Virginia National Bank Mortgage Rates, Fees & Info

Charlottesville, VA

LEI: 549300XE6SNRPD2GUD44

Tax ID: 54-1902129

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Mortgage Data

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

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Virginia National Bank is a smaller bank specializing in Home Purchase loans. Virginia National Bank has a high proportion of conventional loans. Their top markets by origination volume include: Charlottesville, Kill Devil Hills, Washington, Charlotte, and Pittsburgh among others. We have data for 8 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Virginia National Bank 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. Virginia National Bank is typically a low 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 relatively high 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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    Originations

    33

    Origination Dollar Volume (All Markets)

    $16,145,000

    Employee count

    86

    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
    CHARLOTTESVILLE, VA (FHA|USDA|VA) 24 $13,930,000 $580,417 $1,209 5.26%
    Kill Devil Hills, NC (FHA|USDA|VA) 2 $1,150,000 $575,000 $0 4.37%
    Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) 1 $345,000 $345,000 $0 4.93%
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 2 $180,000 $90,000 $0 5.90%
    PITTSBURGH, PA (FHA|USDA|VA) 1 $175,000 $175,000 $0 5.50%
    BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) 1 $165,000 $165,000 $0 5.50%
    STAUNTON, VA (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.50%
    Outside of Metro Areas 1 $55,000 $55,000 $1,239 5.50%
    Virginia National Bank's top markets include Charlottesville, Kill Devil Hills, Washington, Charlotte, and Pittsburgh among others.

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

    • Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 33 $16,145,000 $489,242 $1,091 5.26%

    For 2018, Virginia National Bank's most frequently originated type of loan was Conventional, with 33 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 22 $10,870,000 $494,091 $121 5.34%
    Refi 6 $2,950,000 $491,667 $158 4.92%
    Other 3 $2,105,000 $701,667 $3,324 5.20%
    Home Improvement 2 $220,000 $110,000 $1,694 5.55%

    For 2018, Virginia National Bank's most frequently cited loan purpose was Home Purchase, with 22 originations. The 2nd most popular reason was Refi, with 6 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    20 Year 10 $2,110,000 $211,000 $1,239 5.32%
    1 Year 6 $5,150,000 $858,333 $0 5.21%
    5 Year 5 $2,415,000 $483,000 $2,029 5.35%
    Other 5 $1,505,000 $301,000 $0 5.20%
    30 Year 4 $1,560,000 $390,000 $1,403 5.38%
    15 Year 3 $3,405,000 $1,135,000 $0 5.01%

    For 2018, Virginia National Bank's most frequently cited loan duration was 20 Year, with 10 originations. The 2nd most popular length was 1 Year, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 12 $7,340,000 $611,667
    $1k-2k 1 $185,000 $185,000
    $4k-5k 1 $855,000 $855,000
    $5k+ 1 $2,505,000 $2,505,000

    Virginia National Bank's average total fees were $1,403, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 12 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 18 $6,780,000 $376,667
    4-5% 13 $9,185,000 $706,538
    6-7% 2 $180,000 $90,000

    During 2018, Virginia National Bank's average interest rate for loans was 5.38%, while their most frequently originated rate bucket for loans was 5-6%, with 18 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 11 $1,615,000 $146,818 $2,150 5.50%
    $600k-1MM 7 $5,045,000 $720,714 $976 4.96%
    $200k-400k 5 $1,585,000 $317,000 $0 5.48%
    $100,000 or less 4 $260,000 $65,000 $888 5.74%
    $1MM+ 4 $6,640,000 $1,660,000 $1,353 4.85%
    $400k-600k 2 $1,000,000 $500,000 $0 4.40%

    2018 saw Virginia National Bank place emphasis on $100k-200k loans with 11 originations, totaling $1,615,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 9 $9,655,000 $1,072,778 $1,124 4.91%
    $50k-75k 2 $350,000 $175,000 $2,150 5.68%
    $75k-100k 2 $490,000 $245,000 $0 5.75%
    $100k-150k 1 $55,000 $55,000 $1,239 5.50%
    $150k-250k 1 $105,000 $105,000 $0 6.10%
    $50k or less 1 $35,000 $35,000 $537 5.60%

    Virginia National Bank lent most frequently to those with incomes in the $250k+ range, with 9 originations. The second most popular income band? $50k-75k, with 2 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 5 $5,445,000 $1,089,000 $1,304 4.82%
    30-36% 2 $1,020,000 $510,000 $0 5.05%
    >60% 2 $330,000 $165,000 $0 5.63%
    <20% 1 $105,000 $105,000 $0 6.10%
    43% 1 $35,000 $35,000 $537 5.60%
    45% 1 $855,000 $855,000 $0 5.50%
    50-60% 1 $55,000 $55,000 $1,239 5.50%
    42% 1 $655,000 $655,000 $2,831 5.00%
    39% 1 $165,000 $165,000 $2,150 5.60%
    40% 1 $2,025,000 $2,025,000 $0 5.53%

    Virginia National Bank lent most frequently to those with DTI ratios of 20-30%, with 5 originations. The next most common DTI ratio? 30-36%, with 2 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 17 $11,975,000 $704,412 $1,091 5.20%
    Not applicable 15 $4,065,000 $271,000 $0 5.28%
    Not provided 1 $105,000 $105,000 $0 6.10%

    Approval Rates

    Total approvals of all applications
    93.64%

    Virginia National Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    18.18%

    Virginia National Bank has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 33 $16,145,000 $489,242

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $1,070,000 $267,500
    Single Family (1-4 Units):Site-Built 29 $15,075,000 $519,828

