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CashCall Mortgage Review 2020

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Editor’s note: The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

Impac Mortgage Corp., which does business as CashCall Mortgage, is an online mortgage lender headquartered in Irvine, Calif. Impac acquired CashCall Mortgage in early 2015.

CashCall Mortgage provides lending options for borrowers looking for either conventional or government-backed home loans.

Pros and cons of a CashCall Mortgage loan

Pros

  • Offers conventional and VA loan options
  • Offers a flat $995 loan origination fee
  • Offers a free, 45-day mortgage rate lock option for purchase loans
  • Pays some third-party closing costs for borrowers, including appraisal and title insurance fees
  • Provides a digital mortgage application process

Cons

  • No available adjustable-rate mortgage options
  • No available FHA loan options
  • No available home equity loan options
  • No physical branch locations for in-person service

Working with CashCall Mortgage

CashCall Mortgage is licensed to operate in the following 42 states and the District of Columbia:

  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Mississippi
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin

The lender receives mortgage applications either online or by phone — there are no physical branch locations for customers to visit.

In 2019, CashCall Mortgage originated more than $4.5 billion in mortgage loans.

CashCall Mortgage borrowing requirements

CashCall requires borrowers to have a 620 credit score or higher to be eligible for a conventional loan. For CashCall loans backed by the U.S. Department of Veterans Affairs, a minimum credit score of 560 is required.

CashCall Mortgage offers loans for the following property types:

  • Single-family homes
  • Condominiums

Manufactured homes are not eligible.

CashCall Mortgage products

Purchase

  • Conventional loans. CashCall offers conventional, fixed-rate mortgages with 10-, 15- or 30-year repayment terms.
  • High-balance loans. Conforming loans for higher-priced housing markets are also available, for up to $765,600. Repayment term options are 15 or 30 years.
  • VA loans. There are 15- and 30-year terms available for home loans backed by the VA.

Refinance

CashCall Mortgage offers both rate-and-term and cash-out refinances. Borrowers with a VA loan may qualify for a VA cash-out refinance or interest rate reduction refinance loan (IRRRL), in addition to CashCall’s conventional refinance products.

The mortgage application process

  • How to apply. When you’re ready to apply for a mortgage or refinance, you can click the “Apply Now” button at the top right of CashCall’s homepage, where you’ll begin an online application. If you’d rather work with a professional, you can request a callback on the website to have a loan officer reach out and walk you through the process.
  • Disclosure process. Once you’ve provided your personal information and details about your finances, you’ll begin uploading various documents for verification through the CashCall Mortgage website. Within three business days of receiving your application, you’ll receive a loan estimate that explains your anticipated loan terms and costs.
  • Submitting loan for approval. Your loan application moves to underwriting as soon as the disclosure process is complete. The loan processor will need to document your income, assets and credit history before submitting the loan for approval. CashCall will also order a home appraisal to complete a loan-to-value calculation.
  • Final approval. If your underwriter needs more documentation to finalize your application, you will need to upload the necessary documentation online. Once any remaining conditions are satisfied, you will be cleared to close.
  • Closing. Three business days before your scheduled closing date, you’ll receive a closing disclosure detailing your loan terms and costs. At your closing appointment, you’ll sign legal documents and exchange money to complete the transaction.
  • Servicing. CashCall has an in-house loan servicing department. You can manage your mortgage online or by calling (855) 803-5909.

Communication during the process

Throughout the mortgage lending process, you can expect to communicate with your loan officer via email or over the phone.

If you need additional assistance, you can reach CashCall Mortgage by phone 24 hours a day and seven days a week at (866) 708-5626. You can also reach them by email at [email protected].

 

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