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Regions Bank mortgage review
This lender offers underwriting for nonsalaried workers in the South and Midwest, but watch for overdraft fees if you open a banking account.
Regions Bank offers a variety of mortgage loan and home equity products in 15 states. But you may want to avoid opening a checking or savings account with Regions Bank because of its high overdraft fees.
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Details
| Loan products offered | Conventional, FHA, VA, USDA, Home equity/HELOC, Refinance |
|---|---|
| Minimum credit score | Conventional: 620 FHA: 580 |
| Minimum down payment (Conventional) | 3.5% |
| State availability | AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX |
| NMLS # | 174490 |
Regions Bank requirements
Eligibility requirements vary by loan program. But to help determine your eligibility, Regions Bank considers your creditworthiness, a ratio of your housing expenses to your income, your loan-to-value (LTV) ratio, and your debt-to-income (DTI) ratio.
Currently, the bank prefers a DTI ratio less than 43%. However, new rules issued by the Consumer Financial Protection Bureau in December 2020 may change the way the bank is able to determine borrower eligibility.
Documentation
Your loan originator will ask for the following documents with your loan application:
- History of residence for the last two years
- Landlord contact information from the previous two years
- Employment history for the last two years
- Most recent two years’ W-2 statements and two recent pay stubs for salaried borrowers
- 1040 tax forms and YTD income statements from the last two years for commission-based applicants
- Tax returns, Profit and Loss Statements and Balance Sheets from the last two years for self-employed applicants
- Two most recent bank statements
Costs and fees
Regions Bank estimates that its closing costs run between 3% to 6% of the loan. You’ll probably see the following expenses as part of your closing costs.
- Loan origination fee
- Appraisal fee
- Attorney fee
- Title report fee
- Survey fee
- Deed recording fee
- Credit report fee
- Home inspection fee
How to apply for a mortgage with Regions Bank
You can apply for a home loan with Regions Bank online. If you have any questions about your application, you can call 800-504-3275 or email hldonlineapplication@regions.com. You should get an email response by the next business day.
- On Regions Bank’s homepage, choose the Personal tab, then select Borrow in the drop-down menu and select Mortgages.
- Under Get started now, choose Apply Now for a Mortgage.
- On the Regions Mortgage Application page, select Get Started.
- Choose Acknowledge indicating that you understand that Regions Bank will ask for personal information to identify you.
- Select whether you’re a new or current customer and fill out your personal information, such as your name, phone number and Social Security number.
- Follow the prompts to input details about your income and assets.
- Once you submit your application, a loan officer should contact you within three business days.
What types of mortgages can I get through Regions Bank?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Regions Bank
Regions Bank also offers the following products:
- Refinance. You can refinance your mortgage and replace it with a new one. A cash-out refinance lets you refinance for more than you owe on your existing mortgage, giving you the difference in cash.
- Home equity loan. You can borrow money with a home equity loan by using your property as collateral. The fixed interest rate can be as low as 3% APR with no closing costs.
- HELOC. A HELOC is a revolving line of credit that uses your home as collateral. It has a variable APR, with an introductory rate of 0.99% APR for the first six months, and then adjusts to rates between 3.75% and 10.75% APR, as of November 2020. Additionally, Regions pays the closing costs of lines below $250,000 and pays $500 for HELOCs greater than $250,000.
- Construction. Construction and renovation loans that bundle the construction loan and permanent mortgage into one loan with one set of closing costs.
- Renovation and repair program. Regions allows you to finance or refinance a home that needs repairs for the home’s future value when the repairs are complete.
How Regions Bank’s mortgage products compare to other lenders
Regions offers all the standard conforming and government-backed mortgage products offered by a regional bank, including home equity products and construction loan options. The bank also has a renovations and repairs program that allows you to finance the home’s value after renovation.
As a special reward, the Regions HomeBonus offers from $350 up to $6,500 if you buy or sell a home with an in-network real estate agent from HomeStory. But the program is prohibited in Alaska, Iowa, Louisiana and Missouri, and only available to sellers in Mississippi, Oklahoma and Oregon.
The bank also offers the following mortgage payment assistance options:
- Repayment plan. This plan is for borrowers who have experienced short-term financial difficulty. It allows you to resume making your regular payments and an additional amount to bring your loan current again.
- Special Forbearance. This option temporarily suspends or reduces your payment amount. Once your situation improves, Regions Bank will discuss options to bring your loan current again.
- Mortgage Loan Modification. This program changes your loan’s terms to help make payments more affordable.
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Regions Bank reviews and complaints
Regions Bank customer reviews cover the whole of its banking services and aren’t specific to mortgage products. But as of November 2020, the bank has a rating of 1.1 out of 5 on the Better Business Bureau (BBB) website with 58 customer reviews. The BBB has given Regions an A+ rating for closing 678 customer complaints over the past three years.
Its Trustpilot rating is much higher, scoring 4.3 out of 5 stars with 99 reviews. The most common complaints relate to issues with payment processing.
Pros and cons of Regions Bank
Pros
- Multiple branch locations. The Federal Reserve found that Regions Bank has adequate financial resources and future earnings prospect. In 2020, it had 1,456 branches in 15 states and received approval to open more branches in Georgia, Illinois, Missouri, Tennessee and Texas.
- Offers mortgage payment assistance. For borrowers struggling to pay their mortgage, Regions Bank can offer some assistance programs to try to keep you in your home.
- Smooth and easy loan application. Customers report the loan application is smooth and easy. And if they had any issues, customer service was helpful and quick.
- Good for nonsalaried borrowers. Freelance and self-employed borrowers can use alternate income paperwork to apply.
Cons
- Negative customer reviews on the BBB about banking services. Although it may seem convenient to bank and get a mortgage from the same company, current customers don’t recommend banking at Regions Bank.
- Possible account mistakes. A few customers report errors and mistakes on their loans, such as failing to post payments to accounts and incorrectly posting principal-only payments.
What is Regions Bank?
Regions Financial Corporation began as a multibank holding company in Alabama. It now serves customers across the South and Midwest by providing banking services, wealth management and mortgage products. Regions Financial Corporation is part of the S&P 500 Index.
Historical mortgage data for Regions Bank
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
| Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
|---|---|---|---|
| Conventional | 33,431 | 40,975 | $7,043,655,000 |
| FHA | 991 | 2,085 | $360,165,000 |
| VA | 175 | 845 | $191,945,000 |
| USDA | 118 | 504 | $61,600,000 |
Frequently asked questions
Review by
Heather Petty
heather.petty@finder.comHeather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
Expert review
Regions Bank can be an attractive option for nonsalaried borrowers who need to use alternative documentation to apply for a loan. The bank also offers a bonus program to help offset costs if you use an in-network real estate agent.
Unfortunately, its banking customers are not satisfied with its customer service and ATMs. So if you choose to get a home loan with Regions Bank, you may consider passing on a checking account.