mortgage lender

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In your endless search to find the lowest mortgage rates on the planet, you may be wondering which route will lead to the biggest savings.

Should you go to your local bank, try your luck with an online mortgage lender, visit a credit union, or consult with an independent mortgage broker/banker?

You’ve Got a Lot of Options When It Comes to a Mortgage

  • There are many avenues you can take to obtain a home loan
  • Including local brick-and-mortar banks and credit unions you may already know and work with
  • Or direct mortgage lenders (both online and offline) you may have never heard of that promise low rates
  • Lastly don’t forget to consider an independent mortgage broker as well

You may have heard that mortgage brokers offer the lowest interest rates thanks to their wholesale partners.

And as we all know (or should know), wholesale prices tend to be cheaper than retail prices, the latter of which rise as operating costs are passed along.

So does this mean brokers will automatically offer better rates than the competition?

To be blunt, there’s no easy answer here. Actually, there is, but it’s not without its legwork.

I’d argue to call/visit all of the above to see who offers the best interest rate and closing cost combination.

Yes, I know it’s a pain, but if you don’t do it, you’ll never really know what could have been. And consider the return on your investment for those few extra hours you put in.

Of course, you’ll need to be firm with each company you call, as they’ll be selling you as hard as humanly possible, and making promises to best everyone else, whether true or not.

Assuming you survive the endless sales pitches, you’ll need to determine if the company offering the “best deal” can be trusted to actually get the deal done. After all, a mortgage offer is of no value if it doesn’t actually close.

This requires doing some research on the company and/or individual involved, asking for references, and so forth.

Oh, and going over the rate and cost of the loan more than once to ensure everyone is on the same page.

That’s right, not every mortgage company is reputable, and if you pick one that can’t deliver, you’ll waste a lot of time and potentially miss your window to snag a low interest rate.

Again, it sounds like a lot of work, but if you consider the money involved (potential savings every month for the next 30 years), it’s really not a whole lot of effort.

Extreme couponers who spend hours saving a few bucks, I’m looking in your direction…

A Mortgage Broker Might Be Able to Offer a Shortcut

  • There’s one little shortcut you can take to make the mortgage shopping part easier
  • If you use a mortgage broker they can compare rates from multiple lenders on your behalf
  • They have lots of wholesale lending partners at their disposal which can save you time and money
  • This is actually a key part of their job – to find you the lowest rate possible from their many partners

One “shortcut” you can take is by consulting with a mortgage broker, who act as middlemen between wholesale banks/lenders and the borrower.

Instead of calling 25 different retail banks to inquire about rates, costs, turn times, eligibility and so on, you can ask a mortgage broker to do all of that for you.

A mortgage broker is basically your own personal shopper, and they will have access to loan programs from numerous banks and lenders.

They’re kind of like independent insurance agents, who can get quotes from a bunch of different insurers, without you having to fill out a quote form 100 times.

Similarly, brokers simply gather your information once and then determine which mortgage lender they work with will offer you the best rate, based on your unique loan scenario.

After THEY shop around, they’ll come back to you with their best rate in the hopes of earning your business.

And if you tell them that a retail bank is offering something lower, you may hear an even better deal out of their mouth.

[Are mortgage rates negotiable?]

Can Mortgage Brokers Get You a Better Rate?

  • This is a difficult question to answer universally because many factors are at play
  • It depends on the wholesale lender(s) the broker does business with
  • If these lenders offer low rates and the broker doesn’t take a large commission
  • They may offer an unbeatable deal, but still always shop around and negotiate!

At any given moment, retail banks and direct lenders may offer lower or higher mortgage rates than brokers and independent mortgage bankers.

They may not always be lower, and they may not always be higher, which is why you should consider all avenues before deciding on any one company or individual.

In some cases, your loan scenario may not be attractive to the bank offering the lowest rates for one reason or another. Simply put, your loan may not fit their product niche.

And some retail banks just offer higher rates than others because mortgages aren’t their strong suit, or only business, so if you happen to be with that more expensive bank, a broker may have a better rate for you.

If this is the case, knowing who does “like” your type of loan is paramount. With a broker/banker, you don’t need to search around to find that “right” bank. They’ll do it for you.

So it is possible to get a better deal with a broker/banker, depending on the circumstances.

Why Do Some Brokers Have Better Mortgage Rates Than Others?

  • Mortgage rates can vary among brokers just like they do with retail lenders
  • This is because they work with various wholesale lenders and may select different compensation packages that can affect the rate you receive
  • Be sure to shop and compare individual brokers just like you would banks
  • Some may charge more than others and/or not be approved with the banks offering the lowest rates

As noted, mortgage brokers work with lots of different lender partners, which means interest rates can vary from lender to lender. This partially has to do with their compensation.

Say one broker decides to get paid 2% on all the loans they originate with a certain bank, while another only charges 1% with that same bank.

That could result in an interest rate of say 3.125% versus 2.875% on the same loan thanks to the difference in commission.

If you only speak to the broker charging 2%, you won’t know that another broker out there can do better because they’re willing to earn less per loan.

The same may be true of the lenders they’re partnered up with. For example, one broker may work with a low-cost lender that the other doesn’t happen to work with.

So while a broker has the ability to shop your rate with multiple lenders, you might want to shop with multiple mortgage brokers to see what’s out there.

