Established in 2008, Motion Mortgage is a privately owned mortgage lender that has grown from a small enterprise to a strong, nationwide enterprise. The corporate has mortgage officers in additional than 775 places, providers loans in all 50 states and has over 4,500 workers. The lender affords a wide range of mortgage packages, together with FHA loans, VA loans and traditional mortgages.
Whether or not you’re looking for VA mortgage ideas or are already on the hunt for the greatest VA loans, there are a selection of necessary components to contemplate when deciding which lender to make use of. On this evaluation, we discover Motion Mortgage’s lineup of mortgage merchandise, pricing, buyer satisfaction and accessibility.
Learn on to search out out if Motion Mortgage VA loans are the correct match for you.
Finest VA mortgage for veterans with honest credit score
When you’re a veteran with honest credit score, Motion Mortgage VA loans stand out among the many competitors as among the greatest choices available on the market. Whereas many VA lenders have minimal credit score rating necessities of 620 or greater, Motion Mortgage VA loans as much as $1 million solely require a minimal credit score rating of 580.
Amongst VA mortgage lenders, Motion Mortgage options one of many decrease minimal credit score scores for qualification, making it a horny alternative if you happen to’re a veteran with less-than-perfect credit score.
Motion Mortgage VA loans execs and cons
- Low credit score rating requirement for loans underneath $1 million
- Quick turnaround occasions
- Out there in all 50 states
- Increased minimal credit score rating for loans over $1 million
- Utility required to see mortgage charges
- No residence fairness loans
Execs defined
Low credit score rating requirement for loans underneath $1 million
Motion Mortgage VA loans require a minimal credit score rating of 580 for all loans as much as $1 million. This can be a considerably decrease credit score rating requirement than many different VA mortgage lenders, making it a superb choice in case your credit score rating is within the honest to good vary.
Quick turnaround occasions
Motion Mortgage is dedicated to offering quick turnaround occasions on its mortgage functions. The corporate strives to finish the underwriting course of inside six hours, end processing your mortgage inside seven days and shut inside at some point. These timeframes are extremely quick in comparison with different mortgage lenders, with the typical closing interval falling between 35–40 days.
Out there in all 50 states
Motion Mortgage VA loans can be found to energetic members of the navy, veterans and single surviving spouses of veterans in all 50 states, making the lender a robust choice if you happen to reside in a state with restricted VA mortgage choices.
Cons defined
Increased minimal credit score rating for loans over $1 million
Motion Mortgage VA loans require a minimal credit score rating of 680 for all loans between $1 and $2 million. This implies you doubtless gained’t qualify for such a mortgage with a good credit score rating. Nevertheless, with round 8% of houses within the U.S. valued at or above $1 million, this greater credit score rating requirement shouldn’t be a deterrent for almost all of potential consumers.
Utility required to see mortgage charges
Not like many different VA lenders, rates of interest aren’t publicly displayed on the Motion Mortgage web site. With the intention to be taught what charges are provided, you’ll should contact the corporate. This makes it troublesome to match its rates of interest with different lenders with out going via the appliance course of.
No residence fairness loans
Motion Mortgage doesn’t supply residence fairness loans. When you’re on the lookout for a product that means that you can take out a mortgage towards the fairness you’ve constructed up in your house, you’ll have to analysis different lenders.
Motion Mortgage choices
Though residence fairness loans are notably lacking from its lineup, Motion Mortgage affords an array of different mortgage merchandise, together with typical loans, VA loans, jumbo loans, FHA loans, USDA loans, building loans and cash-out refinance loans. These varied loans serve completely different wants and include various rates of interest, so perceive your choices earlier than making use of.
The next part examines every of those mortgage merchandise intimately.
Standard loans
Motion Mortgage affords a fixed-rate typical mortgage product for these trying to buy or refinance a house. These loans can be found by way of 10, 15, 20 and 30 years. Motion Mortgage maintains a minimal credit score rating requirement of 620 for these kind of loans.
VA loans
The corporate’s VA loans are a horny choice. The lender imposes a minimal credit score rating requirement of 580 for loans as much as $1 million, which can be found by way of 15 and 30 years, and a minimal credit score rating of 680 for loans between $1 million and $2 million, that are solely obtainable in 30-year phrases.
Along with its VA residence buy mortgage merchandise, Motion Mortgage additionally affords VA cash-out refinance loans and VA rate of interest discount refinance loans (IRRRL), that are sometimes called streamline loans. When you’re eligible, the cash-out refinance loans could help you take out as much as 100% of your private home’s fairness as money, whereas the VA streamline loans allow you to refinance your current VA mortgage at a decrease price.
To be taught extra about this course of, learn our full information on the best way to refinance a VA mortgage.
