Lend Plus Review: A Direct Lender That Specializes in Refis

Posted on March 24th, 2021
Lend Plus Review: A Direct Lender That Specializes in Refis

Today we’ll take a deep dive into “Lend Plus,” a Southern California-based direct-to-consumer mortgage lender that aims to provide world class customer service.

They say their average loan officer has over 10 years of experience, which means you should be in good hands should you get in touch.

Their customer reviews seem to back this up, with near-perfect ratings across several review sites. Let’s find out more about this refi-centric lender.

Lend Plus Fast Facts

  • Independent nonbank mortgage lender that offers home purchase and refinance loans
  • Founded in 2007, headquartered in Aliso Viejo, California
  • A dba of parent company Tri-Emerald Financial Group
  • Currently licensed to do business in Arizona, California, Colorado, and Texas
  • Primarily a refinance shop that helps existing homeowners obtain a lower rate and/or cash out
  • Also offers reverse mortgages and non-QM loans for hard-to-close scenarios

Lend Plus is an independent nonbank mortgage lender based in Aliso Viejo, CA that offers home purchase financing, refinance loans, and reverse mortgages.

The company was founded back in 2007, which is a mature age for a mortgage lender these days.

While it probably wasn’t the best time to start a mortgage company, they were able to navigate the housing crisis and are still originating home loans a full decade later.

The company is currently licensed to do business in just four states, including Arizona, California, Colorado, and Texas.

They employ about two dozen loan officers, and as noted, their average staff member tends to have a decade or more experience under their belt.

Based on their HMDA data, they are primarily a refinance shop, with such loans accounting for about 90% of their business.

Most of their loans also come from their home state of California.

How to Apply for a Mortgage with Lend Plus

  • You can call them directly or fill out a short lead form on their website to get started
  • Or browse their online loan officer directory to find someone specific
  • They offer a digital mortgage process powered by ICE Mortgage Technology
  • It allows you to complete most loan tasks electronically like eSigning and document scan/upload

There are a few different ways to get started with Lend Plus. You can call them up and speak to a loan officer, fill out a short form on their website, or browse their loan officer directory.

Your best option might be to browse their loan officers, find one that’s best suited for you, then get in touch.

It might be good to start with loan pricing over the phone, then if you like what you hear, apply online via their digital mortgage application.

Their app is powered by ICE Mortgage Technology, formerly Ellie Mae, and allows you to complete much of the loan process electronically.

This includes scanning and uploading documents, linking financial accounts, eSigning disclosures, and potentially even performing an eClosing when you get to the finish line.

They aim to close loans in as quickly as 21 days from the day you open escrow, so they might be pretty speedy as well.

All in all, they should make it easy to apply for a home loan – you’ll just want to ensure the loan officer you select prioritizes communication to keep you in the know.

To that end, be sure to check out individual loan officer reviews for Lend Plus employees.

Loan Programs Offered by Lend Plus

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Government-backed loans: FHA/USDA/VA
  • Jumbo home loans
  • Non-QM loans
  • Reverse mortgages
  • Foreign national loans

Like most mortgage lenders, Lend Plus offers both home purchase loans and refinance loans, including cash out refinances and streamline refinance products like the VA IRRRL.

Additionally, they offer reverse mortgages for homeowners aged 62 and older, along with non-QM loan products for borrowers who don’t fit the standard mold.

This can include bank statement programs and asset-based loans where income might be harder to document, along with mortgages for self-employed borrowers and foreign nationals.

They’ve got the full menu of common loan types, including conforming loans backed by Fannie Mae and Freddie Mac, government-backed loans (FHA/USDA/VA), and jumbo home loans.

In terms of specific loan programs, you can get a fixed-rate mortgage like a 15-year or 30-year fixed, or an adjustable-rate mortgage, such as a 5/1 ARM.

You shouldn’t have any issues when it comes to loan choice, and they lend all major property and occupancy types, including vacation homes and multi-unit investment properties.

Lend Plus Mortgage Rates

While you won’t find any mortgage rates listed on the Lend Plus website, I was able to view some of their rates on Bankrate.

From what I saw, they were pretty competitive (maybe not the absolute best) and had some of the lower rates among the dozens of lenders listed.

In other words, they might beat out the big banks and name-brand mortgage lenders, but be priced slightly above some of the cheapest online lenders. Of course, results may vary.

Based on their listing on Bankrate, they appear to charge a flat $1,195 loan origination fee, though it can be offset via a lender credit.

They don’t seem to charge a processing or underwriting fee, which is also a good sign.

Overall, you should find their loan pricing competitive, but do take the time to shop other lenders and negotiate your mortgage rate with them as well.

Lend Plus Reviews

On Bankrate, Lend Plus has a flawless 5-star rating out of 5 from about 50 reviews.

Every single review is rated 5-stars and 100% of customers who reviewed them would recommend the company to others.

Over at Google, they’ve got a stellar 4.6-star rating out of 5 from over 200 reviews, which is a much larger sample size.

Their own questionable reviews seem to be on Yelp, where they have a more average 3.5-star rating from about 30 customers.

Lastly, Lend Plus is an accredited business with the Better Business Bureau, and currently holds a perfect ‘A+’ rating based on customer complaint history.

In summary, they could be a good choice for an existing homeowner with a straightforward loan scenario looking to refinance.

But because they operate online and lack physical branches, they might be better suited for an experienced homeowner who needs less hand-holding throughout the process.

Lend Plus Pros and Cons

The Good

  • Can apply for a home loan electronically from any device
  • Offer a digital process backed by ICE technology
  • Lots of different loan programs to choose from
  • May offer lower rates than brand-name lenders and big banks
  • Excellent reviews from past customers
  • A+ BBB rating, accredited business since 2015
  • Free mortgage calculators on site

The Maybe Not

  • Do not publicize their mortgage rates or lender fees
  • Only licensed in a handful of states currently
  • No physical locations
  • Website a bit slow, information limited

(photo: Rob Brewer)

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