Is Village Bank Mortgage Corp. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Village Bank Mortgage Corp. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (+0.01%)
Loan Related Closing Costs: lower than average (-$1562)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, Village Bank Mortgage Corp. originated 923 mortgages, a national market share of 0.0%. It was primarily active in VA (0.5% market share) and NC (0.0% market share).

On average, Village Bank Mortgage Corp.’s interest rates were similar to those of comparable mortgages at other lenders (+0.01%).1The comparable mortgages control for Village Bank Mortgage Corp.’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 $2314, which was lower than those of comparable mortgages at $3876, with a difference of -$1562. Overall, we estimate that Village Bank Mortgage Corp. tends to be an cheap lender, with a cost-adjusted-rate difference of -0.46% 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 Village Bank Mortgage Corp..

Village Bank Mortgage Corp. originated Conforming and FHA mortgages for new home purchases. 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 Village Bank Mortgage Corp. compared to other lenders

Conforming FHA
Interest Rate Difference -0.01% +0.03%
Loan related Closing Cost Difference -$699 -$2258
Cost Adjusted Rate Difference -0.77% -0.22%

Based on the table above, Village Bank Mortgage Corp. is cheap for Conforming and FHA purchase mortgages.

Other information about Village Bank Mortgage Corp.:

Regulator: Federal Deposit Insurance Corporation (FDIC) 
Top holder: VILLAGE BANK AND TRUST FINANCIAL CORP.
Registered city and state: Midlothian, VA, 23113
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Footnotes   [ + ]

1. The comparable mortgages control for Village Bank Mortgage Corp.’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.