OneWest Bank, a div of CIT Bank, N.A.
Thinking of buying or refinancing a home? Turn to the mortgage specialists at OneWest Bank, a Division of CIT Bank, N.A. You can count on personalized service and one-on-one guidance every step of the way from application through closing. We’ll take the time to understand your unique situation. Then, we’ll tailor your home loan to meet your needs with one of our exceptional jumbo or conforming loan products. Let us help you find the home financing solution that’s right for you.
I don’t usually bother with writing reviews, but my recent participation in dealings with OneWest bank has been such a horror show that I feel obligated to do so. So a guy is a 25 year customer of his friendly local neighborhood bank and tries to get a cash out refinance with an eye towards some remodeling. The bank calls up a loan officer from Pasadena and everything starts out ok. After personally handing most requisite paperwork to the loan officer, it is then required to re-upload these documents to their web system (by far not the best I’ve seen, by the way) and at this point the loan has been passed on to a processor and the loan officer goes incommunicado for a week — having failed to pass on the correct phone number for the appraiser to get in touch with the customer. After much delay, the appraisal was finally done. (In the meantime of course there was an error on the 4506-T form.) Then — presumably instigated by the underwriter — they start prying into everything from divorce agreement to bank deposit statements to rental lease, repeatedly requesting letters and explanations for purpose of loan and intent to occupy; all the while the loan officer appears to be under the impression everything would be fine. The underwriter turns down the loan on closing day, having worked extremely hard to come to the conclusion that the property under consideration must have been unoccupied for 2 years (false) and that the applicant must have intention of continuing to reside in his current apartment and rent out the house. In addition to everything else, the entire mess was designed to stretch out over 6 weeks (that’s not counting a couple more weeks of “escalation” to try to overturn the underwriter) when the national average for getting a mortgage is 3. Maybe all of this can be considered very funny, but it cannot bode well for an organization to have employees so dedicated to antagonizing the customer. I thought that even with all the mishaps, at the end of the day a bank advertising mortgages at least wants business — I was wrong. On the subject of funny, the bank loses a mortgage deal and a customer, the customer loses much time and money, but somebody did make a small profit from all of this: the appraiser.
OneWest Bank was established on March 19, 2009. Headquartered in Pasadena, Calif., it is the branch of CIT Bank that serves Southern California. OneWest closed approximately $29 billion in loans in 2017.
OneWest Bank is currently licensed to do business in Southern California. Borrowers outside of California can contact OneWest’s parent company, CIT Bank, for information on mortgage loans. We were not able to confirm information on the minimum credit scores needed to secure a loan.
The application process is mostly digital. Once a prospective borrower completes an application providing basic information, they will be contacted by a loan officer over the phone or email to review loan options. All loans are manually underwritten; this may prove a boon to borrowers who don’t meet all of the bank’s requirements but may still be able to qualify for a loan based on additional information.
OneWest issues loans for:
OneWest offers the following mortgage products. Fixed rates are available for all loans, while adjustable rates are available on jumbo and interest-only products.
Conforming loans: In line with government guidelines, conforming loans must be no more than the current maximum limit of $484,350 for a one-unit residential property; however, these maximums may increase in higher-priced locations.
FHA loans: The 30-year fixed FHA loan offers a 4% interest rate, 4.068% APR and 0.394% points, as of June 10, 2019.
Jumbo loans: These are available for up to $5 million. Loans include fixed- and adjustable-rate mortgages with an initial fixed-rate period with amortizing or interest-only payment options.
Interest-only loans: These are available only for jumbo loans up to 80% LTV.
Initial contact: Once you contact the bank to express interest, a loan officer will be assigned to you. If an application has been submitted, an initial loan estimate will be issued.
Conditional underwriting: Your intake loan processor will contact you to collect additional documentation required. Title and escrow are opened, while appraisal is ordered.
Conditional loan approval: An underwriter reviews initial information and may issue a conditional loan approval if the loan meets credit guidelines. If the loan is approved, additional documentation requirements are issued for final review.
Disclosure process: OneWest’s prefunding quality control team issues the initial closing disclosures for review; keep in mind that these are not the final closing disclosures at this point.
Final loan review: The loan is submitted to underwriting for final review and sign-off on all outstanding requirements
Final closing documents: These are issued along with cash required to close the loan.
Closing: Borrowers can choose the time and place where closing will take place.
The loan officer is the main point of contact during the mortgage process. Other points of contact include the loan processor and funder. Communication includes a mix of phone and email contact. Additionally, customers may visit any OneWest branch location to speak in person with a loan officer.
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.