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At the moment we’ll discover one of many nation’s largest mortgage servicers that occurs to be a serious mortgage lender as properly, “Lakeview Mortgage Servicing.”
As their title implies, they service mortgage loans, that means they gather month-to-month funds from prospects after the mortgage funds.
As of late, a number of mortgage lenders don’t try this, and as a substitute deal with making new loans and promoting them off rapidly to allow them to fund much more.
However Lakeview has adopted a technique a few of the largest mortgage lenders within the nation have, doing each.
This implies apart from servicing loans, in addition they originate billions in mortgages yearly. Let’s see in the event that they may very well be a superb match for a brand new mortgage.
Lakeview Mortgage Servicing Quick Info
- Direct-to-consumer mortgage lender that provides dwelling buy and refinance loans
- Based in 2010, headquartered in Coral Gables, Florida
- Funded $41 billion in dwelling loans final yr (a top-25 mortgage lender nationally)
- The 4th largest mortgage servicer within the nation
- Licensed to lend in 48 states and the District of Columbia
- Additionally operates a wholesale and correspondent lending enterprise
As famous, Lakeview Mortgage Servicing operates as each a loan servicer and a direct-to-consumer mortgage lender. That is much like a NewRez or a Rocket Mortgage.
They’re at present the nation’s fourth largest mortgage servicer within the nation, and assist greater than 1.4 million prospects handle their dwelling loans yearly.
The corporate additionally not too long ago grew to become the most important servicer of Ginnie Mae mortgages, aka FHA loans and VA loans.
To make clear, they personal the servicing rights to all these mortgages, and really associate with subservicers like LoanCare to course of funds, handle escrow, and so on.
On the identical time, they mustered a powerful $40.7 billion in dwelling mortgage origination final yr, touchdown them within the top-25 lender listing.
They did a near-equal quantity of dwelling buy loans and mortgage refinances, in order that they may very well be a worthwhile alternative for each a brand new dwelling purchaser or an current home-owner.
My guess is that they faucet into their huge mortgage servicing portfolio to search out new refinance candidates. So in the event that they service your mortgage, they might have reached out.
As I at all times say, when a lender reaches out, reach out to other lenders! That method you may comparability store.
For the time being, they’re licensed in 48 states and D.C., with Hawaii and New York the exceptions.
The right way to Apply for a Mortgage with Lakeview Mortgage Servicing
If you happen to’re a present mortgage servicing buyer, you will have acquired solicitations from Lakeview Mortgage Servicing to refinance your mortgage.
However they’re additionally an enormous originator of dwelling buy loans, so dwelling patrons with no prior relationship might additionally select them as their lender.
They are saying they’ve obtained greater than 100 mortgage officers in 4 places throughout the nation to serve dwelling patrons and refinancers.
And each mortgage processing and underwriting are achieved in-house to make sure quick flip instances. Those that must get pre-approved for a mortgage can achieve this in as little as 24 hours.
To get began, you may go to their web site or name them immediately. If you happen to go surfing, you may create an account and submit a brand new mortgage request.
At that time, a licensed mortgage officer will get in contact to debate mortgage pricing and eligibility.
They provide a digital mortgage software powered by ICE Mortgage Expertise that permits you to full most duties electronically.
And as soon as your mortgage is submitted, you’ll be capable to handle it and verify standing through the web borrower portal.
As soon as the mortgage funds, it’ll be serviced by them as properly through one in every of their subservicing companions.
Lakeview Residence Rewards
One perk to utilizing them for a house buy mortgage is the “Lakeview Residence Rewards” program.
In brief, it’s an actual property agent referral program and mortgage lender all rolled into one.
When you enroll, you’ll be matched with a high native actual property agent and a devoted mortgage mortgage officer from Lakeview.
After your mortgage funds, you’ll obtain as much as $6,500 money again, relying on the house’s buy worth.
Those that promote and purchase a house utilizing the service can obtain as much as $13,000 in rebates as soon as each transactions shut.