You may discover that one broker can beat another broker’s pricing thanks to the lenders they work with and/or their compensation levels.

Lastly, be sure to compare multiple brokers/bankers as well to weed out the bad players.

And as alluded to earlier, a good deal is only worth its salt if it actually funds.

If a broker/banker can get a tricky deal done for you, there’s a lot of value there, even if the rate is slightly higher.

If a big bank drags their feet and isn’t able to get it done in a reasonable amount of time (or at all), their seemingly better deal essentially becomes worthless.

Read more: What mortgage rate can I expect to receive?

Source: thetruthaboutmortgage.com

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Today we’ll check out “Compass Mortgage,” a direct lender based out of Chicagoland that is one of the top mortgage companies in Illinois.

They do nearly all of their business in the Land of Lincoln, putting them near the top-20 for all mortgage lenders in the state.

So if you’re a homeowner or prospective home buyer in Illinois, there’s a good chance you’ve heard of them.

What sets them apart is their dedication to customer service, with a big focus on creating a personal home loan experience, with you guessed it, real people.

That means being treated like family, instead of relying on a chat bot to get your loan. Read on to learn more.

Compass Mortgage Fast Facts

  • Retail, direct-to-consumer mortgage lender
  • Offers home purchase loans and refinances
  • Founded in, headquartered near Chicago, IL
  • Licensed to do business in 15 states
  • Funded $3.2 billion in home loans last year
  • Roughly 90% of total production comes from state of Illinois

Compass Mortgage is a retail, direct-to-consumer mortgage lender that offers home purchase loans and mortgage refinances.

This means you can apply remotely via their website, or visit a physical branch if one is located near you (they’re mostly in the Midwest).

The company was founded by Dan Graham in 2002 and is located in Warrenville, Illinois, which is about 30 miles west of Chicago.

For the record, they are not affiliated with the Compass real estate brokerage, which is based out of New York City.

While Compass Mortgage is licensed in 15 states across the nation, roughly 90% of total loan volume comes from their home state of Illinois.

That made them a near top-20 mortgage lender in the state of Illinois, mostly beat out by the mega banks, Guaranteed Rate, Rocket Mortgage, and so on.

The other states where they’re licensed include Arizona, California, Colorado, Florida, Georgia, Indiana, Iowa, Kentucky, Michigan, Minnesota, North Carolina, Ohio, Oregon, South Carolina, Tennessee, Texas, Virginia, and Wisconsin.

Last year, Compass funded $3.2 billion in home loans, with about two-thirds of volume consisting of mortgage refinances and the rest purchase loans.

That means they are probably well-suited for both existing homeowners and those looking to buy a property.

How to Apply with Compass Mortgage

To begin, you can either call them up, visit a physical branch, or simply head over to the website and go the self-serve route.

Your best bet might be to speak with a loan officer first to discuss loan pricing and eligibility, then apply.

Either way, it’s possible to apply without speaking to anyone if you’re a self-starter.

Once at the website, select your transaction type (e.g. refinance or purchase), then you’ll be asked if you know your loan officer by name or don’t have one/remember.

There is a loan officer directory on their website if you wish to read bios or if you simply need a reminder of who you were working with/referred to.

If you know the individual, you can select them from a drop-down list to ensure you’re paired with the correct person.

If not, you’ll be assigned a loan officer after you submit your loan application.

Their digital mortgage application is powered by Blend, a leader in the mortgage fintech world.

It allows you to complete the app electronically, link bank accounts using login credentials, eSign disclosures, upload paperwork, and more.

Once your loan is submitted, your loan team will guide you throughout the process. You’ll also be able to log on to the borrower portal 24/7 to check loan status and satisfy outstanding conditions.

Compass Mortgage makes it easy to apply for a home loan and stay abreast of what’s going on from start to finish.

If you’re a prospective home buyer, they offer their “Get Committed” mortgage pre-approval, which is a more robust loan commitment.

It is fully-underwritten and includes the ability to lock your loan before you find a property (pre-lock).

This shows home sellers you’re a serious, well-qualified buyer and can make your offer stand out in a bidding war or even compete with cash buyers.

Loan Programs Offered by Compass Mortgage

  • Home purchase loans
  • Renovation loans
  • Construction loans
  • Refinance loans: rate and term, cash out, streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Down Payment Assistance (DPA) programs
  • Bridge loans
  • Lot/Land loans

Compass Mortgage offers a wide selection of home loan options to suit just about any borrower in any situation.

This includes home purchase loans, refinance loans, and construction and renovation loans, such as the FHA 203k program.

All the major loan types are available, including conforming, jumbo, government loans (FHA/VA/USDA), and even bridge loans.

Those who are short on funds can take advantage of their Down Payment Assistance (DPA) programs, including grants and forgivable loans.

They lend on all property types, including primary residences, vacation homes, multi-unit investment properties, and condos/townhomes.

Both fixed-rate and adjustable-rate mortgages are available in a variety of loan terms including the 15-year fixed and 7/1 ARM.

Simply put, you shouldn’t be limited when it comes to loan choice.

Compass Mortgage Rates

One area that’s light on information is their mortgage rates and lender fees.

Compass Mortgage doesn’t publicize these details on their website, so it’s hard to know how competitive they are on the pricing front.

As such, you’ll need to get in touch with a human first to discuss interest rates and inquire about any fees.

