Virginia Beach-Norfolk-Newport News, VA-NC Metro Area Mortgage Lenders & HMDA Data, 2024
In 2024, lenders reported 86,181 mortgage applications in Virginia Beach-Norfolk-Newport News, VA-NC metro area totaling $24.2 billion, up 11% from 2023. The average application was for $280,623, and applicants reported an average income of $125,466. 52% of applications resulted in an originated loan and 14% were denied. The most active lender was Navy Federal Credit Union, with 7,292 applications, followed by Freedom Mortgage Corporation and PennyMac Loan Services LLC.
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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 |
| Total Number of Mortgage Applications | 86,181 |
| Total Mortgage Loan Application Amount | $24,184,420,000 |
| Average Mortgage Loan Application Amount | $280,623 |
| Highest Mortgage Loan Application Amount | $87,155,000 |
| Average Applicant Income | $125,466 |
| Highest Applicant Income | $9,495,000 |
Top Mortgage Lenders in Virginia Beach-Norfolk-Newport News, VA-NC Metro Area (2024)
Ranked by the number of mortgage applications each lender reported in Virginia Beach-Norfolk-Newport News, VA-NC metro area in 2024.
| # | Mortgage Lender | Mortgage Applications | Total Dollar Amount | Average Loan Amount | Average Applicant Income |
|---|---|---|---|---|---|
| 1 | Navy Federal Credit Union Vienna, VA |
7,292 | $1,202,500,000 | $164,000 | $125,000 |
| 2 | Freedom Mortgage Corporation Boca Raton, FL |
4,966 | $1,851,080,000 | $372,000 | $116,000 |
| 3 | PennyMac Loan Services LLC Westlake Village, CA |
3,976 | $1,230,290,000 | $309,000 | $128,000 |
| 4 | Mortgage Research Center Columbia, MO |
3,626 | $1,250,820,000 | $344,000 | $108,000 |
| 5 | United Wholesale Mortgage Plymouth, MI |
3,057 | $992,665,000 | $324,000 | $110,000 |
| 6 | Newrez LLC Fort Washington, PA |
2,871 | $1,015,095,000 | $353,000 | $118,000 |
| 7 | Atlantic Bay Mortgage Group Virginia Beach, VA |
2,621 | $807,205,000 | $307,000 | $118,000 |
| 8 | Bayport Credit Union Newport News, VA |
2,519 | $369,315,000 | $146,000 | $129,000 |
| 9 | American Neighborhood Mortgage Acceptance Company Mt. Laurel, NJ |
2,475 | $726,995,000 | $293,000 | $97,000 |
| 10 | Langley Federal Credit Union Newport News, VA |
2,373 | $221,665,000 | $93,000 | $117,000 |
See every lender active in Virginia Beach-Norfolk-Newport News, VA-NC metro area in 2024 »
The tables below break down 2024 mortgage applications in Virginia Beach-Norfolk-Newport News, VA-NC metro area by loan purpose, applicant race, loan type, outcome and denial reason. Click a column heading to sort.