Be aware that these rewards aren’t provided in some states (AK, IA, LA, and MO) and are restricted in others.
They are saying they solely work with “premier brokerages throughout the USA,” and decide the highest actual property brokers from these firms.
This consists of actual property brokers with at the very least 5 years of expertise who keep a 90%+ satisfaction score.
If you happen to aren’t already working with an agent, this program may very well be a money-saver and supply the comfort of an end-to-end dwelling shopping for course of.
Mortgage Packages Supplied by Lakeview Mortgage Servicing
- Residence buy loans
- Refinance loans: charge and time period, money out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Residence fairness loans
Lakeview Mortgage Servicing affords dwelling buy loans and mortgage refinance loans, that means they serve each current householders and potential dwelling patrons.
If you happen to already personal a house, you may refinance to acquire a decrease mortgage charge and/or get cash out. Streamline choices are provided as properly.
All the key mortgage sorts can be found, together with conforming loans backed by Fannie Mae and Freddie Mac, and government-backed loans like FHA, VA, and USDA loans.
It’s additionally doable to get a jumbo dwelling mortgage, and even a second mortgage in the way in which of a home equity loan.
They appear to supply principally fixed-rate mortgages, together with the 30-year mounted, 15-year mounted, and different much less frequent mortgage phrases.
I’m unsure if in addition they originate adjustable-rate mortgages, which aren’t extremely popular in the meanwhile.
However they need to have sufficient choices to swimsuit most dwelling patrons and householders on the market.
Lakeview Mortgage Servicing Charges
They are saying they provide low rates of interest, however that’s about it. You received’t discover their each day mortgage rates listed on-line to match to different lenders.
As such, you’ll must name them up and get in contact with a mortgage officer to acquire the most recent pricing.
Be sure you inquire about lender charges once you try this to get the total image. It’s unclear in the event that they cost a loan origination fee or different charges for processing, underwriting, and so forth.
My guess is that they’re a middle-of-the-road lender when it comes to pricing, although that’s simply an assumption.
On the finish of the day, they may be priced decrease than the massive banks and nationwide manufacturers, however maybe increased than the low-cost mortgage lenders on the market.
However you received’t know till you name and converse to a human.
Lakeview Mortgage Servicing Critiques
On Zillow, they’ve a 4.84-star score out of 5 from about 400 critiques. A good variety of current critiques indicated the rate of interest was decrease than anticipated.
Their Zillow score may be one of the best illustration of their dwelling lending division, whereas different critiques you come throughout may very well be extra associated to their servicing enterprise.
For instance, over at Google it’s extra of a combined bag, with a a lot decrease 2.5-star score from over 600 critiques. The caveat is this may occasionally embrace each lender prospects and servicing prospects.
This is among the issues with working as each sorts of firms underneath the identical model. Take the time to learn the critiques to see in the event that they relate to new loans or current, serviced loans.
Whereas they aren’t accredited with the Higher Enterprise Bureau (BBB), they do have an ‘A+’ score based mostly on criticism historical past.
In abstract, Lakeview Mortgage Servicing may very well be a sensible choice for a house buy mortgage because of their rebate program, and doubtlessly good for refinancers if the charges are low.
The one query marks are pricing and customer support, the latter of which may be muddled as a result of they’re additionally a mortgage servicer.
Lakeview Mortgage Servicing Execs and Cons
The Execs
- Can apply for a house mortgage on-line in minutes
- Digital mortgage software powered by ICE Mortgage Expertise
- A lot of dwelling mortgage applications to select from together with second mortgages
- Lakeview Residence Rewards affords as much as $6,500 money again
- A+ BBB score
- They’ll service your mortgage after closing
- Free mortgage calculator and mortgage glossary on-line
The Cons
- Not licensed in Hawaii or New York
- No bodily branches
- Don’t publicize mortgage charges or lender charges
- A lot of combined critiques (which can be because of servicing)
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