It’s unclear if they charge a loan application fee, loan origination fee, underwriting fee, and so on.

Be sure to get all the details and your mortgage APR so you can compare it to quotes from other banks, lenders, and mortgage brokers.

Compass Mortgage Reviews

On Zillow, Compass Mortgage has a 4.99-rating out of a possible 5 from about 400 customer reviews.

That’s pretty much as close to perfection as you can get, and a testament to their mission to provide a “Better Mortgage Experience.”

A good chunk of those reviews indicate that the interest rate and/or closing costs were lower than expected. So that at least provides a clue to their pricing.

They also have a 4.9-star rating on Google from nearly 800 reviews, another sign of their strength in the customer satisfaction department. And a 4.5-star rating on Yelp from over 50 reviews.

Lastly, while they’re not an accredited business, they hold an ‘A+’ BBB rating based on complaint history, of which there are none currently on file.

To summarize, Compass Mortgage seems to be really big on customer service, and could be a good choice for a first-time home buyer who wants hands-on service throughout the loan process.

They could also work for an existing homeowner looking to refi – just pay attention to rates and fees to ensure they’re competitive.

Compass Mortgage Pros and Cons

The Good Stuff

  • Can apply for a home loan online in minutes
  • Offer a digital, paperless loan application process
  • Also have brick-and-mortar branches in the Midwest
  • Lots of loan programs to choose from
  • Offer fully-underwritten pre-approvals to help you win a bidding war
  • Can pre-lock your rate before you find a property
  • Excellent customer reviews across ratings sites
  • A+ BBB rating
  • Free online mortgage guides, mortgage calculators, and mortgage glossary

The Maybe Not

  • Do not publicize mortgage rates
  • Unclear what lender fees they charge

(photo: Anthony)

Source: thetruthaboutmortgage.com

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Everyone wants to be the next big thing in the mortgage industry, promising a digital experience or even a funded loan in days as opposed to weeks.

We’ve seen signs of this disruption for years now, and while it has improved the customer experience somewhat and shortened turn times, things aren’t much different.

You still have to fill out a loan application, often with the assistance of a human, submit financial documents, and wait for weeks (or over a month) to get your loan funded.

The difference now is you can do some of these tasks remotely, or better yet, authorize your financial accounts to be plugged into the application so you don’t need to track down documents yourself.

But there’s still the usual frustration and timelines that have long plagued the mortgage industry.

While most disruptors have focused on speed and convenience, an emerging company called “LoanSnap” is focused on originating “smart loans” as opposed to “dumb loans” that cost consumers billions annually.

What Is LoanSnap?

  • A direct mortgage lender and tech company based in Costa Mesa, CA
  • It was formed after acquiring Irvine, CA-based DLJ Financial
  • Currently licensed to do business in 19 states including AZ, CA, CO, FL, IL, and TN
  • Relies on artificial intelligence (AI) to offer a so-called smart home loan to consumers

LoanSnap was formed after acquiring DLJ Financial, a mortgage lender that had been based in Irvine, California for some 21 years.

The company’s current location is in nearby Costa Mesa, CA, with corporate headquarters in tech-rich San Francisco.

It makes sense that they have locations in both cities, as the Bay Area is where startups are born and Orange County has long been mortgage-central.

They offer a so-called “smart loan” that factors in all your monthly bills, such as credit cards and student loans, to ensure you get the best home loan.

In LoanSnap’s own words, it’s a mortgage that relies upon artificial intelligence (AI) “to analyze a consumer’s financial situation instantly and recommend the best options for their unique needs — all while addressing common financial issues like too much debt.”

Put another way, it goes beyond just the lowest mortgage rate or the fastest turn times and considers a customer’s entire financial situation.

After all, the borrower’s home and accompanying mortgage can often serve as their nest egg, dictating other investments and financial decisions.

It can also be leveraged to pay off other high-interest debt, which is where LoanSnap figures in.

At the start of the loan application on their website, they say, “Welcome! Let’s start by identifying where you’re losing money so we can help you own your financial future.”

What they mean by that is you’re probably paying more interest on your credit cards, student loans, and car loans than you are/would be with a low-rate mortgage.

After all, mortgage rates are close to 3%, while credit cards are often 20%+ and auto loans and student loans are maybe 5%+.

They add that most folks “don’t realize they can move their credit cards or loans to their mortgage and save thousands in interest payments.”

So instead of pitching the lowest interest rates, they give you a full view of all your accounts to help their customers avoid losing money.

What Types of Mortgages Does LoanSnap Offer?

  • Home purchase loans, mortgage refinances, and HELOCs
  • The cash out refinance appears to be their chief offering
  • You can get a conventional loan, non-conforming loan, FHA loan, or a VA loan
  • Available on single-family homes and condos/townhomes

At the moment, they offer home purchase loans, mortgage refinances, and HELOCs.

That includes both rate and term refinances and cash out refinances, the latter of which is utilized to pay off other high-interest bills you may have.

The cash out refinance seems to be their weapon of choice to eliminate other debt, and explains the how and why of analyzing a consumer’s complete financial situation.

Once they know about your other debts, they can instantly recommend the best loan options that consider interest rates on all your outstanding debt, thereby saving you money.

In a sense, it’s marketing the cash out refinance as something unique to the company, while just about every mortgage lenders offers them.

Of course, things are a little less liquid in that department at the moment due to COVID-19, but that will likely change over time as the situation normalize.

