Guild Mortgage Overview | Mortgage Lenders – Cash

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Guild Mortgage is an impartial mortgage lender finest identified for its give attention to low credit score rating necessities and down fee help packages for first-time homebuyers.

The lender additionally gives an intensive checklist of mortgage services and products, together with government-insured loans, manufactured dwelling mortgages and sustainable dwelling renovations.

Hold studying to get a full image of what Guild Mortgage has to supply, the lender’s credentials and the place it stands when it comes to buyer satisfaction and consumer expertise.

Desk of Contents

Guild Mortgage Mortgage Lenders Overview

  • Points government-backed loans (FHA, USDA and VA)
  • Provides down fee help packages
  • Considers various credit score knowledge
  • Earned prime scores in J.D. Energy’s buyer satisfaction surveys in 2021 and 2022
  • Retail branches are restricted to 32 states
  • Not licensed in New York
  • No dwelling fairness loans or dwelling fairness traces of credit score 
  • The lender would not disclose mortgage rates of interest on-line

Guild Mortgage is a mortgage originator and servicer (your mortgage received’t be managed by a separate firm) with a wide range of mortgage packages. The lender additionally gives financing options for householders trying to refinance their present mortgage, first-time homebuyers, low-income candidates and even debtors buying in extremely aggressive markets.

Along with government-backed loans, Guild Mortgage gives jumbo loans, bridge loans, reverse mortgages and financing choices for dwelling renovations, sustainability upgrades and manufactured properties.

Potential householders can browse Guild Mortgage’s web site, evaluate its mortgage merchandise and get an concept of what their mortgage might seem like utilizing one among seven completely different mortgage calculators. Candidates may also provoke the mortgage utility course of by means of a fast on-line kind connecting them to a licensed mortgage officer.

Guild Mortgage makes use of a hybrid mortgage closing course of (you’ll nonetheless need to finalize your mortgage in particular person), however candidates can submit and signal most origination paperwork by means of the lender’s safe MyMortgage on-line platform and eClosing service.

Guild Mortgage’s Providers

Under you’ll discover a full checklist of Guild Mortgage’s mortgage merchandise, the lending and utility necessities and a listing of the estimated closing prices.

The way to qualify for a mortgage with Guild Mortgage:

Minimal credit score rating necessities:

  • Typical mortgage – 620
  • Federal Housing Administration (FHA) mortgage – 540
  • Division of Veteran Affairs (VA) mortgage – usually 620
  • United States Division of Agriculture (USDA) mortgage – usually 620
  • Jumbo mortgage – varies, however usually 680 or larger
  • Manufactured dwelling mortgage – 600

Most debt-to-income ratio:

  • Typical mortgage – 50% however could also be larger if there are compensating elements*
  • FHA mortgage – 43% however could also be larger if there are compensating elements
  • VA mortgage – 41% however could also be larger if there are compensating elements
  • USDA mortgage – 41% however could also be larger if there are compensating elements
  • Jumbo mortgage – 43% however could also be larger if there are compensating elements
  • Manufactured dwelling mortgage – 43% however could also be larger if there are compensating elements

*Compensating elements which will immediate lenders to just accept excessive DTI ratios embrace, however aren’t restricted to: a superb credit score historical past, important money reserves, a sizeable down fee and a steady job historical past.

Minimal down fee necessities:

  • Typical mortgage – 3%
  • FHA mortgage – 3.5%-10%, relying in your credit score rating
  • VA mortgage – 0%
  • USDA mortgage – 0%
  • Jumbo mortgage – usually 20%
  • Manufactured dwelling –0%, 3.5% or 5percentdepending on mortgage kind

Required documentation

Guild Mortgage doesn’t ask for any paperwork for his or her preliminary on-line utility, however you’ll want the next for the precise mortgage utility:

  • Legitimate ID and Social Safety card
  • Tax paperwork from the previous two years (W-2 and 1099 kinds)
  • Proof of revenue from the previous month or additional again
  • Youngster help, alimony or down fee reward letters, if relevant
  • Financial institution statements for each checking, financial savings and funding account
  • Listing of month-to-month debt burdens: hire, mortgage, different loans and medical payments
  • Hire fee historical past, if relevant

Prices and costs

Closing prices usually vary between 2-5% of the house worth and embrace bills equivalent to mortgage origination charges and utility, appraisal, lawyer and title insurance coverage charges.

Extra servicing charges:

Guild Mortgage might cost the next lender charges:

  • Late fee price – varies
  • Non-sufficient funds – $15
  • Assumption price (altering the person legally chargeable for the mortgage) – $300-$1,800
  • Automated fee price (by telephone, by means of a consultant or on-line) – as much as $7 relying on the place you reside

What Guild Mortgage gives

In line with the corporate web site, Guild Mortgage’s experience lies in FHA-backed loans and mortgage options for first-time homebuyers, however you will additionally discover an intensive checklist of mortgage choices with fastened and adjustable rates of interest.