Jumbo loans
Motion Mortgage’s jumbo mortgage product is for loans that exceed the conforming mortgage limits mandated by Fannie Mae and Freddie Mac. The lender states that the brink is $647,200 in most housing markets however it might probably begin at $822,375 in some higher-priced markets. Whereas the corporate doesn’t checklist any particular minimal credit score rating requirement for jumbo loans, lenders usually require a considerably greater rating because the loans carry elevated danger.
FHA loans
Motion Mortgage’s FHA loans can be found as fixed- or adjustable-rate mortgages. The lender enforces a minimal credit score rating requirement of 580 for these kind of loans and affords a low down fee choice of three.5%. The corporate’s Motion Increase program may help you cowl the required 3.5% down fee and a portion of the Motion Mortgage closing prices (not obtainable in New York) if you happen to qualify. It’s necessary to notice that down funds of lower than 20% will lead to non-public mortgage insurance coverage (PMI) prices.
USDA loans
The USDA’s rural improvement residence loans are designed to assist low- to moderate-income people or households buy houses in rural areas with little or no down fee. Except for earnings, different {qualifications} for USDA loans embody sustaining the property as your main residence and the placement having a inhabitants of fewer than 35,000 residents. Motion Mortgage’s USDA mortgage product has a minimal credit score rating requirement of 580 and comes with phrases of 10, 15, 20 and 30 years.
Building loans
When you’re inquisitive about constructing your individual residence, Motion Mortgage additionally affords building loans. These loans are available in a number of completely different types, together with:
- Building-to-permanent
- Standard buy
- FHA loans
- VA loans
- Apartment loans
Quite a lot of phrases are provided for a lot of of those mortgage merchandise. Motion Mortgage additionally affords prolonged rate-lock packages of as much as 360 days on new building mortgage merchandise.
Money-out refinance loans
If you wish to refinance your present mortgage and take out money from the fairness constructed up in your house, Motion Mortgage affords a cash-out refinance mortgage product. This sort of mortgage means that you can entry and use your private home fairness for any objective. For its cash-out refinance loans, Motion Mortgage has a minimal credit score rating requirement of 620 and a minimal loan-to-value ratio (LTV) — a measure evaluating the quantity of your mortgage with the appraised worth of the property — of 80%.
Motion Mortgage pricing
Motion Mortgage doesn’t supply particular pricing, charges or mortgage price info on its web site. With the intention to get hold of this info, you have to apply for a mortgage with the lender or converse with Motion Mortgage mortgage officers. This makes it troublesome to match the corporate’s present charges with different mortgage lenders.
Motion Mortgage monetary stability
Not one of the three main enterprise credit standing businesses — Fitch, Moody’s or S&P International — have assigned a ranking to Motion Mortgage. The corporate does declare to have grown its operations and worker base in 2022 and states that it funds about $30 billion in residential mortgages every year. Whereas this isn’t definitive proof of the corporate’s stability, it’s a constructive signal.
In 2018, a federal investigation was initiated on account of a whistleblower lawsuit filed underneath the False Claims Act by two former Motion Mortgage workers. This investigation discovered that the corporate violated the False Claims Act in originating loans way back to 2008 by failing to adjust to this system necessities set out by the FHA, VA and Division of Housing and City Growth. Whereas it doubtless solely accounts for a small proportion of the corporate’s general revenue, in June 2023, the lender was ordered to pay $23.75 million again to those businesses for its violations.
Motion Mortgage is the sixth-largest retail mortgage lender in the US and has generated $1.1 billion in annual income. In 2022, the corporate acquired Mortgage Community and Superior Charge Mortgage of New England, which is demonstrative of its monetary wellbeing.
Motion Mortgage accessibility
Availability
Motion Mortgage offers residence loans in all 50 states and Washington, D.C. For individuals who reside in states with few choices for mortgage lenders, the corporate affords a dependable choice for housing-related financing.
Contact info
Motion Mortgage doesn’t supply 24/7 buyer help. Nevertheless, it does make it simple to get in contact with a mortgage officer or customer support consultant via both cellphone or electronic mail. When you’re a present Motion Mortgage buyer, you possibly can attain the mortgage servicing division by cellphone at 855-979-1084 from 8:30 a.m. to 7:00 p.m. EST, Monday via Friday. Alternatively, you possibly can contact the corporate through electronic mail at servicing@motion.com.
Consumer expertise
Motion Mortgage’s web site affords an easy consumer expertise with clear navigation and an intuitive design. The homepage prominently shows hyperlinks to its varied mortgage packages, in addition to a calculator that will help you decide how a lot you may count on your month-to-month fee to be for a given mortgage quantity. There are additionally useful assets obtainable to debtors, equivalent to a glossary of phrases and continuously requested questions.
