Mutual of Omaha Mortgage

Mutual of Omaha Mortgage

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About Mutual of Omaha Mortgage

Mutual of Omaha Mortgage (NMLS #1025894) is a subsidiary of Mutual of Omaha Insurance Company. It offers conventional, VA, FHA, USDA and jumbo loans for home purchases and refinancing. If you’re looking to access the equity you’ve built up in your home, you can apply for a cash-out refinance with the company.

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    Pros

    • Multiple mortgage types available
    • Online application and mobile app
    • Physical branches in 24 states

    Cons

    • Not available in NY or WV
    • No HELOCs or home equity loans

    Bottom Line

    Mutual of Omaha offers a variety of loan options for buying a home or refinancing an existing home loan. However, specific information is hard to come by without providing your contact information and potentially getting a hard check on your credit..

    Rates

    Mutual of Omaha Mortgage publishes current mortgage rates on its website for the following mortgage types:

    • Conventional, 30-year fixed-rate
    • Conventional, 15-year fixed-rate
    • FHA 30-year fixed-rate
    • VA 30-year fixed-rate

    These published rates are based on a set of generic assumptions. Specific rate information for your financial situation is available online or by phone, but you’ll have to provide information like the home price, your credit score and planned down payment.

    The rates on Mutual of Omaha Mortgage’s website include both interest rates and annual percentage rates (APRs); it’s important to understand the difference between these when comparing lenders. 

    • The interest rate is the percentage you pay a lender in order to borrow the principal amount of the loan. The lender sets interest rates based on the market conditions and applicant details, like credit score, debt-to-income (DTI) ratio, loan amount and down payment.
    • The APR is considered a better representation of the overall cost of a loan because it includes additional fees and expenses associated with the loan.

    Mutual of Omaha Mortgage offers both fixed-rate and adjustable-rate mortgages (ARMs). ARMs generally offer lower introductory interest rates than fixed-rate loans; these introductory rates last for a specified time, usually three to 10 years. At the end of this period, the loan resets and begins adjusting up or down based on an index that reflects market conditions.

    ARMs can be attractive to homeowners who don’t plan to live in their new homes for long or who are prepared to refinance before the loan resets. Once the loan resets, though, borrowers with adjustable-rate mortgages may see their monthly payments go up significantly. Fortunately, adjustable rates are generally capped and can only go up so much.

    Over the last three years, Mutual of Omaha Mortgage’s average home purchase rates have been slightly lower than the national average.

    Mutual of Omaha Mortgage average home purchase rate vs. national average

    YearDifference from national average
    2021-0.03%
    2020-0.03%
    2019-0.10%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    Mutual of Omaha Mortgage has an online application process and has branches in some states where you can submit in-person applications. It also has a mobile app for ease of uploading application documents, contacting your loan officer and tracking the status of your loan.

    Mutual of Omaha Mortgage application features

    FeaturesAvailability
    Online application
    Mobile document upload
    Physical branches24 states
    Publishes minimum rate on website
    Rate lock15 days
    Pre-qualification (no hard credit pull)X
    Certified approval letter

    Loan types

    Mutual of Omaha Mortgage offers a broad range of loans, including:

    • Conforming conventional loans
    • VA loans
    • FHA loans
    • USDA loans
    • Jumbo loans
    • Reverse mortgages
    • Refinance loans
    • Cash-out refinance loans

    Most of the loans closed by the company from 2019 to 2021 were conventional loans, followed by FHA and VA loans. Fewer than 1% of loans originated by Mutual of Omaha Mortgage each year in this period were USDA loans.

    In 2021, Mutual of Omaha received 8,687 home purchase applications. Of those, it closed 5,239 (60%) loans and denied 1,119 (about 13%) applications.

    Loan applications for home purchase only by year

    202120202019
    Home purchase applications8,6879,002195
    Home purchase loans closed5,2395,883184
    Home purchase applications denied1,1191,1158
    Home purchase preapprovals denied000
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    The majority of mortgages originated by Mutual of Omaha Mortgage in 2021 were refinance loans and cash-out refinances. Thanks to a period of historically low interest rates, mortgage refinancing was a popular option during 2020 and 2021. According to Home Mortgage Disclosure Act (HMDA) data, nationwide, only 35.73% of all reported mortgages in 2021 were for home purchase, while 37.89% were refis and 19.89% were cash-out refis.

    In 2022, we expect to see less interest in refinance loans due to rising interest rates. Still, refinancing continues to be an attractive option if you can qualify for a lower rate, have an ARM that’s about to reset or want to cash out some of the equity in your home.

    Home purchase vs. refinance loans by year

    202120202019
    Home purchase loans18.18%17.91%51.11%
    Refinance loans38.84%50.40%23.61%
    Cash-out refinance38.54%29.00%12.78%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements

    Mutual of Omaha Mortgage doesn’t publicly share its borrower qualifications for different types of mortgages. However, we’ve included some standard mortgage lender requirements in the table below to help you know what to expect as you shop for a loan and determine how much you can borrow.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders
    USDASet by lender (often 640)0%USDA lenders

    Cost and fees

    Mutual of Omaha Mortgage doesn’t publicly disclose information on specific fees or closing costs. You must call or submit a form with your contact information to get specific estimates for your situation.

