Covington City, VA Mortgage Lenders & HMDA Data, 2022
In 2022, lenders reported 205 mortgage applications in Covington City, VA totaling $22.0 million, down 14% from 2021. The average application was for $107,000, and applicants reported an average income of $63,000. 53% of applications resulted in an originated loan and 17% were denied. The most active lender was Alcova Mortgage, LLC, with 58 applications, followed by Member One Federal Credit Union and Truist Bank.
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| Years | 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 |
| Total Number of Mortgage Applications | 205 |
| Total Mortgage Loan Application Amount | $22,035,000 |
| Average Mortgage Loan Application Amount | $107,000 |
| Highest Mortgage Loan Application Amount | $2,605,000 |
| Average Applicant Income | $63,000 |
| Highest Applicant Income | $361,000 |
Top Mortgage Lenders in Covington City, VA (2022)
Ranked by the number of mortgage applications each lender reported in Covington City, VA in 2022.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Alcova Mortgage, LLC Roanoke, VA |
58 | $6,720,000 | $115,000 | $57,000 |
| 2 | Member One Federal Credit Union Roanoke, VA |
16 | $1,050,000 | $65,000 | $0 |
| 3 | Truist Bank Raleigh, NC |
14 | $960,000 | $68,000 | $50,000 |
| 4 | PennyMac Loan Services LLC Westlake Village, CA |
13 | $1,585,000 | $121,000 | $37,000 |
| 5 | Atlantic Union Bank Glen Allen, VA |
12 | $710,000 | $59,000 | $64,000 |
| 6 | Peoples Bank Marietta, OH |
11 | $455,000 | $41,000 | $73,000 |
| 7 | Planet Home Lending, LLC Meriden, CT |
10 | $1,210,000 | $121,000 | $41,000 |
| 8 | Newrez LLC Fort Washington, PA |
9 | $895,000 | $99,000 | $0 |
| 9 | Amerihome Mortgage Company, LLC Thousand Oaks, CA |
6 | $890,000 | $148,000 | $0 |
| 10 | Mortgage Research Center Columbia, MO |
6 | $630,000 | $105,000 | $57,000 |
The tables below break down 2022 mortgage applications in Covington City, VA by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Covington City, VA in 2022
Loan Purpose |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Home Purchase | 111 | $12,525,000 | $112,000 | $265,000 | $59,000 | $361,000 |
| Cash-out Refinancing | 41 | $3,655,000 | $89,000 | $195,000 | $66,000 | $128,000 |
| Refinancing | 24 | $4,540,000 | $189,000 | $2,605,000 | $66,000 | $300,000 |
| Other Purpose | 18 | $860,000 | $47,000 | $135,000 | $61,000 | $119,000 |
| Home Improvement | 10 | $420,000 | $42,000 | $55,000 | $81,000 | $250,000 |
| Not Applicable | 1 | $35,000 | $35,000 | $35,000 | $0 | $0 |
Applicant Race |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| White | 116 | $10,480,000 | $90,000 | $265,000 | $62,000 | $361,000 |
| Not applicable | 62 | $8,830,000 | $142,000 | $2,605,000 | $33,000 | $42,000 |
| Black or African American | 14 | $1,450,000 | $103,000 | $215,000 | $81,000 | $300,000 |
| Not Provided | 13 | $1,275,000 | $98,000 | $155,000 | $61,000 | $118,000 |
| Hispanic | 0 | $0 | $0 | $0 | $0 | $0 |
| Native Hawaiian or Other Pacific Islander | 0 | $0 | $0 | $0 | $0 | $0 |
| American Indian or Alaskan Native | 0 | $0 | $0 | $0 | $0 | $0 |
| Asian | 0 | $0 | $0 | $0 | $0 | $0 |
Loan Type |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Conventional (any loan other than FHA, VA, FSA, or RHS loans) | 111 | $10,815,000 | $97,000 | $2,605,000 | $67,000 | $361,000 |
| FHA-insured (Federal Housing Administration) | 40 | $5,080,000 | $127,000 | $235,000 | $64,000 | $173,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 38 | $4,380,000 | $115,000 | $265,000 | $50,000 | $117,000 |
| VA-guaranteed (Veterans Administration) | 16 | $1,760,000 | $110,000 | $195,000 | $51,000 | $128,000 |
Outcome |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Loan Originated | 109 | $12,775,000 | $117,000 | $2,605,000 | $62,000 | $361,000 |
| Loan Purchased By The Institution | 42 | $5,030,000 | $119,000 | $265,000 | $33,000 | $42,000 |
| Application Denied By Financial Institution | 35 | $2,675,000 | $76,000 | $195,000 | $72,000 | $300,000 |
| Application Withdrawn By Applicant | 13 | $1,165,000 | $89,000 | $165,000 | $53,000 | $118,000 |
| File Closed For Incompleteness | 4 | $300,000 | $75,000 | $115,000 | $33,000 | $40,000 |
| Application Approved But Not Accepted | 2 | $90,000 | $45,000 | $55,000 | $95,000 | $95,000 |
| Preapproval Approved but not Accepted | 0 | $0 | $0 | $0 | $0 | $0 |
| Preapproval Denied by Financial Institution | 0 | $0 | $0 | $0 | $0 | $0 |
Denial Reason |
Total Number of Mortgage Applications | Total Dollar Amount of Mortgage Loan Applications | Average Mortgage Loan Amount | Highest Mortgage Loan Amount | Average Applicant Income | Highest Applicant Income |
|---|---|---|---|---|---|---|
| Not applicable | 167 | $19,215,000 | $115,000 | $2,605,000 | $60,000 | $361,000 |
| Credit History | 12 | $820,000 | $68,000 | $195,000 | $62,000 | $250,000 |
| Debt-To-Income Ratio | 9 | $615,000 | $68,000 | $145,000 | $71,000 | $115,000 |
| Collateral | 7 | $495,000 | $70,000 | $145,000 | $75,000 | $119,000 |
| Credit Application Incomplete | 4 | $350,000 | $87,000 | $105,000 | $63,000 | $70,000 |
| Other | 4 | $350,000 | $87,000 | $125,000 | $126,000 | $300,000 |
| Unverifiable Information | 2 | $190,000 | $95,000 | $125,000 | $33,000 | $54,000 |
| Employment History | 0 | $0 | $0 | $0 | $0 | $0 |
| Insufficient Cash (Downpayment, Closing Cost) | 0 | $0 | $0 | $0 | $0 | $0 |
| Mortgage Insurance Denied | 0 | $0 | $0 | $0 | $0 | $0 |
About this data: figures come from the Home Mortgage Disclosure Act (HMDA) loan application records that lenders file with the FFIEC each year, and count every application (approved, denied, withdrawn or purchased), not just closed loans. Applications reported at $100 million or more are left out of these totals.
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