Today we’ll check out Atlantic Bay Mortgage Group, a Virginia-based mortgage lender that’s big on customer service.
They pride themselves on their fantastic customer ratings, which might be a result of their 3:1 ratio of support to sales staff.
Speaking of their employees, they’re also a top-rated company to work for, something that should promote happiness all around.
Hopefully that means less pushiness but more speed in getting your loan to the finish line.
The company has also embraced the latest technology, with about 20% of their loans eClosed in 2020.
So if you like quality customer service and the latest tech, you may want to check them out.
Atlantic Bay Mortgage Group Fast Facts
- Retail direct-to-consumer mortgage lender
- Offers home purchase financing and mortgage refinances
- Founded in 1996, headquartered in Virginia Beach, VA
- Licensed to do business in 11 states (primarily East Coast)
- Funded nearly $7 billion in home loans last year
- Most active in Virginia and North Carolina
- A top VA purchase loan lender
Atlantic Bay Mortgage is a retail, direct-to-consumer mortgage lender that offers home purchase financing and mortgage refinance loans.
They got their start way back in 1996 when mortgage veteran Brian Holland ventured out on his own to start a mortgage company.
Since then, they’ve grown to employ more than 900 employees across 100+ offices, with billions in loan volume annually.
At the moment, Atlantic Bay Mortgage Group is licensed to do business in 11 states.
They have physical locations in Delaware, Florida, Georgia, Kentucky, North Carolina, South Carolina, Texas, and Virginia.
Aside from those states, they’re also licensed in Maryland, Tennessee, and West Virginia.
Last year, the company funded an impressive $6.73 billion in home loans, with 42% of total volume coming from their home state of Virginia.
Another 37% of volume came from nearby North Carolina, and 9% from Georgia. The rest of their production was split between several other East Coast states.
Nearly three-quarters of their production consisted of conventional loans, with about 16% VA loans and 8% FHA loans.
They also have a title insurance subsidiary called “Atlantic Carolinas Title” and an insurance brokerage named “AB Insurance.”
How to Apply with Atlantic Bay Mortgage
To get started, you can either visit their website or a brick-and-mortar branch if one is located near you.
Those who opt to go online can click on “Pre-qualify” and submit their contact info. Or browse the online mortgage banker directory to find someone to work with right away.
If you do that, there will be an option to apply immediately from their personal webpage if you click on “Apply Now.”
Their digital mortgage application is powered by fintech company Blend. It allows you to do most tasks electronically from any device.
This includes linking bank accounts, eSigning disclosures, and uploading any necessary documentation.
They make it easy and quick to get your loan submitted, but also take a personal, human approach if wanted.
They are also very active in the eClosing space and working to make loan closings as remote and virtual as possible, assuming that’s what you prefer.
This can be especially helpful for military home buyers who may have difficulty being present for a loan signing.
All in all, Atlantic Bay Mortgage seems to provide the best of tech and human touch, so no matter how you choose to apply you’ll get great service.
Loan Programs Offered by Atlantic Bay Mortgage
- Home purchase loans
- Mortgage refinances: rate and term, cash out, streamline
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Fixed-rate and adjustable-rate options available
Atlantic Bay Mortgage Group offers both home purchase loans and refinance loans, with a near equal split of both.
This means they could be a good choice for both a first-time home buyer and an existing homeowner looking for better terms on their mortgage.
They are also a big VA loan lender, ranking close to the top-25 for VA purchase loans nationally.
Aside from VA lending, they offer conventional loans backed by Fannie Mae and Freddie Mac, along with FHA loans and USDA loans.
It’s unclear if they offer jumbo loans that exceed the conforming loan limit, but you can get a fixed-rate mortgage or an adjustable-rate mortgage in various terms.
Atlantic Bay Mortgage Rates
One slight negative to Atlantic Bay Mortgage is the lack of information regarding mortgage rates and lender fees.
There’s nothing about pricing on their website, so you’ll need to get in contact with one of their mortgage bankers first to price your loan.
When you get pricing, be sure to inquire about any fees, such as an application fee or a loan origination fee.
Once you know the interest rate and lender fees, you can accurately shop your loan with other banks and lenders.
While I appreciate lenders that provide upfront pricing, this doesn’t mean their rates/fees are worse than the competition.
You’ll just need to speak to someone before you dive into the actual loan application.
Atlantic Bay Mortgage Reviews
On Zillow, Atlantic Bay Mortgage has a near-perfect 4.98 out of 5 rating from around 2,400 customer reviews.
Many of those reviews indicate that the interest rate offered and/or fees and closing costs were lower than expected. Good news in terms of pricing.
You can also fine-tune the Zillow reviews by loan officer if you want to see how a particular individual has performed in the past.
Over at Birdeye, it’s a 5-star rating from over 8,000 customer reviews, and on Google a 4.9/5 rating from more than 360 reviews.
If you want to see more ratings, check out the individual webpages of their mortgage bankers on their website. You can read personal reviews before selecting someone to work with.
Lastly, Atlantic Bay Mortgage Group is BBB accredited, and has been since 1997. They also have an ‘A+’ rating based on complaint history, of which there are none.
In summary, Atlantic Bay Mortgage Group is a top mortgage lender in North Carolina and Virginia and could be a solid choice for home buyers in either state.
This is especially true for military home buyers who might be able to take advantage of an eClosing.
They’re also an option if you already own a property and are looking to refinance your mortgage. Just pay attention to pricing as they don’t appear to lead with rates or fees.
Atlantic Bay Mortgage Pros and Cons
The Good
- Can apply for a mortgage directly from their website without a human
- Offer a digital mortgage application powered by Blend
- Offer eClosings if you can’t sign your mortgage documents in person
- Excellent customer reviews across all ratings websites
- A+ BBB rating, accredited business since 1997
- Lots of loan programs to choose from including FHA/VA/USDA
- May service your loan after closing
The Maybe Not
- Only licensed in 11 states (mostly on the East Coast)
- Do not disclose mortgage rates or lender fees
(photo: Virginia State Parks)