It also means larger loan amounts for LoanSnap, which equates to more money for them.

In terms of loan type, they offer FHA loans, VA loans, and non-conforming loans. I assume they offer conforming loans backed by Fannie Mae and Freddie Mac as well.

They also offer second mortgages in the form of a home equity line of credit (HELOC), which can be used to pay off other bills like student loans, auto loans, and credit cards.

You can get a home loan on a single-family residence or a condo/townhouse. It’s unclear if they lend on second homes and investment properties.

In terms of where they’re available, they lend in 19 states with plans to expand to more soon.

At the moment, they’re licensed in Arizona, California, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Michigan, Nebraska, Ohio, Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Washington, and Wisconsin.

LoanSnap Mortgage Rates

While LoanSnap says it looks beyond mortgage rates to help its customers save money, essentially by saving them on other, higher-cost loans, it doesn’t reveal its rates.

Obviously it’d be nice to get an idea of where they stand pricing-wise, but there’s no daily rate section on their website as of now.

So if you want to pricing, you’ll need to either apply or give them a call. My recommendation is to get pricing first before spending time on an application.

Note that cash out refinance rates are often higher than purchase rates, so if you’re comparing rates among lenders, be sure it’s apples-to-apples.

Also take a look at their customer reviews to see what other customers thought about their interest rates and fees for more clues.

With regard to lender fees, they also leave us in the dark, so be sure to inquire about fees and rates when you call and speak with a loan officer.

LoanSnap Reviews

Despite being a relatively young company, they’ve already amassed a decent number of customer reviews.

On LendingTree, they’ve got a 4.6-star rating out of 5 from nearly 300 reviews, with a 92% recommended score.

At Trustpilot, they have a 3.8-star rating, which the site considers “great,” but not quite excellent.

Over at Google, it’s a similar 4.1-star rating, which is certainly good but not the highest customer satisfaction tier.

On Zillow, they have just a dozen or so reviews and a 4.27-star rating.

While they’ve been accredited with the Better Business Bureau since 2009, they aren’t currently rated.

LoanSnap Received an Investment from The Chainsmokers

  • Company has raised millions of dollars via several funding rounds
  • Latest investment comes from fund backed by pop group The Chainsmokers
  • Also supported by True Ventures, group behind Peloton and Fitbit
  • Expect them to become a household name in the mortgage world with that backing

In a bid to perhaps become the coolest mortgage lender out there, aside from maybe Rocket Mortgage, they announced a new investment round that included pop duo The Chainsmokers.

The popular group that makes electronic music is apparently also interested in making money, as evidenced by their early stage technology investment firm known as MANTIS.

In mid-May, LoanSnap raised an additional $10 million, co-led by True Ventures and MANTIS.

To show just how serious they are, True Ventures is the Silicon Valley-based venture capital firm behind Peloton, Blue Bottle coffee, and Fitbit.

Their backers also include Richard Branson and Joe Montana’s Liquid 2 Ventures, so it appears they came to play.

Expect to hear the name LoanSnap if and when searching for a mortgage in the near future.

(photo: Jason White)

Source: thetruthaboutmortgage.com

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Mortgage Investors Group, or MIG for short, has a familiar story in that they were founded by a small group of loan officers before growing into a billion-dollar independent mortgage bank.

What makes them more special is the fact that they’ve been around since 1989, a testament to their staying power in the very unforgiving mortgage industry.

That means surviving a few housing booms and busts, yet carrying on and continuing to grow along the way.

A couple of their claims to fame include being the Tennessee Housing Development Agency’s (THDA) top lender annually since 2003.

And the number one USDA home loan lender in Tennessee every year since 2014. Let’s learn more about them.

Mortgage Investors Group Fast Facts

  • Direct-to-consumer retail mortgage lender
  • Offers home purchase loans, refinances, and reverse mortgages
  • Founded in 1989, headquartered in Knoxville, TN
  • Funded about $4 billion in home loans last year
  • The 3rd largest mortgage lender in the state of Tennessee
  • The Tennessee Housing Development Agency’s (THDA) top lender since 2003
  • The #1 USDA home loan lender in TN since 2014

Mortgage Investors Group is a direct-to-consumer retail mortgage lender based out of Knoxville, Tennessee (pictured above is the Sunsphere from the 1982 World’s Fair there).

As noted, they got started all the way back in 1989 by co-founders Chuck Tonkin II and Chrissi Rhea, along with five colleagues.

Today, the company has grown to 26 branch locations and 450 employees, with more than $20 billion in closed loans since inception.

This means you can apply for a mortgage at a local branch or online via their website.

Last year, they mustered nearly $4 billion in total loan volume, despite only working in the Southeast.

They’re licensed in just nine states, including Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina, and Tennessee.

In their home state, they are the third largest lender, beaten out only by behemoth Rocket Mortgage and megabank Wells Fargo.

The company is also quite active in nearby Alabama and Georgia, the #1 USDA loan lender in Tennessee, and the top Tennessee Housing Development Agency (THDA) lender since 2003.

Roughly 60% of their volume consisted of home purchase loans, meaning they’re probably a good choice for a home buyer.

The rest was made up of mortgage refinances, home improvement loans, and reverse mortgages, all of which are geared toward existing homeowners.

How to Apply with Mortgage Investors Group

To get started, you can either visit their website or head over to a local branch if one happens to be situated nearby.

