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

Review & Overview

Virginia Commonwealth Bank is a smaller bank specializing in Home Purchase and Refi 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, Washington, Charlottesville, and Lynchburg among others. We have data for 6 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.

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

204

Origination Dollar Volume (All Markets)

$79,010,000

Employee count

157

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)	89	$28,235,000	$317,247	$0	0.00%
Outside of Metro Areas	80	$25,290,000	$316,125	$0	0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	23	$20,835,000	$905,870	$0	0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	8	$3,590,000	$448,750	$0	0.00%
CHARLOTTESVILLE, VA (FHA\|USDA\|VA)	2	$530,000	$265,000	$0	0.00%
LYNCHBURG, VA (FHA\|USDA\|VA)	2	$530,000	$265,000	$0	0.00%

Virginia Commonwealth Bank's top markets include Richmond, Virginia Beach, Washington, Charlottesville, and Lynchburg among others.

Their top states include:

Virginia (FHA|USDA|VA)

(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: 75

BEACH MUNICIPAL FEDERAL CREDIT UNION
Similarity Rank: 160

DOMINION ENERGY CREDIT UNION
Similarity Rank: 165

Call Federal Credit Union
Similarity Rank: 372

CHARTWAY FEDERAL CREDIT UNION
Similarity Rank: 517

NEWPORT NEWS SHIPBUILDING EMPLOYEES
Similarity Rank: 530

Southern Bank and Trust Company
Similarity Rank: 825

1ST ADVANTAGE FEDERAL CREDIT UNION
Similarity Rank: 861

DRAGAS MORTGAGE COMPANY
Similarity Rank: 888

Aurora Financial, LLC
Similarity Rank: 1095

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	200	$77,960,000	$389,800	$0	0.00%
FHA	2	$510,000	$255,000	$0	0.00%
VA	2	$540,000	$270,000	$0	0.00%

For 2019, Virginia Commonwealth Bank's most frequently originated type of loan was Conventional, with 200 originations. Their 2nd most popular type was FHA, with 2 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	134	$41,810,000	$312,015	$0	0.00%
Refi	34	$20,400,000	$600,000	$0	0.00%
Cash Out Refi	28	$15,080,000	$538,571	$0	0.00%
Home Improvement	6	$1,490,000	$248,333	$0	0.00%
Other	2	$230,000	$115,000	$0	0.00%

For 2019, Virginia Commonwealth Bank's most frequently cited loan purpose was Home Purchase, with 134 originations. The 2nd most popular reason was Refi, with 34 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	204	$79,010,000	$387,304	$0	0.00%

For 2019, Virginia Commonwealth Bank's most frequently cited loan duration was Other, with 204 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	86	$23,870,000	$277,558	$0	0.00%
$100k-200k	53	$8,095,000	$152,736	$0	0.00%
$400k-600k	32	$15,570,000	$486,563	$0	0.00%
$100,000 or less	16	$1,080,000	$67,500	$0	0.00%
$600k-1MM	9	$7,085,000	$787,222	$0	0.00%
$1MM+	8	$23,310,000	$2,913,750	$0	0.00%

2019 saw Virginia Commonwealth Bank place emphasis on $200k-400k loans with 86 originations, totaling $23,870,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	35	$10,965,000	$313,286	$0	0.00%
$150k-250k	30	$11,030,000	$367,667	$0	0.00%
$75k-100k	24	$5,130,000	$213,750	$0	0.00%
$250k+	21	$9,235,000	$439,762	$0	0.00%
$50k-75k	21	$4,055,000	$193,095	$0	0.00%
$50k or less	20	$4,020,000	$201,000	$0	0.00%

Virginia Commonwealth Bank lent most frequently to those with incomes in the $100k-150k range, with 35 originations. The second most popular income band? $150k-250k, with 30 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	204	$79,010,000	$387,304	$0	0.00%

Virginia Commonwealth Bank lent most frequently to those with DTI ratios of Exempt%, with 204 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
White	140	$40,840,000	$291,714	$0	0.00%
Not applicable	53	$34,575,000	$652,358	$0	0.00%
Not provided	6	$1,940,000	$323,333	$0	0.00%
Asian	2	$740,000	$370,000	$0	0.00%
Black	2	$710,000	$355,000	$0	0.00%
Native Hawaiian or Islander	1	$205,000	$205,000	$0	0.00%

Approval Rates

Total approvals of all applications
90.33%

Virginia Commonwealth Bank has an average approval rate.

