Village Bank Mortgage Rates, Fees & Info

Midlothian, VA

LEI: 549300NIJITDSZ8M7H32

Tax ID: 54-1896366

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • 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 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, Virginia Beach, and Charlottesville among others. We have data for 4 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 average pick rate when compared to similar lenders.

    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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    Originations

    63

    Origination Dollar Volume (All Markets)

    $9,235,000

    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) 58 $7,570,000 $130,517 $0 5.98%
    VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) 3 $1,265,000 $421,667 $0 4.72%
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 1 $335,000 $335,000 $0 5.17%
    Outside of Metro Areas 1 $65,000 $65,000 $0 6.50%
    Village Bank's top markets include Richmond, Virginia Beach, and Charlottesville among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 63 $9,235,000 $146,587 $0 5.92%

    For 2019, Village Bank's most frequently originated type of loan was Conventional, with 63 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 33 $7,155,000 $216,818 $0 5.80%
    Other 15 $735,000 $49,000 $0 6.42%
    Home Improvement 10 $770,000 $77,000 $0 6.28%
    Refi 5 $575,000 $115,000 $0 4.48%

    For 2019, Village Bank's most frequently cited loan purpose was Home Purchase, with 33 originations. The 2nd most popular reason was Other, with 15 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    1 Year 20 $3,160,000 $158,000 $0 6.34%
    20 Year 18 $1,210,000 $67,222 $0 6.58%
    5 Year 9 $3,105,000 $345,000 $0 4.88%
    10 Year 7 $295,000 $42,143 $0 5.21%
    Other 4 $740,000 $185,000 $0 4.63%
    15 Year 3 $185,000 $61,667 $0 5.92%
    3 Year 2 $540,000 $270,000 $0 5.50%

    For 2019, Village Bank's most frequently cited loan duration was 1 Year, with 20 originations. The 2nd most popular length was 20 Year, with 18 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 28 $1,690,000 $60,357

    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 28 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 31 $3,455,000 $111,452
    5-6% 16 $2,610,000 $163,125
    4-5% 12 $2,860,000 $238,333
    7-8% 2 $150,000 $75,000
    3-4% 1 $105,000 $105,000
    Over 8% 1 $55,000 $55,000

    During 2019, Village Bank's average interest rate for loans was 0.00%, while their most frequently originated rate bucket for loans was 6-7%, with 31 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 29 $1,385,000 $47,759 $0 6.14%
    $100k-200k 22 $3,330,000 $151,364 $0 5.89%
    $200k-400k 10 $2,760,000 $276,000 $0 5.55%
    $600k-1MM 2 $1,760,000 $880,000 $0 4.85%

    2019 saw Village Bank place emphasis on $100,000 or less loans with 29 originations, totaling $1,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 9 $595,000 $66,111 $0 6.08%
    $75k-100k 6 $320,000 $53,333 $0 6.50%
    $50k-75k 5 $395,000 $79,000 $0 5.75%
    $150k-250k 3 $175,000 $58,333 $0 6.83%
    $50k or less 2 $50,000 $25,000 $0 6.63%
    $250k+ 1 $15,000 $15,000 $0 6.50%

    Village Bank lent most frequently to those with incomes in the $100k-150k range, with 9 originations. The second most popular income band? $75k-100k, with 6 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 10 $680,000 $68,000 $0 6.45%
    20-30% 8 $350,000 $43,750 $0 6.44%
    42% 2 $130,000 $65,000 $0 5.50%
    43% 2 $120,000 $60,000 $0 7.00%
    <20% 2 $60,000 $30,000 $0 5.13%
    37% 1 $55,000 $55,000 $0 5.75%
    41% 1 $155,000 $155,000 $0 5.75%

    Village Bank lent most frequently to those with DTI ratios of 30-36%, with 10 originations. The next most common DTI ratio? 20-30%, with 8 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 35 $7,545,000 $215,571 $0 5.72%
    White 24 $1,430,000 $59,583 $0 6.22%
    Not provided 2 $120,000 $60,000 $0 6.75%
    Asian Indian 1 $105,000 $105,000 $0 3.75%
    Black 1 $35,000 $35,000 $0 6.25%

    Approval Rates

    Total approvals of all applications
    79.78%

    Village Bank has a below average approval rate.

    Pick Rate

    Approvals leading to origination
    92.06%

    Village Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 63 $9,235,000 $146,587

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 63 $9,235,000 $146,587

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 6 $640,000 $106,667 $0 5.92%
    40-60% 8 $950,000 $118,750 $0 5.83%
    60-80% 22 $4,630,000 $210,455 $0 5.94%
    80-100% 1 $355,000 $355,000 $0 4.50%
    Over 100% 5 $1,855,000 $371,000 $0 4.87%
    Under 20% 21 $805,000 $38,333 $0 6.25%