Nvr Mortgage Finance Inc

CANONSBURG, PA 15317

LEI: 549300KBWX4NV5Q1E376

Tax ID: 25-1664458

2019 Data | 2018 Data


Overview

Nvr Mortgage Finance Inc is a mid-sized mortgage company specializing in Home Purchase loans. Nvr Mortgage Finance Inc has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets include Washington, Baltimore, Frederick, Pittsburgh, and Richmond among others. They have an above average approval rate for mortages when compared nationally -- and they have a below average pick rate when compared to the same sample of other lendors. Nvr Mortgage Finance Inc is typically a medium-low fee lendor.


Originations

16,560

Origination Dollar Volume (All Markets)

$5,166,500,000

Product Mix

Loan Type Originations Total Value Average Loan
Conventional 10,167 $3,161,975,000 $311,004
FHA 3,718 $1,077,790,000 $289,884
VA 2,397 $862,715,000 $359,914
USDA 278 $64,020,000 $230,288

Conventional loans are assumed to be 20% downpayment and either fixed/adjustable rate. FHA loans start at 3.5% downpayment and are targeted towards first time homebuyers who will be owner-occupants. USDA loans target agrarian uses such as farms. VA loans are available to members of the military. FHA, USDA and VA loans are typically subsidized by the government so as to have more favorable terms for the borrower.

Loan Reason

Loan Reason Originations Total Value Average Loan
Home Purchase 16,551 $5,163,345,000 $311,966
Refi 9 $3,155,000 $350,556

Home purchase and refinance loans are typically offered by even the most prudent banks. Cash out refi loans typically carry higher fees-- they allow homeowners to get loans against the equity (appreciated value) of their home, but can be used irresponsibly. Lendors with a high ratio of cash out refi loans may be exposed in the event of an economic downturn, and may be more aggressive with their fee schedules.

Top Markets

Market Originations Total Value Average Loan
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV 2,092 $941,630,000 $450,110
BALTIMORE-COLUMBIA-TOWSON, MD 1,292 $512,760,000 $396,873
FREDERICK-GAITHERSBURG-ROCKVILLE, MD 873 $340,525,000 $390,063
PITTSBURGH, PA 978 $313,100,000 $320,143
RICHMOND, VA 824 $250,970,000 $304,575
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC 695 $214,075,000 $308,022
CHARLOTTE-CONCORD-GASTONIA, NC-SC 696 $180,560,000 $259,425
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY, PA 508 $177,370,000 $349,154
SALISBURY, MD-DE 655 $171,445,000 $261,748
CINCINNATI, OH-KY-IN 632 $162,020,000 $256,361
CLEVELAND-ELYRIA, OH 614 $151,490,000 $246,726
NASHVILLE-DAVIDSON--MURFREESBORO--FRANKLIN, TN 490 $137,400,000 $280,408
WILMINGTON, DE-MD-NJ 421 $119,555,000 $283,979
TAMPA-ST. PETERSBURG-CLEARWATER, FL 470 $113,030,000 $240,489
ORLANDO-KISSIMMEE-SANFORD, FL 377 $105,815,000 $280,676
GREENVILLE-ANDERSON, SC 468 $103,840,000 $221,880
DAYTON-KETTERING, OH 379 $97,455,000 $257,137
HAGERSTOWN-MARTINSBURG, MD-WV 313 $71,915,000 $229,760
COLUMBUS, OH 235 $68,285,000 $290,574
CHARLOTTESVILLE, VA 207 $63,475,000 $306,643
CAMDEN, NJ 225 $62,685,000 $278,600
INDIANAPOLIS-CARMEL-ANDERSON, IN 220 $60,150,000 $273,409
RALEIGH-CARY, NC 195 $58,675,000 $300,897
AKRON, OH 243 $57,215,000 $235,453
ALLENTOWN-BETHLEHEM-EASTON, PA-NJ 155 $39,985,000 $257,968
WINCHESTER, VA-WV 135 $39,005,000 $288,926
LAKELAND-WINTER HAVEN, FL 171 $37,875,000 $221,491
Outside of Metro Areas 149 $37,135,000 $249,228
ELGIN, IL 151 $36,085,000 $238,974
SPARTANBURG, SC 150 $33,040,000 $220,267
CANTON-MASSILLON, OH 135 $32,875,000 $243,519
YORK-HANOVER, PA 95 $25,785,000 $271,421
ROCHESTER, NY 99 $25,525,000 $257,828
NEWARK, NJ-PA 69 $25,245,000 $365,870
DOVER, DE 87 $24,675,000 $283,621
MIAMI-MIAMI BEACH-KENDALL, FL 73 $22,635,000 $310,068
DURHAM-CHAPEL HILL, NC 96 $22,290,000 $232,188
CHICAGO-NAPERVILLE-EVANSTON, IL 80 $21,140,000 $264,250
WEST PALM BEACH-BOCA RATON-BOYNTON BEACH, FL 62 $21,030,000 $339,194
DELTONA-DAYTONA BEACH-ORMOND BEACH, FL 79 $19,585,000 $247,911
HARRISBURG-CARLISLE, PA 63 $18,165,000 $288,333
NEW BRUNSWICK-LAKEWOOD, NJ 56 $17,640,000 $315,000
CHARLESTON-NORTH CHARLESTON, SC 64 $16,450,000 $257,031
BUFFALO-CHEEKTOWAGA, NY 63 $15,215,000 $241,508
COLUMBIA, SC 81 $15,005,000 $185,247
SYRACUSE, NY 54 $14,090,000 $260,926
PORT ST. LUCIE, FL 57 $14,065,000 $246,754
SEBASTIAN-VERO BEACH, FL 45 $10,945,000 $243,222
NORTH PORT-SARASOTA-BRADENTON, FL 42 $10,540,000 $250,952
CALIFORNIA-LEXINGTON PARK, MD 53 $10,015,000 $188,962
MORGANTOWN, WV 21 $7,895,000 $375,952
STAUNTON, VA 31 $6,615,000 $213,387
ATLANTIC CITY-HAMMONTON, NJ 26 $6,480,000 $249,231
ROCKY MOUNT, NC 8 $1,910,000 $238,750
LAKE COUNTY-KENOSHA COUNTY, IL-WI 5 $1,125,000 $225,000
PHILADELPHIA, PA 1 $465,000 $465,000
PALM BAY-MELBOURNE-TITUSVILLE, FL 1 $265,000 $265,000
YOUNGSTOWN-WARREN-BOARDMAN, OH-PA 1 $265,000 $265,000

