Union Home Mortgage Corp. Review: Ohio’s Mortgage Lender

Posted on October 6th, 2020

If you’ve watched a Cleveland Indians baseball game lately, you may have noticed a big sign for “Union Home Mortgage” out in center field.

That’s because UHM is the official mortgage partner of the Indians, along with the Professional Bull Riders (PBR) organization.

They also recently partnered with former Cleveland Browns quarterback Bernie Kosar for some commercials. So it’s clear they’re proud to call Northeast Ohio home.

The company’s headquarters also aren’t too far away from two other major players in the mortgage industry, Quicken Loans and United Wholesale Mortgage.

Like those two heavy-hitters, Union Home calls itself a “high-growth” company and has plans to keep building out its campus and expanding.

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Union Home Mortgage Fast Facts

  • A retail mortgage lender based out of Strongsville, Ohio
  • Founded in 1970, led by former MBA chairman Bill Cosgrove
  • Licensed in 44 states and the District of Columbia
  • More than 150 branch locations and nearly 1,400 Partners nationwide
  • 25% of total loan volume comes from the state of Ohio
  • Expected to fund more than $7 billion in 2020

Union Home Mortgage, or UHM for short, is a direct-to-consumer retail lender based in Strongsville, Ohio.

That means you can call them up or visit a branch to get a mortgage, or simply surf over to their website to get started.

They are an approved direct lender for Fannie Mae, Freddie Mac, the FHA, USDA, and VA, and also operate a wholesale lending division for mortgage brokers.

The company funded roughly $4 billion via the retail channel in 2019, and has plans to fund $7 billion in 2020.

The Buckeye State is where they happen to do most of their mortgage lending, with roughly a quarter of overall loan volume coming out of Ohio.

But they don’t just originate mortgages in Ohio – they’re licensed in 44 states nationwide and the District of Columbia.

They do quite a bit of lending in nearby Michigan, along with Indiana, Pennsylvania, and even far-away Arizona.

Recently, their loan servicing portfolio surpassed the $10 billion mark, and they now service loans for more than 60,000 families nationwide.

How to Get a Loan with Union Home Mortgage

  • You can apply online, by phone, in person, or via mobile
  • They offer a digital mortgage application powered by Ellie Mae
  • Borrowers can scan and upload documents via the smartphone app
  • And receive status updates as their loan progresses to the finish line

As noted, you can call them up over the phone, visit their website, or go to a brick-and-mortar branch if doing business in person is your thing.

If you choose to go the online route, you’ll first need to fill out a very brief form to get matched with a loan officer (assuming you haven’t already been referred or know who you want to work with).

Once you complete that quick step, you get the option to begin the loan application process without any human interaction. Or you can wait for a loan officer to call/email you.

Those who already know who they want to work with can use the loan officer directory on the company’s website by clicking on “Find a Branch.” Simply enter their name and you’ll be directed to their personal webpage.

From there, you can see which states they’re licensed to do business in, get their contact information, apply for a loan, or check loan status.

UHM offers a digital mortgage app powered by Ellie Mae that lets you complete just about everything online.

Additionally, they offer a free smartphone app that allows you to securely scan and upload documents, message your loan officer instantly, and receive status updates as your loan moves along.

Loan Types Offered by Union Home Mortgage

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Home renovation loans
  • New construction home loans
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government loans backed by the FHA, USDA, and VA
  • Non-conforming loans: jumbo and non-QM

Union Home Mortgage offers both home purchase loans and refinance loans, along with renovation loans like the FHA 203k loan and new construction home loans.

You can get financing on a primary residence, second home, or investment property, whether it’s a single-family home or condo/townhouse.

Union Home Mortgage offers conventional financing backed by Fannie Mae and Freddie Mac, along with government-backed home loans from the FHA, USDA, and VA.

It’s also possible to get a jumbo home loan or a non-conforming loan thank to their non-QM offerings.

Those looking for new home construction financing can choose from conventional, FHA, and VA options.

And they offer both fixed-rate mortgages and adjustable-rate mortgages in various terms to suit all borrowers.

Union Home Mortgage Rates

One slight negative is that Union Home Mortgage does not advertise its mortgage rates, unlike some other mortgage lenders.

While you can chalk it up to the questionable usefulness of advertised rates, I do give lenders bonus points for transparency when they take the time to list their rates on their website.

Additionally, Union Home Mortgage doesn’t list their lender fees on their website, so it’s unclear what they charge, e.g. a loan origination fee, underwriting and processing fees, and so on.

As such, be sure to shop your home loan with other lenders to see where they stand pricing-wise. While price isn’t everything, it’s certainly important.

Union Home Mortgage Reviews

On Zillow, Union Home Mortgage has a 4.89-star rating out of 5, based on more than 700 customer reviews.

Many of the reviews indicate the interest rate that was lower than expected, while some also say closing costs were lower than anticipated.

Zillow allows you to drill down and look at the reviews of individual loan officers, helpful if you want to handpick who to work with beforehand.

On LendingTree, they’ve got a 4.8-star rating out of 5, based on more than 300 reviews. Some 95% of customers recommend working with Union Home Mortgage.

Lastly, they aren’t an accredited business with the Better Business Bureau and they’ve got a questionable C+ rating with the BBB.

Per the BBB, their rating is low because they failed to respond to one complaint filed against them. So it may have been an oversight or a one-off, but it’s something to take note of.

Union Home Mortgage Pros and Cons

The Good

  • Can apply for a mortgage online or in-branch
  • Offer lots of different loan programs
  • Customers can use the free UHM smartphone app
  • Excellent customer reviews
  • Free mortgage calculators on site
  • More than 150 branch locations located nationwide
  • They service their own loans

The Maybe Not Good

  • Need to fill out a contact form before applying for a loan unless you use the loan officer directory
  • Not licensed to do business in Alaska, Hawaii, New York, North Dakota or South Dakota
  • C+ rating with the Better Business Bureau

Published at Tue, 06 Oct 2020 17:46:09 +0000

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