Posted on January 5th, 2021
While shopping for a home loan, you may have come across “LoanLock,” a SoCal-based mortgage company that wants to make lending simple.
In fact, their one goal is to deliver stress-free loans to every borrower, every time.
They’re also big on transparency, with a promise to never charge “credit check, application, or lock-in fees.”
Since inception, the company has funded more than $8 billion in home loans and has served over 40,000 borrowers.
They also boast excellent customer reviews, with an average 4.9/5 rating across review sites. Let’s dig into the details.
LoanLock Fast Facts
- Direct-to-consumer mortgage lender
- Founded in 2009, headquartered in Santa Ana, CA
- Licensed in 20 states and the District of Columbia
- Offers home purchase and refinance loans
- Originated nearly $1.5 billion in home loans last year
- Bulk of their business is refinance loans from home state of California
LoanLock is a direct-to-consumer mortgage lender, meaning they operate a call center staffed by loan officers, along with an operations team.
Because they run a lean operation, they should be able to pass the savings onto you, so hopefully they offer low mortgage rates with limited lender fees as well.
LoanLock is actually a dba of Ony Glo, Inc., which also operates OGI Mortgage Bankers. It seems they are the techy consumer facing brand.
Based on their 2019 volume, the company focuses primarily on mortgage refinances, with such loans accounting for about 96% of their total business.
They also offer home purchase loans, but seem to be more concerned with offering low rates to borrowers seeking a rate and term refinance, and in some cases a cash out refinance.
And that may be a good thing if you’re looking to refinance your mortgage, since they should provide a very streamlined process.
At the moment, they appear to be licensed to lend in just 20 states and the District of Columbia.
Those states include AZ, CA, CO, CT, FL, GA, IL, MD, MI, MN, NC, NJ, NV, OH, OR, PA, TN, TX, VA, and WA.
It’s unclear if and when they might expand to additional states, but stay tuned.
How to Apply for a Mortgage with LoanLock
- You can either call them directly and speak with a loan officer
- Or fill out a short lead form on their website, at which point you’ll be contacted
- They say you can apply for a mortgage over the phone or securely online
- Borrowers can scan and upload documents and eSign most documents for a faster, easier experience
While LoanLock is a bit light on details, they do appear to offer a digital mortgage application, as they say you can apply for a home loan “securely online.”
And that you can scan/upload documents like pay stubs, tax returns, and bank statements.
Additionally, they note that most documents can be signed electronically, which is a plus if you want to get through the loan process faster.
Once the loan is submitted, there is likely a loan portal borrowers can access to see real-time updates, documentation requests, and overall loan progress.
LoanLock does say it processes and underwrites loans on-site, which can lead to quicker approvals and faster closings.
Loan Programs Offered by LoanLock
- Home purchase loans
- Refinance loans: rate and term and cash out
- Conventional loans backed by Fannie Mae and Freddie Mac
- Government loans backed by the FHA and VA
- Jumbo loans – Loan amounts up to $3 million available (interest only option)
- Fixed-rate loans – 30, 25, 20, 15, and 10-year loan terms available
- ARM loans – 3, 5, 7 and 10-year initial fixed terms available
LoanLock is a no-frills mortgage lender that focuses on a somewhat narrow selection of loan programs that should satisfy most borrowers out there.
As noted, they mainly originate refinance loans, with such transactions accounting for more than 95% of their business.
They also offer home purchase financing as well. But since they’re an online mortgage lender, they might be better-suited for an existing homeowner simply looking to refinance an existing loan.
In terms of loan types, you can get a conventional loan backed by Fannie/Freddie, a government home loan backed by the FHA or VA, or a jumbo home loan that exceeds the conforming loan limit.
LoanLock also apparently offers interest-only home loans, which are somewhat rare these days.
With regard to specific loan programs, you can get a fixed-rate mortgage or an ARM in a variety of different loan terms, ranging from three to 30 years.
One major loan type they do not offer is USDA loans, though these only apply to homeowners in rural areas and make up a very small percentage of the overall mortgage pie.
In summary, most borrowers should find what they’re looking for, though homeowners with tricky scenarios may be better off going elsewhere.
LoanLock Mortgage Rates
While their mortgage reviews indicate that their mortgage rates are attractive, they don’t post them on their website for us to see.
As such, it’s impossible to know how competitive they are relative to the other companies out there unless you get a quote.
It’s possible to fill out a free rate quote form on their website, or simply call them up directly to get pricing.
While you’re at it, also inquire about lender fees to see what they charge, such as a loan origination fee, processing/underwriting, and so on.
There’s no mention of lender fees on their website other than them saying you “never pay credit check, application, or lock-in fees.”
LoanLock comes highly-rated, with excellent feedback across all the major ratings websites.
For example, they’ve got a very impressive 4.99-star rating out of 5 on Zillow from nearly 2,700 customer reviews.
I’m not sure I’ve seen a higher rating, especially for a company with so many reviews.
A good chunk of the Zillow reviews indicated that the interest rate was lower than expected, and some of the LoanLock loan officers have perfect 5-star ratings.
So take the time to filter the reviews by individual loan officer if you want to work with someone truly exceptional.
On Bankrate, LoanLock has a 5.0 rating (seemingly perfect) from nearly 300 reviews, with 99% saying they’d recommend this lender.
On Yelp, they’ve got a 4.5-star rating from about 130 reviews, and on Google a 4.8-star rating from roughly 200 reviews.
The only possible negative I came across was a ‘B-’ rating from the Better Business Bureau for its parent company, which is based on complaint history.
The parent company also isn’t accredited with the BBB, though that in and of itself isn’t necessarily a good or bad thing.
Bottom line, LoanLock appears to be a good fit for an existing homeowner looking to refinance since that’s pretty much all they do.
And their many positive reviews across several ratings websites indicate that they are competent and likely easy to work with.
Just pay attention to the interest rate offered and the lender fees to ensure they are competitive pricing-wise with other lenders out there.
LoanLock Pros and Cons
- Can apply for a mortgage online or by phone
- Offer a digital and paperless loan process
- Stellar customer reviews from past customers
- Specialize in mortgage refinances (good for existing homeowners)
- Lots of different loan programs available
- No physical locations
- Not licensed in all states
- Parent company has a B- BBB rating
- No mention of mortgage rates
- Do not offer USDA loans