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Watermark VA Loans Review


ConsumersAdvocate.org Rating: 3.7 / 5 (Very good)
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Watermark is a California-based company founded in 2000. They provide mortgage services in the United States, specializing in Conforming, Conforming/Jumbo, Super Jumbo, FHA, and VA financing, with a variety of different types of loans. They are a BBB-accredited business with an A+ rating.
 
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How is Watermark rated?

Breakdown

3.5/5
User Experience
3.5/5
Tools & Resources
4.0/5
Expertise

Overall Rating: 3.7 / 5 (Very good)

Watermark is service-oriented direct mortgage lender taking a simple approach to mortgage solutions. The company, which aims to educate and advise each client according to their particular financial needs, offers a quick approval process, no obligation quotes, free rate watch, and the ability to lock-in rates. As if that weren't enough, the company has garnered high praise from customers fully satisfied with their personalized services and professional guidance. On the whole, Watermark's competitive rates and outstanding customer service make it an excellent lender to work with.

Watermark Tools & Resources

Lender Type
Lender
VA Loan Types
Purchase
Rate & Term Refinance
Streamline Refinance (IRRRL)
Cash-out Refinance
Cash-in Refinance
Jumbo
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home
Term Lengths
40 Year Fixed
30 Year Fixed
25 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed
8 Year Fixed
Adjustable Rate Mortgage Terms
10/1 ARM
7/1 ARM
5/1 ARM
3/1 ARM
1 Year ARM
Maximum Loan Size
$1,500,000
Minimum Loan Size
$36,000

Tools & Resources - 3.5 / 5

Watermark is an online lender offering a variety of purchase, refinance, and streamline refinance loans. With no down payments, the possibility of waiving VA funding fees, and no closing costs, Watermark allows veterans and active service members to purchase or refinance their homes even when they're upside down.

Watermark User Experience

Fee Information
VA Funding Fee
Waived Fees
Prepayment penalty, Private Mortgage Insurance

User Experience - 3.5 / 5

Watermark's loans are subject to standard underwriting regulations, which may entail credit history and score verification. There will be an applicable VA funding fee, yet prepayment penalties and private insurance are waived.

Watermark Expertise

Memberships & Regulatory Info.

Memberships
Federal Home Loan Bank
FDIC
Nationwide Mortgage Licensing System ID
1838
NMLS Collection Date
2017-08-23

Online Reviews

BBB Rating
A+
Date Collected
2017-08-23

Expertise - 4 / 5

WaterMark Capital Inc. is a BBB-accredited company with an A+ rating and a score of 4.91 out of 5 stars based on 13 positive and one negative customer review. Watermark is a member of the Federal Home Loan Bank and the Federal Deposit Insurance Corporation.

Contact & Additional Information

Homepage URL
https://www.watermarkhomeloans.com/
Company Phone
(800) 896-9374
Headquarters Address
100 Spectrum Center Dr Ste 150, Irvine, CA, 92618
Mailing Address
100 Spectrum Center Dr Ste 150, Irvine, CA, 92618
Year Founded
2006

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Customer Comments & Reviews

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Sheila G
12/9/2019
Worst experience of my life trying to refinance. "Wilson" who was dealing with my loan had absolutely non clue how to figure out my DTI using my tax return; unbelievable. He was unresponsive to my emails, including the last one I sent questioning why he didn't use the income on my tax return to do so, which I sent a week ago. He insisted on seeing my 9 tenants leases (which contained their personal info including SS numbers), which was unnecessary as my tax return clearly states my income from my apartment building. An absolute waste of my time! He tried to tell me my DTI was 58% when it is clearly 42% based on facts on my tax return; this should have been an easy refinance, it was only... Read More

Gaius G
5/19/2019
This company is generally responsive and has great rates. Their turn around time for our refi was reasonably fast. Communication was good during the entire process. However, after the loan closed and we had questions they did not seem interested in communicating with us further. They were done with us and ignored emails after the fact. Otherwise, it was a good experience.

N
none
8/8/2018
I previously had a broker VA loan and understand the process is frustrating but when processors continually drag their feet and ask for more redundant documentation it is not fun. This co even told a prospective insurer an expected clising date before they notified me. I asked for request for everything needed but daily it was one more thing. Would think they tried to discourage me with 100k income 770 credit rating immedite prior VA financing on 15 yr $340k loan. Took 50 days after all info transmitted 90 days total and only got final approval 6 days before extended closing. Best way is local credit union not internet mortgage co

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