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Movement Mortgage review
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Its app may streamline the approval process, but its customer service could hold up closing.
Movement Mortgage can be a good option for borrowers with poor credit because of its alternative loan program. But its website doesn’t disclose its fees or interest rates. And you may want to watch out for its dodgy customer service.
Details
| Loan types | Conventional, FHA, VA, USDA, Jumbo, Refinance, Reverse |
|---|---|
| Minimum credit | 620 |
| Other minimum credits |
FHA: 580
VA: 580 USDA: 640 |
| Available States | Not available in: MT |
Pros
- Streamlined application
- Fast underwriting and processing
- Loans for poor credit
Cons
- Poor customer service
- No online rate quotes
- Outdated information on website
Movement Mortgage has been accredited with the Better Business Bureau (BBB) since 2015. It has an A+ rating on the BBB because it responds to customer reviews and complaints.
While some customers praise Movement Mortgage for its processing speed, many complain about poor customer service. Borrowers report that their loan officers don’t answer phone calls and emails and its employees don’t communicate. Users had to resubmit paperwork and were passed around to multiple people throughout the loan process. Several reviewers complain that loan officers quit or left the company, and got the run around to complete the loan process.
While some customers praise Movement Mortgage for its processing speed, many complain about poor customer service. Borrowers report that their loan officers don’t answer phone calls and emails and its employees don’t communicate. Users had to resubmit paperwork and were passed around to multiple people throughout the loan process. Several reviewers complain that loan officers quit or left the company, and got the run around to complete the loan process.
What types of loans does Movement Mortgage offer?
- Conventional. Fixed-rate loan options from 10- to 30-year terms with a maximum loan amount of $417,000.
- FHA. Fixed-rate or adjustable-rate mortgages with down payments as low as 3.5%.
- VA. Active duty military, veterans and eligible family members can qualify for a VA loan with financing up to 100% of the purchase amount.
- USDA. Low- to moderate-income borrowers can purchase a home with no down payment in designated rural areas.
- Jumbo. Nonconforming loans for a home in a high-priced market.
Other loans offered by Movement Mortgage
- Refinance. Refinance your VA, FHA or fixed-rate with a cash-out option.
- Reverse. Qualified seniors aged 62 or older can tap into their home’s value and turn the equity they’ve built into cash.
- Construction. Bundle your purchase and construction costs into one mortgage with one set of closing costs.
- Low down payments. Loans from Fannie Mae and Freddie Mac offer fixed-rate mortgages for low- to moderate-income borrowers with down payments as little as 3%.
- High balance. Conforming loans that are guaranteed by Fannie Mae and Freddie Mac in high-cost areas. In 2020, maximum conforming loan limits in high-cost areas range from $510,400 to $765,600 for a one-unit property.
- Poor credit. Loans between $150,000 and $1 million for borrowers with poor credit events, such as a recent foreclosure or bankruptcy.
Movement Mortgage fees
Although Movement Mortgage doesn’t publish its fees on its website, expect your closing costs to run between 2% and 5% of the purchase price. Your closing costs may include the following fees:
- Application fee
- Appraisal fee
- Origination fee
- Credit report fee
- Closing fee
- Flood certification fee
- Title insurance
Requirements
Here are some general guidelines covering maximum loan-to-value ratios, maximum debt-to-income ratios and minimum credit score requirements for different loan programs.
| Loan to value ratio | Debt to income ratio | Credit score | |
|---|---|---|---|
| Conventional | 97% | 43% | 620 |
| FHA | 96.3% | 43% | 580 |
| VA | 100% | 41% | 580 |
| USDA | 100% | 41% | 640 |
| Expanded Access | 85% | 43% | 620 |
Documentation
You’ll need to submit the following documents along with your loan application.
- Driver’s license
- Most recent two years of tax returns
- Past two years of W-2 forms
- 1099s and copy of your business license, if applicable
- Most recent bank statements
- Last 30 days of pay stubs
- Signed and dated explanation of deposits over $1,000
- Signed and dated explanation of credit report inquiries
- Mortgage statement, insurance documents and tax statements for other properties that you own
- Divorce decree or separation agreement, if applicable
- Copies of earnest money check and purchase contract
How to get a home loan with Movement Mortgage
Fill out a home loan application on Movement Mortgage’s website or its app. The site prompts you to fill out a form and then redirects you to another page to fill in additional details.
- On Movement Mortgage’s homepage, click Apply in the top-right corner.
- Answer whether you’re currently working with a loan officer. Click Continue to application.
- Choose where you are in the mortgage process, such as whether you’re still looking or ready to buy a home.
- Fill out details about the property, such as if you’re going to live in the property or if its a vacation home.
- Input the loan information — for example, the purchase price and down payment.
- Detail your finances, such as income and estimated credit score.
- Fill out your contact information and agree to the terms of use, privacy policy and agree to allow for electronic signatures and records. Click Continue.
- Give additional details about yourself, assets, income and real estate. Click Continue.
- Answer a series of declarations, such as if you’re a US citizen.
- Follow the prompts to submit your application.
Pros and cons of Movement Mortgage
Pros
- Streamlined application. Use its app to link your bank and tax statements to conveniently submit documents.
- Fast underwriting and processing. Average underwriting takes 6.5 hours and 86% of loans are processed in seven days.
- Loans for poor credit. Along with its government-backed options, its Expanded Access program helps borrowers who have recently declared bankruptcy or foreclosure.
Cons
- Streamlined application. Use its app to link your bank and tax statements to conveniently submit documents.
- Fast underwriting and processing. Average underwriting takes 6.5 hours and 86% of loans are processed in seven days.
- Loans for poor credit. Along with its government-backed options, its Expanded Access program helps borrowers who have recently declared bankruptcy or foreclosure.
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What is Movement Mortgage?
Movement Mortgage was founded in 2007. What began as a small team of four is now a company with over 4,000 employees across 47 states.
In 2017, Movement Mortgage entered into a Consent Order with California’s Commissioner of Business Oversight. The Consent Order settled allegations that Movement Mortgage overcharged per diem interest to borrowers. It now submits its loan originations for independent auditing.
Frequently asked questions
Expert review
Review by
Kimberly Ellis
kimberly.ellis@findercrew.comKimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
Expert review
Movement Mortgage could be good for borrowers with poor credit, with its government-backed loans and a loan program specifically for borrowers with poor credit history. Although many of its loans are processed quickly, reviews show its customer service can be frustrating. Potential borrowers may want to be wary because of its lack of communication and follow through with its loan application.