Ruoff Mortgage Review: Enjoy a Stress-Free Mortgage Process?

Posted on December 29th, 2020
Ruoff Mortgage Review: Enjoy a Stress-Free Mortgage Process?

If you live in Indiana, there’s a very good chance you either got your home loan from Ruoff Mortgage, or at least considered them if you’re a homeowner.

After all, the company managed to originate nearly $3 billion in home loans last year, with roughly $2 billion coming from the Hoosier State alone.

They’ve even got an IndyCar with Ruoff Mortgage plastered along the front and sides of the vehicle, and the naming rights to the Ruoff Music Center, the largest outdoor music venue in Indianapolis.

So it’s clear they’re laser-focused on a certain region of the country, as opposed to trying to tackle the nation as a whole.

This has proven to be a successful model as they are now one of the top mortgage lenders in the nation, and #1 in Indiana.

You may also want to check out First Internet Bank of Indiana if you live in the Hoosier State.

Ruoff Mortgage Fast Facts

  • Independent direct-to-consumer mortgage lender
  • Founded in 1984, headquartered in Fort Wayne, Indiana
  • Employ nearly 1,000 workers across 70+ branches
  • Ranked the #1 mortgage lender in Indiana
  • Licensed to lend in 46 states and D.C.
  • Most of their business takes place in Indiana, Ohio, and Michigan

If you’re wondering where they got their name from, they were originally known as the Dave Ruoff Mortgage Co., after founder David Ruoff.

They later changed the company name to Ruoff Mortgage, and today employ around 1,000 employees across some 70 branches.

As noted, they are highly-concentrated in the Midwest, with another $500 million in volume coming from nearby Ohio and Michigan, leaving a small amount of business scattered across remaining states.

They are also big on home purchase lending, with such loans accounting for nearly 75% of overall volume.

The remainder came from refinance loans, including rate and term and cash out loans.

Ruoff Mortgage also operates two sister companies, Centurion Land Title (title insurance) and Accucomp Appraisal Services (home appraisals).

At the moment, they are licensed in 46 states and D.C., with Alaska, Hawaii, Nevada, and New York the exceptions.

How to Apply for a Home Loan with Ruoff Mortgage

  • They offer a digital mortgage experience known as Loan Butler
  • Allows you to apply for a home loan via smartphone, tablet, or computer
  • You can order a credit report, digitally verify income/employment, and upload documents
  • Those purchasing a home can also generate a pre-approval letter on the fly in 10 minutes

Ruoff Mortgage offers a digital mortgage solution known as “Loan Butler,” which lets you complete most of the loan process from your smartphone, tablet, or desktop computer.

You’re able to initiate a credit check on your own to view your credit report and credit scores, digitally verify assets, income and employment, upload documents securely, and eSign disclosures.

Once your loan is submitted, you’ll be able to log in to the loan portal to check loan status, see so-called milestone updates, and/or get in touch with your loan officer.

In terms of selecting a loan officer, they have a directory on their website that allows you to search by name or location.

So you can find someone nearby, or check out individual reviews first, then make contact with the loan officer of your choice.

Those who just want to get started can simply fill out a short contact form on their website, at which point someone will reach out to help you begin the application process.

You can also call or email them at any point if you have questions or need more hands-on assistance.

They also say they’re fast, with the average loan going from submission to clear-to-close in just 17 days.

Lastly, they claim you’ll only spend about 10 minutes at the closing table when it comes time to fund your loan thanks to Ruoff’s Digital Closing Experience.

All in all, they appear to offer the latest technology along with experienced loan officers who can provide pricing and guide you through the loan process.

Loan Programs Offered by Ruoff Mortgage

  • Home purchase loans
  • New construction loans
  • Renovation loans
  • Refinance loans (rate and term, cash out, streamline)
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government-backed loans: FHA/USDA/VA
  • Jumbo home loans that exceed conforming limit
  • Fixed-rate and adjustable-rate mortgages with various loan terms

Ruoff Mortgage offers all the major home loan types you could ask for, including home purchase loans, home construction loans, home renovation loans, and refinance loans.

They’re available on all property and occupancy types, including single-family homes, condos/townhomes, multi-unit properties, and primary, vacation, or investment properties.

So whether you’re buying a fixer-upper or refinancing an existing home loan, they should have you covered.

When it comes to renovation loans, they offer Fannie Mae HomeStyle, FHA 203(k), or a VA loan option.

If refinancing, you can do a simple rate and term refinance, or pull equity via a cash out refinance. It’s also possible to apply for a streamline refinance, such as an IRRRL.

They offer conventional loans backed by Fannie/Freddie, government-backed loans such as FHA loans, USDA loans, and VA loans, and jumbo home loans for loan amounts above the conforming limit.

In terms of loan type, you can get a fixed-rate mortgage with a 15- or 30-year term, or an adjustable-rate mortgage such as a 5/1 ARM or 7/1 ARM.

Ruoff Mortgage Rates

One slight negative to Ruoff Mortgage is the fact that they do not publicize their mortgage rates, so we’re in the dark when it comes to loan pricing.

The same goes for lender fees, which don’t appear on their website. It’s unclear what they charge, such as an application fee or loan origination fee.

As such, it’s recommended that you speak to a loan officer before applying to get loan pricing, then if you like what you hear, you can move forward.

But don’t forget to compare their interest rates and fees to those of competitors as well to ensure they are favorable.

Remember, you could be paying down this loan for the next 30 years, so put in the time to shop around!

Ruoff Mortgage Reviews

On Zillow, they have a very impressive 4.98-star rating from nearly 700 customer reviews, which is basically perfection.

After scanning their reviews, many indicated both the interest rate and closing costs were lower than expected, which is a good sign pricing-wise.

On LendingTree, they have a perfect 5-star rating, though it’s based on just seven reviews, so not a great sample size. They also boast a 100% recommend rating.

The company also notes that they’ve got a 98.2% customer satisfaction score according to Customerville.

Their only questionable reviews come via Google, where they have a 3.9-star rating from 20 reviews, thanks to a mix of 5-star and 1-star reviews.

Ruoff Mortgage is a Better Business Bureau accredited, and has been since 1986. They currently enjoy an ‘A+’ rating.

In summary, they appear to be well-liked, offer lots of different loan options, and seem to offer a fast digital mortgage experience. If pricing is also on point, they could be a suitable choice for your home loan needs.

Ruoff Mortgage Pros and Cons

The Good

  • Offer a digital mortgage experience
  • Apply from any device or use their free smartphone app
  • Can close fast: average 17 days clear-to-close
  • Mostly excellent customer reviews
  • A+ BBB rating, accredited company
  • Lots of loan programs to choose from
  • Mortgage calculators and mortgage glossary on site

The Not So Good

  • Not licensed in all 50 states
  • Do not publicize mortgage rates or lender fees
  • Some mixed reviews from past customers
  • No home equity products

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