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About Lakeview Loan Servicing
Lakeview Loan Servicing (NMLS #391521) is one of the largest mortgage loan servicers in the U.S., collecting payments, managing escrow and providing other customer service. It also helps customers take out purchase loans, refinance loans and reverse mortgages. Lakeview is based in Coral Gables, Florida, and is licensed in all states except New York.
- Available in 49 states
- Helpful online tools
- Complimentary mortgage review
- Limited information on website
- Unavailable in New York
Rates
Lakeview Loan Servicing mostly services loans, but it does also fund home purchase loans, refinance loans and reverse mortgages. Rates for its mortgage products are not published on its website; you’ll need to contact the company or complete an application to find out what kind of rate you might receive.
Data provided under the Home Mortgage Disclosure Act indicates that in 2021, Lakeview’s average home purchase rate was equal to the national average; in the previous two years, the average rate was slightly higher than the national average.
Lakeview Loan Servicing average home purchase rate vs. national average
Year | Difference from national average |
---|---|
2021 | 0.00% |
2020 | +0.19% |
2019 | +0.15% |
Application process
If Lakeview Loan Servicing is your mortgage servicer, you’ll need to create an account to access your loan information. To do that, you’ll provide your name, email address and Social Security number and then pick a user ID and password.
If you’re interested in getting a mortgage directly from Lakeview, you’ll need to contact the company directly or create a new user account to complete your application. There is an online chatbot available to answer questions, but its capabilities are limited, and you may be better off contacting the company instead.
Lakeview Loan Servicing application features
Features | Availability |
---|---|
Online application | |
Mobile document upload | |
Physical branches | Five states |
Publishes minimum rate on website | X |
Rate lock | Not disclosed |
Pre-qualification (no hard credit pull) | |
Certified approval letter | Not disclosed |
Loan types
Lakeview Loan Servicing offers purchase mortgages, refinancing and reverse mortgages. To find out what types of mortgages you qualify for, you need to speak with a company representative.
From 2019 to 2021, Lakeview Loan Servicing received 7,601 home purchase applications. Of those, Lakeview closed on 4,735 loans. It denied 1,252 applications (16%).
Loan applications for home purchases only by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 2,051 | 2,953 | 2,597 |
Home purchase loans closed | 1,135 | 1,927 | 1,673 |
Home purchase applications denied | 403 | 325 | 524 |
Home purchase preapprovals denied | 0 | 1 | 0 |
Refinancing
If you’re looking to refinance your mortgage — whether to take advantage of lower interest rates, change the terms of your existing mortgage or get a lump sum of cash from the equity in your home through a cash-out refinance — you can do that through Lakeview Loan Servicing. You need to call the company to get refinance offers.
From 2019 to 2021, the majority of the loans issued by Lakeview were refinance loans. Home purchase loans made up only a small percentage. In 2021, when rates were at record lows, over 90% of Lakeview’s loans were rate-and-term refinance loans. Just 1.7% of its loans were home purchase loans.
Home purchase vs. refinance loans by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 1.70% | 3.83% | 9.53% |
Refinance loans | 90.92% | 92.82% | 73.43% |
Cash-out refinance | 7.38% | 3.35% | 17.04% |
HELOC and home equity loans
If you’re looking to use the equity in your home to pay for a large expense or project, you might consider either a home equity line of credit (HELOC) or a home equity loan. Both let you tap into the equity in your home; a HELOC is a revolving line of credit with a draw and repayment period, while a home equity loan gives you funds in a lump sum, and you begin making payments back to the lender immediately.
Lakeview Loan Servicing only offers home equity loans. Like its other loan products, the terms for the home equity loans are not available online, and you’ll need to contact the company directly to obtain more information.
It is important to note that a home equity loan is a secured loan that uses your existing home as collateral. If you default on the payment, you could lose your house.
Requirements
Lakeview Loan Servicing does not disclose any of its mortgage borrowing requirements online. It does provide a calculator to determine how much house you can afford. As with rates and terms, you’ll need to contact the company directly to find out requirements for different types of loans.
Industry norms suggest that for a conventional mortgage, you’ll need at least a 620 credit score and a 3% down payment. These requirements tend to be a bit less strict for government-backed loans.
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 |
USDA | Set by lender (often 640) | 0% | USDA lenders |
For more information on other loans, see our guide on jumbo loans.
Cost and fees
Although Lakeview does not disclose any of its costs or fees on its website, you can expect to pay certain closing costs with your loan. Closing costs can include an appraisal fee, credit report fee, discount points, escrow funds and other charges. These costs generally add up to 2% to 5% of the loan amount. After you apply and shortly before you close, Lakeview is required by law to provide documents detailing the costs and fees of your loan.
FAQ
What is Lakeview Loan Servicing?
Lakeview Loan Servicing is a mortgage servicer that also funds home purchase loans, refinance loans and reverse mortgages. It is based in Coral Gables, Florida.
Is Lakeview Loan Servicing legit?
Lakeview Loan Servicing is a legitimate company that is one of the largest loan servicers in the U.S. According to the company, it assists over 1.4 million customers per year with their loans.
In 2021, it was subject to a large data breach that reportedly affected 2.5 million customers; multiple lawsuits followed. As of the writing of this profile, the lawsuits are still pending.
Where is Lakeview Loan Servicing available?
At the time of publishing, Lakeview Loan Servicing is licensed in 49 U.S. states and Washington D.C. (It is not available in NY.) Although it operates mainly online, it does have branches in five states, including Florida, Nevada, North Carolina, Ohio and Pennsylvania.
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- 4,592,094 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.
Sources
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 23, 2022.
- National Mortgage Professional, “ Lakeview Loan Servicing Faces Multiple Lawsuits Over Data Breach .” Accessed Sept. 20, 2022.
Lakeview Loan Servicing Company Information
- Company Name:
- Lakeview Loan Servicing
- Website:
- lakeview.com