Skip to content

Sovereign Lending Group Review: They Want You to Stop Overpaying for Your Mortgage


If you’re an existing homeowner looking for a lower rate on your mortgage, Sovereign Lending Group thinks it might be able to help.

Their mantra is “Stop overpaying for your mortgage,” a common issue that affects millions of Americans.

In fact, mortgage analytics company Black Knight said there were 15.1 million high quality refinance candidates in the market as of the end of July.

And these homeowners could save a collective $4.5 billion per month if they did something about it.

What makes Sovereign Lending Group unique is that nearly every loan the company originates is a refinance. So they must have the process down pat.

Let’s learn more about them to see if they could help you save money too.

Sovereign Lending Group Fast Facts

  • Direct-to-consumer mortgage lender
  • Founded in 2005, headquartered in Costa Mesa, CA
  • Funded more than $2 billion in home loans during 2020
  • Nearly all of their production consists of refinance loans (but they also offer purchase financing)
  • Currently licensed to do business in 45 states and D.C.
  • Most active in home state of California which generated 35% of overall loan volume

Sovereign Lending Group is a direct-to-consumer retail mortgage lender based in Costa Mesa, California.

They operate a centralized call center that connects their customers with loan officers and processors.

While they offer home purchase financing, they appear to be mostly a mortgage refinance shop, with such loans accounting for nearly 100% of volume recently.

The company got its start back in 2005, right before the housing market went kaput. But they’re still here today and funding billions annually.

Last year, they originated more than $2 billion in home loans, with about half of them VA loans and the other half conventional. They also did a small amount of FHA loans as well.

Sovereign Lending Group is currently licensed to do business in 45 states and the District of Columbia, but most active in their home state of California.

They don’t appear to be available in Kansas, Missouri, New York, Ohio, or Wyoming.

How to Apply with Sovereign Lending Group

To get started, you can visit their website and click on “Apply Now,” or simply call them up on the phone.

If you go the online route, you’ll need to fill out a short lead form that includes your personal information and property details.

Once completed, a loan officer will get in touch with you to discuss loan pricing and eligibility.

Assuming you like what you hear, you’ll be able to formally apply for a mortgage online once a link is provided.

While details of their digital process are scant, they do appear to have a borrower portal where you can upload documents and eSign disclosures.

Additionally, you can check the status of your loan or view messages from your originator via the portal.

All in all, it appears they offer some digital capabilities, but perhaps less than the more tech-enabled lenders like Better Mortgage or Rocket Mortgage.

Loan Programs Offered by Sovereign Lending Group

  • Home purchase loans
  • Refinance loans: rate and term, cash out, streamline
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • FHA loans
  • VA loans
  • Second mortgages: home equity loans
  • Fixed-rate mortgages
  • Adjustable-rate mortgages

Sovereign Lending Group appears to be a no-frills lender, focusing mostly on originating low-cost mortgage refinances.

However, they do have the most common home loan types available that should suit the majority of homeowners.

This includes home purchase loans, along with all types of refinances, including cash out refinances.

You can get a conventional loan backed by Fannie Mae or Freddie Mac, an FHA loan, or a VA loan.

They appear to focus mostly on conventional and VA loans, with the latter being their most offered product. So if you’re a veteran, Sovereign Lending Group might be a good fit.

The only big loan types they seem to be missing are jumbo loans and USDA loans.

But they offer both fixed-rate and adjustable-rate mortgages in a variety of different loan terms. And apparently second mortgages too.

Sovereign Lending Group Mortgage Rates

While Sovereign Lending Group doesn’t post their mortgage rates online, you can sign up for their “Rate Watch” and get notified if and when mortgage rates drop.

In order to get today’s pricing, you’ll need to get in touch with a licensed loan officer first.

You can do this by filling out the lead form on their website or by calling them directly.

They say they “will beat virtually any mortgage rate quote,” so if you find something better, SLG might be able to do better.

Their main goal is to offer the best refinance rates and lowest closing costs possible, so to that end they appear to be a discount mortgage lender.

Of course, you’ll still need to shop around to verify that they’re low priced. And be sure to inquire about any lender fees charged.

My guess is that they specialize in the no cost refinance, in which no closing costs are paid by the borrower directly.

While it’d be nice to see their mortgage rates online, I would assume they’re competitive because they operate as a direct lender without branches.

This low-cost structure may allow them to be more competitive than the brick-and-mortar banks and lenders out there.

Sovereign Lending Group Reviews

At, Sovereign Lending Group has an excellent 4.71-star rating out of 5 from nearly 1,400 customer reviews.

On that site, you can also see which loan officer the customer worked with, and fine-tune your search.

From there, you might be able to request that specific individual to work with if their reviews are much better than their colleagues.

Over at LendingTree, they score a 4.8 out of a possible 5 from over 1,500 reviews, with a 97% recommended rate.

In other words, only three out of 100 past customers wouldn’t recommend them to others.

On Google, they’ve got a similarly strong 4.4-star rating from about 700 reviews.

Lastly, Sovereign Lending Group is not Better Business Bureau (BBB) accredited and currently has a ‘B’ rating based on customer complaint history.

To sum things up, they are very much a refinance shop so they’re probably best suited for existing homeowners.

If you’re looking for a lower interest rate on your existing mortgage, or want to pull cash out, they could be a good choice due to price and speed.

Those purchasing a home or with more complicated loan scenarios may want to look elsewhere.

Sovereign Lending Group Pros and Cons

The Pros

  • Specialize in mortgage refinances
  • Say they can beat virtually any mortgage rate quote
  • Offer a streamlined loan approval process
  • Online borrower portal to manage your loan and track status
  • Good selection of loan programs to choose from
  • Excellent customer reviews across multiple rating sites

The Cons

  • No physical locations
  • ‘B’ rating with the Better Business Bureau
  • May transfer your loan after closing

Leave a Reply

Your email address will not be published. Required fields are marked *