PlainLender

TowneBank

Portsmouth, VA

TowneBank processed 6,506 mortgage applications in 2024 per HMDA data reported to the Consumer Financial Protection Bureau (CFPB), originating 5,063 loans with a 5.2% denial rate. Home Purchase was the primary loan purpose. Based in Portsmouth, VA. The approval rate of 77.8% reflects originated loans as a share of all applications. Below you will find a breakdown by loan type, loan purpose, denial reasons, and demographic lending patterns as required by the Home Mortgage Disclosure Act.

Portfolio scale. TowneBank processed 6,506 HMDA-reported mortgage applications in 2024, originating 5,063 loans and denying 339 for a denial rate of 5.2% (applicants themselves withdrew 857 files before a decision). The average loan amount was $373,066 at a 6.900% average note rate, and applicants self-reported an average income of $37,000. The lender reports under LEI 54930039UO39UJGI7078 from Portsmouth, VA.

Why approval and denial rates diverge. Approval (origination) rate and denial rate do not sum to 100% — HMDA records several outcomes beyond approved-and-funded, including files that were approved but not accepted by the applicant, withdrawn, or closed for incompleteness. TowneBank's 77.8% origination rate tells you how often an application turned into funded money; the 5.2% denial rate is a separate read on underwriting strictness. The most frequently cited denial reasons in this file were Debt-to-income ratio, Credit history, Collateral, which together explain the majority of rejections. Most activity concentrated in Conventional loans (4,838 applications).

How to read this page. These figures are aggregate HMDA disclosures — they describe this lender's overall 2024 book, not your individual odds. Approval and denial rates are shaped by the applicant mix a lender actually receives: credit profile, loan-to-value, debt-to-income, property type, and geography. A lower denial rate at one lender versus another does not necessarily mean easier underwriting — it often reflects borrower self-selection and loan-product specialization. This page is informational data reporting, not financial, legal, or mortgage advice. Compare multiple lenders, read your Loan Estimate carefully, and consult a licensed mortgage professional before applying. Data reflects 2024 disclosures published by the CFPB in 2025.

6,506
Applications
5,063
Originated
5.2%
Denial Rate
$373,066
Avg Loan Amount
Avg Interest Rate: 6.900% Avg Applicant Income: $37,000

Lending Activity

Type Applications Originated Denied Avg Loan
Conventional 4,838 3,734 271 $364,074
FHA 933 742 42 $355,665
VA 682 544 25 $466,422
USDA 53 43 1 $298,962

Top loan types — TowneBank

Top loan types — TowneBank Horizontal bar chart of the top 4 items by value (applications). Top loan types — TowneBank Top 4 1. Conventional 4,838 2. FHA 933 3. VA 682 4. USDA 53 Top 5 loan types by application volume at TowneBank (HMDA 2023). Source: CFPB HMDA loan/application register.

Source: CFPB Home Mortgage Disclosure Act (HMDA) loan/application register HMDA 2023 LAR — application-level mortgage data for TowneBank (LEI: 54930039UO39UJGI7078) · 2023 HMDA reports filed annually; covers applications received during the calendar year. Approval rates exclude withdrawn / incomplete applications. Denial reasons are lender-reported.

Denial Analysis

Debt-to-income ratio
130
Credit history
99
Collateral
67
Credit application incomplete
50
Other
25
Insufficient cash
13
Employment history
9
Unverifiable information
5

Loan Purpose Breakdown

Purpose Applications Originated Avg Loan
Home Purchase 4,939 3,953 $396,027
Home Improvement 531 405 $159,595
Refinancing 432 319 $482,685
Cash-out Refinancing 317 204 $374,558
Other 287 182 $206,254

Geographic Coverage — Lending by Race

Derived race categories as reported under HMDA. Source: CFPB.

Race Applications Approval Rate Denial Rate
White 4,117 79.1% 4.7%
Black or African American 735 73.7% 7.6%
Asian 329 67.2% 6.7%
Joint 169 84.0% 0.6%
2 or more minority races 23 69.6% 8.7%
American Indian or Alaska Native 20 85.0% 5.0%
Native Hawaiian or Other Pacific Islander 2 50.0% 50.0%

Lending by Ethnicity

Hispanic/Latino is an ethnicity, not a race. Shown separately per U.S. Census Bureau standards.

