Caliber Home Loans was launched in 2013, thus it’s quite a young and growing company. The company was formed as a result of the union of two companies: Vericrest Financial and Caliber Funding which had been operational since 2008. With its headquarters located in Irving, Texas.
Caliber Home Loans
Caliber Home Loans is a private mortgage loan business company owned by private Loan Star Funds affiliates. This Home Loans company offers full loan services and generates loans through several channels as well as transaction types such as retail branches network, correspondent lending, wholesale loaning and a direct consumer operation focusing on different purchase and disbursement loan programs such as jumbo, conforming and other government products. In addition, Caliber offers contemporary servicing way outs for either conforming or non-conforming loans. Led by an expert and professional management team made up of mortgage banking specialists who have achieved in building effective and prosperous national mortgage operations, their core strengths comprise of their modern mortgage solutions, customer system, H2Online along with innovative management team. These features makes Caliber unique when compared to other mortgage industries when provide excellent services to its customers, creating a suitable working environment to its employees as well as ensuring quality track record.
Caliber Home Loans employs “Imagine,” as their market target line as well as their strategy to offer steady mortgage loan services to qualified customers. The company claims to be a reliable customer-centric mortgagee that prospers in today’s financial arena that has a lot of complexity as their only business is to provide mortgages for their customers. There is a proof that their allegations and claims are in line with their purpose, although there are some downsides that you should be familiar with.
Caliber has a wide range of mortgage home loans and different programs and services to choose from, stretching from government loans to conventional loans to Caliber Portfolio Mortgage Program loans.
The Caliber Home Loan Unique Products
i) Jumbo Alternative:
This type of loan was introduced to serve mortgage loan clients who want to put money into a pricey property but do not meet the standards for Jumbo mortgage loan. Alternatively, Asset-based criteria can be used for insufficient income-based needs.
ii) Homeowner’s Access:
Homeowner’s access can also be used as a substitute to a customary loan to meet the needs of mortgage loan candidates. The main purpose of this loan is to make non-traditional systems prove your affluence when it comes to events like bankruptcy as well as other personal monetary collapses.
iii) Fresh Start Program:
This type of mortgage loan deviates from the traditional method too. The main features are directed on mortgage loan customers who want to apply for a mortgage loan but don’t hold a traditional credit in their financial history and related score or hold a typically low credit history as a result of past financial problems.
iv) Investment:
Investment mortgage loan mainly centers on loan applicants who would like to finance rental property or other investment assets. The qualifying terms for this loan are not strict since you can qualify for loans with a 620 credit score which is considerably low.
v) Foreign National:
Foreign National mortgage loan is intended for foreign individuals who visit the United States frequently. It comes with a considerably high down payment needs but does bears in mind that the mortgagor will not be required to produce history of domestic credit score during loan application.
Caliber Home Loans Login
Caliber Home Loans doesn’t offer login services via their website. However, their support team can help you with your account login problems by visiting them on www.vericrestfinancial.com. When managing your login credentials, keeping your account details, documents or contact details for Caliber Home Loans you can use doxo My Account manager. This app is compatible for Windows, iPhone or Android operating systems.
Caliber Home Loan Reviews
This is a significant insight into Caliber Home Loans since they claim that they are an active customer-oriented mortgage company in making customer needs as their main objectives in all of the company’s transactions as well as loan originations. Many statistics and customer reactions are indication of their achievement in ensuring the loan customer are satisfied with their services.
When it comes to customer reviews, a large number of Caliber mortgage customers talk about this home loan company positively, one customer from Mechanicsville, VA, said that she had an excellent experience with Caliber Home Loans because of the attentiveness and commitment of its staff. They guided and helped her greatly through the process of acquiring mortgage loan. She added that she never thought that she could qualify for loan on her own but through the gentle assistance and reliable communication of its staff, she was able to acquire her loan successfully. There are several other customer reviews online that will give you in depth information about this Home Loan Company to know the quality of their services.
On the other hand, there are some people dissatisfied with Caliber Home Loan services but you should weigh these reviews to know the common problem being put into discussion by different clients. They just may perhaps raise one issue that possibly will discourage you from applying loans with this company but you have to attend to them as well. Besides, you will find out that Caliber answers back positive feedback right away as opposed to negative feedback thus gives another point of view in deciding whether to apply for Caliber Home Loans or not.
Accreditation
Caliber Home Loans has been accredited by Better Business Bureau a fair and unbiased third party, and verified to be legitimate, reliable and in decent order besides meeting all of the required standards. It was first accredited by BBB on 19th May, 2014, hence their past performance has mature fully. That tells more about this home loan company:
1. Caliber Home Loans responds to customer complaints and other problems and puts more effort in solving them.
2. Better Business Bureau accreditation doesn’t weigh the actual products or the company’s services nor ratify them. It only evaluates the company’s responsiveness to customers’ questions and complaints.
Caliber Home Loans Complaints
Summary of Caliber Home Loans complaints recorded by Better Business Bureau in past 3 years.
· Sales/Advertising complaints 10
· Billing/Collection complaints 168
· Delivery complaints 3
· Warranty Complains 1
· Product and Service Complaints 214
· Total Complaints 396
These Caliber Home Loan reviews aren’t pretty good when compared to Consumer Affairs customer reviews. This is very clear, although, since the Better Business Bureau is unbiased third party for issues between the customers and the company. It’s advised that you go through them online to assess the customer complaints made on BBB with the positive customer reviews on Consumer Affairs.
