Virginia Commonwealth Bank Mortgage Rates, Fees & Info

Richmond, VA

LEI: 549300BX1RWC01B58P91

Tax ID: 54-0132730

Latest/2023 | 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
  • Complaints
  • 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)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Virginia Commonwealth Bank is a smaller bank specializing in Home Purchase loans. Virginia Commonwealth Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Richmond, Virginia Beach, Staunton, Washington, and Kill Devil Hills among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Virginia Commonwealth Bank 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. Virginia Commonwealth Bank 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

    275

    Origination Dollar Volume (All Markets)

    $95,705,000

    Employee count

    177

    Awards

    Virginia Commonwealth Bank 30 Year Conventional Loans silver Virginia Commonwealth Bank 30 Year Conventional Loans gold Virginia Commonwealth Bank 30 Year Conventional Loans gold Virginia Commonwealth Bank 30 Year Conventional Loans silver
    Show all (4) awards

    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
    RICHMOND, VA (FHA|USDA|VA) 105 $41,375,000 $394,048 $4,808 4.33%
    Outside of Metro Areas 135 $35,875,000 $265,741 $3,922 4.33%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 25 $10,405,000 $416,200 $5,645 4.38%
    STAUNTON, VA (FHA|USDA|VA) 1 $3,375,000 $3,375,000 $0 0.00%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 6 $3,330,000 $555,000 $5,844 4.15%
    Kill Devil Hills, NC (FHA|USDA|VA) 1 $695,000 $695,000 $11,347 5.50%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $395,000 $395,000 $3,485 3.88%
    JOHNSON CITY, TN (FHA|USDA|VA) 1 $255,000 $255,000 $5,074 5.00%
    Virginia Commonwealth Bank's top markets include Richmond, Virginia Beach, Staunton, Washington, and Kill Devil Hills among others.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)
  • Tennessee (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Virginia Commonwealth Bank 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: 40
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 108
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 123
    NEWPORT NEWS SHIPBUILDING EMPLOYEES
    Similarity Rank: 147
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 614
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 666
    JOHNSON MORTGAGE COMPANY, L.L.C.
    Similarity Rank: 1015
    VILLAGE BANK MORTGAGE CORPORATION
    Similarity Rank: 1233
    SimonTowne Mortgage, LLc
    Similarity Rank: 1362
    Virginia Commonwealth Bank
    Similarity Rank: 1480

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 269 $91,055,000 $338,494 $4,481 4.33%
    HELOC 3 $3,775,000 $1,258,333 n/a 0.00%
    VA 2 $650,000 $325,000 $2,957 4.31%
    FHA 1 $225,000 $225,000 $6,590 4.75%

    For 2018, Virginia Commonwealth Bank's most frequently originated type of loan was Conventional, with 269 originations. Their 2nd most popular type was HELOC, with 3 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 181 $64,145,000 $354,392 $4,740 4.33%
    Cash Out Refi 53 $16,225,000 $306,132 $3,685 4.23%
    Refi 27 $9,105,000 $337,222 $4,359 4.60%
    Home Improvement 7 $5,245,000 $749,286 $5,487 4.23%
    Other 7 $985,000 $140,714 $2,661 4.44%

    For 2018, Virginia Commonwealth Bank's most frequently cited loan purpose was Home Purchase, with 181 originations. The 2nd most popular reason was Cash Out Refi, with 53 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 161 $53,795,000 $334,130 $4,187 4.39%
    30+ year 36 $12,680,000 $352,222 $6,986 4.34%
    5 Year 21 $4,995,000 $237,857 $0 0.00%
    Other 16 $17,210,000 $1,075,625 $4,631 3.69%
    10 Year 16 $1,750,000 $109,375 $2,534 3.78%
    1 Year 10 $1,900,000 $190,000 $5,322 4.75%
    15 Year 8 $2,030,000 $253,750 $2,877 4.28%
    20 Year 6 $1,310,000 $218,333 $3,482 4.55%
    3 Year 1 $35,000 $35,000 $0 0.00%

