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 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 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 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% | 4/18/24 |
| 30 Year Conventional Refi | 6.73% | 4/18/24 |
| 30 Year Cash-out Refi | 6.84% | 4/18/24 |
| 30 Year FHA Purchase | 7.69% | 4/18/24 |
| 30 Year FHA Refi | 7.29% | 4/18/24 |
| 30 Year VA Purchase | 6.60% | 4/18/24 |
| 30 Year VA Refi | 6.30% | 4/18/24 |
| 30 Year USDA Purchase | 7.18% | 4/18/24 |
| 15 Year Conventional Purchase | 4.22% | 4/18/24 |
| 15 Year Conventional Refi | 6.44% | 4/18/24 |
| 15 Year Cash-out Refi | 6.44% | 4/18/24 |
| 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
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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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% |
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Product Mix
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
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
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
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
2021 saw Ovm Financial place emphasis on $200k-400k loans with 3,778 originations, totaling $1,073,540,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.58%
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 origination87.95%
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
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% |