Village Bank Mortgage Corporation Rates, Fees & Info

RICHMOND, VA

LEI: 549300KR83OL4XF00793

Tax ID: 54-1874129

5 stars - out of 5 stars, based on 36 reviews

2021 Data | 2020 Data | 2019 Data | 2018 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

1,310

Origination Dollar Volume (All Markets)

$296,060,000

Awards

VILLAGE BANK MORTGAGE CORPORATION FHA Loans bronze VILLAGE BANK MORTGAGE CORPORATION 30 Year Conventional Loans bronze
Show all (2) awards

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 applications
98.04%

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 origination
85.83%

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%