Lennar Mortgage

Lennar Mortgage Reviews

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About Lennar Mortgage

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Lennar Mortgage (NMLS #1058) is a subsidiary of the home construction company Lennar Corporation. It provides conventional, jumbo, FHA, VA and USDA loans. The company’s digital mortgage tool can help you get pre-qualified in as little as 15 minutes, though this may involve a hard credit check. Lennar Mortgage is licensed in 30 states, and it has branches in 21 of those.

    Pros & Cons

    Pros
    • Multiple loan options
    • Digital mortgage tool
    • Pre-qualification available in as little as 15 minutes
    Cons
    • Not available in every state
    • Above-average denial rate

    Rates

    Lennar Mortgage isn’t transparent about its current interest rates, but we looked at Home Mortgage Disclosure Act (HMDA) data to see its average rates over the last few years. In 2019, the company’s average interest rate on home purchase loans was 0.10% below the national average. Since then, Lennar Mortgage’s average rates have climbed, and in 2021 they landed just above the national average.

    You can complete the company’s pre-qualification process to learn what your rates may be, but keep in mind that you can’t see your rates until after its team has reviewed your information.

    Lennar Mortgage offers loans with fixed rates and loans with adjustable rates. Most borrowers prefer fixed-rate mortgages. However, when rates are high, you may be tempted to consider an adjustable-rate mortgage (ARM) with an introductory rate that’s lower than your fixed-rate alternatives. However, once the introductory period is over, your adjustable rate may increase, depending on market conditions.

    Because of this, ARMs are somewhat of a gamble, but if you plan on selling your home before the adjustment period ends or you expect rates to decrease in the future, an ARM can be attractive.

    Lennar Mortgage average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    Lennar Mortgage's digital mortgage application process lets you start an application from your phone, tablet or laptop. You can connect your bank accounts and tax information to avoid paperwork, and the tool automatically saves your progress so you don’t lose your place.

    You also have access to customer support online, over the phone and in person. This can be helpful in case any questions come up during the online process or if you just prefer to work with a real person.

    Lennar Mortgage application features

    Loan types

    Lennar Mortgage originates a variety of loans, including conventional, jumbo (nonconforming conventional) and government-backed mortgages, like FHA, VA and USDA loans. With a conventional mortgage, you can choose between a fixed or adjustable interest rate, depending on your financial situation and goals. Reverse mortgages are also available for people age 62 or older.

    Between 2019 and 2021, Lennar Mortgage closed more than 107,000 home purchase loans. Out of its more than 153,000 applications during that period, it denied about 10%. That’s slightly higher than the industry-average denial rate, which hovers around 8%.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    In 2020 and 2021, refinancing got more popular industry-wide as interest rates hit historic lows. That’s because demand for refinancing tends to increase when rates drop.

    Lennar Mortgage didn’t experience this trend as drastically as many other lenders, though. Its 2021 refinance totals were actually lower than those in 2019 (even though 2020 did see a significant spike). Refinance originations are expected to be low through 2022 given rate increases across the industry.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements

    Lennar Mortgage doesn’t outline its requirements for each type of loan, but it does offer a pre-qualification option accessible by clicking the “GET PRE-QUALIFIED” button in the top right corner of its website and working your way through the application. Once you’ve completed the application, its team will review your information and let you know what types of loans you may qualify for based on how much it thinks you can afford.

    In general, most conventional loans require at least 3% down and a credit score of at least 620. If your credit score is lower, you may consider an FHA loan instead. FHA credit minimums typically start at 500, but you’re stuck with a 10% minimum down payment unless your credit score is over 580.

    National mortgage requirements by type

    Cost and fees

    Like most lenders, Lennar Mortgage charges various closing costs. The types and amounts of these fees depend on a multitude of factors, but they usually add up to somewhere between 2% and 5% of your loan amount.

    Lennar Mortgage is actually fairly transparent regarding its lender fees. For example, you can expect origination fees to equal up to 2% of the loan amount. Lennar Mortgage’s other possible fees include a commitment fee (up to $1,500), an underwriting fee (up to $950), a document preparation fee (up to $950), a processing fee (up to $800) and several relatively minor service fees.

    Lender fees don’t include other costs you must pay at closing, though, like homeowners insurance, private mortgage insurance and your down payment. To help offset these costs, Lennar Mortgage provides a few down payment assistance (DPA) options, including grants and second mortgages. Most DPA programs are for first-time homebuyers and have more flexible qualifying criteria.

    Lennar is also legally required to provide a Loan Estimate after you submit your application, and this should give you an idea of all your anticipated charges before you commit to borrowing.

    FAQ

    What is Lennar Mortgage?

    Lennar Mortgage is a subsidiary of Lennar Corporation, which is an S&P 500 real estate and financial services company.

    Is Lennar Mortgage legit?

    Lennar Mortgage has been in business since 1981. It has more than 1,200 associates nationwide, and it helped more than 38,000 families purchase homes in 2021 alone.

    NMLS Consumer Access lists two prior legal names for Lennar Mortgage: Eagle Home Mortgage LLC and Universal Amerian Mortgage Company LLC. In 2018, Universal American Mortgage Company agreed to pay $13.2 million to resolve allegations that it falsely certified compliance with FHA mortgage insurance requirements.

    Where is Lennar Mortgage available?