Their website offers a wealth of information, including how-to guides, mortgage calculators, a mortgage glossary, and a loan officer directory.

You can search for loan officers by location or name, then apply directly from their webpage once you find the individual you’d like to work with.

MIG offers a digital mortgage application that uses the latest technology to ensure a quick and pain-free loan process.

This includes the ability to fill out an app from a smartphone or computer, eSign disclosures, and scan and upload documents.

Additionally, their on-site underwriting, loan processing, closing, and appraisal services mean you can get to the finish line without delays.

This is especially handy in a competitive housing market where time is money and then some.

Available Loan Programs at Mortgage Investors Group

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Reverse mortgages
  • Reverse purchase mortgages
  • Georgia Dream loans
  • THDA loans
  • Down payment assistance loans
  • Fixed-rate and adjustable-rate options available in various loan terms

One standout area for Mortgage Investors Group is their selection of loan programs, which is seemingly endless.

Aside from all the usual stuff like loans backed by Fannie, Freddie, and the FHA/USDA/VA, they offer jumbo loans, reverse mortgages and even reverse purchase mortgages.

They also have several options for first-time home buyers and low-to-moderate income borrowers, including the Georgia Dream loan and THDA loans.

Their Home Court Advantage program offers up to 105% of the purchase price and includes a second mortgage that can cover down payment, closing costs, and other prepaid items.

Both fixed-rate and adjustable-rate mortgages are available in various loan terms, including 15-year fixed mortgages and 5/1 ARMs.

They lend on all major property types, including single-family homes, condos/townhomes, and multi-unit investment properties.

Mortgage Investors Group Rates

Mortgage Investors Group says they’re here to get you an affordable mortgage with award-winning service, but they don’t post their mortgage rates online.

In order to get pricing, you’ll either need to call up a loan officer on the phone or fill out a preliminary application online to get in touch with one.

At that point, you’ll you be able to receive a mortgage rate quote and determine what lender fees they charge, if any.

Because they don’t publicize mortgage rates, the only real hint we have is customer reviews, which are generally favorable.

But pricing will always depend on the loan scenario in question. And you should always obtain several mortgage rate quotes to ensure you don’t miss a lower-priced, quality option.

Be sure to compare Mortgage Investors Group’s quoted mortgage APR to other lenders, which factors in both lender fees and the interest rate.

Mortgage Investors Group Reviews

Over on Zillow, Mortgage Investors Group has an almost-perfect 4.97-star rating out of 5 from over 2,500 customer reviews.

Many of the recent reviews indicate that the interest rate and/or closing costs were lower than anticipated, a good sign if you want a low-cost mortgage.

They’ve also got a perfect 5.0-star rating from over 100 Google reviews, along with a 4.7-star rating on Facebook from roughly 130 reviews.

The company is an accredited business with the Better Business Bureau (BBB) and currently holds an ‘A+’ rating based on customer complaint history.

Speaking of, they’ve only had one complaint closed over the past three years.

To summarize, Mortgage Investors Group seems to be a particularly good choice for home buyers thanks to their wide range of first-time home buyers loan programs.

This is especially true for those short on down payment funds or income, as they work extensively with the Tennessee Housing Development Agency and USDA.

But they’re also quite active when it comes to mortgage refinancing as well, so they could also be a great choice for an existing homeowner too if their mortgage rates and fees are competitive.

Mortgage Investors Group Pros and Cons

The Good

  • Offer a digital mortgage application and in-house processing/underwriting
  • Can apply for a home loan from any device or in-branch with a human
  • Tons of loan programs to choose from including first-time home buyer and reverse mortgages
  • Excellent customer reviews across ratings websites
  • A+ BBB rating
  • Lots of free loan calculators and how-to guides on their website
  • Website also available in Spanish

The Maybe Not

  • Only licensed in a handful of states in the Southeast
  • Do not publicize mortgage rates or lender fees online

(photo: bobistraveling)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Today we’ll check out “Celebrity Home Loans,” a mortgage lender that aims to treat you like a star. Perhaps more specifically, a Rockstar.

This means VIP service from start to finish to ensure you don’t have to “sweat the details” of your home loan financing.

Instead, you can focus on finding your dream home and leave the rest up to your mortgage lender.

This approach might explain how the company came up with its name, and what’s is mission is for its clients.

So far they seem to be living up to those lofty expectations, with excellent customer reviews from tens of thousands of customers. Read on to learn more.

Celebrity Home Loans Fast Facts

  • Direct-to-consumer, retail mortgage lender
  • Offers home purchase loans and mortgage refinancing
  • Founded in 2006, headquartered in Oakbrook Terrace, IL
  • Funded nearly $7.5 billion in home loans last year
  • Most active in California, Colorado, and Illinois
  • Do a near equal split of purchase loans and refis
  • Licensed to do business in 48 states and D.C.
  • More than 700 licensed loan originators nationwide

Celebrity Home Loans is a direct-to-consumer, retail mortgage lender with physical branches scattered throughout the country.

At last count, they employed more than 700 licensed loan originators nationwide.

They also own about two dozen other mortgage brands, including eClick Lending, Heritage Home Loans, Midwest Equity Mortgage, NEO Home Loans, and many others.

So there’s a chance you could obtain a mortgage from one of their many sister companies.