    FAQ

    How does Mutual of Omaha Mortgage work?

    With Mutual of Omaha, you can submit an application online, through the mobile app or in person at a branch location in 24 states. When you seek pre-qualification, a representative can use information about your credit history, income and employment to recommend a lending product, show you a rate estimate and tell you how much is required for a down payment.

    Is Mutual of Omaha Mortgage legit?

    Mutual of Omaha Mortgage is a licensed lender in 48 states and Washington, D.C. It is part of Mutual of Omaha Insurance Company, which has been in business for over 100 years.

    Where is Mutual of Omaha Mortgage available?

    Mutual of Omaha Mortgage is available in 48 states and Washington, D.C. It doesn’t service New York or West Virginia. There are physical branches in 24 states.

    Mutual of Omaha Mortgage Reviews

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 24, 2022

    First of all I want to say that my experience with their loan processor Tara ** was fantastic. She help correct so many issues created by my loan officer. I can say enough good things about Tara **. However, I refinanced my home to pull equity out as it was needed to make changes to my home. My wife had become handicapped and I had to add stair chairs and other equipment that she now required. My overall experience with Mutual of Omaha was terrible.

    Several mistakes were made on my original application by my loan officer Renu **. She prepared the original application and sent for me to e-sign. I pointed out there were obvious errors and she said it did not really matter as it is just the application and would be corrected going forward. These mistakes carried all the way through underwriting and some were never corrected and showed up in my closing documents. The underwriting team spent a lot of time trying to get information on a home I had not owned in 3 years. A terrible waste of time that I was told that the error was corrected. It was not.

    The worst part is that she told me in our initial conversation when we were discussing the Mutual of Omaha products and rates that the loan rate locks in when my credit card is charged for the home appraisal. In other words if I believed their product was good for me, I would spend the funds required to do the loan application. It made sense to me as mortgage rates were going up and I wanted the rate locked as we went through the loan process. Most companies I had called did something very similar so it was not an issue.

    In my dealings with Renu virtually every call came from her cell and these calls were not recorded. It turned out that she did not lock the rate as discussed when my credit card was charged for the appraisal. Since it was not locked in as discussed, the rate escalated and there was nothing I could do. There was no recourse with Renu. In my opinion, Renu is not truthful. I contacted her office manager Robert ** regarding these and other issues and he was less than helpful. He actually did nothing to rectify the situation. He said “would look into it” and “call me back by the end of the day”. I never heard from him ever again. It is my opinion that Robert believed Renu had made obvious mistakes, however by admitting she made the error would have cost Mutual of Omaha significant money to rectify it. My future calls to him went unanswered.

    Because of my early experience with Renu’s lack of honesty, I put everything to her in writing going forward. I could not rely on her phone calls since she could say anything without any way for me to verify later on. When I asked her to please respond in writing, she still would call with the answers. Even though I told her I needed my answers in writing, she would still call me on her cell phone. I reiterated that I wanted my answers in writing, she would take days to reply, or in some cases not reply at all.

    I had to call other people including Robert ** (he didn’t pick up and I had to leave a message) to tell Renu to answer my emailed questions. Very unprofessional. I originally went with Mutual of Omaha because my refinance was simple and Renu as their representative said it could be easily closed within 30 days and their competitors said to allow for 45 days. It eventually took 61 days to close and there were still mistakes in my closing papers. This was not a good experience.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 1, 2022

    When I first got the mortgage, I was repeatedly lied to and misled. I literally had to post that I was the victim of fraud on social media to get somebody to respond to me. Eventually, after excessive complications, we closed. I thought I was done. Then, they refused to review my mortgage for PMI removal. They simply didn't respond to my first inquiry about it, and my second inquiry about it was started but nobody responded. After about three months of trying to ping them about it, I finally got a response, which was that I had to wait slightly longer. So I waited the window of time. Recently, I pinged them about it because the window had expired. After I threatened their non-action for something they're obligated to do, they're selling my mortgage to some undoubtedly even worse company. 0/10, will never do business with them again.

    2 people found this review helpful

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      Rated with 1 star
      Verified Reviewer
      Original review: July 25, 2022

      My loan closed 26 days AFTER I was quoted which caused me HUGE financial issues because of this. Absolutely ridiculous!!!! My loan office went on vacation and completely dropped the ball for an entire week!

      6 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: May 3, 2022

      This company's website is difficult to navigate through. My rate of return for my 401K plan is and always is negative. I have submitted multiple inquiries for someone to reach back out to me for information on how to transfer out my funds to another company, no one reaches out. I always have issues logging in, I have to go to a very specific tab/link in order to do so. Can someone help me transfer out my funds so I can stop dealing with MofO please?

      14 people found this review helpful

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        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 (FFIEC), “HMDA Dataset Filtering.” Accessed July 18, 2022.

        Mutual of Omaha Mortgage Company Information

        Company Name:
        Mutual of Omaha Mortgage
        Website:
        www.mutualmortgage.com