Still Have Questions? We Have Answers!
We’ve collected answers to our most frequently asked questions.
How long has OVM Financial been in business?
We have been in business since 2001 and the members of our executive team have more than 15 years of mortgage industry experience. We have shown continued growth through a variety of markets and economic climates illustrating our stability and knowledge of forecasting the real estate and homebuilding industries.
Where are your Headquarters?
We have the bulk of our operations and support teams in Virginia Beach, VA where we boast a state of the art office with a media focused conference room and college campus type atmosphere.
Which states are you licensed?
We are currently licensed in 14 states: CO, CT, DC, FL, GA, IL, IN, MD, NC, PA, SC, TN, TX, and VA. We are always open to expansion into new markets where we see potential opportunities.
What loan products do you offer?
We offer every loan program you will find with a typical Lender. We specialize in VA and FHA financing as well as providing conventional, reverse mortgage and renovation loan programs. We are frequently expanding our product offerings and our investors as new options emerge. More than 90% of our business comes from purchase transactions indicating our proficiency in working with realtors and builders.
What software and technology do you use for your originators?
We input our files using Ellie Mae’s Encompass and price our loans through the Optimal Blue pricing engine. We have a fully equipped IT department and utilize a variety of technologies including e-disclosures, Docusign and mobile applications.
What types of credit requirements do you have?
We do not advertise or promote any “lowest credit score” approach. While we can accommodate borrowers with varying credit scores using the VA and FHA guidelines, we prefer to use credit supplement programs like credit counselling, rapid re-scores and what-if scenarios. This results in better borrowers and really benefits our clients and partners by providing long-term value.
Do you allow Loan Officers to work in teams?
Yes, we encourage teamwork and support multiple large teams within the OVM Family. We give our loan officers the freedom to use their own business model and build their own teams for support using our systems and resources.
How big of a company are you?
We have more than 278 employees, half of which are support staff for our sales force. We are big enough to offer the same products and support of a bank but with the flexibility of a smaller more nimble company. We have been recognized six times by Inc. 5000 as one of America’s fastest-growing private companies.
Who underwrites your loans? Where?
All of our loans are underwritten in-house except for Jumbo loans. The majority of our “In-House” Underwriters and Processors work out of our Headquarters in Virginia Beach, VA which serves as a regional processing facility.
Do you have dedicated Underwriters and Processors?
Depending on production levels and types of referral partners (builders) there are opportunities to have your own dedicated underwriters and processors to help manage your pipeline.
Can I talk to Underwriters about my files?
Yes, In fact our Underwriting Manager doesn’t actually underwrite at all and is an invaluable resource to our staff. This means any challenging files, questionable scenarios or conditions can be addressed directly with a veteran underwriter prior to loan submission or even during pre-qualification without waiting days for feedback.
What type of marketing support is available?
We have a fully staffed Marketing Department with a graphic designer, project managers, a social media specialist to support our Loan Officers and their referral partners with any digital or print marketing and promotions. We have a variety of systems that allow our sales teams to market to their databases and manage their own lead generation platforms and referral sources.
Do you participate in joint marketing, lead splits, or MSAs?
Yes, all of the above. We ensure all of our marketing efforts are done with RESPA and CFPB requirements in mind first and foremost. We also optimize our partners marketing budgets to make sure there is accountability on any shared marketing expenses. We offer our loan officers a variety of options for structuring their compensation plans to accommodate marketing goals.
How do you handle compliance?
We have a dedicated in-house compliance team as well multiple attorneys and third-party auditors to ensure that OVM Financial and its employees uphold the highest levels of security, accuracy, and diligence in operating under a strict interpretation of the rules, regulations, and law.
What are the details of your benefits package and comp plans?
OVM currently offers group health, dental and vision insurance in addition to a 401(k) plan. We offer a variety of options including a health savings account, flexible spending account, and gap coverage. All of our comp plans are tailored to meet the individual needs of our employees. Our employment packages balance a combination of better pricing, higher commissions and more marketing support depending on your personal goals and business model.
What makes OVM different?
At OVM Financial, we pride ourselves on a corporate identity that centers around servicing our customers. We are always looking for honest, hardworking, exceptionally talented individuals that can demonstrate their ability to help us service our clients.
