Is Ovm Financial, Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Ovm Financial, Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: higher than average (+0.09%)
Loan Related Closing Costs: similar to average (-$165)
Assessment: this lender tends to be a average cost lender.

This scoreboard is based on data reported to FFIEC. In the data, Ovm Financial, Inc. originated 3309 mortgages, a national market share of 0.1%. It was most active in VA (1.4% market share), NC (0.2% market share), and SC (0.1% market share).

On average, Ovm Financial, Inc.’s interest rates were higher than those of comparable mortgages at other lenders (+0.09%).1The comparable mortgages control for Ovm Financial, Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5272, which was similar to those of comparable mortgages at $5437, with a difference of -$165. Overall, we estimate that Ovm Financial, Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Ovm Financial, Inc..

Ovm Financial, Inc. originated Conforming, FHA, USDA and VA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Ovm Financial, Inc. compared to other lenders

Conforming FHA USDA VA
Interest Rate Difference +0.09% +0.05% -0.01% +0.12%
Loan related Closing Cost Difference +$238 +$172 +$298 -$604
Cost Adjusted Rate Difference -0.09% +0.07% +0.02% +0.07%

Based on the table above, Ovm Financial, Inc. is cheap for Conforming purchase mortgages. It is similar to other lenders for USDA purchase mortgages. It is more expensive than other lenders for FHA and VA purchase mortgages.

Mortgage Refinancing from Ovm Financial, Inc. compared to other lenders

Conforming
Interest Rate Difference +0.12%
Loan Related Closing Cost Difference +$35
Cost Adjusted Rate Difference +0.13%

Based on the table above, Ovm Financial, Inc. is more expensive than other lenders for Conforming mortgage refinance.

Other information about Ovm Financial, Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: Chesapeake, VA, 23320

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Footnotes   [ + ]

1. The comparable mortgages control for Ovm Financial, Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.