Today we’ll check out “Diamond Residential Mortgage Corp.,” a Midwest mortgage lender that’s named after its founder, not the precious gem.
The company is relatively young, having been founded in 2009, but is already a billion-dollar per year originator.
What stands out about them is their wide array of available loan programs, including ITIN mortgages, bank statement loans, and reverse mortgages.
So if you’re in need of some creative home loan financing, they could be a good alternative to a big bank or household name.
And they’ve got stellar reviews from thousands of past customers, meaning you should be in good hands whether you need a plain vanilla mortgage or something less conventional.
Diamond Residential Mortgage Fast Facts
- A Midwestern-based mortgage banker
- Offers home purchase loans, refinances, and reverse mortgages
- Founded in 2009, headquartered in Lake Forest, Illinois
- Currently licensed to do business in 19 states
- 30 branch locations throughout the United States
- Funded roughly $1.2 billion in home loans last year
- Most active in the states of Illinois and Indiana
Diamond Residential Mortgage Corp. describes itself as a Midwestern-based mortgage banker that offers a wide range of solutions not typically available at local banks.
They believe everyone deserves to be a homeowner, and are committed to serving the underserved via their many unique loan offerings.
The company is headquartered in Lake Forest, Illinois and was founded in 2009 by mortgage veteran Paul Diamond, who has been in the business for over 35 years.
DRMC prides itself on having expert staff, noting that many of its loan officers have decades of experience.
This means you should receive solid guidance, whether refinancing an existing mortgage or purchasing your first home.
Speaking of, they do a near-equal share of home purchase loans and refinances, which tells me they probably have good relationships with local real estate agents.
At the moment, they’re licensed in 19 states, including Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Minnesota, Missouri, Nevada, Ohio, Oregon, Tennessee, Texas, Washington, and Wisconsin.
About 60% of overall volume comes from just two states; Illinois and Indiana, but they’re also quite active in California, Washington, and Wisconsin.
How to Apply with Diamond Residential Mortgage
To begin, you can visit a physical branch if one is located near you, or simply head over to their website.
There’s a wealth of information online, including how-to guides, mortgage calculators, and a mortgage glossary.
If you click on “Get Started,” you’ll fill out what amounts to a lead form, at which point a loan officer will reach out.
Alternatively, you can use their branch locator to find a loan originator who works nearby, then apply directly from that individual’s webpage.
Their digital mortgage application is powered by Blend, a leading fintech company in the industry.
It allows you to complete most loan tasks electronically, including the app itself, the signing of disclosures, scanning/uploading documents, and much more.
Once your loan is submitted, you can log on to the borrower portal 24/7 to check loan status or message your lending team.
In short, you get the best of human touch and the latest technology, so no matter how you approach things, you should enjoy a convenient mortgage experience.
Loan Programs Offered by Diamond Residential Mortgage
- Home purchase loans
- Home renovation loans
- Refinance loans: rate and term, cash out streamline
- Conforming loans backed by Fannie/Freddie
- Jumbo home loans
- FHA loans
- VA loans
- USDA loans
- Bank statement loans
- Asset depletion loans
- ITIN mortgages
- Down payment assistance
- Reverse mortgages
- Construction loans
- Manufactured home loans
What sets Diamond Residential Mortgage apart from other banks and mortgage lenders is their vast menu of available loan programs.
They’ve got pretty much everything you could ever ask for, from the basic stuff like Fannie/Freddie loans and FHA loans, to bank statement loans and ITIN mortgages geared toward foreign nationals.
Additionally, they offer reverse mortgages, down payment assistance, and renovation products backed by Fannie Mae, the FHA, and USDA.
There are programs geared toward doctors (physician loans), solutions for those with non-traditional income and the credit challenged, and even fix and flip options for real estate investors.
They lend on all major property types, including new construction, manufactured homes, and non-warrantable condos.
Both fixed-rate and adjustable-rate mortgages are available in a variety of loan terms, including the 30-year fixed, 15-year fixed, 5/1 and 7/1 ARM.
Simply put, you shouldn’t have any issues finding what you’re looking for if you choose to work with Diamond Residential Mortgage.
Diamond Residential Mortgage Rates
Unfortunately, Diamond Residential Mortgage doesn’t feature daily mortgage rates on their website, or list lender fees.
In order to get these important details, you’ll need to speak with a loan officer first at a branch or over the phone.
You can also fill out the lead form on their website with your loan details and someone will reach out to give you pricing.
Be sure to take note of any common fees, such as a loan origination fee or separate fees for underwriting and processing.
Aside from the mortgage rate itself, also determine if any mortgage points are required for the interest rate offered.
Collectively, this is represented by the mortgage APR, which takes into account all those items to give you an apples-to-apples comparison when rate shopping.
Always put in the time to gather multiple quotes from other banks, lenders, and mortgage brokers to ensure you don’t miss out on a better price.
Diamond Residential Mortgage Reviews
Diamond Residential Mortgage has an excellent 4.89-star rating out of a possible 5 on Experience.com from over 14,500 reviews.
Because there are so many reviews, it might make sense to filter by individual loan officer to find someone that stands out.
They’ve also got a really impressive 4.98-star rating on Zillow from about 700 customer reviews, and a 5.0-rating from over 300 Google reviews.
Lastly, while not a Better Business Bureau accredited company, they do hold an ‘A+’ rating based on customer complaint history.
So it appears their customer satisfaction numbers are excellent across the board, which is a huge plus.
To sum things up, Diamond Residential Mortgage Corp. has two things going for it; excellent customer service and one of the most extensive lending menus I’ve come across.
This means they could be well-suited for individuals with complicated loan scenarios, or those who simply want/need more guidance and hand-holding.
But if their pricing is right, they could be a good choice for those with even the most straightforward of home loans.
Diamond Residential Mortgage Pros and Cons
The Good Stuff
- Can apply for a home loan online or at a physical branch
- Offer a digital mortgage application powered by Blend
- Much of the loan process is paperless
- Tons of loan programs to choose from (non-QM, ITIN, reverse, etc.)
- Excellent customer reviews across all ratings sites
- A+ BBB rating
- Free mortgage calculators and guides on their website
The Maybe Not
- Only licensed in 19 states
- Do not publicize mortgage rates or lender fees