Movement Mortgage 203(k) loan review
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- Upfront underwriting
- Online application available
- 589 locations across 49 states
About Movement Mortgage
Movement Mortgage (Movement) is a 12-year-old mortgage provider. Movement offers various types of mortgages, including conventional loans, high balance loans, reverse mortgages, renovation loans (e.g. Fannie Mae HomeReady), FHA loans (e.g. 203(k) loans), jumbo loans, USDA loans, and VA loans. According to Movement, it has served just under 69,000 customers in 2019 and has an annual loan volume of $16.6 billion.
Movement 203(k) loans endorsed by the FHA
As part of the final approval for a 203(k) loan, the FHA has to “endorse” each loan application. In 2020 so far (between January to April) the FHA has endorsed 224 203(k) loans applied through Movement. This is the 4th highest number of 203(k) loan endorsements for a lender in 2020. In 2019, the FHA endorsed 88 203(k) loans applied through Movement and 114 203(k) loans in 2018.
What makes Movement different from other lenders?
Movement has a unique underwriting process. It underwrites every loan at the beginning of the loan process. This means that Movement will let you know just how much home you can afford before you even start looking for a home. This differs from a pre-qualification in that pre-qualifications don’t go through the underwriting process and sometimes what you might be able to pre-qualify for might not be what you’re actually qualified for after going through underwriting. This could bring on stress for all parties and create last-minute rushing.
While the underwriting is done up front, you’ll be approved with conditions that you still have to resolve. Movement will also still do a final underwriting step. The underwriter will review your loan and verify that all conditions have been addressed.
Online application available
Movement allows you to apply for its loans online through its website. The application asks for personal, financial, and some additional standard information.
589 locations across 49 states
While you may apply for a Movement loan without having to visit a physical location, Movement has over 589 locations nationwide if you prefer in-person interactions.