
Lennar Mortgage Reviews
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About Lennar Mortgage
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
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.
- Multiple loan options
- Digital mortgage tool
- Pre-qualification available in as little as 15 minutes
- Not available in every state
- Above-average denial rate
Lennar Mortgage details
Rates
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
Year | Difference from national average |
---|---|
2021 | +0.01% |
2020 | -0.08% |
2019 | -0.10% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Application process
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
Features | Availability |
---|---|
Online application | Available |
Mobile document upload | Available |
Physical branches | 21 states |
Publishes minimum rate on website | X |
Rate lock | Undisclosed |
Pre-qualification (no hard credit pull) | Undisclosed |
Certified approval letter | Undisclosed |
Loan types
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 53,299 | 54,087 | 45,762 |
Home purchase loans closed | 37,117 | 38,189 | 32,121 |
Home purchase applications denied | 4,642 | 5,958 | 5,062 |
Home purchase preapprovals denied | 6 | 21 | 43 |
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 98.65% | 94.63% | 98.45% |
Refinance loans | 0.84% | 4.29% | 1.01% |
Cash-out refinance | 0.40% | 0.88% | 0.49% |
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.
Requirements
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
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 |
Cost and fees
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.
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- 4,648,778 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 July 6, 2022.
- NMLS Consumer Access, “ Lennar Mortgage, LLC ” Accessed September 21, 2022.
- 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
