Lakeview Loan Servicing LLC | Lakeview Loan Servicing: A Major Player in the Mortgage Industry

Lakeview Loan Servicing, LLC (NMLS #391521) stands among America’s largest mortgage servicers, managing payments and customer support for over 1.4 million borrowers. Headquartered in Coral Gables, Florida, the company holds licenses across 49 states and Washington D.C., though notably absent from New York.

In addition to servicing existing mortgages, Lakeview directly funds home purchases, refinancing, and reverse mortgages. This dual role positions Lakeview as a significant force shaping housing finance nationwide.

Lakeview Loan Servicing LLC.gsr

Evaluating Lakeview’s Strengths and Weaknesses

To assess Lakeview objectively, weighing pros and cons proves essential:

Advantages:

  • Broad geographic reach spanning nearly all states
  • Helpful online account management and payment tools
  • Free mortgage reviews for exploring options

Drawbacks:

  • Limited product and rate information on website
  • Unavailable in New York, a major housing market
  • Mixed customer reviews suggest inconsistent servicing

While Lakeview’s scale affords resources and technology, its public-facing transparency and service record leave room for improvement based on borrower feedback.

Rates Remain Undisclosed to Comparison Shoppers

Lakeview’s website surprisingly omits any rate or APR specifics across its purchase and refinance offerings. Interested customers must contact representatives or begin applications to access personalized quotes.

Federal Home Mortgage Disclosure Act data suggests Lakeview’s average home purchase rates typically match or slightly exceed national averages:

YearDifference from National Average
20210.00%
2020+0.19%
2019+0.15%

While hardly predatory, Lakeview’s limited public pricing makes comparing offers more cumbersome for rate-conscious shoppers.

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Application Experience Blends Digital and Traditional

New Lakeview customers utilize an online account enrollment process synchronized with loan setup and servicing. Existing borrowers manage payments, statements, and support entirely through the web portal and app.

However, actually applying for new purchase or refinance loans relies on more conventional loan officer interaction following initial digital pre-qualification. Key application features include:

✅ Online pre-qualification and status tracking
✅ Mobile document uploads accepted ✅ Some physical branches (FL, NV, NC, OH, PA)

???? No public rates published on website

???? Undisclosed rate lock terms and durations

Overall, Lakeview maintains an adequate if unremarkable application interface blending online conveniences with loan officer support. The main impediment remains vague rate disclosure.

Loan Types Cover Core Mortgage Needs

Lakeview’s core financing products span the typical borrower situations:

  • Home purchase mortgages
  • Rate/term refinancing
  • Cash-out refinancing
  • Home equity loans

Government-backed loan availability such as FHA, VA, and USDA mortgages remains unclear without lender contact.

From 2019 to 2021, Lakeview’s application volume and approval ratios include:

  • 7,601 home purchase applications submitted
  • 4,735 home purchase loans ultimately funded
  • 1,252 home purchase denials (16% denial rate)

During the historic rate drop, refinancing requests dramatically outpaced home purchases, comprising 90%+ of 2020-2021 loans. Home purchase loans represented under 10% of recent originations.

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Borrower Requirements Adhere to Norms

Although Lakeview avoids publishing credit score, income, or equity thresholds, most applicants can infer typical industry benchmarks. Conforming loans usually expect minimum 620 FICO scores with 3%+ down payments or equity.

Government-backed programs may allow credit scores down to 580 or even 500 in exchange for larger down payments. Lakeview’s limited property type and use restrictions make it viable for primary residences, vacation homes, and investment properties.

Costs and Fees Remain Elusive

One notable omission on Lakeview’s website is any mention of lender fees, points, or closing cost estimates. While federal TILA disclosures require lenders itemize fees prior to closing, seeing representative examples while comparing offers helps borrowers budget accurately.

Typical closing costs include appraisals, credit reports, title policies, and prepaid taxes/insurance. Depending on loan specifics, borrowers should expect 2% to 5% in total closing costs, including fees.

Mixed Customer Sentiment Suggests Uneven Experiences

Examining Lakeview’s recent customer reviews on ConsumerAffairs.com reveals decidedly mixed feedback. Common themes include:

  • Praise for helpful online access and payment tools
  • Frustrations over customer support wait times and transfers
  • Concerns about payment processing delays or errors
  • Anger surrounding insurance claim proceeds handling

While every lender faces some negative reviews, the volume and specificity of Lakeview complaints suggest opportunities for improvement. A 2021 data breach impacting 2.5 million customers further strained borrower trust and triggered pending lawsuits.

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Curiously, Lakeview seems to attract more pointed criticism as a servicer than an originator. Borrowers often find themselves assigned to Lakeview after their original lender sells servicing rights post-closing.

Is Lakeview the Right Lender for You?

Lakeview’s ubiquitous servicing and broad financing catalog make it hard to avoid completely. As a top mortgage servicer, countless homeowners eventually interact with Lakeview regardless of their original lender preference.

As a direct lender, Lakeview’s incomplete online information and mixed service reputation may limit its appeal for some borrowers. Customers prioritizing seamless support and communication may find more highly rated competitors.

Those seeking a quick pre-approval letter and basic rate quote may grow frustrated by the information gaps and required loan officer contact to access details easily found on other lender sites.

Still, Lakeview’s flexible credit requirements and geographic reach keep it viable for borrowers. Homeowners inheriting Lakeview servicing can maximize the experience by promptly creating online accounts and closely tracking payments.

As with any lender, compare personalized quotes, get fee estimates in writing, and read service level agreements thoroughly. Lakeview’s story reminds us that not all mortgage experiences are created equal – even among leading national brands.

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