The Freedom Bank Of Virginia Mortgage Rates, Fees & Info

Vienna, VA

LEI: 5493005H0NK3SWWY4384

Tax ID: 54-1968622

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

The Freedom Bank Of Virginia is a smaller bank specializing in Refi and Home Purchase loans. The Freedom Bank Of Virginia has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Virginia Beach, Richmond, and Hagerstown among others. The Freedom Bank Of Virginia has an above average approval rate for mortages when compared nationally. They have an above average pick rate when compared to the same sample of other lendors.


Originations

921

Origination Dollar Volume (All Markets)

$366,755,000

Employee count

94

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 778 $319,780,000 $411,028 $0 0.00%
Outside of Metro Areas 39 $13,055,000 $334,744 $0 0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 21 $6,995,000 $333,095 $0 0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 9 $5,805,000 $645,000 $0 0.00%
RICHMOND, VA (FHA|USDA|VA) 17 $5,355,000 $315,000 $0 0.00%
HAGERSTOWN-MARTINSBURG, MD-WV (FHA|USDA|VA) 6 $1,880,000 $313,333 $0 0.00%
WINCHESTER, VA-WV (FHA|USDA|VA) 7 $1,795,000 $256,429 $0 0.00%
Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 5 $1,425,000 $285,000 $0 0.00%
PITTSBURGH, PA (FHA|USDA|VA) 4 $1,230,000 $307,500 $0 0.00%
MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) 2 $790,000 $395,000 $0 0.00%
DAYTON-KETTERING, OH (FHA|USDA|VA) 2 $610,000 $305,000 $0 0.00%
New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 2 $590,000 $295,000 $0 0.00%
Morehead City, NC (FHA|USDA|VA) 2 $580,000 $290,000 $0 0.00%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $545,000 $545,000 $0 0.00%
CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 3 $485,000 $161,667 $0 0.00%
HARRISONBURG, VA (FHA|USDA|VA) 2 $480,000 $240,000 $0 0.00%
WILMINGTON, NC (FHA|USDA|VA) 1 $475,000 $475,000 $0 0.00%
PITTSFIELD, MA (FHA|USDA|VA) 1 $435,000 $435,000 $0 0.00%
CHARLOTTESVILLE, VA (FHA|USDA|VA) 2 $430,000 $215,000 $0 0.00%
HILTON HEAD ISLAND-BLUFFTON, SC (FHA|USDA|VA) 1 $415,000 $415,000 $0 0.00%
Danville, VA (FHA|USDA|VA) 1 $355,000 $355,000 $0 0.00%
CALIFORNIA-LEXINGTON PARK, MD (FHA|USDA|VA) 1 $335,000 $335,000 $0 0.00%
Cambridge, MD (FHA|USDA|VA) 1 $305,000 $305,000 $0 0.00%
HUNTINGTON-ASHLAND, WV-KY-OH (FHA|USDA|VA) 1 $275,000 $275,000 $0 0.00%
DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) 1 $265,000 $265,000 $0 0.00%
CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) 1 $255,000 $255,000 $0 0.00%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $235,000 $235,000 $0 0.00%
ASHEVILLE, NC (FHA|USDA|VA) 1 $225,000 $225,000 $0 0.00%
SUMTER, SC (FHA|USDA|VA) 1 $215,000 $215,000 $0 0.00%
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 1 $205,000 $205,000 $0 0.00%
BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $195,000 $195,000 $0 0.00%
SALISBURY, MD-DE (FHA|USDA|VA) 1 $175,000 $175,000 $0 0.00%
JACKSONVILLE, NC (FHA|USDA|VA) 1 $165,000 $165,000 $0 0.00%
CUMBERLAND, MD-WV (FHA|USDA|VA) 1 $145,000 $145,000 $0 0.00%
EL PASO, TX (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
LYNCHBURG, VA (FHA|USDA|VA) 1 $115,000 $115,000 $0 0.00%

The Freedom Bank Of Virginia's top markets include Washington, Baltimore, Virginia Beach, Richmond, and Hagerstown among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 782 $309,340,000 $395,575 $0 0.00%
VA 68 $31,130,000 $457,794 $0 0.00%
FHA 61 $23,225,000 $380,738 $0 0.00%
USDA 10 $3,060,000 $306,000 $0 0.00%

For the 2021 period, The Freedom Bank Of Virginia's most frequently originated loan type of loans were Conventional, with 782 originations. Their 2nd most popular type is VA, with 68 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 378 $136,910,000 $362,196 $0 0.00%
Home Purchase 373 $168,875,000 $452,748 $0 0.00%
Cash Out Refi 168 $58,070,000 $345,655 $0 0.00%
Home Improvement 2 $2,900,000 $1,450,000 $0 0.00%

