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Omni-Fund

in Mortgage Brokers from Omni-Fund

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Omni-Fund

Unaffiliated

in Mortgage Brokers from Omni-Fund

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Highlights
Highlights
Broker Fee Payer
  • Lender
  • Borrower
Broker Loan Origination Fees N/A
NMLS # 4869
Type of Mortgage
  • Home Equity Loans
  • Home Purchase
  • Refinance
  • Reverse Mortgage

Omni-Fund Review

Where does Omni-Fund do business?

Omni-Fund is a licensed mortgage broker (NMLS# 4869) with headquarters in Murrieta, CA. It operates in 15 states.

The company was founded in 1996 and helps borrowers find a direct lender that will approve the loan amounts, rates, and terms they require.

How does Omni-Fund get paid?

Mortgage brokers get paid either by lenders or by borrowers. However, they cannot receive compensation from both parties.

Omni-Fund gets paid by borrowers. This means Omni-Fund works for you and will not be influenced by lender commissions. This fee model may help borrowers get lower rates and better terms, but it can also increase the upfront mortgage costs.

Omni-Fund gets paid by lenders. Lender-paid compensation is the most common fee model among mortgage brokers. This fee model can help bring down the upfront costs to borrowers. However, it also gives brokers the incentive of promoting lenders that pay higher commissions.

What fees does Omni-Fund charge?

Although cost should not be the only factor when choosing mortgage brokers, it is smart to compare the rates, fees, and services mortgage brokers offer before making a decision.

Does Omni-Fund charge broker administration fees?

No, Omni-Fund does not charge a broker administration fee.

Does Omni-Fund charge broker loan origination fees?

No, Omni-Fund does not charge a broker loan origination fees.

Does Omni-Fund charge broker upfront fees?

No, Omni-Fund does not charge broker upfront fees.

Does Omni-Fund charge a yield-spread premium?

No, Omni-Fund does not receive a yield spread premium from borrowers. Brokers that are paid a yield-spread premium from lenders have an incentive to steer borrowers to lenders thatt offer higher yield-spread premiums even if they qualify for a lower interest with another lender. This is not always bad for borrowers as it can lower the upfront costs of a mortgage. For instance, borrowers who only plan to hold a mortgage for a few years may find this option cheaper.

Omni-Fund Fees
Description
Broker Loan Origination Fees N/A
Broker Upfront Fees N/A
Broker Administration Fees N/A
Yield-Spread Premium N/A

What mortgage programs does Omni-Fund offer?

Omni-Fund offers the following mortgage programs:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What types of mortgage does Omni-Fund broker?

Omni-Fund works with the following types of mortgages:
Type of Mortgage Options
Supported Options Unsupported Options
  • Home Equity Loans
  • Reverse Mortgage
  • Home Purchase
  • Refinance
  • HELOC
  • Hybrid Mortgage
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    About Omni-Fund

    Availability

    Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
      Available in 15 states
    • Arizona
    • California
    • Colorado
    • Connecticut
    • Florida
    • Georgia
    • Idaho
    • Illinois
    • Louisiana
    • New Mexico
    • North Carolina
    • Pennsylvania
    • Texas
    • Utah
    • Washington

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