    For 2018, Virginia Commonwealth Bank's most frequently cited loan duration was 30 Year, with 161 originations. The 2nd most popular length was 30+ year, with 36 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 118 $36,430,000 $308,729
    $1k-2k 41 $9,005,000 $219,634
    $3k-4k 22 $5,720,000 $260,000
    $2k-3k 21 $4,685,000 $223,095
    $5k+ 20 $13,700,000 $685,000
    $4k-5k 9 $2,735,000 $303,889

    Virginia Commonwealth Bank's average total fees were $4,187, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 118 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 112 $31,510,000 $281,339
    3-4% 86 $31,800,000 $369,767
    5-6% 33 $8,965,000 $271,667

    During 2018, Virginia Commonwealth Bank's average interest rate for loans was 4.39%, while their most frequently originated rate bucket for loans was 4-5%, with 112 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 90 $13,620,000 $151,333 $3,493 4.29%
    $200k-400k 90 $26,100,000 $290,000 $4,359 4.52%
    $400k-600k 32 $15,430,000 $482,188 $5,170 4.15%
    $100,000 or less 29 $1,845,000 $63,621 $2,689 4.39%
    $600k-1MM 23 $17,195,000 $747,609 $7,052 4.12%
    $1MM+ 11 $21,515,000 $1,955,909 $12,507 4.02%

    2018 saw Virginia Commonwealth Bank place emphasis on $100k-200k loans with 90 originations, totaling $13,620,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 50 $15,850,000 $317,000 $4,558 4.34%
    $150k-250k 48 $17,870,000 $372,292 $4,941 4.32%
    $250k+ 39 $21,355,000 $547,564 $5,736 4.15%
    $50k-75k 33 $5,405,000 $163,788 $3,582 4.46%
    $75k-100k 32 $6,650,000 $207,813 $4,312 4.41%
    $50k or less 29 $3,885,000 $133,966 $3,372 4.42%

    Virginia Commonwealth Bank lent most frequently to those with incomes in the $100k-150k range, with 50 originations. The second most popular income band? $150k-250k, with 48 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 55 $16,445,000 $299,000 $4,695 4.27%
    20-30% 47 $11,725,000 $249,468 $4,116 4.27%
    <20% 34 $10,730,000 $315,588 $4,516 4.21%
    43% 15 $4,745,000 $316,333 $4,788 4.69%
    39% 9 $3,405,000 $378,333 $4,414 4.60%
    40% 9 $2,935,000 $326,111 $4,766 4.92%
    41% 9 $1,965,000 $218,333 $2,968 4.57%
    50-60% 8 $3,130,000 $391,250 $5,101 3.77%
    37% 7 $1,865,000 $266,429 $4,914 4.29%
    36% 7 $2,775,000 $396,429 $4,309 4.14%
    42% 6 $1,460,000 $243,333 $4,019 4.28%
    38% 6 $2,010,000 $335,000 $5,107 4.33%
    >60% 4 $1,500,000 $375,000 $5,864 3.84%
    44% 4 $2,280,000 $570,000 $4,494 4.44%
    46% 4 $720,000 $180,000 $3,461 4.75%
    45% 4 $1,420,000 $355,000 $3,561 4.63%
    48% 2 $790,000 $395,000 $2,783 4.63%
    47% 2 $1,230,000 $615,000 $8,349 4.88%
    49% 1 $1,405,000 $1,405,000 $4,882 4.00%

    Virginia Commonwealth Bank lent most frequently to those with DTI ratios of 30-36%, with 55 originations. The next most common DTI ratio? 20-30%, with 47 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 204 $59,480,000 $291,569 $4,337 4.36%
    Not applicable 36 $22,320,000 $620,000 $0 0.00%
    Not provided 22 $7,040,000 $320,000 $3,989 4.26%
    Asian 5 $4,445,000 $889,000 $12,677 4.03%
    Black 7 $2,345,000 $335,000 $4,333 4.14%
    Other Asian 1 $75,000 $75,000 $2,536 5.00%

    Approval Rates

    Total approvals of all applications
    93.37%

    Virginia Commonwealth Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.91%

    Virginia Commonwealth Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 275 $95,705,000 $348,018

