The Richwood Banking Company Mortgage Rates, Fees & InfoRichwood, OH
Tax ID: 31-4291610
Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data
Review & OverviewThe Richwood Banking Company is a smaller bank specializing in Home Purchase and Refi loans. The Richwood Banking Company has a high proportion of conventional loans. Their top markets by origination volume include: Columbus, Marion, Bellefontaine, Lima, and Springfield among others. We have data for 23 markets. (Some data included below & more in-depth data is available with an active subscription.)
The Richwood Banking Company 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. The Richwood Banking Company 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.
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|Simulated Rate||Simulation Date|
|30 Year Conventional Purchase||6.62%||11/30/23|
|30 Year Conventional Refi||6.62%||11/30/23|
|30 Year Cash-out Refi||6.54%||11/30/23|
|15 Year Conventional Purchase||7.11%||11/30/23|
|15 Year Conventional Refi||6.28%||11/30/23|
|15 Year Cash-out Refi||6.28%||11/30/23|
|These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.|
The Richwood Banking Company Mortgage Calculator
Your EstimatesEstimated Loan Payment: Update the calculator values and click calculate payment!
This is not an official calculator from The Richwood Banking Company. It uses our SimulatedRate™
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Origination Dollar Volume (All Markets)$77,420,000
The Richwood Banking Company - 2022
The Richwood Banking Company is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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The Richwood Banking Company's average 30 year fixed mortgage rate was
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of 0.06%.
Relative Fees (Closing Costs)
The Richwood Banking Company's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,868.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.
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|
|COLUMBUS, OH (FHA|USDA|VA)||134||$47,060,000||$351,194||$4,119||5.10%|
|Marion, OH (FHA|USDA|VA)||25||$10,895,000||$435,800||$4,474||4.98%|
|Bellefontaine, OH (FHA|USDA|VA)||28||$5,460,000||$195,000||$3,227||5.29%|
|LIMA, OH (FHA|USDA|VA)||5||$3,555,000||$711,000||$0||5.15%|
|SPRINGFIELD, OH (FHA|USDA|VA)||22||$3,440,000||$156,364||$2,659||5.86%|
|Urbana, OH (FHA|USDA|VA)||7||$1,145,000||$163,571||$3,381||5.73%|
|KNOXVILLE, TN (FHA|USDA|VA)||1||$1,115,000||$1,115,000||$0||5.99%|
|Outside of Metro Areas||3||$685,000||$228,333||$4,024||5.00%|
|Kill Devil Hills, NC (FHA|USDA|VA)||1||$605,000||$605,000||$0||4.49%|
|North Port-Sarasota-Bradenton, FL (FHA|USDA|VA)||1||$605,000||$605,000||$0||5.99%|
|YOUNGSTOWN-WARREN-BOARDMAN, OH-PA (FHA|USDA|VA)||1||$495,000||$495,000||$0||4.50%|
|DAYTON-KETTERING, OH (FHA|USDA|VA)||3||$475,000||$158,333||$0||5.08%|
|TOLEDO, OH (FHA|USDA|VA)||2||$360,000||$180,000||$4,027||4.61%|
|CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA)||1||$345,000||$345,000||$0||4.45%|
|Sidney, OH (FHA|USDA|VA)||2||$320,000||$160,000||$3,340||4.42%|
|LANSING-EAST LANSING, MI (FHA|USDA|VA)||1||$155,000||$155,000||$2,960||3.97%|
|Newport, TN (FHA|USDA|VA)||1||$145,000||$145,000||$0||6.75%|
|Salem, OH (FHA|USDA|VA)||1||$145,000||$145,000||$0||4.50%|
|CLEVELAND-ELYRIA, OH (FHA|USDA|VA)||1||$135,000||$135,000||$0||7.25%|
|Bucyrus-Galion, OH (FHA|USDA|VA)||1||$95,000||$95,000||$2,876||5.13%|
|CANTON-MASSILLON, OH (FHA|USDA|VA)||1||$85,000||$85,000||$2,198||4.99%|
|Sandusky, OH (FHA|USDA|VA)||1||$65,000||$65,000||$2,046||4.99%|
|Greenville, OH (FHA|USDA|VA)||1||$35,000||$35,000||$0||6.74%|
We use machine learning to identify the top lenders compared against The Richwood Banking Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
For 2022, The Richwood Banking Company's most frequently originated type of loan was Conventional, with 244 originations.
For 2022, The Richwood Banking Company's most frequently cited loan purpose was Home Purchase, with 131 originations. The 2nd most popular reason was Refi, with 56 originations.
For 2022, The Richwood Banking Company's most frequently cited loan duration was 30 Year, with 87 originations. The 2nd most popular length was 20 Year, with 49 originations.
Origination Fees/Closing Costs
|Origination Fee/Closing Cost||Originations||Total Value||Average Loan|
The Richwood Banking Company's average total fees were $3,868, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 56 originations.
|Loan Rate||Originations||Total Value||Average Loan|
During 2022, The Richwood Banking Company's average interest rate for loans was 4.82%, while their most frequently originated rate bucket for loans was 4-5%, with 99 originations.
2022 saw The Richwood Banking Company place emphasis on $100k-200k loans with 83 originations, totaling $12,435,000 in origination value.
The Richwood Banking Company lent most frequently to those with incomes in the $50k-75k range, with 44 originations. The second most popular income band? $100k-150k, with 37 originations.
Applicant Debt to Income Ratio
The Richwood Banking Company lent most frequently to those with DTI ratios of 20-30%, with 27 originations. The next most common DTI ratio? 30-36%, with 27 originations.
Approval RatesTotal approvals of all applications
The Richwood Banking Company has an average approval rate.
Pick RateApprovals leading to origination
The Richwood Banking Company has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
|Points||Originations||Total Value||Average Loan|
|Bank Name||Product||Issue||2022 CPFB Complaints||% of Total Issues|
|TRUIST FINANCIAL CORPORATION||Conventional home mortgage||Trouble during payment process||3||37.5%|
|TRUIST FINANCIAL CORPORATION||FHA mortgage||Applying for a mortgage or refinancing an existing mortgage||1||12.5%|
|TRUIST FINANCIAL CORPORATION||FHA mortgage||Struggling to pay mortgage||1||12.5%|
|TRUIST FINANCIAL CORPORATION||FHA mortgage||Trouble during payment process||1||12.5%|
|TRUIST FINANCIAL CORPORATION||Other type of mortgage||Struggling to pay mortgage||1||12.5%|
|TRUIST FINANCIAL CORPORATION||VA mortgage||Applying for a mortgage or refinancing an existing mortgage||1||12.5%|