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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.
Top ClearPath Lending Reviews
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
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
|FHA||500||3.5% with 580 credit score||FHA lenders|
|VA||Set 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.
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
ClearPath Lending Reviews
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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.
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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.
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.
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!
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.
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!
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."
Overall, this one was a negative experience, and I would never use them again. I gave ClearPath Lending a list of the bills I wanted to consolidate. They gave me an estimate of what my monthly payment would be, and I was fine with it. And they contacted me back two weeks later. "We calculated that but we didn't include the escrow payment. So your payment is now gonna be this amount. We forgot to include the car payment." And it kept going up and up. It reached a point, "Now, you don't get the lower interest rate. You're gonna get a higher interest rate." That made the payment go up more. To get $80,000 in money to consolidate debt, my house payment doubled. They paid my insurance and part of the finance company, didn't send the information to the finance company that bought the loan. So, I have to track down my insurance agent so I could get that straightened out. It was a big mess.
ClearPath Lending should have their act together so they know what's going on. If they're gonna calculate somebody's monthly payment, they need to have all the charges included. When I got my checks to pay off credit cards and my car payment, the checks were all short. So, I had a couple of payments I got to skip. I had to use that money to make up the difference between what the check they wrote and what the amount was. So, I had to follow behind them on three of the bills, two of the credit cards, and the car payment I had to go back and pay the difference.
I went with a refi with the total cash out, and it took about a month and a half, but there was a lot paperwork to do. Any questions I had, I usually got an answer within 24 hours. This is my third time with the refi, and the loan officer is easy to talk to. Also, the rates and the terms are really good and they're competitive. ClearPath Lending has always been great. They're friendly and really thorough. Everything's explained, and if I have a question, they explain it in simpler terms, but I don't feel like they're talking down to me. Being in military, I don't like people talking to me like I'm not educated. They also keep me up to date on things and really watch the market. To me, I get better treated with ClearPath than I did with NewDay.
I'm a disabled veteran, and I'm always looking for the better option. I switched to ClearPath after NewDay because NewDay wants give you the business answers. They don't wanna break it down. I've been with ClearPath Lending for years, and one of the main reasons I stay with them is they keep it easy. I also have Crohn's disease so I gotta manage my stress. NewDay was headache, while ClearPath is not stressful.
Clearpath's interest rate was smaller and they gave me more back. I refinanced, and it was easy to upload the documents, but getting the payoff statements was hard. However, every time I had a question, the rep answered. I also expected things to take longer, but I was pleasantly surprised.
Everything was professional. My loan officer was informative. I was able to get in touch with him and also communicate with him via email. He did a good job of helping me through the process. I would recommend ClearPath.
ClearPath was dependable and prompt. They made a couple of appointments and kept those. I've had a loan before where I wasn't too comfortable with, but I was comfortable with ClearPath. I have recommended them to two other people.
- 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:
- U.S. Department of Veteran Affairs (VA), “Interest rate reduction refinance loan.” Accessed August 22, 2022.
- 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:
- 15615 Alton Parkway Suite 300
- Postal Code:
- United States
- (855) 866-7284