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 8 $16,040,000 $2,005,000
    Single Family (1-4 Units):Manufactured 2 $130,000 $65,000
    Single Family (1-4 Units):Site-Built 265 $79,535,000 $300,132

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 13 $2,475,000 $190,385 $3,146 4.09%
    40-60% 30 $8,650,000 $288,333 $3,964 4.10%
    60-80% 93 $29,395,000 $316,075 $4,585 4.40%
    80-100% 81 $27,535,000 $339,938 $4,779 4.42%
    Over 100% 8 $3,830,000 $478,750 $5,847 4.01%
    Under 20% 6 $390,000 $65,000 $2,394 4.35%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Struggling to pay mortgage 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Trouble during payment process 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Incorrect information on your report 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Trouble during payment process 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Virginia Commonwealth Bank 100 South Main Street Kilmarnock, VA 22482 Full Service B&M $31,365
    Virginia Commonwealth Bank 10880 General Puller Highway Hartfield, VA 23071 Full Service B&M $12,826
    Virginia Commonwealth Bank 1118 Courthouse Road Richmond, VA 23236 Full Service B&M $36,896
    Virginia Commonwealth Bank 11450 Robious Road Richmond, VA 23235 Full Service B&M $49,859
    Virginia Commonwealth Bank 1421 W. City Point Rd Hopewell, VA 23860 Full Service B&M $27,574
    Virginia Commonwealth Bank 15104 Northumberland Highway Burgess, VA 22432 Full Service B&M $23,011
    Virginia Commonwealth Bank 15648 Kings Highway Montross, VA 22520 Full Service B&M $34,709
    Virginia Commonwealth Bank 1703 N Main Street Suffolk, VA 23434 Full Service B&M $34,326
    Virginia Commonwealth Bank 18 Sandy Street Callao, VA 22435 Full Service B&M $22,541
    Virginia Commonwealth Bank 1801 Bayberry Court, Suite 101 Richmond, VA 23226 Full Service B&M $148,816
    Virginia Commonwealth Bank 1965 Wakefield Ave Petersburg, VA 23805 Full Service B&M $58,382
    Virginia Commonwealth Bank 300 32nd Street, Suite 104 Virginia Beach, VA 23451 Limited, Drive-thru $51
    Virginia Commonwealth Bank 3209 Boulevard Colonial Heights, VA 23834 Full Service B&M $57,804
    Virginia Commonwealth Bank 4600 West Hundred Road Chester, VA 23831 Full Service B&M $60,817
    Virginia Commonwealth Bank 4935 Richmond Road Warsaw, VA 22572 Full Service B&M $24,707
    Virginia Commonwealth Bank 5711 Patterson Avenue Richmond, VA 23226 Full Service B&M $76,687
    Virginia Commonwealth Bank 680 Mckinney Boulevard Colonial Beach, VA 22443 Full Service B&M $4,086
    Virginia Commonwealth Bank 708 Rappahannock Drive White Stone, VA 22578 Full Service B&M $27,337
    Virginia Commonwealth Bank 900 North Parham Road Henrico, VA 23229 Full Service B&M $63,947

    For 2018, Virginia Commonwealth Bank had 19 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $44,633
    Net interest income $34,921
    Total noninterest income $3,322
    Gross Fiduciary activities income $0
    Service charges on deposit accounts $811
    Trading account gains and fees $0
    Additional Noninterest Income $2,511
    Pre-tax net operating income $6,386
    Securities gains (or losses, -) $0
    Income before extraordinary items $5,583
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $5,583
    Minority interest net income $0
    Net income $5,583
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $5,583

    Virginia Commonwealth Bank's gross interest income from loans was $44,633,000.
    Virginia Commonwealth Bank's net interest income from loans was $34,921,000.
    Virginia Commonwealth Bank's fee based income from loans was $811,000.
    Virginia Commonwealth Bank's net income from loans was $5,583,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $9,712
    Provision for credit losses $1,351
    Total noninterest expense $30,506
    Salaries and employee benefits $16,025
    Premises and equipment expense $3,509
    Additional noninterest expense $10,972
    Applicable income taxes $803
    Net charge-offs $1,219
    Cash dividends $0

