Posted on November 17th, 2020
If you live in the USA and need a mortgage, perhaps you’ve thought about applying at “USA Mortgage.” Makes sense, right?
It just so happens that USA Mortgage is located right smack in the middle of our fine country, in St. Louis, Missouri to be exact. Well, that’s pretty darn close to the midpoint…
Anyway, geography aside, they’ve been around for about 20 years now and actually operate under the name DAS Acquisition Company, LLC, which purchased the lender when it was a distressed company.
Today, it’s the largest privately held mortgage banker in the state of Missouri and employs more than 750 licensed loan officers and operations personnel.
Technically, USA Mortgage is a full-service mortgage broker, meaning they can offer loan programs from various lender partners at wholesale prices.
USA Mortgage Fast Facts
- Employee-owned direct-to-consumer mortgage lender located in St. Louis, MO
- Founded in 2001 by current president and CEO Doug Schukar
- Originally acquired as a distressed asset by DAS Acquisition Company, LLC
- Has been #1 mortgage lender in metro St. Louis since 2012
- Funded nearly $2.5 billion in home loans during 2019
- More than half of total loan volume came from their home state of Missouri
- Currently licensed to do business in 41 states and D.C.
If you live in Missouri, there’s a good chance you’ve heard of USA Mortgage. They did more than half their business in The Show-Me State last year.
They also funded hundreds of millions in mortgages in the states of Texas, Washington, and Ohio.
At the moment, they’re licensed in 41 states and the District of Columbia.
They don’t appear to be available in Delaware, Hawaii, Montana, Nevada, New York, North Dakota, South Dakota, Vermont, or Wyoming.
How to Apply for a Home Loan with USA Mortgage
- You can apply for a home loan directly on their website in minutes without human interaction
- Or get in contact with a loan officer at one of their many branches nationwide
- Their digital mortgage application is powered by fintech company Ellie Mae
- They also offer a free smartphone app that lets you complete most tasks remotely
It’s super easy to apply for a home loan with USA Mortgage. Simply surf on over to their website and click on “Apply.”
From there, you’ll need to fill in a digital mortgage application powered by Ellie Mae.
You can complete much of the process online, including the ordering of a credit report and the eSigning of disclosures.
If you are currently working with a loan officer, there is a box you can check, at which point you’ll be able to select that individual.
If not, simply click the “no” box and someone will be assigned to you automatically.
Once your mortgage application is submitted, you’ll receive status updates about loan progress and a to-do list for remaining conditions.
It’s also possible to download the free USA Mortgage smartphone app, which allows you to run calculations, scan and upload docs, contact your loan officer, and check loan status.
All in all, USA Mortgage provides a digital process from start to finish that is both convenient and easy to follow.
Loan Types Offered by USA Mortgage
- Conventional loans backed by Fannie Mae and Freddie Mac
- Government-backed loans: FHA, USDA, and VA loans
- Jumbo home loans
- Home renovation loans (203k, VA renovation, and Fannie Mae HomeStyle)
- New construction loans
- Bank statement programs (stated income)
- Reverse mortgages
- Doctor mortgages
- Bridge loans
- State bond programs, down payment assistance
- Non-warrantable condos are OK
In terms of loan programs, USA Mortgage offers the whole gamut from conventional loans to government-backed loans and even bank statement programs (a newer version of a stated income mortgage).
You can get financing on a primary residence, second home, or an investment property.
It’s possible to take out a home renovation loan, such as a FHA 203k, or a new construction loan if you’ve got the lot but have yet to build the property.
Seniors who are 62 years of age and older can also take out a reverse mortgage in order to tap equity without monthly payments.
They also got a lock and shop program that allows you to lock in a mortgage rate up to 120 days in advance with no upfront lock fees.
You can choose between all the popular fixed-rate and adjustable-rate mortgage options available on the market today, such as 30-year or 15-year fixed, or a 5/1 and 7/1 ARM.
USA Mortgage Rates
USA Mortgage does not advertise its mortgage rates on its website or elsewhere to our knowledge.
In order to get pricing, you’ll need to contact a loan officer directly and/or begin the loan application process.
If on the USA Mortgage website, simply click on “branches” to find a loan officer near you, then you’ll find their contact info to inquire about pricing.
The same goes for lender fees – once you reach out to someone, ask them what fees they charge when comparing mortgage rates, such as a loan origination fee if applicable.
You should know both the interest rate and lender fees, which collectively make up the mortgage APR, an important figure to use when shopping lenders.
USA Mortgage Reviews
USA Mortgage has a pretty amazing 4.98-star rating out of 5 on Zillow based on more than 2,500 customer reviews.
Clearly that’s quite impressive given the number of reviews and the near-perfect rating.
Similarly, they have a 4.90-star rating out of 5 on SocialSurvey from over 30,000 reviews. Again, pretty close to perfection here.
They are Better Business Bureau accredited, and have been since 2010, with a current ‘A+’ rating based on complaints history.
All in all, they appear to offer stellar customer service to their clients, which would explain the almost-perfect scores they enjoy on several ratings websites.
Another plus is the wide range of loan programs offered, along with their access to wholesale mortgage rates.
USA Mortgage Pros and Cons
- Can apply for a home loan directly from their website without a loan officer
- Offer a digital mortgage loan process
- Tons of different loan programs to choose from
- Excellent reviews from past customers
- A+ BBB rating (and an accredited company)
- Free mortgage calculators
- Free smartphone app
- Not licensed in all states
- Do not publicize mortgage rates or fees
- Do not service their own loans