Village Bank Mortgage Rates, Fees & Info
Midlothian, VALEI: 549300NIJITDSZ8M7H32
Tax ID: 54-1896366
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Mortgage Data
Review & Overview
Village Bank is a smaller bank specializing in Home Purchase loans. Village Bank has a high proportion of conventional loans. Their top markets by origination volume include: Richmond, Crestview, Virginia Beach, and Morehead City among others. We have data for 5 markets. (Some data included below & more in-depth data is available with an active subscription.)Village Bank has an average approval rate when compared to the average across all lenders. They have an above average pick rate when compared to similar lenders.
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Originations
107Origination Dollar Volume (All Markets)
$18,485,000Top 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) | 92 | $10,430,000 | $113,370 | $0 | 7.04% |
| Outside of Metro Areas | 10 | $3,890,000 | $389,000 | $0 | 6.49% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 1 | $3,105,000 | $3,105,000 | $0 | 7.00% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 3 | $625,000 | $208,333 | $0 | 8.01% |
| Morehead City, NC (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $0 | 6.50% |
Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 107 | $18,485,000 | $172,757 | $0 | 7.01% |
For 2023, Village Bank's most frequently originated type of loan was Conventional, with 107 originations.
Loan Reason
For 2023, Village Bank's most frequently cited loan purpose was Other, with 42 originations. The 2nd most popular reason was Home Improvement, with 23 originations.
Loan Duration/Length
For 2023, Village Bank's most frequently cited loan duration was 20 Year, with 43 originations. The 2nd most popular length was 10 Year, with 23 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $<1k | 78 | $6,100,000 | $78,205 |
Village Bank's average total fees were $0, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 78 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 6-7% | 34 | $8,660,000 | $254,706 |
| 5-6% | 25 | $3,975,000 | $159,000 |
| 7-8% | 25 | $2,705,000 | $108,200 |
| Over 8% | 21 | $3,025,000 | $144,048 |
| 4-5% | 2 | $120,000 | $60,000 |
During 2023, Village Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 34 originations.
Loan Sizing
2023 saw Village Bank place emphasis on $100,000 or less loans with 63 originations, totaling $3,275,000 in origination value.
Applicant Income
Village Bank lent most frequently to those with incomes in the $100k-150k range, with 22 originations. The second most popular income band? $150k-250k, with 20 originations.
Applicant Debt to Income Ratio
Village Bank lent most frequently to those with DTI ratios of 20-30%, with 37 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications85.64%
Village Bank has an average approval rate.
Pick Rate
Approvals leading to origination97.20%
Village Bank has an exceptionally high pick rate. They most likely have borrower friendly terms or other characteristics like being fast to close or are easy to work with.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 107 | $18,485,000 | $172,757 |