ClearPath Lending
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ClearPath Lending

 4.9/5 (197 ratings)
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ClearPath Lending
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Written by Taylor Sansano
Edited by Jana Lynch

About ClearPath Lending

ClearPath Lending (NMLS #936436) is a lender offering home purchase and refinance loans. You can use the portal on its website to upload documents, see your loan info and monitor your application.

In 2020, the Consumer Financial Protection Bureau penalized ClearPath Lending for inadequate disclosures and misleading and deceptive statements in its ads for VA loans. The company was ordered to pay a civil penalty.

Overall Satisfaction Rating

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  • 1 stars

Pros

  • Specializes in refinancing VA loans
  • Loan application tracking
  • Loyalty program

Cons

  • Application process isn't entirely online
  • Not available in all states

Bottom Line

While ClearPath Lending has a variety of loan options, it mostly focuses on lending to veterans. It also offers a unique loyalty program that can help you get a lower rate by refinancing. However, it has been fined for false advertising as recently as 2020.

Top ClearPath Lending Reviews

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Rated with 5 stars
Verified

ClearPath made refinancing very simple and pleasurable. There was no stress on it. … I look forward to working with them in the future. If I have friends or family that are lookin...

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Rated with 4 stars
Verified

The first two times I used ClearPath, the experience was good. This last time was a little rocky though. The first couple of times is just a straight refi and the last time around...

Read full review

Rates

ClearPath Lending isn’t transparent about its current rates, but Home Mortgage Disclosure Act data indicates that its rates generally aren’t too far off from average mortgage rates. Just be aware that small rate changes can have a big impact — the difference between a 4% and a 4.58% interest rate could cost you more than $30,000 in interest over the course of a $250,000 30-year mortgage.

ClearPath Lending average rate vs. national average

YearDifference from national average
2021-0.19%
2020+0.58%
2019+0.23%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

However, it’s worth mentioning that the above rates are for home purchases and do not include refinancing, which is the bulk of ClearPath Lending’s business.

Application process

Getting a mortgage with ClearPath Lending starts by calling or entering your info on the company’s website. However, even if you start online, you're still directed to call the company or wait for them to contact you.

Once you’ve started the application process, though, you can use the ClearPath Lending Portal to upload documents, access your loan information and monitor your application in real time. Many borrowers said that ClearPath Lending’s process was seamless and smooth once the ball got rolling.

ClearPath Lending application features

FeaturesAvailability
Online application
Mobile document upload
Physical branchesX
Publishes minimum rate on websiteX
Rate lockNot disclosed
Pre-qualification (no hard credit pull)
Certified approval letterNot disclosed

Loan types

ClearPath lending offers several loan options for homebuyers, including:

  • Conventional loans
  • FHA loans
  • VA loans
  • Jumbo loans

However, the company hasn’t had many purchase loan applications in the past few years, and the number of purchase loans it originated is even smaller. That’s because its most popular loans are for refinancing.

Loan applications for home purchases only by year

202120202019
Total loans initiated381340
Loans originated27722
Applications denied617
Preapprovals denied000
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

The majority of ClearPath Lending’s loans are for refinancing. These products help customers lower their monthly payments, shorten loan terms, access home equity or switch rate structures by replacing their existing loans with new ones.

ClearPath Lending offers three main refinancing options for existing homeowners: conventional loans, FHA streamline loans and VA interest rate reduction refinance loans (IRRRLs). IRRRLs have been the company’s most popular offering in recent years.

In 2020, the Consumer Financial Protection Bureau found that ClearPath Lending violated several regulations by sending “mailers for VA-guaranteed mortgages that contained false, misleading, and inaccurate statements or that lacked required disclosures.” The company was required to pay a $625,000 civil penalty.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans0.21%0.03%0.24%
Refinance loans92.62%99.34%96.68%
Cash-out refinance7.18%0.63%3.09%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

Requirements

ClearPath Lending does not disclose its loan requirements or process for determining how much it believes you can afford. We’ve outlined some generic loan requirements below to help you set some expectations, but be aware that ClearPath Lending's requirements may differ from these guidelines.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders

Additional qualifications may also apply, especially for government-backed loans. For example, VA IRRRLs have their own underwriting requirements set by the Department of Veterans Affairs:

  • You must already have a VA-backed home loan.
  • You must use the IRRRL to refinance your existing VA-backed home loan.
  • You must certify that you currently live in or used to live in the home covered by the loan.