CHL got its start back in 2006, at around the time the housing market was peaking and began to fall.

Still, they managed to navigate the biggest housing crisis in recent history and fund tens of billions in home loans since.

Last year, they mustered an impressive $7.5 billion in loan origination volume, making them one of the bigger players on the national scene.

They do a near equal split of home purchase loans and refinances, which tells me they’re suitable for either purpose.

And while licensed in 48 states and the District of Columbia, they’re most active in California and Colorado, along with their home state of Illinois.

How to Apply with Celebrity Home Loans

To get started, your best move might be to visit their website from your computer or smartphone.

There you’ll be able to search for a nearby loan officer or branch office via their online directory.

You can see who works in an office nearby and quickly obtain contact information. Then reach out to get today’s pricing or inquire about available loan programs.

If you’re in the market to buy a home, their “Mortgage Assured” program goes beyond a standard pre-qualification and pre-approval to help you compete with cash buyers.

My assumption is it’s a fully-underwritten mortgage approval that gives home sellers confidence you’ll be able to obtain financing.

Once you find an individual you’d like to work with, you can click on the “Apply Now” button from their personal webpage to get started.

You’ll be prompted to create an online account with the option to also download Celebrity Home Loans’ free smartphone app.

Many loan tasks can be completed electronically, whether it’s the application itself, eSigning disclosures, or scanning/uploading documents.

Those who download the app have the option to message their loan officer instantly and receive updates as they go.

All in all, Celebrity Home Loans is big on technology and customer service, so you should get the best of both worlds here.

Loan Programs Offered by Celebrity Home Loans

  • Home purchase loans
  • Home renovation loans
  • Refinance loans: rate and term, cash out, streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo loans
  • FHA loans
  • USDA loans
  • VA loans
  • Fixed-rate mortgages: 30-year, 15-year, and other terms available
  • Adjustable-rate mortgages: 5/1 and 7/1 ARM

Celebrity Home Loans offers a wide array of loan programs to fit nearly any situation.

Whether you’re buying a home, renovating one, or refinancing an existing mortgage, they’ve got solutions.

This includes conforming loans backed by Fannie Mae and Freddie Mac, jumbo loans, and the full suite of government options (FHA/VA/USDA).

And they lend on all major property types, whether it’s a primary residence, vacation home, or investment property.

Both fixed-rate and adjustable-rate mortgages are available in a variety of loan terms, including 5/1 and 7/1 ARMs.

Celebrity Home Loans Rates

One area where they lack information is loan pricing. There isn’t a section dedicated to mortgage rates or lender fees.

This contrasts some other banks and mortgage lenders that post daily mortgage rates and/or a list of lender fees.

As such, you’ll need to get in touch with a loan officer to obtain pricing your unique loan scenario. And to find out if they charge lender fees, such as a loan origination fee.

Be sure to compare the rate and fee they provide, collectively the mortgage APR, with that of other banks and lenders.

Doing so will allow you to determine how competitive they are relative to other options out there.

Service is definitely high up the list when it comes to selecting a mortgage company, but so is pricing, as it will stay with you for potentially decades to come.

Celebrity Home Loans Reviews

Over at Experience.com, Celebrity Home Loans has a solid 4.89-star rating out of a possible 5 from nearly 24,000 reviews.

You can see loan originator reviews as well if you want to see how a particular individual fared in the past.

This might be beneficial given the large number of folks employed by the company.

On Google, they have a perfect 5-star rating from about 1,500 customer reviews. Again, a great sign.

If you know the loan officer’s name, you might also be able to find personal reviews on Zillow.

And while they aren’t an accredited business with the Better Business Bureau (BBB), they do hold an ‘A+’ rating based on customer complaint history.

To sum things up, Celebrity Home Loans is committed to providing exceptional service to its customers.

And their many positive reviews show they’re holding up their end of the bargain.

So whether you’re buying a home or refinancing an existing mortgage, you should be in good hands.

The only question is how competitive they are relative to other options. Because they don’t lead with price, you may also want to compare their rates/fees to other companies before you proceed.

Celebrity Home Loans Pros and Cons

The Good Stuff

  • Can apply for a home loan online or via smartphone
  • Also have physical locations in several states
  • Offer a mostly paperless, digital loan process
  • Lots of loan programs to choose from
  • Excellent customer reviews
  • A+ BBB rating
  • Free smartphone app
  • Free mortgage calculators and glossary online

The Maybe Not

  • Not licensed in Nebraska or New York
  • Do not publicize mortgage rates or lender fees

(photo: Neal Fowler)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Connecticut-based lender and servicer Planet Home Lending has acquired the assets of Illinois-based retail lender Platinum Home Mortgage Corporation. The financial terms of the transaction have not been disclosed. 

With the acquisition, Planet will inherit the majority of Platinum’s origination staff and branches throughout the country. The deal also expands Planet’s footprint in the Midwest, Northwest and West Coast markets. 

Founded in 1993 by Bill and Michael Giambrone, Platinum has 22 branches and 79 active loan officers, according to the mortgage tech platform Modex. The company’s assets will add to Planet’s 30 branches and 128 active LOs. 

“I don’t think retail is great for anybody right now with rates high and home values high, but it’s a good time to be investing in retail,” Michael Dubeck, CEO and president of Planet Financial Group, parent of Planet Home Lending, said in an interview.

