Mortgage

CrossCountry Mortgage Overview for 2020

overview

CrossCountry was founded in 2003 and is one of several companies that entered the mortgage market in the 21st century.

Unlike many others, however, CrossCountry is not driven solely by technology. It is quickly establishing a branch network and is designed to help borrowers build close relationships with loan officers. Offices in 37 states enable many to communicate personally.

Unfortunately, CrossCountry doesn't make it easy to get a price quote. You need to speak to a loan officer and provide some personal information to get an idea of ​​your possible mortgage costs.

However, if you value human interaction in financial planning, CrossCountry may be worth the extra effort. Be sure to compare your offer with some other lenders before making a final decision.

CrossCountry mortgage rates

CrossCountry does not publish daily rates on its website. To get an estimate of the mortgage rate that CrossCountry can offer, you need to speak to a loan officer and get an individual quote.

Nonetheless, based on the average annual data, we were able to get an idea of ​​how CrossCountry mortgage rates behave compared to other major lenders:

CrossCountry mortgage
Wells Fargo
Accelerate loans
chase
Average 30-year interest rate, 2019

4.41%
4.22%
4.16%
4.22%

Monthly P&I payment *

$ 1,003
$ 980
$ 973
$ 980

Median loan costs, 2019

$ 5,230
$ 3,484
$ 5,075
$ 3,440

Median Origination Charges, 2019

$ 1,590
$ 1,199
$ 2,805
$ 1,279

CrossCountry interest rates look slightly higher on average. However, please note the following:

The prices vary depending on the customer. Yours could be much lower than average depending on how strong you are as a borrower; and … CrossCountry interest rates should be considered along with other benefits such as an excellent customer service reputation and a variety of mortgage loan options

The average tariff and fee data comes from public tariff and fee data sets required by the Home Mortgage Disclosure Act (HMDA).

According to public records, CrossCountry customers had average borrowing costs of $ 5,320 in 2019, of which $ 1,590 was attributable to the lender's own origination fees.

* Monthly principal and interest payment based on a home price of $ 250,000 with a 20% decrease at an average 30-year interest rate of each company for 2019. Your own interest rate and monthly payment will vary.

Check your new tariff (July 19, 2020)

CrossCountry mortgage reviewer for 2020

On its website CrossCountry says:

“We are proud to build rewarding, long-term customer relationships. Our customers save money and make their loans quickly because we use advanced mortgage technology and communicate closely with them throughout the financing process. "

Judging by customer feedback, CrossCountry largely achieves these goals. There are relatively few complaints and many five-star ratings.

For some people, however, CrossCountry could place a little too much emphasis on the relationship between the borrower and the lender. You can't even get a quote online without first speaking to a real loan officer.

People who prefer Quicken-style tech-first mortgage loans may not appreciate this.

However, those who want a more human experience will find a lot to like about CrossCountry mortgages.

Working with CrossCountry Mortgage

Judging by online customer reviews, many find it easy and enjoyable to work with CrossCountry.

The company is just a hair away from a five-star rating for Zillow and does almost as well on the Better Business Bureau (BBB) ​​website. Speaking of which, it is one of the BBB-accredited companies and has an A + rating.

CrossCountry's own website is clean, informative and helpful. It contains a mix of articles, video content and frequently asked questions (FAQs) so that borrowers receive the information they need about home loans before applying.

However, you must pass personal information to dig under the surface. There are no general interest rate estimates that most lenders display on their websites in advance.

And it is difficult to get a feel for the "back office functionality" (the functions of the IT systems that you do not see) before you build an application.

However, if CrossCountry's claim that "most loans can be closed in just 21 days" can be accepted at face value, it must have fairly intelligent technology behind the scenes.

A personal touch

Perhaps this lender's greatest strength is its focus on building close relationships between borrowers and loan officers.

Of course, this will not appeal to those who prefer an end-to-end online experience. But if you enjoy dealing with living, breathing people, this lender may be the one for you.

Just a note: many of these person-to-person interactions take place over the phone. We know that CrossCountry is interested in building its branch network. However, according to NMLS data, the company currently only operates stationary locations in 37 states.

This means that relatively few consumers will live close enough to one to deal with this lender personally.

Customer service and mortgage service

As of 2019, CrossCountry Mortgage is still too small to be in the J.D. Power Mortgage Satisfaction Survey.

However, a plethora of good reviews – and the lack of official complaints – suggest that CrossCountry Mortgage customers are generally satisfied with the company's service.

Companies
Mortgage origins 2019
CFPB complaints
Complaints per 1,000 mortgages
2019 JD rated power
CrossCountry mortgage

72.003
17th
0.24
Not rated

Wells Fargo

1,026,800
342
0.33
837/1000

Accelerate loans

774,900
187
0.24
880/1000

chase

527,600
188
0.36
850/1000

The Consumer Financial Protection Bureau (CFPB) records all official complaints that borrowers make against their mortgage lenders. And in 2019, only 17 customers reported problems with the CrossCountry mortgage.