No credit underwriting package is required by the VA when applying for an IRRRL, though.

For information on other loan types, read our guides to jumbo loans and USDA loans.

Costs and fees

ClearPath Lending doesn’t publicly disclose any costs or fees for its products other than stating that you may not need to pay any money out of pocket to get an IRRRL.

In general, closing costs on a mortgage range from 2% to 6% of the loan amount. This includes mortgage insurance, discount points and any additional fees that may come with your loan. You can see your expected closing costs in your Loan Estimate, which you should receive within three business days of your application.

ClearPath Lending also has a Loyalty Program that notifies you when a lower rate is available for your loan so you can refinance and save money on your monthly payments.

FAQ

How does ClearPath Lending work?

To get a mortgage with ClearPath Lending, you must either speak with a representative or provide your information so they can contact you. From there, they can help you finish the application process.

Is ClearPath Lending legit?

ClearPath Lending is a licensed mortgage lender with a high overall satisfaction rate on our site at the time of publishing. However, the government did fine the company in 2020 for deceptive advertising.

Where is ClearPath Lending available?

ClearPath Lending is available in 31 U.S. states.

It is not available in:

  • Alaska
  • Connecticut
  • Delaware
  • Kansas
  • Iowa
  • Maine
  • Massachusetts
  • Minnesota
  • Mississippi
  • Missouri
  • New Hampshire
  • New York
  • North Dakota
  • Rhode Island
  • South Dakota
  • Utah
  • Vermont
  • West Virginia
  • Wyoming
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How do I know I can trust these reviews about ClearPath Lending?
How do I know I can trust these reviews about ClearPath Lending NMLS # 936436?
  • 4,010,719 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer Verified Buyer
Original review: Aug. 12, 2022

Henry, the rep from ClearPath, walked me through the whole process all the way through to the end. He was outstanding. He was very patient and informative, and broke it down in several different ways. He gave me a couple of different options and told me his opinion. It was a little bit more money upfront, but in the long run, it was gonna save me money. The application process was simple. Henry said he was gonna send me an email and it was going to have everything in order that I need. When I get that stuff together, I should send it to him and we would move on to the next step. We did everything in small increments. So, it didn't seem like you had this big mountain to climb. He was responsive. If I sent a text or did something like that, he called me back. Or if he didn't answer the phone, he was usually in touch with me fairly quick.

The closing process was smooth and it was a few bucks cheaper when the lady showed up, which was better. Henry followed up and said that he wanted to touch base with the final numbers. His numbers matched and he explained why. He wanted to make sure that I knew what the final numbers were and I said that I had it off the paperwork, and we discussed it. One of the initial questions that I asked was how long the process was going to take and I was given the timeline. It was a little bit shorter than what the rep said it was going to take. The experience I had with the people that worked with me were the best. They delivered what they said they were going to deliver. In today's world, you can't ask for more than that.

ClearPath Lending response

Thank you for sharing your recent experience working with Henry. We are excited to hear you were able to save money during the process. We look forward to working with you again soon!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 9, 2022

    I did a cash-out refinance with ClearPath. I went with them because they were the most forthcoming with the most information. The application process was pretty smooth going and straightforward. I had done a refinance before so I already knew how to find all my digital documents. That part was easy-going. The only thing that was a little iffy was right towards the end of the closing process, the underwriters kept coming back with needing one more thing. I turn around and get it right back to them the same day. I wouldn't hear anything for a day or two then they go they need one more thing.

    The other thing was we had to have a second termite inspection done because there was a miscommunication on a couple of the outbuildings that I had. The appraiser added those into the value of the house as opposed to not. They're not inhabitable buildings as they're just hay sheds. But in order for the underwriting to go through, we had to have the exterminators come back out and termite inspect those buildings. It was two or three things right there that last week before closing.

    Eventually, we closed. The only issue I've had is that since the closing, my cash in hand was direct deposited but they were supposed to cut me a check for my auto loan to pay that off. For whatever reason, that check got sent to my Realtor instead of to me. I actually got a notice from my insurance company yesterday for a notification of cancellation for nonpayment because the title company decideded to send it snail mail and uncertified. the insurance company has not received the check yet. My rep at ClearPath was saying, "It says the check was received back on the 29th." I talked to my insurance company and they have no record of receiving any check from them, let alone that check number. How did ClearPath have it as "received"? There have been a few little clerical issues as far as dotting the i's and crossing the t's.