“We’re taking a long-run view that it’s going to pay off. It’s an investment down the road,” the executive added. “We look to acquire right-sized, financially solid distributed retail companies.” 

Platinum’s current president and CEO, Lee Gross, will join Planet as senior vice president and continue to lead the Platinum team. According to Gross, the move to the new company brings “access to improved pricing, technology and marketing to Platinum’s branches.” 

“In addition to agency and GSE home loans, Planet also has niche products tailored to today’s tight real estate markets, including self-funded One-Time Close (OTC) construction loans as well as manufactured housing and renovation mortgage loans,” Gross said in a statement.  

Planet, which originates loans through the correspondent and retail channels, plans to grow organically and via mergers and acquisitions. However, according to Dubeck, the lender has no plans to enter the wholesale space, as it would create channel conflicts. 

In April 2022, Planet agreed to acquire assets from Homepoint’s delegated correspondent channel for $2.5 million in cash. The transaction doubled Planet’s clients base in the correspondent space, with 60% of these clients delivering loans monthly to the lender, Dubeck said.  

“Correspondent is probably our most mature and efficient channel,” Dubeck added. 

Planet was the third largest correspondent lender in the first quarter of 2023, following Pennymac Financial and AmeriHome Mortgage, per Inside Mortgage Finance (IMF) estimates. 

The lender originated $6.5 billion in mortgage loans from January to March, with $6.3 billion from the correspondent channel. According to IMF, it was enough for the lender to become the 9th largest mortgage lender in the country.

Regarding its servicing portfolio, it had $68 billion in owned mortgage servicing in the first quarter of 2023, the 29th largest servicer by this metric in the U.S. In early May, the company launched a commercial servicing division led by James DePalma and Janina Woods.  

Source: housingwire.com

Apache is functioning normally

If you’re looking for personalized service, instead of a call-center home loan, you might want to check out Summit Mortgage.

The privately-owned direct lender was started by husband and wife loan originators Diana and Robert Carter way back in 1992.

The goal was to create a business from an originator’s point-of-view, focused on providing an “unparalleled homebuying experience.”

That meant identifying the traditional pain points of getting a home loan and taking steps to avoid them.

After all, buying a home is supposed to be an exciting moment, one they believe shouldn’t be overshadowed by a miserable mortgage experience.

Summit Mortgage Fast Facts

  • Direct-to-consumer mortgage lender
  • Offers home purchase loans and mortgage refinancing
  • Founded in 1992, headquartered in Plymouth, MN
  • Licensed to do business in 17 states
  • Funded more than $6 billion in home loans last year
  • About two-thirds of last year’s volume was home

Summit Mortgage Corp. is a direct-to-consumer mortgage lender that offers home purchase financing and mortgage refinances.

The Plymouth, Minnesota-based company got its start way back in 1992, making them one of the older lenders in existence.

Last year, they produced more than $6 billion in home loans, with a 67% home purchase share and 33% refinance share.

This tells me they have strong relationships with local real estate agents, and the ability to close loans on time.

Summit Mortgage is a big-time mortgage lender in their home state of Minnesota, which accounts for about 40% of total production.

In fact, they ranked 6th there in 2021 behind only the big players such as Rocket Mortgage, U.S. Bank, and Wells Fargo.

They are also very active in the states of Florida, Pennsylvania, and Colorado.

At the moment, the company is licensed in 17 states nationwide, including California, Colorado, Florida, Idaho, Minnesota, Montana, New Jersey, North Dakota, Oregon, Pennsylvania, South Dakota, Texas, Utah, Virginia, Washington, Wisconsin, and Wyoming.

For the record, they are known as “Summit Home Mortgage” in the states of Oregon, Utah, and Washington.

How to Apply with Summit Mortgage

To begin, you can visit their website to find a loan officer near you. Their online directory allows you to search by property location or loan officer name (if you’ve been referred).

You can review profiles online and obtain licensing and contact information. Once you find the individual you want to work with, you can apply for a home loan directly from their personal webpage.

When you’re ready to move forward, you’ll be prompted to create an “Ascent App” account, which will also give you the option to download a free smartphone app.

Whether you apply on a computer or smartphone, there is an easy to follow step-by-step application process.

Benefits of using the app include a document scanner to upload required paperwork, along with a built-in auto-save feature.

The Ascent App will automatically save all data entered so you won’t need to re-enter fields that have already been completed.

And you can even take a break and return to the loan application from a different device, which allows you to work at your own pace.

It’s all powered by SimpleNexus, a leader in the digital mortgage space.

Aside from a digital application, you should be able to eSign disclosures and closing documents, message your loan officer, and track loan status from start to finish.

Your Summit Mortgage loan officer can also get you a pre-approval letter if you’re currently shopping for a home.

To that end, Summit Mortgage also offers a $10,000 underwriting guarantee in which they’ll pay the seller $10k if your loan doesn’t close.

This can help your offer stand out in a competitive housing market or even compete with all-cash buyers.

Summit Mortgage Rates

But before you begin the application process, it might be wise to get a mortgage rate quote.

There is a rate quote request form on the Summit Mortgage website, but it’s probably quicker just to call a loan officer directly.

Once you give them the details of your loan scenario, they’ll be able to provide a real-time mortgage rate quote.

Be sure to take note of any lender fees associated with your rate, such as an application fee or loan origination fee.

