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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.
Pros & Cons
- Specializes in refinancing VA loans
- Loan application tracking
- Loyalty program
- Application process isn't entirely online
- Not available in all states
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.
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...Read full review
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
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
|Year||Difference from national average|
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.
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
|Mobile document upload|
|Publishes minimum rate on website||X|
|Rate lock||Not disclosed|
|Pre-qualification (no hard credit pull)|
|Certified approval letter||Not disclosed|
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
|Total loans initiated||38||13||40|
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
|Home purchase loans||0.21%||0.03%||0.24%|
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
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.
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.
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:
- New Hampshire
- New York
- North Dakota
- Rhode Island
- South Dakota
- West Virginia
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Reviewed June 15, 2023
We had a wonderful experience with ClearPath. We bought a house and it so happened that, when we went looking, the person that we were dealing with dealt with ClearPath. So, that was how we got them. We bought this house in 2019 and, after that, we lowered our interest rate. So, we refinanced. This time, we needed to do some upgrades to the house. So, we got a refinancing to do that. It was very quick and easy. They had a lot of our information already because we had done a refinance with them before. The people that they have working there that we deal with are phenomenal. They're fast and they keep in touch with you and I'm very happy. We dealt with Michael and he's very good. He gave me a list of what it is that I need in order to be able to do this.
ClearPath has this loyalty program. What they do is, if you have a loan with them and it's a VA loan, they give you an opportunity to be able to have as many refinances as you want and they don't charge you for the filing of the papers. There are a lot of benefits to it. They work with you so that you don't pay for the appraisal and so on and so forth. We just found out when we went to get a new roof put on our house that my name was not on the loan, but it was supposed to be put on the deed.
So, because it should have happened, the people that they deal with for the title company said that they would waive their fee and they would send me the paperwork for us to be able to do a quitclaim deed to put my name on the deed. That worked out really well. This loyalty program that they have is very helpful. Our house increased in value quite a bit. So, we were able to get quite a bit of money out to be able to replumb the house and get a new roof and update our kitchen and so on all these things are going to be putting value into our house. ClearPath has been very good.
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Reviewed June 15, 2023
I received ClearPath’s personal care and customer service, when they treated me nicely and did things according to their plan. I was working with someone else and we didn't complete our process. ClearPath gave me a call and I dropped who I had and went straight back to them. You feel so much more comfortable dealing with people you know and have done that type of job with before.
Quine, the rep, was the best. She was very customer-oriented and knowledgeable. She is a subject matter expert on dealing with taking care of her customer or client. It became personal and more comfortable with processing through her. There was no runaround. This is the most important part that separated her from all the others. She says on her voicemail to call her supervisor and gives the number if we cannot contact her. That's the winner right there. I've gotten the runaround with other people before to where you call that number and they're not there for days. And that's not gonna work. But with her, if I couldn’t contact her, there was always somebody I can talk to on the phone and that was huge.
We were doing this during a volatile time and I was able to get out of credit card debt. I was able to refinance at a rate. But since this is a VA loan, within six months, they automatically re-alert me to move this to a better positioning. Quine’s assistant had a subject matter expert part about him too. He gave me comfort just as much as she did. So if I was to hand it off to him, I knew I was in good hands.
Reviewed May 8, 2023
Nobody prepared me for having to go through all the stuff that I had to go through this last time with ClearPath. I didn't have to jump through a whole bunch of hoops the last few times. But this last time, I had to get the financing estimate and repairs to the house done. Getting paperwork together is one thing, but I had to go through and paint the exterior of the house and tear down a treehouse that I have in the back. There were a lot of people and different inspections that had to get done. This one was more stressful than it was initially to buy the house. When I bought the house, it only took a couple of months. This last refinance, it took six months.
I was in process in November and it took a lot longer this time to get it. It was a little more stressful. But I also was getting my automobile and all my credit cards paid off through it as well. That had something to do with it but I wasn't expecting as much stuff that I had to do beyond what I was normally having to do. The hardest thing I had to do was meet the notary to sign the paperwork. But the people were nice to deal with. I never had a problem getting ahold of them. I'm getting used to doing things more online and not in person. They're good about doing things over the phone, by mail, online, and getting things done. You would think something like this would be something that you'd have to be there for, to be in front of somebody. But they didn't have a problem with any of them.
