Newdominion Bank Mortgage Rates, Fees & Info

Newark, OH

LEI: 549300YITKIX7U6P1M92

Tax ID: 20-1026416

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
  • 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

    Newdominion Bank is a smaller bank specializing in Home Purchase, Refi, and Cash Out Refi loans. Newdominion Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Charlotte, Brevard, Winston, Wilmington, and Lynchburg among others. We have data for 7 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Newdominion 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. Newdominion 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 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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    Originations

    54

    Origination Dollar Volume (All Markets)

    $18,410,000

    Awards

    NewDominion Bank 30 Year Conventional Loans gold NewDominion Bank 30 Year Conventional Loans silver
    Show all (2) awards

    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
    CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) 46 $16,800,000 $365,217 $3,147 4.54%
    Brevard, NC (FHA|USDA|VA) 1 $475,000 $475,000 $4,004 4.63%
    WINSTON-SALEM, NC (FHA|USDA|VA) 3 $315,000 $105,000 $2,268 5.13%
    WILMINGTON, NC (FHA|USDA|VA) 1 $305,000 $305,000 $3,124 4.75%
    LYNCHBURG, VA (FHA|USDA|VA) 1 $225,000 $225,000 $3,116 4.50%
    BLACKSBURG-CHRISTIANSBURG, VA (FHA|USDA|VA) 1 $205,000 $205,000 $0 4.75%
    Outside of Metro Areas 1 $85,000 $85,000 $2,304 4.63%
    Newdominion Bank's top markets include Charlotte, Brevard, Winston, Wilmington, and Lynchburg among others.

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

    • Similar Lenders

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

    Whitley Mortgage Associates, Inc.
    Similarity Rank: 258
    Belmont Savings Bank, SSB
    Similarity Rank: 390
    NewDominion Bank
    Similarity Rank: 602
    FOUNDERS FEDERAL CREDIT UNION
    Similarity Rank: 1419
    Third Federal Savings and Loan Association of Cleveland
    Similarity Rank: 1535
    Amerisouth Mortgage Company
    Similarity Rank: 1794
    CAROLINAS TELCO FEDERAL CREDIT UNION
    Similarity Rank: 1952
    Shea Mortgage Inc.
    Similarity Rank: 2016
    GMH Mortgage Services LLC
    Similarity Rank: 2628
    LOCAL GOVERNMENT FEDERAL CREDIT UNION
    Similarity Rank: 3717

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 52 $17,940,000 $345,000 $2,971 4.58%
    FHA 1 $175,000 $175,000 $5,977 5.00%
    VA 1 $295,000 $295,000 $6,289 4.50%

    For 2018, Newdominion Bank's most frequently originated type of loan was Conventional, with 52 originations. Their 2nd most popular type was FHA, with 1 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 27 $9,455,000 $350,185 $3,621 4.53%
    Refi 16 $5,210,000 $325,625 $2,538 4.64%
    Cash Out Refi 11 $3,745,000 $340,455 $2,559 4.63%

    For 2018, Newdominion Bank's most frequently cited loan purpose was Home Purchase, with 27 originations. The 2nd most popular reason was Refi, with 16 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 45 $17,235,000 $383,000 $3,406 4.47%
    Other 6 $750,000 $125,000 $830 5.20%
    5 Year 2 $360,000 $180,000 $0 5.00%
    10 Year 1 $65,000 $65,000 $383 5.38%

    For 2018, Newdominion Bank's most frequently cited loan duration was 30 Year, with 45 originations. The 2nd most popular length was Other, with 6 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 46 $17,260,000 $375,217

    Newdominion Bank's average total fees were $3,406, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 46 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 30 $10,320,000 $344,000
    3-4% 12 $5,940,000 $495,000
    5-6% 12 $2,150,000 $179,167

    During 2018, Newdominion Bank's average interest rate for loans was 4.47%, while their most frequently originated rate bucket for loans was 4-5%, with 30 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 19 $5,565,000 $292,895 $3,372 4.49%
    $100k-200k 12 $1,900,000 $158,333 $2,710 5.02%
    $600k-1MM 8 $6,110,000 $763,750 $4,204 4.12%
    $100,000 or less 7 $525,000 $75,000 $1,352 5.10%
    $400k-600k 7 $3,265,000 $466,429 $3,351 4.16%
    $1MM+ 1 $1,045,000 $1,045,000 $4,130 4.13%

    2018 saw Newdominion Bank place emphasis on $200k-400k loans with 19 originations, totaling $5,565,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 17 $4,165,000 $245,000 $2,642 4.67%
    $250k+ 10 $6,770,000 $677,000 $4,033 4.37%
    $150k-250k 9 $3,535,000 $392,778 $3,046 4.69%
    $50k-75k 8 $1,680,000 $210,000 $3,321 4.50%
    $75k-100k 5 $1,365,000 $273,000 $2,811 4.39%
    $50k or less 3 $535,000 $178,333 $2,860 4.79%

    Newdominion Bank lent most frequently to those with incomes in the $100k-150k range, with 17 originations. The second most popular income band? $250k+, with 10 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 12 $3,990,000 $332,500 $3,314 4.55%
    20-30% 10 $3,420,000 $342,000 $3,148 4.63%
    <20% 7 $3,275,000 $467,857 $3,624 4.46%
    37% 3 $1,675,000 $558,333 $3,260 4.17%
    38% 3 $775,000 $258,333 $3,056 4.62%
    39% 3 $725,000 $241,667 $2,140 4.75%
    46% 2 $370,000 $185,000 $2,919 4.75%
    48% 2 $1,060,000 $530,000 $3,588 4.00%
    40% 2 $460,000 $230,000 $3,028 4.69%
    45% 2 $730,000 $365,000 $2,445 4.81%
    47% 2 $700,000 $350,000 $3,629 4.94%
    50-60% 1 $75,000 $75,000 $896 5.56%
    41% 1 $95,000 $95,000 $701 4.73%
    44% 1 $505,000 $505,000 $3,656 3.50%
    49% 1 $195,000 $195,000 $2,996 4.63%

    Newdominion Bank lent most frequently to those with DTI ratios of 30-36%, with 12 originations. The next most common DTI ratio? 20-30%, with 10 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 48 $17,270,000 $359,792 $3,195 4.54%
    Black 2 $440,000 $220,000 $1,976 5.34%
    Not applicable 2 $360,000 $180,000 $0 5.00%
    Asian 1 $245,000 $245,000 $2,987 3.99%
    Not provided 1 $95,000 $95,000 $701 4.73%

    Approval Rates

    Total approvals of all applications
    91.89%

    Newdominion Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    75.93%

    Newdominion Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 54 $18,410,000 $340,926

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 54 $18,410,000 $340,926

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 8 $2,470,000 $308,750 $2,543 4.55%
    40-60% 7 $2,365,000 $337,857 $3,229 4.28%
    60-80% 23 $9,295,000 $404,130 $3,347 4.42%
    80-100% 12 $3,930,000 $327,500 $3,645 4.86%
    Under 20% 4 $350,000 $87,500 $819 5.26%