Village Bank Mortgage Corporation Rates, Fees & InfoRICHMOND, VA
Tax ID: 54-1874129
Latest/2021 | 2020 Data | 2019 Data | 2018 Data
Review & OverviewVillage 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.
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|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.|
Origination Dollar Volume (All Markets)$296,060,000
Village Bank Mortgage Corporation's average 30 year fixed mortgage rate was
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.
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%|
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.
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
|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.
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|
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.
|Loan Rate||Originations||Total Value||Average Loan|
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.
2021 saw Village Bank Mortgage Corporation place emphasis on $200k-400k loans with 650 originations, totaling $178,940,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Village Bank Mortgage Corporation has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
Village Bank Mortgage Corporation has an average pick rate.
Points and Fees
|Points||Originations||Total Value||Average Loan|