For the 2021, The Freedom Bank Of Virginia's most frequently cited loan purpose of loans were Refi, with 378 originations. The 2nd most popular reason of loans were Home Purchase, with 373 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
Other 921 $366,755,000 $398,214 $0 0.00%

For the 2021, The Freedom Bank Of Virginia's most frequently cited loan length of loans were Other, with 921 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$200k-400k 459 $137,285,000 $299,096 $0 0.00%
$400k-600k 259 $125,495,000 $484,537 $0 0.00%
$100k-200k 88 $13,850,000 $157,386 $0 0.00%
$600k-1MM 86 $63,190,000 $734,767 $0 0.00%
$1MM+ 16 $26,570,000 $1,660,625 $0 0.00%
$100,000 or less 13 $365,000 $28,077 $0 0.00%

2021 saw The Freedom Bank Of Virginia place emphasis on $200k-400k loans with 459 originations, totaling $137,285,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$100k-150k 261 $99,935,000 $382,893 $0 0.00%
$150k-250k 207 $89,385,000 $431,812 $0 0.00%
$75k-100k 156 $50,380,000 $322,949 $0 0.00%
$50k-75k 113 $30,435,000 $269,336 $0 0.00%
$250k+ 96 $47,570,000 $495,521 $0 0.00%
$50k or less 32 $7,210,000 $225,313 $0 0.00%

The Freedom Bank Of Virginia lent most frequently to those with incomes in the $100k-150k range, with 261 originations. The second most popular income band? $150k-250k, with 207 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
Exempt% 921 $366,755,000 $398,214 $0 0.00%

The Freedom Bank Of Virginia lent most frequently to those with DTI ratios of Exempt%, with 921 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 560 $210,010,000 $375,018 $0 0.00%
Not provided 141 $54,495,000 $386,489 $0 0.00%
Black 82 $30,670,000 $374,024 $0 0.00%
Not applicable 26 $29,630,000 $1,139,615 $0 0.00%
Asian 78 $29,030,000 $372,179 $0 0.00%
Asian Indian 11 $4,365,000 $396,818 $0 0.00%
Other Asian 9 $3,365,000 $373,889 $0 0.00%
American Indian 9 $3,295,000 $366,111 $0 0.00%
Other Pacific Islander 2 $680,000 $340,000 $0 0.00%
Korean 2 $670,000 $335,000 $0 0.00%
Native Hawaiian 1 $545,000 $545,000 $0 0.00%

Approval Rates

Total approvals of all applications
95.83%

The Freedom Bank Of Virginia 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
98.69%

The Freedom Bank Of Virginia has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.

Points and Fees

Points Originations Total Value Average Loan
Exempt 921 $366,755,000 $398,214

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
921 $366,755,000 $398,214

Bank Details

Branches

Bank Name Branch Branch Type Deposits (000's)
The Freedom Bank of Virginia 10611 Balls Ford Road, Suite 110 Manassas, VA 20109 Full Service B&M $42,738
The Freedom Bank of Virginia 10555 Main Street Fairfax, VA 22030 Full Service B&M $400,316
The Freedom Bank of Virginia 11700 Plaza America Drive Reston, VA 20190 Full Service B&M $55,296
The Freedom Bank of Virginia 4500 Daly Dr Chantilly, VA 20151 Full Service B&M $29,454
The Freedom Bank of Virginia 502 Maple Ave West Vienna, VA 22180 Full Service B&M $94,299

For 2021, The Freedom Bank Of Virginia had 5 branches.

Yearly Performance Overview

Bank Income

Item Value (in 000's)
Total interest income $31,558
Net interest income $28,604
Total noninterest income $9,716
Gross Fiduciary activities income $0
Service charges on deposit accounts $79
Trading account gains and fees $0
Additional Noninterest Income $9,637
Pre-tax net operating income $13,883
Securities gains (or losses, -) $7
Income before extraordinary items $11,271
Discontinued Operations (Extraordinary gains, net) $0
Net income of bank and minority interests $11,271
Minority interest net income $0
Net income $11,271
Sale, conversion, retirement of capital stock, net $381
Net operating income $11,265

The Freedom Bank Of Virginia's gross interest income from loans was $31,558,000.
The Freedom Bank Of Virginia's net interest income from loans was $28,604,000.
The Freedom Bank Of Virginia's fee based income from loans was $79,000.
The Freedom Bank Of Virginia's net income from loans was $11,271,000.

Bank Expenses

Item Value (in 000's)
Total interest expense $2,954
Provision for credit losses $839
Total noninterest expense $23,598
Salaries and employee benefits $15,987
Premises and equipment expense $1,383
Additional noninterest expense $6,228
Applicable income taxes $2,619
Net charge-offs $-192
Cash dividends $0

The Freedom Bank Of Virginia's interest expense for loans was $2,954,000.
The Freedom Bank Of Virginia's payroll and benefits expense were $15,987,000.
The Freedom Bank Of Virginia's property, plant and equipment expenses $1,383,000.

