Academy Mortgage Corp.

Academy Mortgage Corp.

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Written by Jennifer Schurman
Edited by Jana Lynch

About Academy Mortgage Corp.

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Academy Mortgage Corp. (NMLS #3113) is a full-service mortgage lender founded in 1988 and based out of Draper, Utah. The company offers a selection of loan products, including conventional, FHA, USDA, VA and jumbo loans. In 2021, Academy Mortgage Corp. originated over $15.5 billion in mortgage loans.

Pros

  • Competitive rates
  • Down payment assistance
  • Available in most states
  • Offers renovation loans

Cons

  • Not available in New York
  • Applying requires speaking with a loan officer
  • High credit requirements for FHA loans

Bottom Line

Academy Mortgage Corp. is a direct-to-consumer lender that provides home loan products in 49 states. The company offers competitive rates and down payment assistance programs to first-time or repeat homebuyers. You can start the preapproval process online, but you have to speak with a loan officer to complete an application.

Rates

Academy Mortgage Corp. does not publish its starting rates on its website. However, the company had an average home purchase rate lower than the national average for the past three years. In 2021, its average rate for home purchase loans was 0.18% lower.

Mortgage rates depend on several factors, including a borrower’s credit score, debt-to-income (DTI) ratio and down payment amount. Borrowers who have excellent credit (800 and up) and low DTI ratios (less than 36%) who offer a high down payment are likely to get the best rates.

Academy Mortgage Corp. offers both fixed-rate and adjustable-rate mortgages (ARM). You may prefer a fixed-rate mortgage if you plan to stay in your home for a while and can lock in a relatively low rate. On the other hand, you may consider an ARM if you can get a low starting rate and there’s a chance you may sell your home in a few years.

Academy Mortgage Corp. average home purchase rate vs. national average

YearDifference from national average
2021-0.18%
2020-0.28%
2019-0.11%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

Unlike many lenders, Academy Mortgage Corp. doesn’t provide an online mortgage loan application. However, you can visit the company’s website and complete a contact form for a loan officer to reach out to you.

Be prepared to answer various questions about your income, debts and assets. It may be a good idea to have the following documents handy when you speak to your loan officer: a recent pay stub, checking and savings account balances, retirement account balances and the prior year’s tax return. You may also need to upload documents like bank statements and tax returns to the My Mortgage app, which keeps track of your application status.

Once you’ve completed the application, your loan officer can advise on the timeline for receiving a preapproval decision. The company keeps processing, underwriting and funding duties within local branches and promises quick closing times.

Academy Mortgage Corp. application features

FeaturesAvailability
Online applicationX
Mobile document upload
Physical branches36 states
Publishes minimum rate on websiteX
Rate lock180 days
Pre-qualification (no hard credit pull)X
Certified approval letter

Loan types

Academy Mortgage Corp. offers a variety of loan products, including conventional (with fixed or adjustable rates), FHA, VA, USDA and jumbo loans. The company also offers reverse mortgages and renovation loans. Fixed-rate mortgages have loan terms that range from 10 to 30 years.

Academy Mortgage Corp. also offers down payment assistance programs, like those provided by state housing agencies. They have specific eligibility requirements, so you’ll need to discuss your individual situation with your loan officer.

In 2021, borrowers initiated 47,791 home purchase applications with Academy Mortgage Corp. Of those, no preapprovals were denied, which is common with lenders who require a consultation with a loan officer early in the application process. About 3% (1,366) of the applications were denied, which is a lower denial rate than the industry as a whole sees (about 8%). Ultimately, the company closed about 77% (32,184) of these loans.

Loan applications for home purchases only by year

202120202019
Home purchase applications41,79143,81437,650
Home purchase loans closed32,18433,41929,113
Home purchase applications denied1,3661,8513,261
Home purchase preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

From 2019 to 2021, the majority of the loans Academy Mortgage Corp. originated were home purchase loans. In 2021, about 61% were for home purchase, and 39% were for refinance and cash-out refinance loans combined.

During this time, many lenders experienced an increase in refinance applications. Mortgage rates declined steadily through 2020, reaching historic lows later that year. Borrowers jumped to refinance and lock in a lower rate to save on their monthly payments.

Generally speaking, refinancing makes sense if you can save on interest over time, which means you’ll need to secure a lower rate than your existing mortgage has. Some borrowers may qualify for lower rates if their financial situation has improved (e.g., they’ve paid off debts or their credit score went up). You can check out the lender’s refinancing rates to see if it makes sense for you.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans61.46%57.34%75.23%
Refinance loans20.55%25.74%12.61%
Cash-out refinance17.99%16.92%11.47%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

Academy Mortgage Corp. discloses many of its borrower requirements on its website. The company seems to adhere to the industry norms — for a conventional loan, you’ll need a credit score of at least 620, for instance, and to offer a 3% down payment.

The company doesn’t disclose its minimum credit score for FHA loans; however, it does require a 10% down payment for borrowers with credit scores below 620. VA loans and USDA loans allow for 100% financing, which means there’s no down payment required.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHANot disclosed3.5% with 620 credit scoreFHA lenders
VA5800%VA lenders
USDA6200%USDA lenders

For other loan types, read our guide on jumbo loans.

Costs and fees

Academy Mortgage Corp. isn’t transparent about the fees it charges for loan originations. You may pay an origination fee of 0.5% to 1% of the loan amount or a flat fee regardless of the loan amount.

Lender fees are a portion of the closing costs you’ll pay when you buy a home. Closing costs tend to add up to around 2% to 5% of the loan amount and generally include appraisal fees, title search fees, real estate taxes, mortgage insurance premiums (if applicable) and recording fees.

To help you prepare to pay closing costs, your lender will give you a document outlining all potential fees (called a Loan Estimate). You’ll receive this document, which includes loan details like your interest rate and estimated monthly payment, after you’re preapproved.

FAQ

What is Academy Mortgage Corp.?

Academy Mortgage Corp. is a full-service lender headquartered in Draper, Utah. The company offers conventional loans, government-backed mortgages, refinances and reverse mortgages. You can fill out a contact form online to start the preapproval process, but you’ll need to speak with a loan advisor to complete an application.

Is Academy Mortgage Corp. legit?

Academy Mortgage Corp. is a legitimate lender that’s been in business since 1988. The company originated over $15.5 billion in mortgage loans in 2021, and it’s helped over 49,000 borrowers achieve homeownership, according to its website.

Where is Academy Mortgage Corp. available?

Academy Mortgage Corp. is available in 49 states and Washington, D.C. (not currently available in New York). The company operates branches in 36 states nationwide.

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ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
  1. OriginationData, “Academy Mortgage Corp.” Accessed September 12, 2022.
  2. NMLS Consumer Access, “Academy Mortgage Corp.” Accessed September 12, 2022.
  3. Federal Financial Institutions Examination Council (FFIEC), “HMDA Dataset Filtering.” Accessed September 12, 2022.

Academy Mortgage Corp. Company Information

Company Name:
Academy Mortgage Corp.
Website:
academymortgage.com