    Virginia Commonwealth Bank's interest expense for loans was $9,712,000.
    Virginia Commonwealth Bank's payroll and benefits expense were $16,025,000.
    Virginia Commonwealth Bank's property, plant and equipment expenses $3,509,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    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 1.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $858,242
    Deposits held in domestic offices $858,242
    Deposits by Individuals, partnerships, and corporations $831,029
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $24,932
    Deposits by Commercial banks and other depository institutions in U.S. $2,281
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $206,474
    Demand deposits $130,901
    Nontransaction accounts $651,768
    Money market deposit accounts (MMDAs) $225,626
    Other savings deposits (excluding MMDAs) $57,473
    Total time deposits $368,670
    Total time and savings deposits $727,341
    Noninterest-bearing deposits $130,172
    Interest-bearing deposits $728,070
    Retail deposits $796,292
    IRAs and Keogh plan accounts $31,898
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $1,076,167
    Cash & Balances due from depository institutions $29,487
    Interest-bearing balances $21,802
    Total securities $81,948
    Federal funds sold & reverse repurchase $625
    Net loans and leases $894,559
    Loan and leases loss allowance $7,902
    Trading account assets $0
    Bank premises and fixed assets $17,728
    Other real estate owned $3,597
    Goodwill and other intangibles $13,673
    All other assets $34,550

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $1,076,167
    Total Liabilities $967,751
    Total deposits $858,242
    Interest-bearing deposits $728,070
    Deposits held in domestic offices $858,242
    % insured (estimated) $88
    Federal funds purchased and repurchase agreements $6,089
    Trading liabilities $0
    Other borrowed funds $100,000
    Subordinated debt $0
    All other liabilities $3,420

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $894,559
    Loan and leases loss allowance $7,902
    Total loans and leases (domestic) $902,461
    All real estate loans $714,098
    Real estate loans in domestic offices $714,098
    Construction and development loans $108,767
    Residential 1-4 family construction $29,085
    Other construction, all land development and other land $79,682
    Loans secured by nonfarm nonresidential properties $241,205
    Nonfarm nonresidential secured by owner-occupied properties $87,241
    Commercial real estate & other non-farm, non-residential $153,964
    Multifamily residential real estate $25,858
    1-4 family residential loans $337,574
    Farmland loans $694
    Loans held in foreign offices $0
    Farm loans $14
    Commercial and industrial loans $155,151
    To non-U.S. addressees $0
    Loans to individuals $23,630
    Credit card loans $0
    Related Plans $663
    Consumer Auto Loans $5,548
    Other loans to individuals $17,419
    All other loans & leases $9,568
    Loans to foreign governments and official institutions $0
    Other loans $111
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $5,556
    Non 1-4 family restructured loans & leases $801
    Total loans and leases (foreign) $0

    Virginia Commonwealth Bank had $894,559,000 of loans outstanding in 2018. $714,098,000 of loans were in real estate loans. $108,767,000 of loans were in development loans. $25,858,000 of loans were in multifamily mortgage loans. $337,574,000 of loans were in 1-4 family mortgage loans. $14,000 of loans were in farm loans. $0 of loans were in credit card loans. $5,548,000 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 320 $82,566 $258,019
    Nonfarm, nonresidential loans - <$100k 64 $4,502 $70,344
    Nonfarm, nonresidential loans - $100-250k 103 $13,850 $134,466
    Nonfarm, nonresidential loans - $250k-1MM 153 $64,214 $419,699
    Commercial & Industrial, US addressed loans - <$1MM 786 $80,864 $102,880
    Commercial & Industrial, US addressed loans - <$100k 473 $19,613 $41,465
    Commercial & Industrial, US addressed loans - $100-250k 215 $29,352 $136,521
    Commercial & Industrial, US addressed loans - $250k-1MM 98 $31,899 $325,500
    Farmland loans - <$1MM 1 $47 $47,000
    Farmland loans - $100-250k 1 $47 $47,000
    Agriculture operations loans - <$1MM 1 $14 $14,000
    Agriculture operations loans - <$100k 1 $14 $14,000