Reviewed Jan. 11, 2023
I called ClearPath and they didn't call me back. I went with the first person I found and they ended up being another company, and they were not good. Right when I was ready to cancel the whole deal, a fellow named Long called me, returning the call to see if I had gone through with buying a house and all this other stuff. I told him what was going on. I asked him if I could legally switch. He said, "Yeah, do whatever you want. You're the consumer. They can't tell you what you can or can't do." I traded it to him. He has done more in three days, and they did it over a month. My closing date with the original company was November 11th. We're a week and a half to close, and he exceeded that date. We did it on November 1st. I was on the phone with him at 11:48 at night, trying to get the rate locked in because the rates are going up the next day. He finally got it locked in. He stayed up all night working to do that just because it's the kind of guy he is.
Overall, the application process with ClearPath was very easy. Their portal was pretty easy to use. I hate computers, and I was able to do everything on my phone. They emailed me everything. I just took a picture of what they needed from me and uploaded it to their portal and that was it. I can't speak for everybody at ClearPath but Long and his team will bend over backwards to make sure that you get done what you needed done.
Reviewed Nov. 1, 2022
I was with ClearPath Lending twice. They’ve refinanced my house. Then this time, I pulled out cash to pay off debt. I just happened to contact Steven again because he, as well as Robert, always stayed in contact. So, that made it a little bit easier to just contact them and say, “Hey, this is what I'm trying to do.” I knew what I needed. They also let me know what I needed, but because I had worked with them previously, I was already a step ahead of them and sent them everything prior to us even getting started. So, it was a quick closing. I didn't have any issues. Steven was very communicative and lets me know the process and where I am and what was going on. Robert did the same thing. Robert was the one who started doing all the closing stuff.
Everything was perfect. Even when it came time to cut the checks to the creditors, everything was taken care of. The money went into the account for me to continue paying the other creditors. The only thing is that I still had to go back and pay certain creditors myself, whereas they had cut the big checks to the other people. I had to go in and still say, “Okay, I have to pay this first and I have to pay this first.” I just would have rather preferred to cut a check and then not have to worry about it. Other than that, I like the skip two payments with ClearPath. It allowed me to even pay more debt off because what I would have paid for our mortgage, I was able to put on other credit cards.
Reviewed Sept. 16, 2023
Everybody was helpful and very nice, so it was good interaction. The process with ClearPath was streamlined so everything worked out quickly.
Thank you for your feedback and welcome to the ClearPath family!
Reviewed Sept. 16, 2023
ClearPath got me out of debt. Every time I had a question, the rep answered it. If he needed information, I was able to get it to him. He told me exactly what he needed and once I gave him the basic information about what I was looking for, he gave me multiple options. If I couldn't get ahold of him over the phone, I could email or text. Any question that I had, if he didn't know the answer, he would get the answer and call me back the same day. Everything with him was great and so was with the closing office. The other entities made it horrible 'cause I would call one of my credit cards trying to get a payoff amount or where to send the money, but it was like pulling teeth. But the loan officer was patient. He kept trying to coach me through it. He was reassuring me that everything was fine.
Reviewed Sept. 14, 2023
We enjoyed our experience with ClearPath last time and we decided to go back and get a new mortgage. The reps were courteous, well-informed and attentive to our needs.
Reviewed Sept. 14, 2023
My experience with ClearPath was very good. The application process went by pretty smoothly. I had to provide a lot of work and documentation, but that turned out all right. From start to finish, it only took a month and a half. The loan officer was was also understanding and wasn't pushy.
Reviewed Sept. 10, 2023
ClearPath Lending was professional. They explained everything well. And they did what they said they would do. If they said they would call me, they called. I appreciated the rep's patience with me as I'm older. I was able to send pictures of my documents. And it was all done within a few minutes. Very simple. It was a great experience.
Thank you for your review about your recent refinance experience. We truly value your business and welcome you to the ClearPath family!
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ClearPath Lending Company Information
- Social media:
- Company Name:
- ClearPath Lending NMLS # 936436
- Company Type:
- 15615 Alton Parkway Suite 300
- Postal Code:
- United States
- (855) 866-7284