Today we’ll explore one of the nation’s largest loan servicers that happens to be a major mortgage lender as well, “Lakeview Loan Servicing.”
As their name implies, they service mortgage loans, meaning they collect monthly payments from customers after the loan funds.
These days, a lot of mortgage lenders don’t do that, and instead focus on making new loans and selling them off quickly so they can fund even more.
But Lakeview has adopted a strategy some of the largest mortgage lenders in the country have, doing both.
This means aside from servicing loans, they also originate billions in mortgages annually. Let’s see if they could be a good fit for a new mortgage.
Lakeview Loan Servicing Fast Facts
- Direct-to-consumer mortgage lender that offers home purchase and refinance loans
- Founded in 2010, headquartered in Coral Gables, Florida
- Funded $41 billion in home loans last year (a top-25 mortgage lender nationally)
- The 4th largest loan servicer in the country
- Licensed to lend in 48 states and the District of Columbia
- Also operates a wholesale and correspondent lending business
They are currently the nation’s fourth largest loan servicer in the country, and help more than 1.4 million customers manage their home loans annually.
To clarify, they own the servicing rights to all these mortgages, and actually partner with subservicers like LoanCare to process payments, manage escrow, etc.
At the same time, they mustered an impressive $40.7 billion in home loan origination last year, landing them in the top-25 lender list.
They did a near-equal amount of home purchase loans and mortgage refinances, so they could be a worthwhile choice for both a new home buyer or an existing homeowner.
My guess is they tap into their massive loan servicing portfolio to find new refinance candidates. So if they service your loan, they may have reached out.
As I always say, when a lender reaches out, reach out to other lenders! That way you can comparison shop.
At the moment, they are licensed in 48 states and D.C., with Hawaii and New York the exceptions.
How to Apply for a Mortgage with Lakeview Loan Servicing
If you’re a current loan servicing customer, you may have received solicitations from Lakeview Loan Servicing to refinance your loan.
But they’re also a big originator of home purchase loans, so home buyers with no prior relationship could also choose them as their lender.
They say they’ve got more than 100 loan officers in four locations across the country to serve home buyers and refinancers.
And both loan processing and underwriting are done in-house to ensure fast turn times. Those who need to get pre-approved for a mortgage can do so in as little as 24 hours.
To get started, you can visit their website or call them directly. If you go online, you can create an account and submit a new mortgage request.
At that point, a licensed loan officer will get in touch to discuss loan pricing and eligibility.
They offer a digital mortgage application powered by ICE Mortgage Technology that allows you to complete most tasks electronically.
And once your loan is submitted, you’ll be able to manage it and check status via the online borrower portal.
Once the loan funds, it’ll be serviced by them as well via one of their subservicing partners.
Lakeview Home Rewards
One perk to using them for a home purchase loan is the “Lakeview Home Rewards” program.
In short, it’s a real estate agent referral program and mortgage lender all rolled into one.
Once you sign up, you’ll be matched with a top local real estate agent and a dedicated mortgage loan officer from Lakeview.
After your loan funds, you’ll receive up to $6,500 cash back, depending on the home’s purchase price.
Those who sell and buy a home using the service can receive up to $13,000 in rebates once both transactions close.
Note that these rewards aren’t offered in some states (AK, IA, LA, and MO) and are limited in others.
They say they only work with “premier brokerages across the United States,” and pick the top real estate agents from those companies.
This includes real estate agents with at least five years of experience who maintain a 90%+ satisfaction rating.
If you aren’t already working with an agent, this program could be a money-saver and provide the convenience of an end-to-end home buying process.
Loan Programs Offered by Lakeview Loan Servicing
- Home purchase loans
- Refinance loans: rate and term, cash out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Home equity loans
Lakeview Loan Servicing offers home purchase loans and mortgage refinance loans, meaning they serve both existing homeowners and prospective home buyers.
If you already own a home, you can refinance to obtain a lower mortgage rate and/or get cash out. Streamline options are offered as well.
It’s also possible to get a jumbo home loan, and even a second mortgage in the way of a home equity loan.
They seem to offer mostly fixed-rate mortgages, including the 30-year fixed, 15-year fixed, and other less common loan terms.
I’m not sure if they also originate adjustable-rate mortgages, which aren’t very popular at the moment.
But they should have enough options to suit most home buyers and homeowners out there.
Lakeview Loan Servicing Rates
They say they offer low interest rates, but that’s about it. You won’t find their daily mortgage rates listed online to compare to other lenders.
As such, you’ll need to call them up and get in touch with a loan officer to obtain the latest pricing.
Be sure to inquire about lender fees when you do that to get the full picture. It’s unclear if they charge a loan origination fee or other fees for processing, underwriting, and so on.
My guess is they’re a middle-of-the-road lender in terms of pricing, though that’s just an assumption.
At the end of the day, they might be priced lower than the big banks and national brands, but perhaps higher than the low-cost mortgage lenders out there.
But you won’t know until you call and speak to a human.
Lakeview Loan Servicing Reviews
On Zillow, they have a 4.84-star rating out of 5 from about 400 reviews. A decent number of recent reviews indicated the interest rate was lower than expected.
Their Zillow rating might be the best representation of their home lending division, while other reviews you come across could be more related to their servicing business.
For example, over at Google it’s more of a mixed bag, with a much lower 2.5-star rating from over 600 reviews. The caveat is this may include both lender customers and servicing customers.
This is one of the problems with operating as both types of companies under the same brand. Take the time to read the reviews to see if they relate to new loans or existing, serviced loans.
While they aren’t accredited with the Better Business Bureau (BBB), they do have an ‘A+’ rating based on complaint history.
In summary, Lakeview Loan Servicing could be a good choice for a home purchase loan due to their rebate program, and potentially good for refinancers if the rates are low.
The only question marks are pricing and customer service, the latter of which might be muddled because they are also a loan servicer.
Lakeview Loan Servicing Pros and Cons
- Can apply for a home loan online in minutes
- Digital mortgage application powered by ICE Mortgage Technology
- Lots of home loan programs to choose from including second mortgages
- Lakeview Home Rewards offers up to $6,500 cash back
- A+ BBB rating
- They’ll service your loan after closing
- Free mortgage calculator and mortgage glossary online
- Not licensed in Hawaii or New York
- No physical branches
- Do not publicize mortgage rates or lender fees
- Lots of mixed reviews (which may be due to servicing)