Village Bank Mortgage Corporation Rates, Fees & Info
RICHMOND, VALEI: 549300KR83OL4XF00793
Tax ID: 54-1874129
2021 Data | 2020 Data | 2019 Data | 2018 Data
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Mortgage Data
Overview
Village Bank Mortgage Corporation is a smaller bank specializing in Home Purchase and Refi loans. Village Bank Mortgage Corporation 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 Richmond, Virginia Beach, Washington, Charlottesville, and Staunton among others. Village Bank Mortgage Corporation has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Village Bank Mortgage Corporation is typically an average fee lendor.Originations
1,310Origination Dollar Volume (All Markets)
$296,060,000Awards
VILLAGE BANK MORTGAGE CORPORATION - 2021
VILLAGE BANK MORTGAGE CORPORATION is a 2021 , due to their low .
For 2021, less than of lenders were eligible for this award.
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Relative Rate
Village Bank Mortgage Corporation's average 30 year fixed rate mortgage of loans were
3.11%.
The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.
This yields a difference of -0.04%.
Relative Fees
Village Bank Mortgage Corporation's average total fees for a 30 year fixed rate
mortgage are $3,718.
The average total origination fees for 30 year fixed rate mortgages (for all loan values, including
both points & up-front fees in addition to origination fees) are $4,750.
Top Markets
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| RICHMOND, VA (FHA|USDA|VA) | 1,208 | $268,740,000 | $222,467 | $3,484 | 2.93% |
| Outside of Metro Areas | 42 | $8,690,000 | $206,905 | $3,062 | 2.98% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 28 | $7,590,000 | $271,071 | $3,436 | 3.14% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 14 | $5,470,000 | $390,714 | $5,567 | 2.96% |
| CHARLOTTESVILLE, VA (FHA|USDA|VA) | 10 | $3,380,000 | $338,000 | $3,489 | 3.08% |
| STAUNTON, VA (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $704 | 3.38% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $3,271 | 3.06% |
| ROANOKE, VA (FHA|USDA|VA) | 1 | $375,000 | $375,000 | $1,260 | 2.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,006 | 3.00% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $2,766 | 2.88% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $2,941 | 3.00% |
Village Bank Mortgage Corporation's top markets include Richmond, Virginia Beach, Washington, Charlottesville, and Staunton among others.
Product Mix
| Loan Type | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Conventional | 1,026 | $223,910,000 | $218,236 | $2,612 | 2.94% |
| FHA | 219 | $52,045,000 | $237,648 | $6,508 | 3.00% |
| VA | 54 | $17,410,000 | $322,407 | $6,643 | 2.72% |
| USDA | 11 | $2,695,000 | $245,000 | $4,920 | 2.77% |
For the 2021 period, Village Bank Mortgage Corporation's most frequently originated loan type of loans were Conventional, with 1,026 originations. Their 2nd most popular type is FHA, with 219 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Home Purchase | 876 | $191,180,000 | $218,242 | $3,548 | 2.90% |
| Refi | 263 | $65,505,000 | $249,068 | $2,992 | 2.87% |
| Cash Out Refi | 171 | $39,375,000 | $230,263 | $3,971 | 3.24% |
For the 2021, Village Bank Mortgage Corporation's most frequently cited loan purpose of loans were Home Purchase, with 876 originations. The 2nd most popular reason of loans were Refi, with 263 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 30 Year | 1,156 | $272,370,000 | $235,614 | $3,718 | 3.11% |
| 15 Year | 62 | $15,310,000 | $246,935 | $2,857 | 2.55% |
| 5 Year | 57 | $605,000 | $10,614 | $0 | 0.00% |
| 20 Year | 27 | $5,995,000 | $222,037 | $2,914 | 2.92% |
| Other | 6 | $1,350,000 | $225,000 | $3,059 | 2.85% |
| 10 Year | 2 | $430,000 | $215,000 | $2,334 | 2.38% |
For the 2021, Village Bank Mortgage Corporation's most frequently cited loan length of loans were 30 Year, with 1,156 originations. The 2nd most popular length of loans were 15 Year, with 62 originations.
