While nonbanks have taken center stage in recent years, there are still some depository banks that dole out tons of mortgages. One example is Umpqua Bank up in Roseburg, Oregon.
Aside from offering checking and savings accounts, they also originate home loans, and lots of them.
Last year, they mustered more than $5 billion in total mortgage volume, and were a top-10 mortgage lender in both Oregon (#4) and Washington (#8).
In fact, only the really big guys, like Quicken Loans, Caliber Home Loans, and Guild Mortgage, beat them in those states.
So it’s safe to say that if you reside in the Pacific Northwest, you’ve heard of Umpqua Bank and may be considering them for your mortgage needs.
Let’s discover more about this bank, which has been around for nearly 70 years.
Umpqua Bank Fast Facts
- Depository bank founded in 1953 (named after the river)
- Headquartered in Roseburg, Oregon
- The largest bank in the Pacific Northwest
- Its parent Umpqua Holdings Corporation is a publicly traded company (NASDAQ: UMPQ)
- Branch locations in California, Idaho, Nevada, Oregon, and Washington
- Funded $5.1 billion in home loans during 2019
- Did more than 75% of total loan volume in Oregon and Washington
For more than 50 years, Umpqua Bank has helped customers purchase, build, remodel, and refinance their homes.
As the largest bank in the Pacific Northwest, they mostly serve customers in a handful of western states, including California, Idaho, Nevada, Oregon, and Washington.
Those five states basically accounted for all of the $5 billion or so in home loans they originated last year, so they’re geared toward home buyers and homeowners in that region.
Their parent company Umpqua Holdings Corporation is a publicly traded company on the NASDAQ stock exchange, and at last glance valued at over $3 billion.
So if you choose to work with Umpqua Bank, you’ll be dealing with a very large institution, which has its advantages (safety/security) and disadvantages (bureaucracy).
However, despite being so large, they still approach customers as if they’re a small community bank.
How to Apply for a Home Loan with Umpqua Bank
- You can visit a local bank branch if you prefer to work face-to-face
- Or apply for a mortgage directly from their website instead
- Their digital mortgage application is powered by fintech company Ellie Mae
- Allows you to complete most steps electronically including scanning, uploading, and eSigning documents
Because they’re a depository bank with branches in the states where they do most of their business, it’s possible to apply for a mortgage in person.
However, most folks these days like to go the online route, which you can do as well if you visit their website.
Once at their website, click on “Home Loans,” then scroll down to their loan officer directory, where you’ll be prompted to enter your city, state, or zip code.
From there, you’ll see who is located nearby. You can read loan officer bios, access their contact information, or apply straight away by clicking “get started.”
Their digital mortgage application is powered by fintech company Ellie Mae. It allows you to complete most tasks electronically and paperlessly.
For example, you can scan and upload documents, link financial accounts, and eSign paperwork to cruise through the normally cumbersome loan process with ease.
Once approved, you can check loan status at any time by logging in to the loan portal.
You can also connect with their home lending team by leaving a message on their website, at which point a loan officer will reach out directly.
Or simply call them up immediately to get the ball rolling if you want some human guidance.
Per the NMLS, they have more than 1,150 registered mortgage loan officers, which is quite a lot.
In summary, they are a big bank that seems to offer the latest in mortgage technology
What Types of Mortgages Does Umpqua Bank Offer?
- Home purchase loans
- Refinance loans: rate and term, cash out, and streamline
- Home construction and home renovation loans
- Conventional loans backed by Fannie Mae and Freddie Mac
- Government loans backed by the FHA, USDA, and VA
- Jumbo home loans
- Mortgages for first-time home buyers
- Low down-payment mortgages
- Physician mortgages
- Fixed-rate and adjustable-rate options available
- Home equity lines of credit (HELOCs)
Umpqua Bank offers a ton of different home loan programs to suit just about any borrower.
You can get a home purchase loan, a construction-to-perm loan if building a property, a renovation loan if in need of a remodel, or a refinance loan if you want a lower rate and/or cash out.
They offer home loan financing on all property types, including primary residences, vacation homes, and investment properties.
You can get a conventional loan, in both a conforming or jumbo loan amount, or a government-backed mortgage, including FHA loans, USDA loans, and VA loans.
Umpqua Bank also has some unique offerings including physician mortgages, along with home loans geared toward first-time home buyers and home equity lines of credit (HELOCs).
In terms of loan type, you can get a fixed-rate mortgage such as 30-year fixed or 15-year fixed, or an adjustable-rate mortgage like a 5/1 ARM or 7/1 ARM.
Ultimately, you shouldn’t be limited when it comes to loan choice if you decide to get your mortgage at Umpqua Bank.
Umpqua Bank Mortgage Rates
Another positive is Umpqua Bank does in fact publicize its mortgage rates, unlike many smaller nonbank lenders.
That means you’ll be able to see daily mortgage rates whenever you want simply by visiting their website.
They list rates for the 30-year fixed, 15-year fixed, FHA 30-year fixed, and a 30-year fixed construction loan.
From what I saw, their rates were competitive relative to other lenders out there, though in the loan assumptions they did disclose that all their rates require that one discount point be paid.
It’s also unclear what their mortgage fees are – for example, they may charge a loan origination fee, which not all lenders do.
If and when you shop your home loan with Umpqua Bank, be sure to compare the rate and lender fees (collectively the mortgage APR) with other banks and lenders to see how competitive they are.
Umpqua Bank $500 Home Loan Credit
Umpqua Bank also offers a special $500 credit to existing bank customers who meet certain conditions, which can offset closing costs.
In order to qualify, you must be an Umpqua personal checking account customer (or sign up for an account prior to closing).
The account must be in the name of the borrower (or a co-borrower if applicable), and there must be a minimum $1,000 balance.
Additionally, the borrower must provide evidence of a $500 recurring direct deposit, which will be verified and must be dated within 60 days prior to closing.
The $500 credit is generally applied at loan closing, but if not, a reimbursement will be made to the borrower within 90 days of closing.
If you’re already an Umpqua Bank customer, this is a fairly simple way to reduce your closing costs by $500, which could offset any lender fees charged, or cover a third-party fee like the home appraisal.
Umpqua Bank Mortgage Reviews
If you enter your location and “Umpqua Bank” in Zillow’s lender directory, you’ll be able to see the reviews of all the loan officers located near you.
This might be the best approach to see how they stack up since they’re such a large company, and experiences may vary considerably from one loan officer to the next.
Additionally, since they offer more products than just home loans, this is a good way to filter the reviews to focus only on mortgages.
From what I saw, most of the loan officers listed had perfect or near-perfect ratings.
On LendingTree, they have a 4.2-star rating out of 5 based on nearly 100 customer reviews. Not quite excellent, but mostly good.
All in all, they appear to be well-liked, but being so large, you’re going to get a mixed bag of reviews and corresponding experiences.
Umpqua Bank Pros and Cons
- You can apply in-person or online
- Digital mortgage application powered by Ellie Mae
- They offer lots of different loan programs
- They advertise their mortgage rates
- $500 credit for Umpqua Bank customers who meet certain conditions
- They service their home loans
- Free smartphone app
- Only geared toward homeowners in the Pacific Northwest
- May charge a loan origination fee
(photo: Rick Obst)