Sonabank Mortgage Rates, Fees & Info

Tappahannock, VA

LEI: 549300GCUYVW860UOZ07

Tax ID: 20-2453966

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Sonabank is a smaller bank specializing in Refi and Home Purchase loans. Sonabank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Virginia Beach, Baltimore, Washington, and Winchester among others. We have data for 9 markets. (Some data included below & more in-depth data is available with an active subscription.)

Sonabank has an average approval rate when compared to the average across all lenders. They have an average pick rate when compared to similar lenders.

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Originations

217

Origination Dollar Volume (All Markets)

$44,155,000

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)	82	$21,240,000	$259,024	$0	0.00%
Outside of Metro Areas	85	$8,475,000	$99,706	$0	0.00%
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA\|USDA\|VA)	32	$6,440,000	$201,250	$0	0.00%
BALTIMORE-COLUMBIA-TOWSON, MD (FHA\|USDA\|VA)	3	$5,095,000	$1,698,333	$0	0.00%
Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA\|USDA\|VA)	11	$2,045,000	$185,909	$0	0.00%
WINCHESTER, VA-WV (FHA\|USDA\|VA)	1	$285,000	$285,000	$0	0.00%
LYNCHBURG, VA (FHA\|USDA\|VA)	1	$255,000	$255,000	$0	0.00%
Boone, NC (FHA\|USDA\|VA)	1	$205,000	$205,000	$0	0.00%
ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA\|USDA\|VA)	1	$115,000	$115,000	$0	0.00%

Sonabank's top markets include Richmond, Virginia Beach, Baltimore, Washington, and Winchester among others.

Their top states include:

Virginia (FHA|USDA|VA)

Maryland (FHA|USDA|VA)

North Carolina (FHA|USDA|VA)

Georgia (FHA|USDA|VA)

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	217	$44,155,000	$203,479	$0	0.00%

For 2022, Sonabank's most frequently originated type of loan was Conventional, with 217 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Refi	77	$13,515,000	$175,519	$0	0.00%
Home Improvement	60	$6,180,000	$103,000	$0	0.00%
Other	53	$7,365,000	$138,962	$0	0.00%
Home Purchase	27	$17,095,000	$633,148	$0	0.00%

For 2022, Sonabank's most frequently cited loan purpose was Refi, with 77 originations. The 2nd most popular reason was Home Improvement, with 60 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
Other	217	$44,155,000	$203,479	$0	0.00%

For 2022, Sonabank's most frequently cited loan duration was Other, with 217 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100,000 or less	98	$5,520,000	$56,327	$0	0.00%
$100k-200k	68	$9,290,000	$136,618	$0	0.00%
$200k-400k	41	$10,585,000	$258,171	$0	0.00%
$1MM+	5	$16,245,000	$3,249,000	$0	0.00%
$400k-600k	4	$1,650,000	$412,500	$0	0.00%
$600k-1MM	1	$865,000	$865,000	$0	0.00%

2022 saw Sonabank place emphasis on $100,000 or less loans with 98 originations, totaling $5,520,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$100k-150k	38	$4,830,000	$127,105	$0	0.00%
$150k-250k	36	$5,040,000	$140,000	$0	0.00%
$50k-75k	34	$3,370,000	$99,118	$0	0.00%
$50k or less	34	$3,140,000	$92,353	$0	0.00%
$75k-100k	27	$3,135,000	$116,111	$0	0.00%
$250k+	19	$3,965,000	$208,684	$0	0.00%

Sonabank lent most frequently to those with incomes in the $100k-150k range, with 38 originations. The second most popular income band? $150k-250k, with 36 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
Exempt%	217	$44,155,000	$203,479	$0	0.00%

Sonabank lent most frequently to those with DTI ratios of Exempt%, with 217 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	27	$20,585,000	$762,407	$0	0.00%
White	155	$19,075,000	$123,065	$0	0.00%
Not provided	19	$2,905,000	$152,895	$0	0.00%
Black	12	$830,000	$69,167	$0	0.00%
Asian	3	$745,000	$248,333	$0	0.00%
American Indian	1	$15,000	$15,000	$0	0.00%

Approval Rates

Total approvals of all applications
85.07%

Sonabank has an average approval rate.

Pick Rate

Approvals leading to origination
93.09%

Sonabank has an average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
Exempt	217	$44,155,000	$203,479

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
	217	$44,155,000	$203,479