Ethnicity Applications Approval Rate Denial Rate
Not Hispanic or Latino 4,603 78.0% 4.6%
Hispanic or Latino 633 75.2% 9.0%
Joint 136 79.4% 0.0%

Nearby Lenders in VA

Other HMDA-reporting lenders in VA with similar activity. Compare any two side-by-side.

Navy Federal Credit Union

Vienna, VA

182,680 apps 82,022 originated 23.9% denied

PROSPERITY HOME MORTGAGE, LLC

CHANTILLY, VA

29,914 apps 20,115 originated 7.4% denied

Pentagon Federal Credit Unioin

Alexandria, VA

28,887 apps 10,514 originated 39.2% denied

ATLANTIC BAY MORTGAGE GROUP

VIRGINIA BEACH, VA

17,186 apps 13,415 originated 1.4% denied

First Heritage Mortgage, LLC

Fairfax, VA

7,733 apps 6,346 originated 1.6% denied
Compare TowneBank vs Navy Federal Credit Union →

Mortgage Lending Guides

Why Mortgages Get Denied
Common denial reasons and how to improve your chances
Comparing Mortgage Lenders
What to look for when choosing a mortgage lender
Getting the Best Mortgage Rate
Strategies for securing the lowest interest rate
Understanding HMDA Data
How to read and interpret mortgage disclosure data
Denial Rates by Demographics
Demographic patterns in mortgage approval and denial

Explore More Data

Bank Financial Data → Credit Union Data → Financial Advisor Lookup → Home Insurance Costs → Property Tax Data → Rent Price Data →

Frequently Asked Questions

How many mortgage applications did TowneBank process?
TowneBank processed 6,506 mortgage applications in the 2023 HMDA reporting year. Of these, 5,063 were originated (approved and funded), 857 were withdrawn by the applicant, and 339 were denied.
What is TowneBank's mortgage approval rate?
TowneBank has an approval (origination) rate of 77.8%, meaning 77.8% of all applications resulted in a funded mortgage. The denial rate is 5.2%.
What is the average loan amount at TowneBank?
The average mortgage loan amount at TowneBank is $373,066. The average interest rate is 6.900%. The average applicant income is $37,000.
What are the most common reasons for mortgage denial at TowneBank?
The most common reasons for mortgage denial at TowneBank are: Debt-to-income ratio, Credit history, Collateral. In total, 339 applications were denied out of 6,506 total applications.
What types of mortgage loans does TowneBank offer?
TowneBank processes Conventional, FHA, VA, USDA loans. The most common type is Conventional with 4,838 applications and an average loan amount of $364,074.
What loan purposes does TowneBank serve?
TowneBank serves the following loan purposes: Home Purchase (4,939 applications), Home Improvement (531 applications), Refinancing (432 applications), Cash-out Refinancing (317 applications), Other (287 applications). Home Purchase is the most common purpose.
Where is TowneBank located?
TowneBank is headquartered in Portsmouth, VA. The lender is identified by LEI 54930039UO39UJGI7078 in HMDA data.
How does TowneBank compare in lending across racial demographics?
TowneBank reports demographic lending data under HMDA requirements. White applicants have an approval rate of 79.1% and denial rate of 4.7%; Black or African American applicants have an approval rate of 73.7% and denial rate of 7.6%; Asian applicants have an approval rate of 67.2% and denial rate of 6.7%. This data reflects derived race categories as reported by applicants.

Data Sources

Data as of 2024. Source: Consumer Financial Protection Bureau (CFPB), Home Mortgage Disclosure Act (HMDA) 2024 Snapshot.

Data from FFIEC / CFPB HMDA 2024 Snapshot National Loan-Level Dataset. Demographic data reflects derived categories as reported by applicants. Denial rates include all application outcomes. This data is provided for informational purposes only.

Read our methodology — how this data is sourced, computed, and verified.