Lendors vary in competitiveness at the per market level-- meaning they may have better terms, deals or promotions based on the mortgaged property's location.

Interest Rate & Spreads

Loan Rate Originations Total Value Average Loan
<2.5% 2 $10,000 $5,000
2.5-3% 119 $34,435,000 $289,370
3-4% 7,271 $2,308,815,000 $317,537
4-5% 7,825 $2,416,985,000 $308,880
5-6% 1,333 $402,845,000 $302,209
6-7% 2 $650,000 $325,000
7-8% 5 $1,525,000 $305,000
Over 8% 3 $1,235,000 $411,667

Loan Sizing

Loan Size Originations Total Value Average Loan
$100,000 or less 278 $16,190,000 $58,237
$100k-200k 2,191 $372,965,000 $170,226
$200k-400k 10,867 $3,127,755,000 $287,821
$400k-600k 2,679 $1,267,255,000 $473,033
$600k-1000k 531 $366,965,000 $691,083
$Over $1MM 14 $15,370,000 $1,097,857

Different banks have different objectives. Some banks focus solely on high net worth individuals. Others focus on FHA loans for lower income applicants. Knowing what a bank specializes in allows better optimization given the applicant's financial situation.

LTV Distribution

Loan to Value Originations Total Value Average Loan
20-40% 386 $47,690,000 $123,549
40-60% 712 $156,950,000 $220,435
60-80% 2,749 $859,485,000 $312,654
80-100% 11,784 $3,798,480,000 $322,342
Over 100% 805 $298,955,000 $371,373
Under 20% 124 $4,940,000 $39,839

LTV, or loan-to-value, is the amount loaned relative to a home's value. Lower LTV lending implies a larger downpayment-- reducing risk to the lendor. FHA loans will nearly always have a higher LTV due to the lower downpayment requirements. Higher LTVs may also mean a bank is charging higher fees or interest rates to compensate for their risk exposure.

Applicant Income

Applicant Income Originations Total Value Average Loan
$100k-150k 4,854 $1,646,300,000 $339,164
$150k-250k 2,617 $1,070,745,000 $409,150
$50k-75k 3,643 $882,445,000 $242,230
$50k-or less 1,074 $197,980,000 $184,339
$75k-100k 3,736 $1,068,260,000 $285,937
$Over $250k 631 $299,435,000 $474,540

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan
White 9,504 $2,830,900,000 $297,864
Black 3,721 $1,230,335,000 $330,646
Asian 1,653 $583,605,000 $353,058
Not provided 1,385 $419,625,000 $302,978
Asian Indian 104 $37,580,000 $361,346
American Indian 106 $33,760,000 $318,491
Other Asian 27 $10,445,000 $386,852
Native Hawaiian 29 $9,495,000 $327,414
Chinese 12 $4,220,000 $351,667
Filipino 8 $2,860,000 $357,500
Other Pacific Islander 5 $1,455,000 $291,000
Vietnamese 2 $1,040,000 $520,000
Korean 2 $680,000 $340,000
Japanese 2 $500,000 $250,000

Approval Rates

Total approvals of all applications
94.01%

A high approval rate means banks are more selective in who they market to or that they are loosey-goosey with who they lend to. Low approval rates may mean a lendor is more stringent in their lending standards.

Pick Rate

Approvals leading to origination
75.46%

A bank's pick rate is how often they are chosen by an applicant once approved. A high pick rate typically means the bank has some sort of advantage-- either the best terms (rates/fees), fastest closing time or even the best customer service. Banks with <75% pick rate may need further investigation as to why they are not more competitive.

Points and Fees

Points Originations Total Value Average Loan
NA 16,560 $5,166,500,000 $311,987

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 813 $225,975,000 $277,952
$1k-2k 4,596 $1,432,850,000 $311,760
$2k-3k 2,566 $724,810,000 $282,467
$3k-4k 2,912 $901,540,000 $309,595
$5k+ 2,173 $836,105,000 $384,770

Banks make money on their float/interest spread (fees charged to borrowers vs fees they pay for their capital), for servicing loans, as well as charging origination fees when a loan is disbursed. Modern low-cost efficient lendors can have fees totaling less than $500 for many mortgages-- as low as $250 in some cases. Average lendors will be in the $1k-2k range and high cost lendors will be even more. The costs incurred by the bank will be similar no matter the loan amount, so this is to be viewed as a profit center for most banks.

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
Single Family (1-4 Units):Site-Built 16,560 $5,166,500,000 $311,987