% 133 $32,275,000 $242,669 $5,843 4.22%
    40% 126 $27,030,000 $214,524 $5,185 4.31%
    41% 126 $28,030,000 $222,460 $5,181 4.28%
    38% 123 $25,075,000 $203,862 $5,023 4.35%
    37% 112 $24,690,000 $220,446 $5,446 4.16%
    36% 111 $23,605,000 $212,658 $5,053 4.29%
    48% 96 $24,890,000 $259,271 $5,478 4.33%
    46% 94 $23,050,000 $245,213 $5,962 4.28%
    <20% 77 $10,865,000 $141,104 $3,548 4.13%
    >60% 14 $3,610,000 $257,857 $5,663 4.36%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,377 $546,225,000 $229,796 $5,373 4.20%
    Black 800 $167,930,000 $209,913 $5,111 4.32%
    Not provided 155 $30,345,000 $195,774 $4,704 4.18%
    Asian 105 $25,475,000 $242,619 $5,421 4.25%
    American Indian 20 $4,100,000 $205,000 $4,711 4.06%
    Native Hawaiian or Islander 4 $800,000 $200,000 $4,654 4.19%

    Approval Rates

    Total approvals of all applications
    97.53%

    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 origination
    83.53%

    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

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 20 $2,430,000 $121,500 $3,404 4.04%
    40-60% 38 $6,830,000 $179,737 $3,918 4.33%
    60-80% 224 $47,310,000 $211,205 $4,553 4.55%
    80-100% 2,326 $534,030,000 $229,592 $5,367 4.24%
    Over 100% 659 $182,945,000 $277,610 $6,844 4.10%
    Under 20% 193 $1,125,000 $5,829 $181 4.26%