retail branches

Apache is functioning normally

Let’s learn more about “Triumph Bank Home Loans,” a Tennessee-based community bank that is also one of the larger mortgage lenders in the nation.

At last glance, the company referred to itself as a top-15% lender in the country based on recent HMDA data, with more than a half billion in loan volume annually.

But despite growing larger over the years, their mission remains the same – to provide personalized service and help their customers triumph, whether they’re buying a home or refinancing an existing mortgage.

They say their approach involves less bureaucracy and overhead, which gives them the ability to deliver great rates AND great service. Time to dig into the details.

Triumph Bank Home Loans Fast Facts

  • Community bank that offers home purchase loans and refinances
  • Founded in 2006, headquartered in Collierville, Tennessee
  • Lend in every state other than California and New York
  • A top-15% mortgage lender in the country based on HMDA data
  • Have served more than 13,000 families since 2013 (fund $600+ million annually)

As noted, Triumph Bank Home Loans is an FDIC-insured community bank, meaning aside from originating home loans, they also offer savings accounts and small business loans to their customers.

They also operate both a retail and consumer-direct channel for their home loan business, meaning you can apply online and work remotely with a loan originator.

Or visit one of their retail branches in the Memphis or Nashville area to do business in person if you prefer.

They do an almost equal mix of home purchase loans and refinance loans, meaning they could be a good choice for both prospective home buyers or existing owners looking for a better rate and/or cash out.

While they lend everywhere other than California and New York, they seem to do the most business in their home state of Tennessee, along with Georgia, North Carolina, Florida, and Colorado.

About 80% of the loans they originate are conventional, conforming backed by Fannie Mae or Freddie Mac, but they also offer jumbos and government-backed loans as well.

Since 2013, they’ve helped 13,000+ families get a home loan and are a top-15% mortgage lender nationally, funding more than half a billion in loan volume annually.

How to Apply with Triumph Bank Home Loans

  • You can either call them directly or fill out a free rate quote form on their website
  • When ready you can apply online via their streamlined digital mortgage process
  • Their operations team will process, underwrite, and fund your loan in-house
  • And a dedicated loan officer and support team will be with you every step of the way

Triumph Bank says it offers a simple and fast application process, which can be completed in the palm of your hand via smartphone or on a desktop computer.

They employ the latest cutting-edge technology, but retain the personal touch of a community bank, meaning you get white-glove service from an actual human team along the way.

To get started, you can call them directly, visit their website, or go to a physical branch if one is located near you.

Once at their website, you’ve got the option of requesting a rate quote or simply diving into the application.

I always recommend discussing pricing and products first with a loan officer to ensure they have what you’re looking for, and are competitively-priced.

Assuming they have what you need, you can complete much of the application process electronically, whether it’s eSigning disclosures or uploading documentation.

One plus to using them is the fact that their operations team will process, underwrite, and fund your loan in-house, as opposed to sending your paperwork elsewhere.

This should speed up the process and improve communication and overall efficiency, resulting in a better user experience.

Loan Programs Available at Triumph Bank Home Loans

  • Home purchase loans
  • Refinance loans: rate and term, cash out, and streamline
  • Home construction loans
  • Renovation loans
  • Conforming loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • HELOCs
  • Fixed-rate and adjustable-rate options available

While you won’t find a product menu on their website, they appear to offer just about any type of home loan you could ask for.

This includes home purchase loans, mortgage refinances, and renovation loans, such as Fannie Mae HomeStyle or the FHA 203k loan program.

Additionally, you can get your hands on a conforming loan backed by Fannie Mae or Freddie Mac, a jumbo loan that exceeds county loan limits, or a government-backed loan, such as a VA or USDA loan.

Their retail bank offers home equity lines of credit (HELOCs) and portfolio mortgages as well, which may or may not be available in all states via the consumer-direct channel.

They appear to lend on all major residential property types and occupancy types, such as a single-family home, condo/townhouse, or multi-unit investment property.

Both fixed-rate and adjustable-rate mortgage options are available, including 30-year and 15-year fixed programs, along with the 5/1 and 7/1 ARM.