Pick Rate

Approvals leading to origination
81.86%

Virginia Commonwealth Bank has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	204	$79,010,000	$387,304

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	11	$24,115,000	$2,192,273
Single Family (1-4 Units):Manufactured	1	$215,000	$215,000
Single Family (1-4 Units):Site-Built	192	$54,680,000	$284,792

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
VIRGINIA HOUSING DEVELOPMENT AUTHORITY	Conventional home mortgage	Struggling to pay mortgage	1	50.0%
VIRGINIA HOUSING DEVELOPMENT AUTHORITY	Other type of mortgage	Trouble during payment process	1	50.0%

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	$147,363
Virginia Commonwealth Bank	10880 General Puller Highway Hartfield, VA 23071	Full Service B&M	$13,705
Virginia Commonwealth Bank	1118 Courthouse Road Richmond, VA 23236	Full Service B&M	$39,174
Virginia Commonwealth Bank	11450 Robious Road Richmond, VA 23235	Full Service B&M	$50,679
Virginia Commonwealth Bank	15104 Northumberland Highway Burgess, VA 22432	Full Service B&M	$22,689
Virginia Commonwealth Bank	15648 Kings Highway Montross, VA 22520	Full Service B&M	$37,686
Virginia Commonwealth Bank	1703 N Main Street Suffolk, VA 23434	Full Service B&M	$54,839
Virginia Commonwealth Bank	18 Sandy Street Callao, VA 22435	Full Service B&M	$24,027
Virginia Commonwealth Bank	1801 Bayberry Court, Suite 101 Richmond, VA 23226	Full Service B&M	$54,259
Virginia Commonwealth Bank	1965 Wakefield Ave Petersburg, VA 23805	Full Service B&M	$58,047
Virginia Commonwealth Bank	300 32nd Street, Suite 104 Virginia Beach, VA 23451	Full Service B&M	$28,195
Virginia Commonwealth Bank	3209 Boulevard Colonial Heights, VA 23834	Full Service B&M	$83,350
Virginia Commonwealth Bank	4600 West Hundred Road Chester, VA 23831	Full Service B&M	$58,409
Virginia Commonwealth Bank	4935 Richmond Road Warsaw, VA 22572	Full Service B&M	$24,585
Virginia Commonwealth Bank	5711 Patterson Avenue Richmond, VA 23226	Full Service B&M	$87,728
Virginia Commonwealth Bank	680 Mckinney Boulevard Colonial Beach, VA 22443	Full Service B&M	$3,119
Virginia Commonwealth Bank	708 Rappahannock Drive White Stone, VA 22578	Full Service B&M	$27,612
Virginia Commonwealth Bank	900 North Parham Road Henrico, VA 23229	Full Service B&M	$66,885

For 2019, Virginia Commonwealth Bank had 18 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$51,299
Net interest income	$37,126
Total noninterest income	$2,987
Gross Fiduciary activities income	$0
Service charges on deposit accounts	$1,026
Trading account gains and fees	$0
Additional Noninterest Income	$1,961
Pre-tax net operating income	$11,220
Securities gains (or losses, -)	$-2
Income before extraordinary items	$9,042
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$9,042
Minority interest net income	$0
Net income	$9,042
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$9,043

Virginia Commonwealth Bank's gross interest income from loans was $51,299,000.
Virginia Commonwealth Bank's net interest income from loans was $37,126,000.
Virginia Commonwealth Bank's fee based income from loans was $1,026,000.
Virginia Commonwealth Bank's net income from loans was $9,042,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$14,173
Provision for credit losses	$1,182
Total noninterest expense	$27,711
Salaries and employee benefits	$15,086
Premises and equipment expense	$3,148
Additional noninterest expense	$9,477
Applicable income taxes	$2,176
Net charge-offs	$1,522
Cash dividends	$0

Virginia Commonwealth Bank's interest expense for loans was $14,173,000.
Virginia Commonwealth Bank's payroll and benefits expense were $15,086,000.
Virginia Commonwealth Bank's property, plant and equipment expenses $3,148,000.