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 1 $725,000 $725,000 $0 4.70%
    40-60% 8 $3,940,000 $492,500 $1,886 5.38%
    60-80% 12 $6,460,000 $538,333 $620 5.21%
    80-100% 11 $4,015,000 $365,000 $0 5.37%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Struggling to pay mortgage 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY Conventional home mortgage Trouble during payment process 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Incorrect information on your report 1 25.0%
    VIRGINIA HOUSING DEVELOPMENT AUTHORITY FHA mortgage Trouble during payment process 1 25.0%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Virginia National Bank 1580 Seminole Trail Charlottesville, VA 22901 Full Service B&M $27,333
    Virginia National Bank 1900 Arlington Blvd. Charlottesville, VA 22903 Full Service B&M $122,951
    Virginia National Bank 222 East Main Street Charlottesville, VA 22902 Full Service B&M $179,231
    Virginia National Bank 3119 Valley Avenue #102 Winchester, VA 22601 Full Service B&M $42,611
    Virginia National Bank 404 People Place Charlottesville, VA 22911 Full Service B&M $166,258

    For 2018, Virginia National Bank had 5 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $25,686
    Net interest income $22,896
    Total noninterest income $5,530
    Gross Fiduciary activities income $1,665
    Service charges on deposit accounts $909
    Trading account gains and fees $0
    Additional Noninterest Income $2,956
    Pre-tax net operating income $10,969
    Securities gains (or losses, -) $0
    Income before extraordinary items $8,820
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $8,820
    Minority interest net income $0
    Net income $8,820
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $8,820

    Virginia National Bank's gross interest income from loans was $25,686,000.
    Virginia National Bank's net interest income from loans was $22,896,000.
    Virginia National Bank's fee based income from loans was $909,000.
    Virginia National Bank's net income from loans was $8,820,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $2,790
    Provision for credit losses $1,873
    Total noninterest expense $15,584
    Salaries and employee benefits $7,971
    Premises and equipment expense $2,335
    Additional noninterest expense $5,278
    Applicable income taxes $2,149
    Net charge-offs $1,025
    Cash dividends $2,250

    Virginia National Bank's interest expense for loans was $2,790,000.
    Virginia National Bank's payroll and benefits expense were $7,971,000.
    Virginia National Bank's property, plant and equipment expenses $2,335,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $573,680
    Deposits held in domestic offices $573,680
    Deposits by Individuals, partnerships, and corporations $555,782
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $15,935
    Deposits by Commercial banks and other depository institutions in U.S. $1,963
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $54,469
    Demand deposits $38,929
    Nontransaction accounts $519,211
    Money market deposit accounts (MMDAs) $409,297
    Other savings deposits (excluding MMDAs) $1,382
    Total time deposits $108,532
    Total time and savings deposits $534,751
    Noninterest-bearing deposits $186,965
    Interest-bearing deposits $386,715
    Retail deposits $545,671
    IRAs and Keogh plan accounts $6,654
    Brokered deposits $0
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $644,554
    Cash & Balances due from depository institutions $18,874
    Interest-bearing balances $7,133
    Total securities $61,392
    Federal funds sold & reverse repurchase $0
    Net loans and leases $532,299
    Loan and leases loss allowance $4,891
    Trading account assets $0
    Bank premises and fixed assets $7,042
    Other real estate owned $0
    Goodwill and other intangibles $849
    All other assets $24,098

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $644,554
    Total Liabilities $574,411
    Total deposits $573,680
    Interest-bearing deposits $386,715
    Deposits held in domestic offices $573,680
    % insured (estimated) $69
    Federal funds purchased and repurchase agreements $0
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $731

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $532,299
    Loan and leases loss allowance $4,891
    Total loans and leases (domestic) $537,190
    All real estate loans $370,403
    Real estate loans in domestic offices $370,403
    Construction and development loans $17,524
    Residential 1-4 family construction $1,552
    Other construction, all land development and other land $15,972
    Loans secured by nonfarm nonresidential properties $217,014
    Nonfarm nonresidential secured by owner-occupied properties $93,673
    Commercial real estate & other non-farm, non-residential $123,341
    Multifamily residential real estate $27,328
    1-4 family residential loans $98,140
    Farmland loans $10,397
    Loans held in foreign offices $0
    Farm loans $0
    Commercial and industrial loans $84,737
    To non-U.S. addressees $0
    Loans to individuals $81,761
    Credit card loans $0
    Related Plans $21,540
    Consumer Auto Loans $79
    Other loans to individuals $60,142
    All other loans & leases $289
    Loans to foreign governments and official institutions $0
    Other loans $289
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $2,156
    Non 1-4 family restructured loans & leases $2,029
    Total loans and leases (foreign) $0

    Virginia National Bank had $532,299,000 of loans outstanding in 2018. $370,403,000 of loans were in real estate loans. $17,524,000 of loans were in development loans. $27,328,000 of loans were in multifamily mortgage loans. $98,140,000 of loans were in 1-4 family mortgage loans. $0 of loans were in farm loans. $0 of loans were in credit card loans. $79,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 143 $46,851 $327,629
    Nonfarm, nonresidential loans - <$100k 5 $253 $50,600
    Nonfarm, nonresidential loans - $100-250k 33 $3,767 $114,152
    Nonfarm, nonresidential loans - $250k-1MM 105 $42,831 $407,914
    Commercial & Industrial, US addressed loans - <$1MM 410 $36,732 $89,590
    Commercial & Industrial, US addressed loans - <$100k 219 $3,652 $16,676
    Commercial & Industrial, US addressed loans - $100-250k 101 $5,666 $56,099
    Commercial & Industrial, US addressed loans - $250k-1MM 90 $27,414 $304,600
    Farmland loans - <$1MM 12 $2,841 $236,750
    Farmland loans - <$100k 1 $60 $60,000
    Farmland loans - $100-250k 5 $673 $134,600
    Farmland loans - $250k-1MM 6 $2,108 $351,333