Loan Performance

Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
All loans 1.0%
Real Estate loans 1.0%
Construction & Land Development loans 0.0%
Nonfarm, nonresidential loans 2.0%
Multifamily residential loans 0.0%
1-4 family residential loans 0.0%
HELOC loans 0.0%
All other family 0.0%
Commercial & industrial loans 0.0%
Personal loans 0.0%
Credit card loans 0.0%
Other individual loans 0.0%
Auto loans 0.0%
Other consumer loans 0.0%
Unsecured commercial real estate loans 0.0%

Deposits

Type Value (in 000's)
Total deposits $704,964
Deposits held in domestic offices $704,964
Deposits by Individuals, partnerships, and corporations $615,557
Deposits by U.S. Government $0
Deposits by States and political subdivisions in the U.S. $76,847
Deposits by Commercial banks and other depository institutions in U.S. $12,560
Deposits by Banks in foreign countries $0
Deposits by Foreign governments and official institutions $0
Transaction accounts $321,062
Demand deposits $247,466
Nontransaction accounts $383,902
Money market deposit accounts (MMDAs) $204,738
Other savings deposits (excluding MMDAs) $5,842
Total time deposits $173,323
Total time and savings deposits $457,498
Noninterest-bearing deposits $225,438
Interest-bearing deposits $479,526
Retail deposits $596,234
IRAs and Keogh plan accounts $9,349
Brokered deposits $85,872
Deposits held in foreign offices $0

Assets

Asset Value (in 000's)
Total Assets $877,767
Cash & Balances due from depository institutions $34,233
Interest-bearing balances $31,359
Total securities $189,545
Federal funds sold & reverse repurchase $0
Net loans and leases $609,180
Loan and leases loss allowance $6,486
Trading account assets $0
Bank premises and fixed assets $3,834
Other real estate owned $0
Goodwill and other intangibles $0
All other assets $40,975

Liabilities

Liabilities Value (in 000's)
Total liabilities and capital $877,767
Total Liabilities $776,462
Total deposits $704,964
Interest-bearing deposits $479,526
Deposits held in domestic offices $704,964
% insured (estimated) $47
Federal funds purchased and repurchase agreements $0
Trading liabilities $0
Other borrowed funds $61,092
Subordinated debt $0
All other liabilities $10,406

Issued Loan Types

Type Value (in 000's)
Net loans and leases $609,180
Loan and leases loss allowance $6,486
Total loans and leases (domestic) $615,666
All real estate loans $451,145
Real estate loans in domestic offices $451,145
Construction and development loans $33,462
Residential 1-4 family construction $8,789
Other construction, all land development and other land $24,673
Loans secured by nonfarm nonresidential properties $349,281
Nonfarm nonresidential secured by owner-occupied properties $161,958
Commercial real estate & other non-farm, non-residential $187,323
Multifamily residential real estate $981
1-4 family residential loans $67,421
Farmland loans $0
Loans held in foreign offices $0
Farm loans $0
Commercial and industrial loans $131,425
To non-U.S. addressees $0
Loans to individuals $34,178
Credit card loans $0
Related Plans $5
Consumer Auto Loans $374
Other loans to individuals $33,799
All other loans & leases $0
Loans to foreign governments and official institutions $0
Other loans $0
Loans to depository institutions and acceptances of other banks $0
Loans not secured by real estate $551
Loans secured by real estate to non-U.S. addressees $0
Restructured Loans & leases $0
Non 1-4 family restructured loans & leases $0
Total loans and leases (foreign) $0

The Freedom Bank of Virginia had $609,180,000 of loans outstanding in 2021. $451,145,000 of loans were in real estate loans. $33,462,000 of loans were in development loans. $981,000 of loans were in multifamily mortgage loans. $67,421,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $374,000 of loans were in the auto loan category.

Small Business Loans

Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
Nonfarm, nonresidential loans - <$1MM 149 $58,420 $392,081
Nonfarm, nonresidential loans - <$100k 8 $278 $34,750
Nonfarm, nonresidential loans - $100-250k 35 $5,144 $146,971
Nonfarm, nonresidential loans - $250k-1MM 106 $52,998 $499,981
Commercial & Industrial, US addressed loans - <$1MM 414 $61,936 $149,604
Commercial & Industrial, US addressed loans - <$100k 179 $5,817 $32,497
Commercial & Industrial, US addressed loans - $100-250k 94 $9,380 $99,787
Commercial & Industrial, US addressed loans - $250k-1MM 141 $46,739 $331,482