Sunnyhill Financial Review: A Mortgage Broker That Makes Things Simple

Posted on March 12th, 2021
Sunnyhill Financial Review: A Mortgage Broker That Makes Things Simple

Today we’ll check out a large-scale mortgage broker by the name of Sunnyhill Financial that’s looking to start a “Doc Less Revolution.”

By that, they mean make it easier for folks to apply for a home loan without having to track down lots of paperwork, scan/upload it, fax it, etc.

Yes, all those things are still verified to ensure you’re a creditworthy borrower (it’s not 2006!).

But it’s done so in a more efficient manner (using the latest technology) so you can spend less time getting a mortgage, and more time enjoying that new low rate.

Sunnyhill Financial Fast Facts

  • Independent mortgage brokerage
  • Offers home purchase loans and refinances via it wholesale partners
  • Founded in 2018, headquartered in San Francisco, California
  • Currently licensed to do business in 10 states nationwide
  • Provides a digital home loan experience to their customers

Sunnyhill Financial is an independent mortgage broker, which means they connect consumers to wholesale mortgage lender partners.

This gives them the advantage of shopping your loan scenario on your behalf so you don’t have to.

For those who don’t like to comparison shop, or simply don’t have the time, a broker can accomplish the shopping piece for you by checking out rates from their partners, then presenting you with the best offer.

Aside from saving you time, it could also save you money if they match you with a lender that offers lower mortgage rates and reduced lender fees.

The San Francisco, California-based company seems to be pretty young, having been founded as recently as 2018. But says it has over 50 years of combined mortgage experience.

Currently, they’re licensed to do business in 10 states, including Arizona, California, Colorado, Florida, Georgia, Michigan, Ohio, Oregon, Texas, and Utah.

They plan to roll out to additional states soon, including Maryland, Nevada, North Carolina, Pennsylvania, South Carolina, Tennessee, and Washington.

So they should have a lot more coverage in the near future, with licensing in about half the country.

How to Apply with Sunnyhill Financial

  • They offer a digital mortgage application powered by Blink
  • Allows you to verify income, assets, and employment electronically
  • You can also eSign disclosures and other necessary documents
  • And potentially fund your loan via a virtual e-closing from the comfort of your home

As noted, the company say its starting a “Doc Less Revolution,” and instead of asking you to gather documents, they automatically verify income, assets, and tax returns for you.

This is possible thanks to Single Source Validation, which lets you use login credentials to access things like pay stubs and bank statements that are then automatically imported into your application.

And you won’t have to sign any necessary paperwork with a pen and then scan it back – they let you eSign documents and disclosures so you can speed through the process, no matter where you happen to be.

To get started, simply visit their website and click on “Apply Now” to create an online account and begin the process.

Their digital mortgage app seems to be powered by Blink, which is provided by United Wholesale Mortgage, the largest wholesale lender in the country.

Alternatively, you can request a personalized mortgage rate quote via their website first, or simply call them up to get connected with one of their loan officers.

Once your loan is submitted, you’ll be able to track status via the online borrower portal, and receive updates as your loan progresses to the next step.

Aside from it being easy and convenient, Sunnyhill Financial aims to close loans super-fast thanks to the use of the latest technology.

So if you’re the type that likes to do things remotely, potentially from a smartphone, this company might be for you.

Of course, you can still get in touch with a loan officer and loan processor along the way if and when questions arise.

Loan Programs Available at Sunnyhill Financial

  • Home purchase loans
  • Refinance loans: rate/term, cash out, and streamline
  • Conforming loans backed by Fannie Mae and Freddie Mac
  • Jumbo home loans
  • Government-backed loans: FHA and VA
  • Fixed-rate mortgages: 10, 15, 20, and 30-year loan terms
  • Adjustable-rate mortgages: 5/1, 7/1, and 10/1 ARMs

Sunnyhill Financial provides the majority of the most popular loan programs available, including conforming loans, jumbo loans, FHA loans, and VA loans.

The only major loan type missing seems to be USDA loans, along with second mortgages, such as HELOCs.

However, they lend on all property types, including single-family homes, condos, and multi-unit properties, and offer financing on second homes along with investment properties.

You can get purchase loan or a refinance loan, including rate and term and cash out refinances.

Both fixed-rate and adjustable-rate mortgage options are available in a variety of different loan terms.

Sunnyhill Financial Mortgage Rates

One slight downside to Sunnyhill Financial is the fact that they don’t publicize mortgage rates or lender fees on their website.

Of course, because they operate as a mortgage broker it means they have access to rates from all their wholesale lending partners.

As such, they can scour all their partner’s rate sheets and provide you with the most competitive rate quotes.

I believe they are approved to work with United Wholesale Mortgage (UWM), so those looking to work with that company might be able to via Sunnyhill Financial.

One hint we have about rates comes from their participation in the Bankrate mortgage comparison tables. From what I saw, their rates were pretty low relative to other lenders listed.

More importantly, they offered some of the lowest mortgage APRs on the platform, which is a more important figure that factors in lender fees including discount points.

You also might be able to haggle with them if you don’t like what you hear the first time around since they can shop your loan with multiple lenders.

In terms of lender fees, they don’t mention them on their own website but I did see a flat $999 underwriting fee via their Bankrate listing.

Be sure to inquire about both rates and fees to get the best deal on your home loan.

Sunnyhill Financial Reviews

On Google, Sunnyhill Financial has a perfect 5-star rating out of 5 from just over 200 customer reviews. Both professionalism and responsiveness seem to stand out as keywords.

Over at Bankrate, the company also has a perfect 5-star rating from about 150 reviews, with 100% of reviewers saying they’d recommend them.

They’ve also got a 5-star rating on Zillow, albeit from a much smaller number of reviews (about 30 at last glance).

But most of the reviews on Zillow indicate that the interest rate was lower than expected, which is a good sign on the pricing front.

All in all, it’s pretty impressive to see perfect ratings across several major review sites – hopefully this means they consistently make their customers happy, regardless of their loan specifics.

In summary, Sunnyhill Financial seems to be excelling in customer satisfaction, perhaps thanks to their digital loan process and hopefully their low mortgage rates.

They could be a good fit for both a new home buyer or an existing homeowner looking to refinance in order to save money and/or pull cash out of their home.

The one downside might be that you’ll need to work remotely, which for some might not be a good fit if looking for a more hands-on approach.

Sunnyhill Financial Pros and Cons

The Good

  • Offer a digital home loan process
  • Can apply from any device in a matter of minutes
  • They’re able to shop your rate with multiple lenders because they are a broker
  • Plenty of loan programs to choose from
  • Offer virtual e-closings (sign from anywhere)
  • Perfect customer reviews across major ratings sites

The Not

  • Only licensed in a handful of states currently
  • No physical locations
  • No mention of rates or lender fees
  • Do not offer USDA loans or second mortgages
  • Do not service loans

(photo: Tambako The Jaguar)

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