Kinds of mortgages:

  • Typical fixed-rate and adjustable-rate loans
  • FHA loans
  • VA loans
  • USDA loans
  • Jumbo mortgage
  • Renovation mortgage
  • Bridge loans
  • Reverse mortgage
  • Manufactured dwelling loans
  • Price, time period and cash-out refinance

Extra mortgage packages:

  • Lock and store: permits debtors to lock the quoted rate of interest for 120 days
  • Down fee help (DPA) packages: helps eligible low revenue debtors with down fee and shutting prices
  • Vitality-efficient mortgage: consists of the prices of energy-efficient upgrades (photo voltaic panels, power environment friendly home equipment and different upgrades) within the mortgage
  • GreenSmart Benefit: consists of the buying value of energy-saving home equipment from Dwelling Depot (washers and dryers, sensible thermostat, dishwashers, fridges) within the mortgage
  • CashPass: facilitates upfront money purchases for debtors in aggressive housing markets
  • Full price program: considers various credit score knowledge to afford higher charges to candidates with inadequate credit score historical past
  • Homebuyer safety: bundles a 120-day rate of interest lock with a 17-day closing assure and Credit score Approval Safety (CAP), which is able to reimburse inspection and appraisal prices if Guild Mortgage is unable to shut the mortgage because of firm error

Mortgage phrases:

Guild Mortgage gives 10 to 30-year phrases for fixed-rate mortgages and 5 to 10-year phrases for adjustable price mortgages.

Most mortgage quantities:

Limits for standard loans set by the Federal Housing Finance Company (FHFA):

  • Single-unit dwelling – From $647,200 to $970,800 for prime value areas
  • 2-unit dwelling – From $828,700 to $1,243,050 for prime value areas
  • 3-unit dwelling – From $1,001,650 to $1,502,475 for prime value areas
  • 4-unit dwelling – From $1,244,850 to $1,867,275 for prime value areas

Most limits for FHA loans:

  • $420,680 for a single household dwelling in a low-cost space and $1,867,275 for a four-unit property in a high-cost space

Extra limits set by the lender:

  • Jumbo loans – $3 million
  • Bridge loans – $300,000

What Guild Mortgage doesn’t provide

Guild Mortgage doesn’t provide the next mortgage merchandise:

  • Dwelling fairness loans
  • Dwelling fairness traces of credit score (HELOCs)
  • Building loans
  • Business loans
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Guild Mortgage’s Credentials

Guild Mortgage earned a number of efficiency recognitions by Freddie Mac and Fannie Mae and outranked bigger lenders nationwide in buyer satisfaction surveys for 2 consecutive years.

Licenses and Registrations

Guild Mortgage is licensed in 48 states and the District of Columbia. You possibly can view the official licensing information to confirm the lender’s license in your state.

Awards and Certifications

Regulatory or Authorized Actions

Guild Mortgage was topic to three regulatory actions from the Nationwide Mortgage Licensing System (NMLS) between 2012 and 2018:

  • The lender overcharged rates of interest from 2015 to 2017 in California.
  • In 2016, a California-licensed officer originated a mortgage mortgage in Oregon with out the right licenses.
  • In 2012, the lender agreed to pay a civil penalty of $2,500 to the state of Montana.

Lastly, in 2020, Guild Mortgage paid a settlement of 24.9 million to the United States for failing to comply with FHA lending pointers, knowingly approving dangerous loans and gathering Federal Mortgage insurance coverage when mentioned loans defaulted.

Though we at all times attempt to embrace correct and up-to-date info on regulatory and authorized actions, we don’t declare this info is full or solely updated. We suggest you do your personal analysis, as nicely.

Guild Mortgage’s Accessibility

Guild Mortgage works finest for debtors who need the comfort afforded by digital instruments (on-line pre-qualification, digital paperwork and quicker processing) however don’t wish to sacrifice direct interplay with their mortgage officer.

Availability

Guild Mortgage has over 200 bodily branches in 32 states and works with native monetary establishments in 48 states and Washington, D.C.

The lender’s on-line utility is designed to attach you to a mortgage officer, who will let you recognize which mortgage gives can be found, given your monetary state of affairs.

Contact Data

To contact Guild Mortgage, name:

The lender additionally accepts mailed inquiries, complaints or requests at:

Guild Mortgage Firm

c/o High quality Assurance Division – Borrower Escalations

5887 Copley Dr,

San Diego, CA 92111

Person Expertise

Customers can simply discover on-line explainers and guides for every of Guild Mortgage’s mortgage merchandise, in addition to mortgage calculators and an internet utility. Candidates may also join with a mortgage officer by means of the web site’s chat help.

If the applicant decides to maneuver ahead with the mortgage utility, the mortgage officer will work with them to submit all of the pre-approval paperwork digitally.