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	1.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	2.0%
Credit card loans	0.0%
Other individual loans	2.0%
Auto loans	1.0%
Other consumer loans	2.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$940,720
Deposits held in domestic offices	$940,720
Deposits by Individuals, partnerships, and corporations	$867,665
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$54,952
Deposits by Commercial banks and other depository institutions in U.S.	$18,103
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$245,925
Demand deposits	$168,709
Nontransaction accounts	$694,795
Money market deposit accounts (MMDAs)	$254,072
Other savings deposits (excluding MMDAs)	$56,785
Total time deposits	$383,938
Total time and savings deposits	$772,011
Noninterest-bearing deposits	$168,212
Interest-bearing deposits	$772,507
Retail deposits	$839,954
IRAs and Keogh plan accounts	$31,892
Brokered deposits	$10,516
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$1,127,526
Cash & Balances due from depository institutions	$42,126
Interest-bearing balances	$36,030
Total securities	$99,202
Federal funds sold & reverse repurchase	$1,359
Net loans and leases	$917,859
Loan and leases loss allowance	$7,562
Trading account assets	$0
Bank premises and fixed assets	$19,861
Other real estate owned	$1,916
Goodwill and other intangibles	$12,956
All other assets	$32,247

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$1,127,526
Total Liabilities	$1,000,621
Total deposits	$940,720
Interest-bearing deposits	$772,507
Deposits held in domestic offices	$940,720
% insured (estimated)	$81
Federal funds purchased and repurchase agreements	$6,525
Trading liabilities	$0
Other borrowed funds	$48,812
Subordinated debt	$0
All other liabilities	$4,564

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$917,859
Loan and leases loss allowance	$7,562
Total loans and leases (domestic)	$925,421
All real estate loans	$732,021
Real estate loans in domestic offices	$732,021
Construction and development loans	$123,751
Residential 1-4 family construction	$31,334
Other construction, all land development and other land	$92,417
Loans secured by nonfarm nonresidential properties	$237,537
Nonfarm nonresidential secured by owner-occupied properties	$82,829
Commercial real estate & other non-farm, non-residential	$154,708
Multifamily residential real estate	$41,435
1-4 family residential loans	$327,038
Farmland loans	$2,260
Loans held in foreign offices	$0
Farm loans	$11
Commercial and industrial loans	$165,305
To non-U.S. addressees	$0
Loans to individuals	$11,833
Credit card loans	$0
Related Plans	$379
Consumer Auto Loans	$2,795
Other loans to individuals	$8,659
All other loans & leases	$16,565
Loans to foreign governments and official institutions	$0
Other loans	$7,364
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	$4,378
Non 1-4 family restructured loans & leases	$1,360
Total loans and leases (foreign)	$0

Virginia Commonwealth Bank had $917,859,000 of loans outstanding in 2019. $732,021,000 of loans were in real estate loans. $123,751,000 of loans were in development loans. $41,435,000 of loans were in multifamily mortgage loans. $327,038,000 of loans were in 1-4 family mortgage loans. $11,000 of loans were in farm loans. $0 of loans were in credit card loans. $2,795,000 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	300	$79,606	$265,353
Nonfarm, nonresidential loans - <$100k	58	$4,779	$82,397
Nonfarm, nonresidential loans - $100-250k	91	$12,599	$138,451
Nonfarm, nonresidential loans - $250k-1MM	151	$62,228	$412,106
Commercial & Industrial, US addressed loans - <$1MM	814	$83,201	$102,213
Commercial & Industrial, US addressed loans - <$100k	490	$22,790	$46,510
Commercial & Industrial, US addressed loans - $100-250k	228	$29,537	$129,548
Commercial & Industrial, US addressed loans - $250k-1MM	96	$30,874	$321,604
Farmland loans - <$1MM	1	$31	$31,000
Farmland loans - $100-250k	1	$31	$31,000
Agriculture operations loans - <$1MM	1	$11	$11,000
Agriculture operations loans - <$100k	1	$11	$11,000