After logging into Motion Mortgage, you possibly can view your mortgage stability and straight get in contact together with your mortgage officer. Moreover, via Motion Mortgage’s Pay My Mortgage web page, you possibly can pay on-line, view your Motion Mortgage fee historical past and arrange auto-payments.
One draw back, as beforehand talked about, is that Motion Mortgage doesn’t present its present mortgage charges or charges on its web site. With the intention to decide these, customers should contact a consultant or apply for a mortgage. Moreover, the corporate would not supply 24/7 buyer help.
Motion Mortgage buyer satisfaction
Motion Mortgage critiques are usually constructive from each prospects and trade specialists. The corporate has an A+ ranking from the Higher Enterprise Bureau (BBB) and is accredited by the group. Among the many largely constructive critiques on its BBB profile, prospects cite wonderful communication, immediate responses to inquiries and useful customer support. Motion Mortgage has been fast to answer to buyer dissatisfaction and has efficiently closed out practically the entire complaints filed with the BBB, leading to a ranking of 4.77 stars out of a doable 5 primarily based on 599 buyer critiques.
Motion Mortgage FAQs
What’s Motion Mortgage?
Motion Mortgage is a direct-to-consumer mortgage lender that focuses on serving to debtors finance their houses. The corporate affords a wide range of packages for homebuyers, together with typical loans, jumbo loans, FHA loans, VA loans, building loans and government-backed mortgages. It additionally affords choices for refinancing current mortgages.
Is Motion Mortgage legit?
Sure, Motion Mortgage is a reputable mortgage lender. The corporate has been in enterprise since 2008 and is accredited by the BBB with an A+ ranking. With billions of {dollars} in loans funded, Motion Mortgage has established itself as a dependable and trusted firm and is the sixth-largest mortgage lender in the US.
Is Motion Mortgage firm?
Motion Mortgage is usually thought-about to be firm with constructive consumer critiques. Clients report being happy with the corporate’s capability to rapidly reply to inquiries, its wonderful customer support and common help all through the mortgage course of.
One notable stain on its in any other case wonderful file pertains to a current ruling from the federal authorities, which discovered that Motion Mortgage had violated the False Claims Act. Subsequently, the lender was ordered to pay $23.75 million again to the federal government housing businesses it had defrauded. In response to Motion Mortgage, these loans accounted for half of 1% of the mortgages it originated throughout that point.
Does Motion Mortgage promote its loans?
Motion claims to retain servicing on practically the entire loans it closes. Whereas the corporate would not disclose the precise proportion of loans it sells, this can be a good indication that Motion Mortgage is devoted to servicing its prospects in the long term.
Is Motion Mortgage a direct lender?
Sure, Motion Mortgage is a direct lender.
How we evaluated Motion Mortgage
To guage Motion Mortgage, we checked out quite a few components starting from the breadth of mortgage merchandise provided and buyer critiques to the mortgage firm’s lending necessities. The next are a very powerful components we thought-about:
- Mortgage merchandise provided: We examined the vary of mortgage merchandise provided by Motion Mortgage, together with whether or not they supply typical mortgages, jumbo loans, government-backed loans and extra.
- Buyer critiques: We evaluated buyer critiques to get an concept of the customer support and general satisfaction with Motion Mortgage.
- Lending necessities: We scrutinized the necessities wanted to qualify for a mortgage with Motion Mortgage, equivalent to credit score rating and debt-to-income ratio.
- Consumer expertise: We evaluated the consumer expertise on Motion Mortgage’s web site to realize an understanding of how simple it’s to navigate and apply for a mortgage.
- Buyer help: We checked out Motion Mortgage’s obtainable buyer help choices and hours of operation.
- Accessibility: We examined the place Motion Mortgage is obtainable to realize an understanding of its accessibility.
Abstract of Cash’s Motion Mortgage evaluation
In steady operation since 2008, Motion Mortgage serviced over 170,000 loans in 2022. The corporate is the sixth-largest mortgage lender in the US and has confirmed its capability to supply high quality mortgage providers since its inception. Motion Mortgage affords a reasonably in depth vary of mortgage packages that ought to have the ability to match the wants of most debtors. Whereas the dearth of revealed rates of interest and costs on its web site and a current punitive regulatory motion from the federal authorities could also be regarding, constructive buyer critiques recommend that loans provided by the lender are competitively priced and well-serviced. Because of the relaxed minimal credit score rating requirement on its VA loans, the corporate is an particularly engaging choice if you happen to’re at present a member of the armed forces, a veteran or an single surviving partner of a veteran.
