The Richwood Banking Company Mortgage Rates, Fees & Info
Richwood, OHLEI: 549300F263I3XPN55P35
Tax ID: 31-4291610
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Mortgage Data
Review & Overview
The 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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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.62% | 4/28/24 |
| 30 Year Conventional Refi | 6.62% | 4/28/24 |
| 30 Year Cash-out Refi | 6.54% | 4/28/24 |
| 15 Year Conventional Purchase | 7.11% | 4/28/24 |
| 15 Year Conventional Refi | 6.28% | 4/28/24 |
| 15 Year Cash-out Refi | 6.28% | 4/28/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
244Origination Dollar Volume (All Markets)
$77,420,000Top 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 |
|---|---|---|---|---|---|
| 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% |
Similar Lenders
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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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 244 | $77,420,000 | $317,295 | $3,851 | 5.20% |
For 2022, The Richwood Banking Company's most frequently originated type of loan was Conventional, with 244 originations.
Loan Reason
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.
Loan Duration/Length
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
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.
Interest Rates
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.
Loan Sizing
2022 saw The Richwood Banking Company place emphasis on $100k-200k loans with 83 originations, totaling $12,435,000 in origination value.
Applicant Income
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.
Ethnicity Mix
Approval Rates
Total approvals of all applications90.68%
The Richwood Banking Company has an average approval rate.
Pick Rate
Approvals leading to origination67.21%
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 |
|---|---|---|---|
| NA | 244 | $77,420,000 | $317,295 |
LTV Distribution
Complaints
| 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% |