    For the most part, I just called my rep, Cameron, and he was great. He answered about every time I called. If not, he usually got back to me within an hour. The few times that he didn't pick up were if it was late in the day. He got back to me first thing the next morning. If it was before mid-afternoon, he always got back to me that same day. If I asked him a question and he didn't know, he'd tell me he didn't know and he'd get back to me. He wouldn't try to tell me what I want to hear or push through and play like doom and gloom. This was another reason why I went with ClearPath. There was alos another person named Martin and he was the senior processor that was above Cameron. I only had two or three communications with him. It was short and concise. He's just not the most conversational guy on the planet.

    With the rates and terms I got from ClearPath, I'm not crazy about them. But rates are up for everybody right now. At least with me being a veteran and having my VA home loan, I can do a streamline refinance for that in six months if the rates go down. I'm not too terribly worried about it but it was a little disheartening to see my rate double. I was down to 2.3 and now I'm at 5.65.

    ClearPath Lending response

    Thank for sharing your experience with us. We are happy to hear that as a Loyaltly member you had another good experience. We look forward to working with you again!

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    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: June 9, 2022

    The first two times I used ClearPath, the experience was good. This last time was a little rocky though. The first couple of times is just a straight refi and the last time around, it was a cashout refi, which apparently is totally different. When I queried about it, they explained it to me. When it came to pan off the stuff for the cashout part, everything dragged real slow. I'm certain they went as fast as they could, but the payoff was 41,000 and it was paid down so much. I only get a statement once a year from these clowns, but they apply the interest to the loan yearly and not monthly. ClearPath got the payoff statement. Then, instead of wiring the money to the people, they wrote out checks to the people and mailed them to me. Why would they mail them to me? I had to turn around and mail them to the people.

    I gotta call them and check on this. By the time they received the check, the yearly interest got applied. Now, I still owe them three grand. So, I'm a little miffed about that. As far as my loan officer, I was talking to him regularly. ClearPath has always taken care of me and they worked on things as quickly as they could. I didn't have to go through a house inspection for the first two refis, but because it was a cashout refi, I had to do a house inspection and there was a problem with the paint job. I had to get the place painted. There was a storm last year that took off my carport and my back porch and my roof and took out three quarters of my fence. All that work was completed with the exception of painting. The place had to be painted and that took another month. So, it dragged out. Finally, it got re-inspected. They called me back and said, "Okay, you're good to go."

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 9, 2022

    I used ClearPath a couple of years ago. Victoria was one of the reps that worked with me this time but Jim and I met each other seven years ago when he did my first loan. I was a little skittish on what he was trying to do because I was in a fixed loan. He told me, "You need to try to look at this ARM loan." We talked about some options and he sent me some paperwork. I had a friend of mine that's an attorney take a look at it and he said, "You'd be a fool not to do this because they're gonna lower your interest rate down to 2.37% from 3.75%." The most important thing was ClearPath told me that they could only raise it a point at the most from what my actual existing interest rate was set at which was 2.37.

    I was concerned with the way the housing market crashed a couple of years back in 2012 when they started doing all these ARM loans, and everybody's interest rate went up to 8%, 9%. Jim said, "We can't do that to you, not under this type of loan." Lucky for me, this area was covid hit on the year that my loan was due to mature out of that ARM factor. Instead of my interest rate going up, it went down for the following year. I went from 2.37 down to 2.1 for that sixth year. That's good as far as saving money, but it's bad when it comes time for the refinance because no mortgage company is gonna touch you. They'd say, "We can't touch you because you're too low already." I told them I was not concerned with interest rate. I know the interest rates are itching to crawl back up as soon as the pandemic's over and I don't want to be caught in a 5%, 6% interest rate.

    I had talked to this other company and lost Jim's number. One day, Jim called me and we started talking. But the problem was I had a problem. I had gotten involved in a little carpentry accident and cut the tip of my thumb. I wound up going to the hospital about a year before this. What ended up happening was they sent me a medical bill within two weeks and told me I owed them $1,500. This went on for about six months and every time they had sent me a bill, it'd be lesser and lesser. The final bill I got a year and a half later was $118 I had to pay. I called TRICARE and they said they settled the rest of it.

