Essex Bank Mortgage Rates, Fees & Info

Richmond, VA

LEI: 5493002ONSVZNJT6QU36

Tax ID: 54-0132580

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Essex Bank is a smaller bank specializing in Refi and Home Purchase loans. Essex Bank has a high proportion of conventional loans. Their top markets include Richmond, Lynchburg, Baltimore, Washington, and Charlottesville among others. Essex Bank has an average approval rate for mortages when compared nationally. They have an average pick rate when compared to the same sample of other lendors.


Originations

456

Origination Dollar Volume (All Markets)

$119,430,000

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
RICHMOND, VA (FHA|USDA|VA) 188 $39,280,000 $208,936 $0 0.00%
LYNCHBURG, VA (FHA|USDA|VA) 27 $35,405,000 $1,311,296 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 91 $15,795,000 $173,571 $0 0.00%
Outside of Metro Areas 99 $14,535,000 $146,818 $0 0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 37 $5,505,000 $148,784 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 6 $3,310,000 $551,667 $0 0.00%
Martinsville, VA (FHA|USDA|VA) 1 $2,645,000 $2,645,000 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 4 $1,960,000 $490,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $685,000 $685,000 $0 0.00%
Easton, MD (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
Danville, VA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%

Essex Bank's top markets include Richmond, Lynchburg, Baltimore, Washington, and Charlottesville among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 456 $119,430,000 $261,908 $0 0.00%

For the 2021 period, Essex Bank's most frequently originated loan type of loans were Conventional, with 456 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 198 $46,080,000 $232,727 $0 0.00%
Home Improvement 115 $11,365,000 $98,826 $0 0.00%
Other 74 $7,150,000 $96,622 $0 0.00%
Home Purchase 69 $54,835,000 $794,710 $0 0.00%

For the 2021, Essex Bank's most frequently cited loan purpose of loans were Refi, with 198 originations. The 2nd most popular reason of loans were Home Improvement, with 115 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 456 $119,430,000 $261,908 $0 0.00%

For the 2021, Essex Bank's most frequently cited loan length of loans were Other, with 456 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100,000 or less 199 $11,285,000 $56,709 $0 0.00%
$100k-200k 126 $17,560,000 $139,365 $0 0.00%
$200k-400k 83 $21,935,000 $264,277 $0 0.00%
$400k-600k 19 $9,215,000 $485,000 $0 0.00%
$1MM+ 15 $48,975,000 $3,265,000 $0 0.00%
$600k-1MM 14 $10,460,000 $747,143 $0 0.00%

2021 saw Essex Bank place emphasis on $100,000 or less loans with 199 originations, totaling $11,285,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$150k-250k 91 $13,435,000 $147,637 $0 0.00%
$100k-150k 66 $7,550,000 $114,394 $0 0.00%
$250k+ 54 $16,290,000 $301,667 $0 0.00%
$75k-100k 51 $6,275,000 $123,039 $0 0.00%
$50k-75k 41 $3,815,000 $93,049 $0 0.00%
$50k or less 28 $3,060,000 $109,286 $0 0.00%

Essex Bank lent most frequently to those with incomes in the $150k-250k range, with 91 originations. The second most popular income band? $100k-150k, with 66 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 456 $119,430,000 $261,908 $0 0.00%

Essex Bank lent most frequently to those with DTI ratios of Exempt%, with 456 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
Not applicable 121 $68,325,000 $564,669 $0 0.00%
White 283 $42,495,000 $150,159 $0 0.00%
Not provided 30 $5,240,000 $174,667 $0 0.00%
Black 18 $2,430,000 $135,000 $0 0.00%
Asian 4 $940,000 $235,000 $0 0.00%

Approval Rates

Total approvals of all applications
86.05%

Essex Bank has an average approval rate.

Pick Rate

Approvals leading to origination
93.50%

Essex Bank has an average pick rate.

Points and Fees

Points Originations Total Value Average Loan
Exempt 456 $119,430,000 $261,908

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
456 $119,430,000 $261,908

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
Essex Bank 12254 West Broad Marketplace Henrico, VA 23233 Full Service B&M $35,836
Essex Bank 100 Broad Street Road Manakin Sabot, VA 23103 Full Service B&M $114,004
Essex Bank 1101 Nelson Street Rockville, MD 20850 Full Service B&M $28,213
Essex Bank 3062 Solomons Island Rd Edgewater, MD 21037 Full Service B&M $11,862
Essex Bank 3638 Old Forest Road Lynchburg, VA 24501 Full Service B&M $13,339
Essex Bank 3740 Winterfield Road Midlothian, VA 23113 Full Service B&M $55,506
Essex Bank 4935 Richmond Tappahannock Hwy Manquin, VA 23106 Full Service B&M $59,576
Essex Bank 6143 High Bridge Road Bowie, MD 20720 Full Service B&M $57,917
Essex Bank 6315 Mechanicsville Turnpike Mechanicsville, VA 23111 Full Service B&M $80,555
Essex Bank 654 Northumberland Highway Callao, VA 22435 Full Service B&M $36,261
Essex Bank 9951 Brook Road Glenn Allen, VA 23060 Full Service B&M $82,451
Essex Bank 9954 Mayland Drive, Suite 2100 Richmond, VA 23233 Full Service B&M $63,502
Essex Bank 1230 Race Rd Baltimore, MD 21237 Full Service B&M $55,812
Essex Bank 12640 Stone Village Way Midlothian, VA 23113 Full Service B&M $17,763
Essex Bank 1325tappahannock Blvd Tappahannock, VA 22560 Full Service B&M $138,725
Essex Bank 14750 Northumberland Highway Burgess, VA 22432 Full Service B&M $27,079
Essex Bank 1681 Main Street West Point, VA 23181 Full Service B&M $52,010
Essex Bank 1835 West Street Annapolis, MD 21401 Full Service B&M $60,239
Essex Bank 1949 Sandy Hook Road Goochland, VA 23063 Full Service B&M $68,007
Essex Bank 2120 Baldwin Avenue Crofton, MD 21114 Full Service Retail $87,814
Essex Bank 21437 Timberlake Road Lynchburg, VA 24502 Full Service B&M $34,855
Essex Bank 217 East Main Street Louisa, VA 23093 Full Service B&M $117,008
Essex Bank 2320 Anderson Highway Powhatan, VA 23139 Full Service B&M $154,967
Essex Bank 2703 Buford Road Richmond, VA 23235 Full Service B&M $37,276

For 2021, Essex Bank had 24 branches.

Yearly Performance Overview