Also pay attention to any discount points required for the quoted rate, as they will increase your closing costs.

Unfortunately, Summit Mortgage doesn’t list daily sample mortgage rates on their website, nor do they list their lender fees.

So you’ll need to get all these details from a loan officer before you proceed.

Take the time to shop around and gather quotes from other banks, lenders, and mortgage brokers to ensure they are competitively priced.

Loan Programs Offered by Summit Mortgage

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Home renovation loans: FHA 203k and Fannie Mae HomeStyle
  • Conforming loans
  • Jumbo loans
  • FHA loans
  • USDA loans
  • VA loans
  • Down payment assistance: State grants and tax credits
  • Fixed-rate and adjustable-rate mortgages in various loan terms

Summit Mortgage Corp. offers a wide range of loan programs to suit aspiring home buyers and existing homeowners.

If you’re short on funds, they can tap into a variety of down payment assistance programs to help you across the finish line.

Those who are purchasing a fixer-upper can take advantage of programs like Fannie Mae’s HomeStyle Renovation or the FHA 203k loan program.

They got the full suite of government-backed home loans available, including FHA, VA and USDA.

And jumbo loans are a possibility if you’re purchasing an expensive home.

All major property types are acceptable, including single-family homes, condos/townhomes, vacation homes, and investment properties.

Both fixed-rate and adjustable-rate mortgages are available in various loan terms, such as 15-year mortgages and 5/1 ARMs.

In short, you should have plenty of options to choose from no matter your personal situation or preference.

Summit Mortgage Reviews

On Experience.com, Summit Mortgage has a solid 4.94-star rating out of 5 from roughly 15,000 customer reviews.

You can fine-tune those reviews by individual if you want to narrow down your list of loan officers.

They have an even better 4.98-star rating on Zillow from over 1,500 reviews, which is pretty much flawless.

But wait, there’s more! A perfect 5.0-rating from over 250 Google reviews, along with a 4.9-star rating on Trustpilot from about 500 reviews.

Additionally, they are an accredited company with the Better Business Bureau (BBB) and currently hold an ‘A+’ rating based on customer complaint history.

In closing, Summit Mortgage appears to be a good candidate for home buyers thanks to their personalized service, $10,000 underwriting guarantee, wide range of loan programs, and many 5-star reviews.

If their pricing is also on point, they could be an excellent choice for an existing homeowner in need of a refinance as well.

Summit Mortgage Pros and Cons

The Good

  • Can apply for a home loan online or via smartphone
  • Offer a digital mortgage application process
  • $10,000 underwriting guarantee
  • Good selection of loan types to choose from
  • Thousands of excellent customer reviews
  • A+ BBB rating, accredited business
  • Free smartphone app
  • Free mortgage calculator and home loan guides

The Maybe Not

  • Only licensed in 17 states currently
  • Do not publicize mortgage rates or lender fees

(photo: Andy Harbach)

Source: thetruthaboutmortgage.com

Apache is functioning normally

Polly, a leading provider of innovative mortgage capital markets technology, recently announced the appointment of industry veteran Cheryl Messner as chief customer officer (CCO).

Messner, who has extensive experience and expertise in mortgage fintech, joins Polly as the company experiences significant growth and adoption in the industry.

“Polly has revolutionized traditional pricing and loan delivery, while simultaneously establishing an unmatched reputation with their customer partners. I am inspired by the team’s accomplishments thus far, and I am excited to contribute to an organization that truly listens to the voice of the mortgage lender and is committed to exceeding their expectations,” Messner said.

In her new role as CCO, Messner will spearhead corporate strategies aimed at enhancing Polly’s unique customer partner experience. Her responsibilities will include overseeing onboarding and implementation processes, as well as driving cross-functional initiatives to ensure ongoing value and success for customers throughout their lifecycle.

Additionally, Messner will act as a liaison between clients, product development, and technical teams to provide valuable customer insights for the development of impactful features and new functionality.

“In addition to a unique blend of interpersonal and technical expertise, Cheryl possesses innate industry acumen that positions her as an incredible advocate for our customer partners,” Adam Carmel, founder and CEO of Polly, said. “I have full confidence that her vision and strategy will further evolve our customer-first culture and elevate Polly to new heights, always keeping our customers at the forefront of our focus. I am delighted to welcome Cheryl to our team and eagerly anticipate the remarkable achievements we will accomplish together.”

With over two decades of mortgage fintech experience, Messner brings a wealth of knowledge to her new position. During her 15-year tenure at Optimal Blue, Messner played a pivotal role as the director of product management, leading the design, development, and roadmap strategy for the Optimal Blue PPE.

Prior to that, Messner held senior and executive-level roles in client services. Most recently, she served as EVP of customer success and experience at Sales Boomerang and Mortgage Coach, focusing on operations, growth opportunities, and client engagement.

Messner’s appointment follows the recent hiring of Parvesh Sahi, former SVP of business and client development at ICE Mortgage Technology, as chief revenue officer at Polly. With the company’s mounting success and adoption across the industry, Polly continues to attract top talent and solidify its position as a pioneering force in mortgage technology.

Founded in 2019 by a team of experienced technology and mortgage professionals, Polly is a San Francisco-based provider of mortgage capital markets technology for banks, credit unions, and mortgage lenders nationwide.

This content was generated using AI, and was edited and fact-checked by HousingWire’s editors.

Source: housingwire.com