CashCall Mortgage Review

About Impac Mortgage Corp., dba CashCall Mortgage

Impac Mortgage Corp., dba CashCall Mortgage

CashCall is one of the top rated mortgage lenders providing home loan solutions in 43 states across the country. In addition to conventional, FHA and VA loans, CashCall Mortgage is a leading provider of home loans for those with unique circumstances like non-traditional income, investors, consultants and freelancers. With a fast, streamlined process, we can close loans in under 20 days. Our team of experienced and licensed loan officers can help you select the right loan program for your specific needs. Be it a cash out refinance or a new home purchase, we have the products and the expertise to help you.

review breakdown

Recommended
95%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

What they're saying about Impac Mortgage Corp., dba CashCall Mortgage

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What is CashCall Mortgage?

CashCall Mortgage is a California-based mortgage lender. The company originated as CashCall, Inc. in 2003 as an online lender making personal and mortgage loans.

Twelve years later, Impac Mortgage Corp. acquired CashCall’s mortgage business and has since operated CashCall Mortgage as its direct-to-consumer home lender. In 2017, CashCall Mortgage originated $4.6 billion in mortgages, nearly two-thirds of the overall loan volume of the parent company.

As you do your research, it’s worth noting: CashCall Mortgage today is distinct from its former parent, CashCall, Inc. That company now focuses on personal lending.


Working with CashCall Mortgage

CashCall operates in 46 states and the District of Columbia, but nearly 80% of its loan originations are in California, Washington and Arizona. CashCall Mortgage is not licensed to conduct business in Delaware, Massachusetts, Maine, Maryland, Wyoming or U.S. territories.

CashCall has four offices in California, but borrowers don’t visit branches. Instead, the company receives loan applications online or through a call center. Then CashCall’s nationwide network of loan agents works to process and issue loans.

CashCall Mortgage primarily issues conventional mortgages, usually fixed-rate loans with terms of 10, 15 or 30 years. In some cases, CashCall may issue 3%-down conventional mortgages, but these are only available for conforming loans, meaning their balances are less than $484,350. The smallest conventional loan available from CashCall is $75,000.

CashCall underwrites mortgages for condos, manufactured homes, single-family homes and multifamily properties up to four units. CashCall doesn’t underwrite loans for cooperative apartments, certain modular homes or properties with more than 25 acres.

However, CashCall Mortgage’s fastest growing segment is “non-qualifying” mortgage loans. These loans do not meet the underwriting standards for conventional mortgages and cannot be sold to Fannie Mae or Freddie Mac — usually because they’re larger than most loan standards, geared toward investors or issued to self-employed people with variable income. The lender issued nearly $900 million in non-qualifying mortgage loans in 2017.

For government programs, such as FHA and VA lending, CashCall Mortgage requires a 560 minimum credit score, which is higher than the usual FHA minimum of 500. CashCall does not manually underwrite loans.


CashCall mortgage products

All CashCall Mortgage products for home purchases come with a no-cost, 45-day rate lock. That means when you qualify, the quoted interest rate won’t change for at least 45 days.

Purchase loans

 

Refinance loans

 

Home equity loans

CashCall Mortgage does not offer traditional home equity loan products.


CashCall Mortgage special programs

  • Common Sense Loan. CashCall Mortgage’s Common Sense Loan is a proprietary loan product designed for underserved borrowers. The common sense loan uses different underwriting standards, including the use of bank statements for income documentation. Investors can also use projected cash flow to purchase a house. The common sense loan may work better than a conventional mortgage for self-employed people, investors and homebuyers who want jumbo mortgages. The Common Sense Loan provides mortgages for up to $3 million at a fixed rate. Borrowers can also opt for an interest-only loan payment.

The mortgage application process

CashCall’s mortgage process takes place primarily online, but a local loan officer will help if you need assistance.

  • How to apply. When you’re ready to apply for a loan, you can start a “Quick Application” through the website or request to have an agent call you to complete the application by phone. The online application requires your personal information along with details about the home you want to buy or refinance.After the online application, a loan officer will reach out to you via phone or email. The loan officer will then collect more information and make a recommendation about which loan products might make the most sense for you. Then you’ll start the real application process. This will include uploading various documents for verification through the CashCall Mortgage website.
  • Disclosure process. Since CashCall Mortgage doesn’t have any branches available to borrowers, all document verifications must be completed through the company’s website. A document upload center is available through CashCall’s website. In addition to submitting financial documents, borrowers receive loan disclosures (such as an appraisal report) online.In addition to documenting the borrower’s relevant financial information, CashCall will order a full appraisal for its loans. Your loan agent will inform you before they order the appraisal, but the appraisal company is chosen through CashCall’s system.

    Within three days of verifying your income, the value of the property and the loan amount, CashCall will issue a loan estimate. At that point, borrowers may lock in a rate. CashCall advertises a free 45-day rate lock on purchase transactions.

  • Submitting loan for approval. All of CashCall’s loan processing and underwriting is done in-house, so the loan moves to underwriting as soon as disclosure is complete. The loan processor will need to document a borrower’s income, assets and credit score before submitting the loan for approval. The processor will also need an appraisal to complete a loan-to-value calculation.
  • Final approval. CashCall uses automated underwriting software to underwrite the loan. If the underwriter needs more documentation to complete the loan, the loan agent will request that you upload the necessary documentation. Once the final documents are uploaded, it will take up to four days for the loan to be reviewed for conditions. After that, it will take another day for the closing documents to be created and the loan to be funded.
  • Closing. CashCall Mortgage says almost two-thirds of its mortgage refinance loans close within 30 days of the borrower completing an application. Applicants receive all closing disclosures and loan estimates electronically. The borrower can choose the date, time and location of the closing.

 

Communication during the process

CashCall Mortgage operates as a call center. Borrowers complete a quick application online or over the phone with a call center representative. Once the application is complete, it is turned over to a loan agent. The loan agent will contact you over the phone or via email. In some cases, a CashCall employee called an initiator may work with you to help you reconnect with a loan agent if you made an inquiry about a mortgage but didn’t complete the application process.

The loan agent helps borrowers create an account at CashCall so they can upload documents to complete the loan application process. Any documentation that needs to be verified will be submitted via a secure online portal. Throughout the process, you can expect to speak to your loan agent over the phone or to communicate via email. Since CashCall has a call center model, your loan agent may not be at closing. Instead, your closing attorney may guide you through closing.


Pros and cons of a CashCall Mortgage loan

Pros

  • Investor loans. Investors looking to use a property’s cash flow to take out a mortgage may qualify for CashCall Mortgage’s Common Sense Loan. This loan could be a good alternative for people who cannot qualify for conventional financing — although it may be more expensive.
  • Loans for self-employed borrowers. Many self-employed people do not have two years of income tax returns that show a stable income. However, CashCall Mortgage helps self-employed people around that issue by allowing these potential borrowers to use bank statements for qualification.

 

Cons

  • Must connect with a loan officer to apply. CashCall Mortgage allows users to start a quick application online, but you’ll have to connect with a loan officer before you complete an actual application. This can be an annoyance for borrowers who want to move at their own pace, especially if they’re ready to start uploading documents right away.
  • No renovation loans. CashCall Mortgage doesn’t advertise any renovation or construction loan products.
  • No branch access. Borrowers who want to meet with their loan officer face-to-face probably shouldn’t work with CashCall Mortgage. Every aspect of the CashCall Mortgage process happens online or over the phone.

 
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.