    I thought they had taken care of it but Jim said he couldn't do anything until it got clear. I had to wait for a couple of months for my credit score to get back up. I waited until after Christmas. During this time, Jim called me and I told him what was going on. He helped me get that cleared up and my credit score immediately went up 6, 7. We talked about what we wanted to do. The only thing I didn't like was when they did my payoffs. They sent me the checks in the mail through overnight express and I had to send them out. But ClearPath was great. They've done everything they said they were gonna do and it happened in the time they said it was gonna happen. They kept me well-informed. There were no surprises. It was perfect and I've never done business that perfect. It was smoother this time than it was the time before.

    ClearPath Lending response

    Thank you for sharing your experience working with Victoria and Jim. We are so pleased to hear that as a Loyalty member you have had another great experience and getting a great rate! We welcome you to the ClearPath family and look forward to working with you again!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Jan. 19, 2022

    I talked to ClearPath Lending over a six-month period, and Nathan, the gentleman I worked with, was first class. He broke everything down and provided specific details. He was incredible and whoever is at the C suite level of ClearPath needs to know who he is because he's that good. I was very impressed. Also, the financial application was smooth, but the lien slowed things down.

    The house was new and we had a couple of liens to build a fence and a pool installation. I also had solar panels, which were taken care of. All these things have county liens that I didn't know about and it would have been good if ClearPath would have initially asked a pre-qualifying question to say, "Hey, do you have any outstanding construction-related events, things that you're doing that could inhibit the ability to get your loan?" Or they could have said, "Hey, do you have any liens against your home?" I would inject that in the initial conversation to see if ClearPath can help get over that because other homeowners might run into the same issue.

    Because we were putting a fence in, the county that I live in had a lien against my home and I couldn't go forward with the application process until that lien was lifted, i.e. the fence was paid. With my pool loan, I was at the end of my pool construction and I only had a bit left to pay. I expedited my need to pay off the pool a month early. If that didn't occur or if I was halfway through the process, I couldn't have refinanced, and I didn't know that. I would have been really upset that I would have gone through all this process and they're like, "Oh, you've got a lien because of your pool. Sorry, we can't do it unless you pay your pool off." Apart from that, I'd strongly encourage people to go through ClearPath.

    ClearPath Lending response

    We appreciate your feedback and welcome you to the ClearPath family!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Sept. 11, 2022

    I've used ClearPath a lot of times. They got the process done quickly. I was satisfied with the process. But I wish they would keep the loan. They pass it. They couldn't keep it. Other than that, ClearPath always treated me fairly.

    ClearPath Lending response

    We are so pleased that you continue to utilize our services, as a Loyalty Member. We thank you for sharing your most recent experience with us – we look forward to working with you again!

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 28, 2022

    Their options outweighed the other people that I was going to. The rep was very gentle and understanding. He didn't keep me waiting around. He was very responsive.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 27, 2022

    I went through ClearPath again because the last time I did, it was pretty good. After the first time, everything went so smoothly with them. They notified me about everything and what was going on. So it's pretty good.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 23, 2022

    I worked with ClearPath Lending in the past. That experience was fantastic, so I figured the next one, there was no other choice but them. Because we had worked together in the past, it took minutes. I love that I worked with Nathan again. He was part of my team during the first refinance. The door of communication was open. He kept me abreast of everything that was going on. Even when I wasn't expecting a call from him, he would call, let me know what was going on. So, I appreciated that. I felt heard, well advised, and in control of the situation at all times.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: Aug. 16, 2022

    I did a VA refi IRRRL and a VA mortgage with ClearPath Lending. When I started working with the agent, he was awesome. He was a hardworking guy. I've already told a number of people about him. I worked with them for a long time, from October of last year until we closed about a month ago. We ended up not getting the first property and getting a different property. But I liked how well the rep communicated with me. They did a great job. We had interest rates rising. This was a challenging project and we pulled it off. It went well. So, I was happy with the whole process.

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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. U.S. Department of Veteran Affairs (VA), “Interest rate reduction refinance loan.” Accessed August 22, 2022.
    2. Consumer Financial Protection Bureau (CFPB), “ClearPath Lending, Inc.” Accessed August 22, 2022.

    ClearPath Lending Company Information

    Social media:
    Company Name:
    ClearPath Lending NMLS # 936436
    Company Type:
    Public
    Address:
    15615 Alton Parkway Suite 300
    City:
    Irvine
    State/Province:
    CA
    Postal Code:
    92618
    Country:
    United States
    Fax:
    (855) 866-7284
    Website:
    clearpathlending.com