Origination Fees
| Origination Fee | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 973 | $210,395,000 | $216,233 |
| $1k-2k | 185 | $44,815,000 | $242,243 |
| $2k-3k | 48 | $13,600,000 | $283,333 |
| $3k-4k | 32 | $9,240,000 | $288,750 |
| $5k+ | 18 | $10,140,000 | $563,333 |
$3,718 of loans were Village Bank Mortgage Corporation's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 973 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 599 | $123,635,000 | $206,402 |
| 2.5-3% | 539 | $141,355,000 | $262,254 |
| <2.5% | 155 | $28,235,000 | $182,161 |
| 4-5% | 17 | $2,835,000 | $166,765 |
During 2021, Village Bank Mortgage Corporation's average interest rate of loans were 3.11%, while their most frequently originated rate bucket of loans were 3-4%, with 599 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $200k-400k | 650 | $178,940,000 | $275,292 | $4,311 | 3.04% |
| $100k-200k | 333 | $52,555,000 | $157,823 | $3,191 | 3.13% |
| $100,000 or less | 207 | $4,025,000 | $19,444 | $400 | 2.36% |
| $400k-600k | 109 | $51,975,000 | $476,835 | $4,435 | 2.86% |
| $600k-1MM | 10 | $7,210,000 | $721,000 | $8,486 | 2.91% |
| $1MM+ | 1 | $1,355,000 | $1,355,000 | $17,178 | 3.38% |
2021 saw Village Bank Mortgage Corporation place emphasis on $200k-400k loans with 650 originations, totaling $178,940,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $50k-75k | 388 | $72,590,000 | $187,088 | $3,439 | 3.04% |
| $50k or less | 302 | $41,810,000 | $138,444 | $2,764 | 2.55% |
| $75k-100k | 245 | $59,865,000 | $244,347 | $4,012 | 3.12% |
| $100k-150k | 217 | $64,545,000 | $297,442 | $3,702 | 3.05% |
| $150k-250k | 123 | $41,625,000 | $338,415 | $3,577 | 2.95% |
| $250k+ | 35 | $15,625,000 | $446,429 | $5,656 | 3.12% |
Village Bank Mortgage Corporation lent most frequently to those with incomes in the $50k-75k range, with 388 originations. The second most popular income band? $50k or less, with 302 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-30% | 300 | $72,410,000 | $241,367 | $3,041 | 3.02% |
| 30-36% | 286 | $61,050,000 | $213,462 | $3,172 | 2.92% |
| <20% | 113 | $26,485,000 | $234,381 | $3,328 | 2.86% |
| 41% | 69 | $17,025,000 | $246,739 | $3,684 | 2.93% |
| 39% | 67 | $10,295,000 | $153,657 | $3,050 | 2.82% |
| 38% | 55 | $12,815,000 | $233,000 | $3,439 | 2.96% |
| 42% | 53 | $10,735,000 | $202,547 | $3,844 | 3.04% |
| 40% | 51 | $11,725,000 | $229,902 | $3,838 | 3.03% |
| 37% | 50 | $7,670,000 | $153,400 | $2,800 | 2.75% |
| 44% | 47 | $11,585,000 | $246,489 | $4,535 | 3.07% |
| 36% | 44 | $9,500,000 | $215,909 | $3,480 | 2.89% |
| 43% | 43 | $9,095,000 | $211,512 | $4,380 | 3.03% |
| 45% | 27 | $7,215,000 | $267,222 | $3,989 | 2.67% |
| 49% | 26 | $7,510,000 | $288,846 | $5,530 | 2.80% |
| 47% | 24 | $6,610,000 | $275,417 | $3,446 | 3.01% |
| 48% | 19 | $4,735,000 | $249,211 | $4,879 | 2.79% |
| 46% | 18 | $4,870,000 | $270,556 | $3,805 | 2.99% |
| 50-60% | 18 | $4,730,000 | $262,778 | $6,998 | 2.92% |
Village Bank Mortgage Corporation lent most frequently to those with DTI ratios of 20-30%, with 300 originations. The next most common DTI ratio? 30-36%, with 286 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| White | 839 | $204,095,000 | $243,260 | $3,422 | 2.94% |
| Black | 258 | $45,990,000 | $178,256 | $3,761 | 2.89% |
| Not provided | 181 | $38,645,000 | $213,508 | $3,413 | 2.98% |
| Asian | 21 | $4,635,000 | $220,714 | $3,126 | 2.98% |
| American Indian | 6 | $1,040,000 | $173,333 | $3,527 | 2.52% |
| Vietnamese | 1 | $545,000 | $545,000 | $4,147 | 3.00% |
| Filipino | 1 | $365,000 | $365,000 | $3,375 | 3.25% |
| Native Hawaiian | 1 | $305,000 | $305,000 | $2,729 | 3.25% |
| Other Pacific Islander | 1 | $235,000 | $235,000 | $2,828 | 4.50% |
| Japanese | 1 | $205,000 | $205,000 | $2,903 | 3.00% |
Approval Rates
Total approvals of all applications98.04%
Village Bank Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination85.83%
Village Bank Mortgage Corporation has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 1,310 | $296,060,000 | $226,000 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 1,310 | $296,060,000 | $226,000 |
LTV Distribution
| Loan to Value | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 20-40% | 23 | $3,055,000 | $132,826 | $2,667 | 2.92% |
| 40-60% | 101 | $21,295,000 | $210,842 | $2,830 | 2.91% |
| 60-80% | 343 | $86,935,000 | $253,455 | $3,322 | 3.14% |
| 80-100% | 658 | $180,900,000 | $274,924 | $4,507 | 3.03% |
| Over 100% | 7 | $2,115,000 | $302,143 | $9,775 | 2.86% |
| Under 20% | 178 | $1,760,000 | $9,888 | $181 | 2.24% |
