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

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

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Mortgage Data

  • SimulatedRates™
  • Originations
  • Relative Rates
  • Relative Fees
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & 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 by origination volume include: Richmond, Virginia Beach, Washington, Charlottesville, and Staunton among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Village Bank Mortgage Corporation 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. Village Bank Mortgage Corporation is typically an average 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.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.64% 3/19/23
    30 Year Conventional Refi 6.46% 3/19/23
    30 Year Cash-out Refi 6.67% 3/19/23
    30 Year FHA Purchase 7.32% 3/19/23
    30 Year FHA Refi 7.17% 3/19/23
    30 Year VA Purchase 6.20% 3/19/23
    30 Year VA Refi 5.92% 3/19/23
    30 Year USDA Purchase 6.61% 3/19/23
    30 Year USDA Refi 6.42% 3/19/23
    15 Year Conventional Purchase 6.06% 3/19/23
    15 Year Conventional Refi 5.96% 3/19/23
    15 Year Cash-out Refi 5.96% 3/19/23
    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.


    Originations

    1,310

    Origination Dollar Volume (All Markets)

    $296,060,000

    Awards

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

    Relative Rate

    Village Bank Mortgage Corporation's average 30 year fixed mortgage rate was 3.11%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

    Village Bank Mortgage Corporation's average total fees/closing costs for a 30 year fixed rate mortgage were $3,718.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    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) 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.

    Their top states include:
  • Virginia (FHA|USDA|VA)
  • North Carolina (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against VILLAGE BANK MORTGAGE CORPORATION based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HENRICO Federal Credit Union
    Similarity Rank: 420
    ABNB Federal Credit Union
    Similarity Rank: 544
    Cedar Point Federal Credit Union
    Similarity Rank: 546
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 722
    BEACH MUNICIPAL FEDERAL CREDIT UNION
    Similarity Rank: 860
    LOANFLIGHT LENDING, LLC
    Similarity Rank: 1300
    Credence Funding Corporation
    Similarity Rank: 2020
    Woodsboro Bank
    Similarity Rank: 2455
    IDB Global Federal Credit Union
    Similarity Rank: 2740
    DOMINION ENERGY CREDIT UNION
    Similarity Rank: 2755

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Village Bank Mortgage Corporation's most frequently originated type of loan was Conventional, with 1,026 originations. Their 2nd most popular type was FHA, with 219 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. 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 2021, Village Bank Mortgage Corporation's most frequently cited loan purpose was Home Purchase, with 876 originations. The 2nd most popular reason was 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 2021, Village Bank Mortgage Corporation's most frequently cited loan duration was 30 Year, with 1,156 originations. The 2nd most popular length was 15 Year, with 62 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost 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 26 $7,420,000 $285,385
    $5k+ 18 $10,140,000 $563,333
    $4k-5k 6 $1,820,000 $303,333

    Village Bank Mortgage Corporation's average total fees were $3,718, while their most frequently occuring range of origination fees (closing costs) 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 for loans was 3.11%, while their most frequently originated rate bucket for loans was 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 or Islander 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
    98.28%

    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
    87.56%

    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%