This gives CrossCountry a slight edge over larger competitors like Wells Fargo and Chase Bank. Even with a much lower credit volume, there are still fewer complaints with 1,000 customers than with these mega lenders.

The results suggest that CrossCountry's focus on mortgage lending pays off. For home buyers who want to speak to a loan officer person-to-person, this lender may be a good choice.

Mortgage loan products at CrossCountry Mortgage

One of CrossCountry's strengths is the breadth of its loan portfolio. It offers so many types of credit – if not more – than much larger lenders.

CrossCountry mortgage options include some loans with little or no down payment requirements. You can also take out loans through a home loan or home loan line (HELOC).

Regardless of the type of home loan you need, there is a good chance that CrossCountry will have what you are looking for:

Fixed rate loans – Most people choose a fixed rate mortgage (FRM) that has a constant interest rate over the life of the loan. CrossCountry offers FRMs between 10 and 30 yearsVariable rate loans – Variable rate mortgages (ARMs) have a stable interest rate for the first 3, 5, 7 or 10 years, and then your interest rate fluctuates with the market for the rest of the loan term VA loan – For eligible military personnel and veterans only. VA loans offer no down payment, low interest rates, no ongoing mortgage insurance payments and simple credit thresholdsUSDA loan – Only for eligible borrowers and homes in certain areas. USDA loans offer no down payment and simple credit thresholdsFHA loan – With loans supported by the Federal Housing Administration (FHA), you can buy with just 3.5 percent less and simple credit thresholds. However, you pay mortgage insurance until you move or refinanceJumbo loan – Jumbo loans apply to mortgage amounts that are above the conventional limit. Currently, most of the U.S. CrossCountry countries are around $ 510,400, which you can use to borrow up to $ 3 million

CrossCountry may also be able to help you if you want to take out loans for investment property or need a “bank statement loan”. This is based on your bank statements rather than tax returns and pay slips.

Where Can You Get A Mortgage With CrossCountry Mortgage?

NMLS ID: 3029

If you happen to live near a CrossCountry branch, you can sit down at the desk with a loan officer and enjoy personal customer service.

According to NMLS Consumer Access, CrossCountry currently has 283 active offices in 37 states.

Light green states: CrossCountry Mortgage is available, but has no physical branches

Dark green states: CrossCountry Mortgage is available and has one or more physical branches

If you are not in one of the green states listed above or your local office is far from home, your starting point is probably the CrossCountry website. Since it's licensed in all 50 states, anyone can start the home loan process online.

You will likely need to provide your social security number, driver's license, and salary details to get a rough idea of ​​what you may be offered. And this process can also include a credit check.

You can use the website at any time to find the contact details of the closest CrossCountry loan officer, including the phone number. However, when you call, he or she will likely need the same information to advance your request.

Frequently asked questions about CrossCountry mortgages

Is CrossCountry Mortgage a bank or broker?

CrossCountry Mortgage is not a bank or broker. Instead, it is a so-called "non-bank lender". This means that only home loans and home products are offered – but no checks, savings or other banking programs.

However, CrossCountry Mortgage is closer to a bank than a broker because its loan officers only offer CrossCountry products. They don't help you compare home loan loans from other companies like a mortgage broker would.

How many CrossCountry mortgage branches are there?

According to NMLS consumer access, there are currently 290 CrossCountry Mortgage branches in 39 states. There are NO CrossCountry mortgage branches in: AK, AR, DE, ID, IA, MS, MT, NE, ND, VT or WY. CrossCountry is licensed in all 50 states. In states without branches, buyers and homeowners can continue to work with CrossCountry Mortgage online or by phone.

Is CrossCountry Mortgage a good company?

CrossCountry Mortgage is a good company by industry comparison. There are very few official complaints, an A + rating with the Better Business Bureau and, according to the NMLS, no major problems or scandals with borrowers.

Overall, home buyers and homeowners should feel comfortable buying or refinancing with CrossCountry mortgages.

However, the experience may vary depending on the loan officer, and the prices are different for each customer. We therefore recommend comparing your options with some other companies besides CrossCountry before buying.

When was CrossCountry Mortgage established?

CrossCountry Mortgage was founded in Cleveland, Ohio in 2003. Since then, it has opened nearly 300 stores in 39 states. Today CrossCountry is licensed in all 50 states to purchase mortgages, refinancing and home products.

How many loan officers does the CrossCountry mortgage have?

According to the NMLS, CrossCountry has around 1,400 loan officers.

Is CrossCountry Mortgage the Best Mortgage Lender for You?

If you value a personal touch, CrossCountry may be the best mortgage lender for you. Customer service receives excellent ratings, and the company focuses on building strong relationships between borrowers and loan officers.

CrossCountry may not be the best choice if you're looking for an end-to-end digital mortgage process.

Regardless of how much you've invested in working with CrossCountry, you should get a personalized mortgage rate offer and compare it to some other companies' credit estimates. This is the only way to determine whether you are getting the best deal on your mortgage.

You can get started with the following link.

Compare personalized rates from major lenders. Start here (July 19, 2020)

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