This review would not be complete without examining Caliber Home Loan business practices as well as its leadership. When it comes to its leadership, majority of the Caliber C-Suits are individuals who lead Countrywide Consumer Markets Division. Some irregularities were found in their business activities by The Federal Justice, as a result, they used $335M to settle their cases. In addition, there was another settlement reached with the same organization for approximately $16B which catered for the “origination of faulty residential loans” as well as “the counterfeit sale of mortgage loans to Freddie Mac and Fannie Mae government-sponsored businesses.” This action was dealt with after Countrywide was taken over by Bank of America. Merging that with Caliber mortgage negative reviews filed by the Better Business Bureau draws a negative point of view on this mortgage company.
There is also another issue concerning Caliber Home Loans with the Attorney General of State of NY. An investigation that examined the business activities of this company was launched. The primary concern was aired on 15th October, 2015 in New York Times stating that critics had taken concern with the Caliber’s standard loan revision that reduces the mortgagor’s payments temporarily for a period of five years but afterwards returns to the earlier payment terms during the sixth year, frequently with the delayed payments carried forward to the loan’s back end.
The critics claimed that temporary changes just enable Caliber to start collecting loan payments which had been delinquent or not functioning for many months, but didn’t provide any lasting relief to a loan borrower who experienced a decline in income due to financial crisis. “This scrutiny is examining Caliber Home Loans practices particularly on its traditions along with standard business products that offer services many customers in New York and its environs.
Final Thoughts
Caliber Home Loans comes with a sound and reliable mortgage business model that is recognized and well accepted by the monetary and customer mortgage community. Most of the responses from its customers, has been optimistic with sound implications of honest practices. Some qualifying factors possibly will make some people who would like to apply for loans think carefully before pursuing it with this company. Nevertheless, it all depends on you when choosing a mortgage company you have faith in. Do a lot of research and straighten out all issues you have before you apply for any loan. Get hold of the professional legal counsel services and check on the loan terms and conditions as well as the contract terms fully to ensure you meet expected results besides getting clear loan obligations.
Caliber Home Loan Careers
Caliber has lots of careers responsible for building a prosperous national mortgage processes. The major careers are listed below.
1. The Government Underwriter:
He or she is responsible for checking delinquent loans as well as making sure that actions pertaining loss mitigation are taken on personal accounts toughly and accurately in an appropriate manner, rendering to state, insurer and monitoring guidelines and also help in reducing company’s financial losses. The Underwriter is in charge of government loans such as Fannie Mae, Freddie Mac, FHA, Treasury HAMP USDA and VA.
2. Investigation Unit.
The main functions of Investigation Unit is to: Conducts analysis and updates on daily reports, answer give any response to clients or business partners’ questions emails and phone calls, serve as an (SME) subject matter expert as regards to government modifications, help in UAT analysis for loss modification underwriting tools, help in the planning of feedbacks to government related mediations, modifications and complaints.
3. Licensing Specialists:
The Licensing Specialist provides support and assistance to Legal Department to certain observance with licensing requirements in the state besides working with the organization to file application of licenses and relinquishments or indemnity requests as well as renewal of licenses. Besides, The Specialist will uphold a licensing database and work hand in hand with the organization to collect required information.
4. Investor Reporting Analyst:
He or She is answerable when it comes to preparing monthly reports, research and payment transfer activities, prepare daily reports with strict observance to reporting deadlines, requirements and customer interface and valid management entities on stated reports. Besides, he or she has to set up and tender for handling all monthly payments on allocated portfolios within the required payment deadlines.
Caliber Home Loan Addresses
When mailing a payment, or reporting any complains here are the addresses that you can use to get in touch with their staff for further assistance:
i) Regular Mail Address:
Attn: Cash Operations
BOX 650856
Dallas, TX 75265-0856
.
ii) Overnight Mail Address:
Attn: Cash Operations13801
Oklahoma City, OK 73134
iii) Bankruptcy Payment Address:
Attn: Cash Operations
Box 24330
Oklahoma City, OK 73124-0330
Caliber Home Loan Rates:
When checking loan rates, you can gain access to Caliber’s Loan Rates as well as Pricing right away from H2O Online without uploading any documentation online. Their loan rates vary depending on the type of loans you apply. However, it’s easy to check the loan rates using the loan calculator provided on their website, ability to check on pricing detail, revise searches and search scenarios. Caliber also lists eligible services and products mortgagers are qualified to borrow. You only have to dispense products and gain access of loans straight away from H2Online where you’ll find Rate sheets to help you calculate Caliber’s loan rates.
Final Verdict
Caliber Home Loans comes with a sound and reliable mortgage business model that is recognized and well accepted by the monetary and customer mortgage community. Most of the responses from its customers, has been optimistic with sound implications of honest practices. Some qualifying factors possibly will make some people who would like to apply for loans think carefully before pursuing it with this company. Nevertheless, it all depends on you when choosing a mortgage company you have faith in. Do a lot of research and straighten out all issues you have before you apply for any loan. Get hold of the professional legal counsel services and check on the loan terms and conditions as well as the contract terms fully to ensure you meet expected results besides getting clear loan obligations.