In line with the lender, debtors can submit the vast majority of closing paperwork digitally and shorten the ultimate in-person closing to only minutes. After closing, householders can submit mortgage funds on-line (a $7 surcharge might apply) or by means of ACH wire transfers (automated or one-time) from their checking account.

Any questions or considerations concerning an current mortgage are addressed by telephone or common mail.

Limitations

Guild Mortgage’s on-line help runs from 8:30 a.m to 4 p.m PT and there’s no e-mail deal with for inquiries exterior this schedule. Moreover, the chat serves prospects contacting Guild Mortgage with a particular objective (buying, refinancing or servicing a present mortgage), not basic orientation.

Service hours for reside telephone help additionally function on a restricted schedule from 6 a.m. to five p.m. PT.

At present, Guild Mortgage gives two cellular apps:

  • Guild-to-Go connects actual property brokers with a Guild Mortgage mortgage officer. Customers can refer shoppers, generate pre-approval letters and monitor the mortgage course of from starting to finish.
  • My Mortgage Professional gives a pared-down model of the tutorial content material and mortgage calculators discovered on the web site and never a lot else. The app is poorly reviewed on Google Play and Apple Retailer because of its restricted performance.

Guild Mortgage’s Buyer Satisfaction

Our analysis for buyer satisfaction with Guild Mortgage returned blended outcomes. The corporate obtained prime scores in shopper satisfaction surveys, but the Client Monetary Safety Bureau (CFPB) documented a number of buyer complaints.

We additionally learn buyer evaluations from the Higher Enterprise Bureau (BBB) and TrustPilot, however readers ought to know that the pattern dimension of those evaluations was very small (38 within the BBB and only one in TrustPilot).

Buyer Complaints

From 2019 to 2022, customers filed 142 complaints in opposition to Guild Mortgage with the CFPB, with 123 of these 407 objections being associated to mortgage merchandise, particularly FHA-loans. Most claims need to do with the fee course of points (lacking funds, unanswered calls and issues with on-line accounts and fee platforms).

All complaints filed in 2022 have been closed with a well timed response from the corporate, as have been the vast majority of claims filed prior to now two years.

Third-Celebration Scores

J.D. Energy, a agency that analyzes buyer knowledge throughout completely different industries, publishes annual buyer satisfaction rankings primarily based on a 1,000 level scale.

In 2021 Guild Mortgage earned prime scores in two surveys: the U.S Primary Mortgage Origination Satisfaction Study and the 2021 U.S Primary Mortgage Servicer Study. Then, in 2022, Guild Mortgage nonetheless scored above trade common however fell to sixth place within the Mortgage Servicer Satisfaction Study (beforehand known as the U.S Major Mortgage Servicer Research).

The Higher Enterprise Bureau (BBB) evaluates how doubtless a enterprise is to reply to buyer complaints. On this class, Guild Mortgage earned an -A ranking. The second ranking displayed on BBB relies on 38 buyer evaluations, and Guild Mortgage earned one out of 5 stars.

Frequent complaints embrace issues with on-line accounts, lack of communication, poor customer support and failure to rectify errors that straight impacted the client’s funds and entry to their new dwelling.

Guild Mortgage FAQ

What kind of lender is Guild Mortgage?

Guild Mortgage is a direct lender. Because of this the corporate originates and providers its personal loans, eliminating the necessity for a mortgage dealer and, theoretically, dashing up the mortgage course of.

What credit score rating do you want for Guild Mortgage?

For a standard mortgage, debtors want a minimal credit score rating of 620. FHA loans settle for decrease credit score scores than 540, supplied you may pay a ten% down fee. If not, the minimal credit score rating required is 580.

What’s the Guild Mortgage utility course of like?

Guild Mortgage makes use of a hybrid utility course of that mixes on-line instruments with in-person service. Candidates and mortgage officers can ship, overview and signal the majority of the mortgage paperwork electronically and reduce on the closing day paperwork.

How We Evaluated Guild Mortgage Mortgage Lenders

To guage Guild Mortgage, we regarded on the lender’s mortgage merchandise, approval requisites and shutting prices. We additionally checked out the corporate’s credentials, noting its licenses, awards, certifications and whether or not it was topic to any regulatory or authorized actions.

Lastly, we learn evaluations and complaints from completely different sources to get a basic concept of how the lender fares concerning buyer satisfaction.

Be aware: We reached out to a PR consultant from Guild Mortgage and have but to obtain a response.

Abstract of Cash’s Guild Mortgage Overview

Guild Mortgage is one among Cash’s best mortgage lenders because of its variety of mortgage services and products that attempt to make homeownership potential for extra folks. Homebuyers can apply for standard loans, mortgage refinancing, dwelling renovation loans, jumbo loans, government-backed loans, down fee help and lending packages that think about various credit score knowledge.

Guild Mortgage might not work for potential householders who need the comfort of an internet underwriting course of, because the lender nonetheless prioritizes face-to-face interplay. That mentioned, the web site is well-equipped with academic supplies and instruments to assist candidates provoke their shopping for course of on-line.

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