One mortgage lender I’ve seen advertising a whole lot lately goes by the name “Mutual of Omaha Mortgage.”
I believe they originally focused on reverse mortgage lending, but recently began pitching forward mortgages to home buyers and existing homeowners looking to refinance.
They seem to be pretty aggressive on pricing as most lenders who advertise in rate comparison tables are.
For example, I’ve seen a lot of 30-year fixed rates in the mid-5s being advertised by the company, albeit with points required.
But it does speak to their approach of being a discount online mortgage lender. Read on to learn more.
Mutual of Omaha Mortgage Fast Facts
- Retail, direct-to-consumer mortgage lender
- Offers home purchase loans, refis, and reverse mortgages
- Founded in 2013, headquartered in San Diego, CA
- Licensed to do business in 49 states and D.C. (not available in NY)
- Currently employ roughly 500 loan officers across 70 branch locations
- Often found in mortgage rate comparison tables online
- Funded $6 billion in home loans last year (a top-50 lender nationally)
- Most active in the states of California, Florida, and Texas
What’s a little strange about Mutual of Omaha Mortgage is that they originally got started as an insurance company.
You may have heard of Mutual of Omaha Insurance Company at some point, seeing that they’ve been around since 1909.
To that end, they are a mutual company, meaning they serve their policyholders, not shareholders.
Kind of similar to a credit union, their members basically have a stake in the company and it’s less about turning profits and more about putting its customers first.
With regard to their mortgage division, it’s just over 10 yeas old having launched in 2013.
As noted, they originally focused on home loans for seniors, known as reverse mortgages.
But have since branched out to offer the full suite of home loan types to home buyers and those looking to refinance an existing loan.
Last year, the company funded a healthy $6 billion in home loans, with a near-equal split of home purchase loans and refinances. That makes them a top-50 lender nationally.
They are most active in the states of California, Florida, and Texas, but serve customers nationwide thanks to their 70 branch locations and 500 loan officers.
Other than their retail, consumer direct business, they also operate Mutual of Omaha Mortgage TPO, which is their wholesale division for mortgage brokers.
The company has also partnered with several real estate brokerages to provide commission rebates of 19% (non-veteran) or 21% if you use one in conjunction with a Mutual of Omaha Mortgage home loan.
At the moment, they are licensed in every state (and the District of Columbia) other than New York.
Loan Programs Offered by Mutual of Omaha Mortgage
- Home purchase loans (including 1% down option)
- Refinance loans: rate/term, cash-out, streamline
- FHA loans (including zero-down option)
- VA loans
- USDA loans
- Renovation loans: FHA 203k, VA rehab, and conventional options
- Construction loans
- Down payment assistance
- Bridge loans
- Home equity loans
- Reverse mortgages
- Non-QM options like DSCR loans
Mutual of Omaha Mortgage has a wide selection of home loan programs to choose from, including all the usual stuff like conforming loans backed by Fannie Mae and Freddie Mac and jumbo loans.
They’ve also got the full suite of government-backed loans, including FHA loans, USDA loans, and VA loans.
You can get both a fixed-rate loan, including a 30-year fixed or 15-year fixed, and an adjustable-rate mortgages such as a 5/6 ARM or 7/6 ARM.
Their ONE+ mortgage program brings the dream of homeownership within reach by offering a 1% down payment option with reduced private mortgage insurance (PMI).
If you go the FHA loan route, they have their Mutual Assist DPA (Down Payment Assistance) program that comes with 100% financing for FHA loans.
And of course you can get 100% financing via a USDA loan or VA loan as well.
If you’re buying a fixer-upper, they have all the renovation loans you can imagine, including the FHA 203k program, Fannie Mae HomeStyle Renovation, Freddie Mac CHOICERenovation, and even VA rehab loans.
In addition, they’ve got a one-time close construction loan if you happen to be building a home that features interest-only payments during the construction phase.
And for those who want to buy before they sell, or in need of a relocation, they offer short-term bridge loans.
They appear to dabble in some non-QM lending as well, with a so-called Wealth Builder Loan that focuses on the property’s income-generating potential as opposed to your income, employment, or credit history.
This sounds a lot like a DSCR loan, meaning you qualify based on rental income.
