Created in 2008, Movement Mortgage, LLC, had just a handful of employees and a vision. Now, it has grown to a team of about 4,000 employees, with 650 locations across 47 states. It has been named the fastest-growing mortgage bank in the U.S. by Inc five times.
But is it right for you? Here’s an in-depth review of their mortgage loan products, process, application, and overall offering.
Movement Mortgage loan products
One of the most important factors when choosing a mortgage company is what loan types they can offer you. Will they have the one that suits your specific situation? Movement Mortgage has a wide selection including conventional, government-secured, jumbo, and refinancing options. Learn more below.
Movement Mortgage offers conventional loans, which are loans that are not government-backed. Being that the lender assumes more risk, borrowers will have to meet stricter eligibility requirements. If you can get the green light of approval, you will benefit from great rates and terms.
Mortgage offers several programs for low-to-moderate income borrowers, including Movement Assistance Program (MAP), Fannie Mae HomeReady, and Freddie Mac Home Possible.
These programs enable you to put down as low as 3%. However, keep in mind, you will need mortgage insurance if your down payment is less than 20%.
If you want to buy a condo, Movement Mortgage has options. Loan products such as Fannie Mae and Freddie Mac conventional loans, jumbo loans, and the VA, FHA, and USDA loan programs can all be used to finance a condo.
Jumbo loans are for those who want to purchase a one-unit property in a high-cost area. The loan amount can range from $424,100 to $625,500.
If you’re 62 or older, you can opt for Movement Mortgage’s Home Equity Conversion Mortgage (HECM) to tap into your home’s equity.
An FHA loan is a home loan program which is offered by Movement Mortgage and secured by the U.S. Federal Housing Administration. It is a great option for those with less-than-great credit and limited income because it has more lenient requirements and low downpayments.
The U.S. Department of Agriculture (USDA) has a loan program for those who want to purchase homes in eligible rural areas. Movement Mortgage will extend the loan, and the USDA will secure it. A few perks of this option include that low-to-moderate income borrowers qualify, it requires no down payment, and the seller can contribute to the closing costs.
VA loan refinancing
Already have a VA loan? Easily refinance it with Movement Mortgage to reduce your rate through the VA interest rate reduction refinancing loan (IRRRL) program.
FHA 203(b) Streamline refinancing
Similar to the IRRRL, the FHA streamline refinance program makes it easy for those with FHA loans to refinance them and get a lower interest rate and payment. How? No appraisal is needed, and documentation requirements are limited.
Movement Mortgage offers the Home Affordable Refinance Program (HARP). It is for homeowners with a mortgage owned by Freddie Mac or Fannie Mae that was originated before May 31, 2009. The main benefit is that you can qualify even with little-to-no equity in your home.
Cash out refinance
You can also get a conventional mortgage to refinance your home and cash out up to 85% of your equity. Movement Mortgage credit requirements include a minimum FICO score of 620. Further, the maximum loan amount is $417,000.
That sums up the loan products currently on offer from Movement Mortgage. Now let’s take a look at the company’s approach to serving customers.
Movement Mortgage process
Movement Mortgage has made streamlining the loan process a priority. Here’s how it works.
You can speak with a Movement Mortgage loan officer about your options, eligibility, and what to expect.
Next, fill out the online application.
Movement has created “Easy App” which enables a digital mortgage experience. Adam O’Daniel, Communications Director at Movement, says “Easy App is accessible from a phone, tablet, or computer and uses beautiful design and bank-grade security to help borrowers sync bank statements, tax documents, and other data with their mortgage application for a fast, accurate, and convenient experience.”
He adds, “It was built in partnership with a Silicon Valley-based firm backed by the same investors that created PayPal and Facebook.”
Send in documents to verify your income, identity, assets, employment, etc. You can also link financial accounts, tax software, etc. online during the application.
Get your home appraised by one of our industry-leading partners.
Whereas most companies underwrite at the end of the loan process, Movement Mortgage does it at the beginning. Underwriters know the requirements for each loan program and review your documentation to analyze if you qualify.
If you do, you’ll get the stamp of approval to go shopping for a home with confidence.
O’Daniel says, “Our goal is to have this done within six hours. Other lenders usually wait until weeks later in the process, after the borrower is already under contract on their house.”
He adds, “We do it first because we believe a borrower should understand what he or she can afford and the terms of their financing before they sign a contract on a house. This also prevents unnecessary delays later on that could delay the loan closing.”
If you get approved, it will be considered a conditional approval. The underwriter will provide you with a list of items they need to grant you full approval. Often this includes pay stubs, credit reports, tax returns, etc. At this point, your loan goes to a loan processor.
The loan processor works to take care of the items still needed. Over 75% of the company’s mortgages finish the processing step within seven days. This is their goal in an effort to get it taken care of and avoid last-minute rushing.
After all the conditions from above are settled, your loan will go back to the underwriter for final approval.
Next, the closer assembles a closing package. The company’s goal for completing this step is within 24 hours. When finished, the loan is complete and ready for the closing table.
Apply with Movement Mortgage
As mentioned above, Movement Mortgage has an automated online application. While a bit long, it makes applying easier than answering a bunch of questions over the phone or driving to a physical location. Here is how it works.
Visit the company’s website or mobile app and click “Apply.”
Create an account by adding an email address and password.
Read and agree to the terms (if you agree).
Each section will start with a slide explaining what the section is, then you will provide information for the section. And lastly, you will review the information you submitted. For sake of efficiency, this review will just show the slides that request information.
Disclose which type of mortgage transaction you are looking to do. In this example, I chose “Purchasing a new property.”
Provide your name, address, and phone number.
Disclose if you are applying with another person or by yourself.
Tell more about the property you want to purchase.
Provide details on the loan amount you need.
Disclose if you are working with a real estate agent.
Provide your social security number and birth date.
Disclose your assets.
Add your income.
Answer yes or no to the declarations.
Disclose your citizenship status.
Answer questions about your demographics.
Answer a few additional questions.
Then, you’ll review all of the information and submit your application.
The Movement Foundation
Another interesting aspect of Movement is its efforts to help underserved communities which is in line with its mission statement, “We exist to love and value people.” O’Daniel explains, “Movement is partially owned by Movement Foundation, and profits from the mortgage company are systematically paid as dividends to the nonprofit foundation.”
He adds, “Movement Foundation uses these proceeds to fund projects such as Movement Schools, a network of charter schools serving underprivileged neighborhoods; El Hanan, a 1,700-acre commercial farm in Uganda that creates jobs and agricultural industry for impoverished people groups; and a variety of grants to schools, churches, community centers and other nonprofits and ministries that meet the needs of people who have been marginalized or neglected. Since 2012, Movement Foundation has invested more than $25 million in these initiatives.”
Movement Mortgage review and summary
In summary, Movement Mortgage stands out due to its online application and an overall focus on streamlining the loan process.
It is one of the only company’s that sets goals for each step of the process and advertises those timelines to customers. It is very open and transparent about its inner workings, and how employees work together to ensure quality and efficiency.
Beyond that, the company offers a wide range of loan products that will suit the needs of most prospective and existing homeowners. From government-backed to conventional loans, and reverse mortgages to refinancing programs, it’s got it all. The primary focus is to make a long-term impact on underserved communities which it also does through the Movement Foundation.
If you’d like to apply or learn more about Movement Mortgage rates, click here.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.