If you’re in need of a VA loan, one mortgage company that deals almost exclusively in them goes by the name “ClearPath Lending.”
Roughly 99% of the home loans they originated last year were VA loans, and they were pretty much all refinance loans as well.
That means there’s a high likelihood ClearPath Lending knows what they’re doing when it comes to funding a VA loan quickly and competently.
Let’s learn more about this Southern California-based mortgage lender to see if they could be a good choice for your veteran home loan needs.
ClearPath Lending Fast Facts
- Direct-to-consumer mortgage lender that offers purchase and refinance loans
- Specializes in VA lending which comprises about 99% of their overall volume
- Founded in 2012, headquartered in Irvine, California
- Funded $5.57 billion in home loans during 2020
- Currently licensed to do business in 29 states nationwide
- Most active in California, Florida, and Texas
ClearPath Lending is a direct-to-consumer mortgage lender located in Irvine, California, which is basically the epicenter of the mortgage industry on the West Coast.
The operate a call center, but no physical branches, so you’ll be working remotely with their lending team to close your loan.
Last year, they originated a whopping $5.57 billion in home loans, which makes them almost a top-100 mortgage lender nationally.
While they originated a large amount of loans in over a dozen different states, they were most active in California, Florida, Texas, Virginia, and Arizona.
As noted, most of the loans they fund are VA refinance loans, likely Interest Rate Reduction Refinance Loans (IRRRL).
They are currently licensed in 29 states, with Minnesota, Missouri, New York, Utah, and Washington some of the more notable places where they don’t do business.
How to Apply with ClearPath Lending
- Call them or fill out a short contact form on their website to get started
- A loan officer will call you to discuss loan eligibility and pricing
- If you like what you hear they’ll provide a link to a full mortgage application
- Once submitted you can manage your loan via the online borrower portal
To get started, you can either call them up directly or visit their website to fill out a short contact form.
There doesn’t appear to be a way to formally apply for a mortgage on your own without human assistance.
While this is a slight negative, you might be better off speaking to someone first to determine eligibility and to get loan pricing.
If you like what you hear, they’ll provide a link to formally apply via their website. It’s unclear what origination software they use, but my guess is you can complete most tasks electronically.
Once your loan has been submitted, you can visit the ClearPath Lending Portal to check on loan progress, upload necessary documents, and message your lending team with questions.
Loan Programs Offered by ClearPath Lending
- Home purchase loans
- Refinance loans: rate and term, cash out, and streamline
- Conventional loans
- Jumbo loans
- FHA loans
- VA loans (their specialty)
ClearPath Lending has a decent menu of loan programs available, from conventional loans to FHA to jumbo.
But their specialty is clearly the VA loan, which makes up a staggering 99% of their overall loan volume.
They’re also decidedly a refinance shop, with just about every loan that passes through their doors a refi as opposed to purchase.
However, they do offer home purchase loans, along with FHA loans and loans backed by Fannie Mae and Freddie Mac.
The only major loan type missing is the USDA loan, which is a niche product for those buying or living in rural parts of the United States.
In terms of loan type, you can get a fixed-rate mortgage like a 30-year or 15-year fixed, or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.
You can also get a custom loan term if you don’t want to reset the clock on your mortgage.
ClearPath Lending Mortgage Rates
You won’t find daily mortgage rates on the ClearPath Lending website, which is a shame. Nor will you see a list lender fees.
It’d be helpful to see these things to quickly determine how competitive they are relative to other lenders. But you’ll have to get a personalized quote to find that out.
The good news is they say they guarantee the best pricing for your loan.
If you obtain a better quote from a competitor, simply get in touch with your loan officer to discuss their “best price guaranteed policy.”
Either way, they claim their pricing is among the most competitive in the mortgage industry, so you should be able to obtain a decent rate.
Just take the time to shop competitors as well to be sure, and inquire about those lender fees while you’re at it.
Once your loan closes, they’ll also enroll you in their so-called “Loyalty Program,” which monitors interest rates and lets you know if you could benefit from a refinance.
They say no underwriting or processing fees will be added to the principal balance, but it’s unclear if these fees are completely waived the second time around.
The process may also be faster if they already have most of your prior documents on file, and you can keep your existing loan term if you wish to pay off your loan on schedule.
ClearPath Lending Reviews
On Google, the company has a stellar 4.8-star rating out of a possible 5 from nearly 3,000 customer reviews.
And on LendingTree, a 4.9 out of 5 from about 1,200 reviews with a 99% recommended score.
Additionally, they have a 4.7/5 on ConsumerAffairs from about 250 ratings, with the majority perfect 5-star reviews.
Over at Zillow, it’s more of the same, a 4.9-star rating from roughly 130 reviews. A good chunk of them indicate that the interest rate received was lower than anticipated.
They’ve also got a 4-star rating on Yelp from about 80 customer reviews
In terms of Better business Bureau rating and accreditation, those are in limbo right now because their business profile is being updated.
But they were an accredited business in the past, so there’s a chance they might be in the future and that will be reflected once the BBB website is updated.
To sum things up, ClearPath Lending seems to be laser-focused on VA lending, and specifically VA refinance loans.
So if you’re a veteran homeowner interested in refinancing your loan, they could be a suitable choice.
My assumption is they’re good at what they do, given their dedication to one specific product.
But if you’re looking for something else, such as home purchase financing or a conventional or FHA loan, they might not be the first choice.
ClearPath Lending Pros and Cons
The Pros
- Can apply for a mortgage online
- Online borrower portal to manage your loan
- Say they have a best price guaranteed policy
- Good selection of loan programs to choose from
- Specialize in VA loan lending
- Excellent customer reviews across all ratings sites
- Free mortgage calculators on site
- Loyalty Program monitors mortgage rates and notifies you if a better deal is available
The Cons
- Not licensed in all states
- No physical branches
- Do not list mortgage rates or fees online
- Do not offer USDA loans
- No BBB rating at the moment
I got a mailer in December (actually every month last year) from ClearPath Lending with a promised 1.75% refinance rate (VA loan). I called, and talked to Ciara Fennelly who sounded very professional and helpful. Between her approach and the number of good ratings online about ClearPath, I thought I’d be going with them for sure. But she never called back with the quote, nor responded to my email or voicemail trying to find out what was happening. My loan is super-easy–50% property equity, great credit score and income, VA IRRRL program with no appraisal or inspections needed. I’ll be closing on my refi with another company, Allegiance Home Lending, next week in under two weeks, that’s how easy this was. I get more mailings from them than any other lender, but when it came time to deliver, they were no help at all. Make sure you are working with other lenders to have a backup plan.
Update to previous comment because the company addressed the issue, but I was already closing on a new loan with a different vendor so that could not be “fixed.” ClearPath quickly and decisively resolved my concern. As I noted in my original post, they are very well reviewed in several places, so I did not expect the issue I had. Based on ClearPath’s response, I would try them again and RECOMMEND you try them also.
Thank you so very much for making our refinance process easy. You are the best. I highly recommend Michael n Martin. Very professional n went out of their way to help us. Thank you again.
Roger n Mary Cooley