Lastly, the company offers a home equity loan if you need cash but don’t want to disrupt your low-rate first mortgage.
And reverse mortgages for seniors in need of cash who don’t want a monthly payment.
Mutual of Omaha Mortgage lends on all property types, including single-family homes, condos/townhouses, multi-unit properties.
It’s unclear if they lend on manufactured homes, so inquire with a loan officer if need be.
The only thing they’re really missing is a home equity line of credit (HELOC), assuming you’d rather have a credit line versus a lump sum payout from a home equity loan.
How to Apply with Mutual of Omaha Mortgage
To get started, you can visit their website or a local brick-and-mortar branch. If you go online, their website is filled with useful information, including helpful articles, FAQs, and several mortgage calculators.
You can click on “Find a Loan Officer” to search by branch location or individual, or simply click on “Apply Now” to get paired with a loan officer.
Note that the Apply Now route won’t actually allow you to apply on your own directly.
While the loan officer directory route will actually let you start a real loan application.
So if you know who you want to work with, you could begin completely on your own.
Either way, their digital loan application is powered by ncino and it lets you do most tasks electronically, whether it’s uploading documents or filling out the app itself.
There’s also a free smartphone app you can download if you prefer to use a smartphone during the process.
Once approved, you’ll be able to see your progress, message your loan officer, and securely share conditions in order to fund your loan.
All in all, they make it easy to apply for a home loan and keep you connected from start to finish to make it as painless and quick as possible.
Mutual of Omaha Mortgage Rates
One perk to using Mutual of Omaha Mortgage is that they’re transparent when it comes to mortgage rates.
You can see their daily mortgage rates on their website without having to log in or fill anything out.
They display a conventional 30-year fixed, conventional 15-year fixed, FHA 30-year fixed, and VA 30-year fixed.
From what I saw, the rates were pretty aggressive but their displayed rates often required two discount points.
In other words, if the loan amount was $500,000, you’d need to pay $10,000 to get the advertised rate.
This is a form of prepaid interest where you pay upfront at closing for a lower mortgage rate and lower monthly payments.
So be sure to consider the mortgage APR, which factors in points and other lender fees.
It’s unclear if they charge a loan origination fee or fees for things like underwriting and processing.
When you get a quote from a loan officer, ask and check your paperwork to see if these fees are charged (and if you can avoid them if they are!).
Mutual of Omaha Mortgage Reviews
One thing Mutual of Omaha Mortgage is not short of is customer reviews. And from what I’ve seen, they appear to be mostly favorable.
At Experience.com, they have an impressive 4.86/5 rating from a whopping 71,000+ customer reviews.
For example, over at Zillow the company has an excellent 4.87/5 star rating from over 1,300 reviews.
On Bankrate, the company has a solid 4.6/5 from about 115 reviews, and on Google lots of positive reviews across their many branch locations.
In addition, they are an accredited business with the Better Business Bureau and currently hold a perfect ‘A+’ rating based on complaint history.
So there’s more than enough feedback to get a feel for their level of customer satisfaction.
And as I said, they’re a mutual company that puts their customer first, with the financial backing of a 100-year old insurer.
In other words, they’re legit and safe to work with and will likely continue to operate for the foreseeable future.
To sum things up, Mutual of Omaha Mortgage has an excellent array of loan programs, including zero-down offerings and also seems to have low mortgage rates.
That’s why they constantly advertise their rates online. So they might also be a leader when it comes to price, but pay attention to lender fees and any mortgage points you need to pay at closing.
If they have the right price, it seems they have the right products and also the right approach when it comes to customer service.
So they could be a good option to consider, whether you live in California or Maine, and are buying a home or refinancing an existing mortgage.
Mutual of Omaha Mortgage Pros and Cons
The Good Stuff
- Can apply for a home loan online or visit a branch
- Offer a digital mortgage application and free smartphone app
- Lots of loan programs including zero-down options, home equity loans and reverse mortgages
- Tens of thousands of excellent customer reviews across multiple ratings websites
- A+ Better Business Bureau rating and an accredited business
- Backed by a 100-year old, A+ rated insurance company (financially stable)
The Maybe Not
- Not licensed in the state of New York
- Unclear what lender fees they charge
- Do not offer HELOCs
- May transfer your loan after closing
(photo: Tim Vrtiska)
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