Triumph Bank Home Loans Mortgage Rates

While they don’t post their daily mortgage rates online, Triumph Bank Home Loans does say it offers mortgage interest rates below the national average.

Specifically, their 30-year fixed rate for conventional loans was 0.29% lower than the average from the Ellie Mae Origination Insight Report over a 17-month period from 2019 to 2020.

You might also come across their mortgage rates on comparison websites like Bankrate, where they appear to be some of the lowest listed among the many other lenders there.

They seem to charge a $995 loan origination fee, though loans can be structured at no cost using a lender credit as well.

All in all, their mortgage rate pricing seems to be comparable to other online mortgage lenders, and thus cheaper than the big banks and name brand lenders out there.

Triumph Bank Home Loans Reviews

On Zillow, they have a commendable 4.81-star rating out of 5 from about 200 customer reviews, with quite a few mentioning that the interest rate and/or lender fees were lower than anticipated.

At Bankrate, Triumph has a 4.7-star rating from over 100 reviews and 93% of customers would recommend them to others.

Additionally, they’ve got a stellar 4.9-star rating on Google from more than 300 reviews, along with a perfect 5-star rating on Facebook from 50+ reviews.

Lastly, they are an accredited business with the Better Business Bureau (since 2006), and have an ‘A+’ rating based on customer complaint history, which appears to be complaint-free.

In summary, Triumph Bank Home Loans seems to excel in both home purchase lending and mortgage refinancing, so they could be a good fit for new buyers and existing owners.

They also appear to have a very wide range of mortgage options to fit all different loan scenarios, which is a plus if you’re in need of something more unique.

And because all aspects of the loan process are completed in-house, you should be able to close quickly and efficiently.

Triumph Bank Home Loans Pros and Cons

The Good

  • Offer a digital home loan application process
  • Can apply for a mortgage without human assistance
  • Say they offer mortgage rates below the national average
  • All loan processing, underwriting, and funding is completed in-house
  • Tons of different loan programs to choose from
  • Lots of excellent reviews from past customers across all ratings websites
  • Free mortgage calculators, first-time home buyer toolkit, and learning center on their website

The Maybe Not

  • Don’t lend in California or New York
  • Mortgage rates and lender fees aren’t listed on their website

Source: thetruthaboutmortgage.com

Apache is functioning normally

You’ve heard it a million times, but I’ll say it again. It pays to shop around for your mortgage.

Freddie Mac told us a while back, and now the Consumer Financial Protection Bureau (CFPB) has echoed the same.

And it’s not a trivial amount of savings. The bureau found that price dispersion for mortgages is often 50 basis points (.50%) of the APR.

When looking at a median loan amount of about $300,000, we’re talking a difference of roughly $100 per month.

That’s $1,200 annually in extra costs (or savings) and $6,000 through the first five years of the loan term.

Mortgage Lenders Offer the Same Exact Products at Different Prices

Similar to just about any other business, mortgage lenders offer the same products for different prices.

Home loans aside, a lot of companies sell the exact same product. That’s why there are comparison websites or Google shopping.

You enter a product and you’re presented with various prices, shipping costs, and so on.

Throw in a coupon code or pricing special and one company could be offering quite the bargain relative to the rest.

While mortgages are a little more unique, as you’re working with a team of individuals to close your loan, the underlying product is generally the same, a 30-year fixed mortgage.

Most home buyers and even existing homeowners who refinance choose a 30-year fixed-rate loan.

This means you’re getting the same product regardless of where you get it from. The difference is the service and perhaps the competency of the company or individual to actually fund the thing!

But assuming we’re comparing two competent lenders (or mortgage brokers), you wind up with exactly the same thing.

As such, you shouldn’t pay more for it. And to avoid paying more for it, you should put in the time to shop mortgage rates AND fees.

Pricing Can Vary Considerably Across All Mortgage Types

The CFPB conducted an analysis to determine the magnitude of price dispersion among home loans.

They did this by combing through Home Mortgage Disclosure Act (HMDA) data from 2021.