Mortgage Loan Application Detail Totals for Virginia Beach-Norfolk-Newport News, VA-NC in 2024
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 | 42,331 | $14,720,655,000 | $347,000 | $62,505,000 | $130,000 | $9,000,000 |
| Cash-out Refinancing | 13,109 | $3,497,240,000 | $266,000 | $82,715,000 | $109,000 | $9,495,000 |
| Refinancing | 11,606 | $4,168,390,000 | $359,000 | $87,155,000 | $127,000 | $6,853,000 |
| Other Purpose | 10,216 | $973,230,000 | $95,000 | $22,105,000 | $126,000 | $4,707,000 |
| Home Improvement | 8,791 | $795,675,000 | $90,000 | $6,845,000 | $130,000 | $5,023,000 |
| Not Applicable | 128 | $29,230,000 | $228,000 | $11,765,000 | $72,000 | $372,000 |
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 | 36,806 | $9,600,640,000 | $260,000 | $6,305,000 | $135,000 | $9,000,000 |
| Black or African American | 16,133 | $3,640,075,000 | $225,000 | $2,425,000 | $105,000 | $9,495,000 |
| Not Provided | 11,918 | $3,264,670,000 | $273,000 | $4,655,000 | $127,000 | $5,720,000 |
| Not applicable | 11,728 | $5,126,135,000 | $437,000 | $87,155,000 | $121,000 | $1,494,000 |
| Hispanic | 5,249 | $1,373,565,000 | $261,000 | $1,955,000 | $112,000 | $2,160,000 |
| Asian | 3,455 | $965,705,000 | $279,000 | $2,005,000 | $136,000 | $4,272,000 |
| American Indian or Alaskan Native | 696 | $163,130,000 | $234,000 | $995,000 | $114,000 | $2,970,000 |
| Native Hawaiian or Other Pacific Islander | 195 | $50,445,000 | $258,000 | $1,125,000 | $128,000 | $1,600,000 |
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) | 46,446 | $10,217,915,000 | $220,000 | $87,155,000 | $138,000 | $9,495,000 |
| VA-guaranteed (Veterans Administration) | 28,496 | $10,723,630,000 | $376,000 | $3,215,000 | $112,000 | $1,491,000 |
| FHA-insured (Federal Housing Administration) | 11,172 | $3,229,160,000 | $289,000 | $27,155,000 | $91,000 | $800,000 |
| FSA/RHS (Farm Service Agency or Rural Housing Service) | 67 | $13,715,000 | $204,000 | $415,000 | $80,000 | $115,000 |
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 | 44,609 | $13,033,710,000 | $292,000 | $87,155,000 | $131,000 | $9,000,000 |
| Application Denied By Financial Institution | 12,433 | $2,262,745,000 | $181,000 | $43,605,000 | $106,000 | $5,023,000 |
| Application Withdrawn By Applicant | 11,832 | $3,478,730,000 | $294,000 | $62,505,000 | $125,000 | $4,707,000 |
| Loan Purchased By The Institution | 10,661 | $3,771,675,000 | $353,000 | $5,805,000 | $144,000 | $2,083,000 |
| File Closed For Incompleteness | 4,374 | $1,052,920,000 | $240,000 | $4,655,000 | $127,000 | $9,495,000 |
| Application Approved But Not Accepted | 2,142 | $541,260,000 | $252,000 | $2,245,000 | $128,000 | $3,797,000 |
| Preapproval Approved but not Accepted | 89 | $30,795,000 | $346,000 | $1,195,000 | $130,000 | $687,000 |
| Preapproval Denied by Financial Institution | 41 | $12,585,000 | $306,000 | $665,000 | $93,000 | $321,000 |
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 | 73,649 | $21,887,280,000 | $297,000 | $87,155,000 | $130,000 | $9,495,000 |
| Debt-To-Income Ratio | 3,562 | $654,720,000 | $183,000 | $4,195,000 | $82,000 | $1,186,000 |
| Credit History | 3,555 | $522,155,000 | $146,000 | $1,505,000 | $113,000 | $5,023,000 |
| Credit Application Incomplete | 1,798 | $340,910,000 | $189,000 | $2,715,000 | $124,000 | $2,075,000 |
| Other | 1,471 | $268,705,000 | $182,000 | $3,205,000 | $120,000 | $2,111,000 |
| Collateral | 1,343 | $330,325,000 | $245,000 | $43,605,000 | $124,000 | $2,970,000 |
| Unverifiable Information | 483 | $97,615,000 | $202,000 | $1,995,000 | $109,000 | $1,276,000 |
| Insufficient Cash (Downpayment, Closing Cost) | 237 | $64,745,000 | $273,000 | $1,385,000 | $96,000 | $792,000 |
| Employment History | 81 | $17,505,000 | $216,000 | $755,000 | $72,000 | $479,000 |
| Mortgage Insurance Denied | 2 | $460,000 | $230,000 | $275,000 | $66,000 | $66,000 |
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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