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Alcova Mortgage LLC
Independent Mortgage Company|Mechanicsville, VA|Multi-Region
Loans Originated
4,423
Applications
5,470
Volume
$1 billion
Offers loans directly to consumers
Overall Pricing
Acceptable
Overall Pull Through
Exceptional
Safe Rate Awards⭐Conventional Superstar⭐FHA Superstar⭐VA Superstar⭐USDA Superstar⭐Purchase Superstar
Pricing and Pullthrough Overview
Average Rate Spread
+0.445%
The average of the lender's APR minus the market's average APR (APOR)
Average Net Fees
$2,329
Borrower paid Origination Charges - Lender Credits
Pullthrough Rate
80.9%
Percentage of applications that result in closed loans
Safe Rate's Summary
What They Do Well
- Strong pull through performance
- Particularly strong in Conventional and FHA and VA and USDA loans
Things to Think About
- Pricing may be below industry average
Report Card
Alcova Mortgage LLC performance at a glance
| Category | Rating | Grade | Details |
|---|---|---|---|
Pricing Rate competitiveness | Acceptable | Near industry average | |
Pull Through Closing Strength | Exceptional | Market Leader | |
Products Loan Type Specialists | Specialization score by loan product | ||
Conventional | Exceptional | Market Leader | |
FHA | Exceptional | Market Leader | |
VA | Exceptional | Market Leader | |
Jumbo | Sound | Industry Standard | |
USDA | Exceptional | Market Leader | |
Purpose Reason specialization | Specialization score by loan purpose | ||
Purchase | Exceptional | Market Leader | |
Refinance | Strong | Highly Competitive | |
Places Geographic coverage | Sound | Multi-Regional · 46 metro areas · 16 states |
Rating Scale:
Exceptional (80-100)
Strong (60-79)
Sound (40-59)
Acceptable (20-39)
Mediocre (0-19)
Typical Borrower Profile
Average Loan Amount
$295,626
Average Borrower Income
$115,239
Average Property Value
$360,200
Performance by Loan Product
| Loan Type | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Conventional | Strong | Exceptional | Acceptable | Exceptional | 2,528 | 57.2% | +0.418% | $2,417 |
FHA Loans | Strong | Exceptional | Acceptable | Exceptional | 1,105 | 25.0% | +0.714% | $2,177 |
VA Loans | Strong | Exceptional | Acceptable | Exceptional | 453 | 10.2% | -0.166% | $2,534 |
Jumbo Loans | Sound | Sound | N/A | N/A | 15 | 0.3% | +0.266% | $2,521 |
USDA Loans | Strong | Exceptional | Sound | Exceptional | 322 | 7.3% | +0.679% | $986 |
Performance by Loan Purpose
| Purpose | Overall | Product | Pricing | Pull Through | Volume | Mix | Spread | Fees |
|---|---|---|---|---|---|---|---|---|
Purchase | Strong | Exceptional | Acceptable | Exceptional | 4,017 | 90.8% | +0.448% | $2,195 |
Refinance | Sound | Strong | Mediocre | Strong | 406 | 9.2% | +0.420% | $3,244 |
Geographic Coverage
Metro Areas
45
States Served
16
We count Washington DC as a state
Avg Place Specialization
Sound
States with Loan Originations
ALARDCFLGAKYMDNCOHPASCTNTXVAWAWV
Top Metro Areas by Place Specialization Score
1
Staunton, VAMSA
Volume: 182Mix: 4.11%
Place Specialization
Exceptional
2
Blacksburg, VAMSA
Volume: 168Mix: 3.80%
Place Specialization
Exceptional
3
Roanoke, VA, VAMSA
Volume: 242Mix: 5.47%
Place Specialization
Exceptional
4
Lynchburg, VA, VAMSA
Volume: 188Mix: 4.25%
Place Specialization
Exceptional
5
Richmond, VA, VAMSA
Volume: 455Mix: 10.29%
Place Specialization
Exceptional
6
Greenville, NC, NCMSA
Volume: 86Mix: 1.94%
Place Specialization
Exceptional
7
Charlotte, NC-SCMSA
Volume: 235Mix: 5.31%
Place Specialization
Strong
8
Raleigh, NCMSA
Volume: 155Mix: 3.50%
Place Specialization
Strong
9
Virginia Beach, VA-NCMSA
Volume: 147Mix: 3.32%
Place Specialization
Strong
10
Fayetteville, NC, NCMSA
Volume: 76Mix: 1.72%
Place Specialization
Strong
Showing 10 of 45 metro areas
Top States by Place Specialization Score
1
VAState
Volume: 2,183Mix: 49.36%
Place Specialization
Exceptional
2
NCState
Volume: 1,014Mix: 22.93%
Place Specialization
Exceptional
3
WVState
Volume: 175Mix: 3.96%
Place Specialization
Strong
4
SCState
Volume: 200Mix: 4.52%
Place Specialization
Strong
5
MDState
Volume: 182Mix: 4.11%
Place Specialization
Strong
6
GAState
Volume: 197Mix: 4.45%
Place Specialization
Strong
7
PAState
Volume: 140Mix: 3.17%
Place Specialization
Strong
8
OHState
Volume: 82Mix: 1.85%
Place Specialization
Sound
9
TXState
Volume: 104Mix: 2.35%
Place Specialization
Sound
10
FLState
Volume: 104Mix: 2.35%
Place Specialization
Sound
Showing 10 of 11 states
How We Rank Lenders
Our rankings use geometric mean scoring across equally-weighted categories. This rewards lenders who perform consistently well across all metrics, not just excel in one area.
Our Point System (Max 30 Points)
10
Pricing
Rate and fee competitiveness (33%)
10
Pull Through
Reliability in closing loans (33%)
10
Product
Specialization in the loan type (33%)
💎
Champion(80%+ = 24-30 points)
⭐
Superstar(60-79% = 18-23 points)
Data Integrity & Updates
Data is updated quarterly based on the latest HMDA filings and proprietary SafeRate analysis. All metrics are calculated using standardized methodologies to ensure fair comparison across lenders.
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