And they found that prices varied “in virtually every segment of the mortgage market.”

This includes conforming loans backed by Fannie Mae and Freddie Mac, jumbo loans, and government-backed options, such as FHA loans and VA loans.

As noted, this price dispersion for mortgages often hovers around 50 basis points (0.50%) of the annual percentage rate (APR).

For example, during 2021 the median interest rate was 3% (yes, we all miss those days!).

But not everyone got a 3% mortgage rate. Many homeowners got saddled with a rate of 3.5% or higher.

We’re talking a monthly payment of $1,265 for a 3% interest rate versus $1,347, which is a difference of $82 a month.

Today, we might be talking about a 6.5% rate vs. a 7% rate, respectively, or roughly $1,896 vs. $1,996.

Not only are you overpaying even more today, but doing so might make the loan unaffordable given how high rates and home prices are.

Why Do Mortgage Rates Vary by Lender?

Now as to why there’s price dispersion in the first place, the CFPB points out several different reasons.

For one, not all lenders are created equal. Some have retail branches, while others only exist online. We’re talking a website vs. brick-and-mortar office space.

In terms of business practices, some retain their loans on their books and/or the loan servicing, while others quickly sell them off and move on to the next loan.

There’s also branding – the ones you’ve heard of might spend a lot of money on advertising and charge slightly higher rates as a result.

Others may keep their interest rates elevated to ration demand, aka limit applications due to capacity. Or simply calibrate to their appetite.

It’s also possible that companies that don’t impose lender overlays charge more for the increased risk.

Finally, it’s simply a matter of borrowers not shopping around. The typical borrower only speaks to one lender and believes prices are the same regardless.

So rates aren’t necessarily dictated by traditional supply and demand variables.

My assumption is it’s more difficult to compare prices on a mortgage than it is a toaster.

For this reason, many consumers just go with the first lender they speak with and call it a day.

If You Don’t Shop Your Mortgage, You Could Overpay for the Next 30 Years

Now here’s the kicker when it comes to a home loan. If you do wind up with a mortgage rate .50% higher than the competition, it’ll hit your wallet month after month.

It’s not a one-time misstep like a TV purchase or a hotel room. You don’t just pay extra one time and forget about it.

That higher payment sticks with you for as long as you hold your mortgage. If we’re talking about a 30-year fixed home loan, that could be a while.

So the mistake of not shopping your rate might cost you $100 each month for as long as the loan is held.

For me, that’s a lot worse than overpaying for a product one time.

Long story short, if you’re serious about saving money, you’ve got to put in some time and speak to more than just one lender.

A proper home loan search should include local banks, credit unions, mortgage brokers, and online lenders. Don’t limit yourself to just one type of company.

Source: thetruthaboutmortgage.com

Homebridge to lay off 139 following CMG Mortgage deal

Homebridge Financial Services will lay off 139 employees as the company sheds what’s left of its retail operations following the sale of that channel to CMG Mortgage last month. The Iselin, New Jersey-based lender will terminate 139 workers including at least nine loan officers by June 26, according to a Worker Adjustment and Retraining Notification … [Read more…]

What is SoFi acquiring with Wyndham Capital Mortgage?

In acquiring Wyndham Capital Mortgage, SoFi is getting a digital lender with a robust tech platform but shrinking origination volume.

Homebridge to lay off employees following deal with CMG

Homebridge will lay off 139 employees in June, three months after CMG acquired its retail division, according to a WARN notice filed in New Jersey.

Guaranty Home Mortgage opens new retail branches in Tennessee

Guaranty Home Mortgage Corporation (GHMC) announced on Monday its retail expansion with three new licensed branches in Tennessee.

CMG acquires Homebridge’s retail assets 

California-based CMG Mortgage, Inc. struck a deal to acquire the retail division of Homebridge Financial Services, the companies announced on Monday.

Struggling mortgage shop Celebrity in M&A talks with On Q Financial: sources

Six months after shutting down its correspondent division, Celebrity Home Loans’ retail channel is now at risk, sources told HousingWire.