The Freedom Bank Of Virginia Mortgage Rates, Fees & Info
Vienna, VA
LEI: 5493005H0NK3SWWY4384
Tax ID: 54-1968622
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Mortgage Data
Bank 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
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.
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 |
