Revolution Mortgage Review: The Future of the Mortgage Industry?

revolution

Today we’ll check out newcomer “Revolution Mortgage,” which is looking to shake up the home loan business by creating a “collaborative and meaningful consumer lending experience.”

Their ultimate goal is to become the most consumer-friendly brand in the mortgage space, something they believe can be achieved by being authentic, kind, different, relevant, and simply doing the right thing.

So far, their customer reviews have been stellar, which tells me they’re doing something right and could be well on their way to reaching that ambitious goal of theirs.

Revolution Mortgage Fast Facts

  • Direct mortgage lender that offers home purchase loans and refinances
  • A DBA of parent company T2 Financial, LLC
  • Founded in 2019, headquartered in Westerville, Ohio
  • Has 33 branch locations nationwide and employs nearly 200 loan officers
  • Goal is to be the most consumer-friendly mortgage brand in the country

Revolution Mortgage is a direct-to-consumer retail mortgage lender, which means they work with borrowers directly both in-person at branches and remotely online.

They offer home purchase loans and refinance loans, with the former probably their specialty as HMDA data shows their parent company T2 Financial, LLC had a 75% purchase loan share in 2019.

But they also offer rate and term refinances and cash out refinances to existing homeowners, so they’re happy to serve both first-timers and long-time homeowners.

At the moment, Revolution Mortgage is licensed in 20 states, including Arizona, California, Colorado, Florida, Illinois, Indiana, Kentucky, Maryland, Michigan, Minnesota, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, West Virginia, and Wisconsin.

The company also has 33 physical locations sprinkled across the United States, with some branches as far west as Colorado. So if you like to do business in-person, they could be a good fit.

How to Apply with Revolution Mortgage

  • You can apply online, over the phone, via their smartphone app, or even at a branch
  • They offer a digital mortgage application that lets you complete most tasks electronically
  • Borrowers can securely scan/upload documents and eSign disclosures from a smartphone device
  • And message their loan officer instantly whenever they have questions or want status updates

One plus to using Revolution Mortgage is the ability to apply for a mortgage in just about every way imaginable.

It’s possible to start your application online on your own, via their mobile app, over the phone, or in-person. So no matter your approach, there’s an option that will fit your unique personality.

To get started, you can visit their website and click on Apply, at which point you’ll be prompted to fill out a short lead form with your contact information.

Alternatively, you can call them directly or browse their online loan officer directory to find someone specific to work with.

Once you do, it’s possible to apply directly from their website, or you can download their free smartphone app and go about it that way.

Those who dare can also visit a local Revolution Mortgage branch and apply for a mortgage in-person.

Regardless of how you apply, you’ll be able to manage your loan via the online borrower portal or the app, and perform most tasks paperlessly.

You can also message your loan officer instantly whenever you have questions, and opt in to status updates to stay on top of your loan progress.

To sum it up, you have pretty much every option under the sun to apply, and you get to take advantage of the latest mortgage technology available.

Loan Programs Available at Revolution Mortgage

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Home renovation loans
  • Conforming loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • Fixed-rate mortgages and ARMs available in a variety of loan terms

While Revolution Mortgage doesn’t appear to have any unique loan programs, they do seem to have all the basic offerings most borrowers seek.

This includes home purchase loans, refinance loans, and home renovation loans, which are available on all major property types and occupancy types.

You can get a conforming loan backed by Fannie/Freddie, or a jumbo home loan if your loan amount exceeds your county’s limit.

Additionally, they offer the full slate of government loan options, including FHA, VA, and USDA loans, which means it’s possible to get mortgage with no money down.

And while most borrowers will go with a 30-year fixed mortgage, they also offer the 15-year fixed and adjustable-rate mortgages such as the 7/1 ARM.

Ultimately, you should be able to find what you’re looking for unless you have a very unique loan scenario.

Revolution Mortgage Rates

One slight negative to Revolution Mortgage is the fact that they don’t publicize their mortgage interest rates on their website.

Some lenders do, some don’t, but it’s always nice to get a taste for pricing, even if it’s merely just a sample.

While they say they leverage technology to boost efficiencies and provide you with a lower rate, it’s unclear how low, and more importantly, how competitive it is compared to other lenders out there.

The only hint we have comes via Bankrate, where Revolution Mortgage tends to advertise its rates to the public.

At last glance, they had some of the lowest interest rate and mortgage point combinations on the platform, so they appear to be competitively priced.

Of course, loan scenarios can vary so you’ll need to get in touch with a Revolution Mortgage loan officer to obtain pricing first.

But from what I saw, the pricing is at least encouraging, and if the customer service is also stellar, it could be a good combo.

Lastly, be sure to inquire about lender fees to determine if they charge a loan origination fee, or fees for tasks like loan processing or underwriting.

Once you know all those details, you can effectively shop your loan by using the mortgage APR.

Revolution Mortgage Reviews

On Zillow, Revolution Mortgage has a very impressive 4.95-star rating out of a possible 5 from over 300 customer reviews, which is as close to perfection as you can get.

Many of the reviews indicated that both the interest rate and fees/closing costs were lower than expected, a good sign for those looking for a competitively-priced home loan.

Over at Google, they have a 4.7-star rating from about 270 reviews, and on Bankrate a 4.5-star rating from about 40 reviews.

They also have a perfect 5-star rating on LendingTree, albeit from just under 20 reviews. They also boast a 100% recommended score on LendingTree.

Lastly, they are an accredited business with the Better Business Bureau and currently have an ‘A’ rating based on customer complaint history.

In summary, Revolution Mortgage appears to be living up to their pledge to be the most consumer-friendly brand in the mortgage space, and if they also offer low rates, they could be a great choice for your home loan needs.

They provide a ton of different ways to apply, whether it’s online, in-person, or via their free smartphone app, so they should have an approach to suit all personality types.

Revolution Mortgage Pros and Cons

The Good Stuff

  • Offer a digital mortgage application process
  • Can apply in a variety of different ways including in-person
  • Lots of different home loan program to choose from
  • Excellent customer reviews across all ratings websites
  • An accredited business with an ‘A’ BBB rating
  • 33 physical branch locations throughout the country
  • Free smartphone app

The Maybe Not

  • Only licensed in 20 states currently
  • Do not publicize mortgage rates or lender fees
  • May not service your loan after closing

(photo: mario)

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