    Lennar Mortgage is licensed in:

    • Alabama
    • Arizona
    • California
    • Colorado
    • Delaware
    • District of Columbia
    • Florida
    • Georgia
    • Idaho
    • Illinois
    • Indiana
    • Louisiana
    • Maryland
    • Massachusetts
    • Minnesota
    • Nevada
    • New Jersey
    • New York
    • North Carolina
    • Ohio
    • Oklahoma
    • Oregon
    • Pennsylvania
    • South Carolina
    • Tennessee
    • Texas
    • Utah
    • Virginia
    • Washington
    • West Virginia
    • Wisconsin

    It has branches in most states where it’s licensed. Exceptions include Idaho, Louisiana, Massachusetts, New York, Ohio, Oklahoma, Oregon, West Virginia and Wisconsin.

    Lennar Mortgage Reviews

    Stars Rating

    • 0%
    • 0%
    • 0%
    • 14%
    • 86%

    Popular Mentions

      How do I know I can trust these reviews about Lennar Mortgage?
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      Recent
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      How do I know I can trust these reviews about Lennar Mortgage?
      • 4,479,104 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.
      Page 1 Reviews 0 - 10

      Reviewed April 2, 2024

      I regret to inform you that our offer to purchase the property was declined. Unfortunately, our loan officer did not provide us with alternative options for a more affordable property that aligns with our financial capabilities.

      Loan Process

      Reviewed Jan. 26, 2024

      It is terrible loan application experience. I had done a dozen of loan application before. But the Lennar Mortgage did not read your documents and keep ask for documents you normally should not have. It makes me crazy. Keep away from them if you want a happy life.

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        Punctuality & SpeedLoan Process

        Reviewed July 26, 2023

        Lennar Mortgage was the worst experience we have ever had buying a house. We were late closing because the underwriter had no idea what she was doing. The sad thing is they almost make you have to use them. If you don’t use them it is $20k Ernest money down and it’s 100% non refundable. The worst part is they tried to blame it on the VA. We advise people to stay as far away from Lennar Mortgage as possible.

        Rates

        Reviewed June 14, 2023

        If you are a minority looking to buy a new home, stay away from Lennar Homes in the Summerville SC area. I regret the day I got involved with this business. Missed construction deadlines. They don't keep promises they make. They don't apologize and make things right. They misrepresent processes. And to top it off they will keep your deposit when they don't deliver. This company will use red tape to steal people's hard earned money. I find them to be an untrustworthy company that will take advantage of first-time homebuyers, especially **. Consider recent data from the National Association of Realtors. "While the U.S. homeownership rate increased to 65.5% in 2021, the rate among ** lags significantly (44%), has only increased 0.4% in the last 10 years and is nearly 29 percentage points less than ** (72.7%), representing the largest ** homeownership rate gap in a decade." Lennar is doing their part to make this gap as wide as possible. Stay away from Lennar!

        Customer ServiceStaffLoan Process

        Reviewed Feb. 27, 2023

        Very very bad customer service. They never call back or return the call. They really don’t care about you. Very very disappointed. My husband and I are about to go somewhere else. I am having the bad experience in my all life. I don’t recommend them to anybody.

        Customer ServicePunctuality & SpeedStaff

        Reviewed Feb. 22, 2023

        LENNAR TITLE. We were supposed to do our closing at 11 am. Me and my sister we were closing on a house each. My sister did her closing at 11:10 and I was outside. They told me that my closing will be at 1 pm. I didn’t change anything. They decided to change the closing time. I was already disappointed with their service. One o’clock came and no one called me so my agent walked at 1:15 and asked them sure enough five minutes later and they called my name. I stood up and walked in with my mother and my agent. As we were walking in the front lady hold the door and refused to let my agent and my Mom in complaining about me bringing in an army and she doesn’t want to catch Covid. No one in my party was sick, coughing or sneezing and besides hello!!!! It is 2023 she was complaining about Covid. She wasn’t even wearing a mask.

        A ** family of 8 walked in before me, she said nothing to them yet she pushed my Mom and stood there yelling at us threatening that if I don’t go there by myself then I won’t be able to close on my house. I already wired the down payments. When the manager came she said that she was a temporary. WWe kept asking for her name but they refused to give her name or the manager name. They were treating us like we were nothing. The manager said when she saw that we were persistent she asked us to wait. She said, "I will be with you in a second to solve the issue." We waited for a whole hour and a half yet nobody came and tell us anything. The front people said that we need to forget it as it was nothing. I want Lennar to tell me how Can I and my family forget the discrimination and the humiliation we suffered today.

        Customer ServiceTransparency

        Reviewed Feb. 5, 2023

        I liked one of Lennar house in Texas. I was asked to submit all the paperwork for prequalification. I submitted 90% the paperwork within 6 hours and next day the remaining 10% was complete. I asked my realtor for the updates as I was waiting to hear from the mortgage company. My realtor says "the house is sold". I asked how and why would Lennar Mortgage ask me to submit all my paperwork and they did not even explain and give me any reason. I have great credit score. I do not think that was the problem. I still cannot understand what was the problem and why would mortgage officer would not call me to update the reason for denial. I can not trust this company anymore. Now all my sensitive documents are with them for no good reason.

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          Sources
          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. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed July 6, 2022.
          2. NMLS Consumer Access, “ Lennar Mortgage, LLC ” Accessed September 21, 2022.
          3. Department of Justice (DOJ), “ Universal American Mortgage Company LLC (UAMC) Agrees to Pay $13.2 Million to Resolve False Claims Act Allegations Related to Loan Guarantees .” Accessed September 21, 2022.

          Lennar Mortgage Company Information

          Company Name:
          Lennar Mortgage
          Website:
          www.lennarmortgage.com