Laila Keith
PrimeLending is a national home lender that offers a wide variety of loan types, including non-QM loans, renovation and construction loans, and refinancing options. They have been in business since 1986 and are committed to helping loan officers and customers achieve their homeownership goals. With a focus on providing local expertise and fast service, PrimeLending combines personal guidance with flexibility to meet the unique needs of homeowners and business partners. While it is unclear if PrimeLending sells loans, the active secondary loan market allows lenders to sell loans in the open market or for securitization, with prime loans often being the most profitable.
| Characteristics | Values |
|---|---|
| Prime borrower classification | Credit score above 660 |
| Super-prime borrower classification | Credit score above 720 or 750 |
| PrimeLending's customer rating | 4.98 out of 5 |
| PrimeLending's customer rating score reflect | More than 22,300 customer reviews |
| PrimeLending's customer service | Available via phone |
| PrimeLending's offerings | Renovation, refinancing, jumbo, FHA, VA, fixed-rate and adjustable-rate mortgage loans |
| PrimeLending's target audience | First-time-homebuyers, homeowners looking to renovate or refinance, and those looking to buy manufactured homes |
What You'll Learn
PrimeLending's customer service
PrimeLending is a mortgage lender that has been helping families across the country achieve their homeownership dreams since 1986. The company offers a wide variety of loan types, including non-QM loans, renovation and construction loans, and special construction escrow services. PrimeLending's customer service can be contacted via phone, and borrowers can expect to be immediately connected with a representative who can answer their questions. The company's customer rating reflects more than 22,300 customer reviews, with an impressive score of 4.98 out of 5.
While PrimeLending does not offer live chat or in-person customer service, its national team of dedicated loan officers provides unmatched mortgage service, support, and guidance from application to closing and beyond. This level of service has resulted in numerous positive testimonials, with customers feeling like they were a priority and that the company looked out for their best interests.
PrimeLending's loan officers are experienced and can provide the necessary guidance to navigate the home lending process confidently. This support is particularly valuable in today's fast-paced real estate market, where delays in home buying are common. By getting pre-approved for a loan, borrowers can take the first step towards finding their dream home.
In addition to its customer service, PrimeLending also stands out for its loan offerings. The company offers a range of options for both purchase and refinance, including fixed-rate and adjustable-rate loans, as well as government-backed FHA, VA, or USDA loans. These options improve the odds of finding the best match for borrowers' needs. PrimeLending also offers programs aimed at first-time homebuyers and loans for manufactured homes, making it a versatile choice for those seeking financing.
Overall, PrimeLending's customer service and loan offerings make it a reliable and trusted choice for borrowers seeking guidance and a variety of loan options. With a focus on support and a wide range of loan types, the company has established itself as a go-to lender for those looking to achieve their homeownership dreams.
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PrimeLending's loan types
PrimeLending is a mortgage lender that has been helping families across the country achieve their homeownership dreams since 1986. The company has a team of dedicated loan officers that provide mortgage services, support, and guidance from application to closing and beyond.
PrimeLending stands out for its wide variety of loan types, including non-QM loans and a range of renovation and construction loans. The lender also offers special construction escrow services, such as swimming pool escrow and escrow for small repairs (EZ “C”onventional). PrimeLending caters to borrowers seeking closing cost assistance or purchasing a fixer-upper.
In addition to its renovation and construction loans, PrimeLending offers both fixed-rate and adjustable-rate loans. They also provide government-backed FHA, VA, or USDA loans. For first-time homebuyers, PrimeLending offers programs to help them get started on their journey to homeownership. The company also provides loans for manufactured homes and loans with a minimum credit score requirement of ≤600.
PrimeLending caters to those looking to refinance their homes by offering options to lower monthly payments, pay off loans sooner, or turn equity into cash. Their loans can also help roll the cost of renovations into a single loan with a single monthly payment. PrimeLending's customer service can be reached via phone, and their representatives are knowledgeable and quick to answer queries.
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PrimeLending's rating
PrimeLending is a mortgage lender that offers a wide variety of loan types, including conventional loans, jumbo loans, government-backed loans, refinance loans, and more. The company has been in business since 1986 and is a subsidiary of PlainsCapital Co.
PrimeLending has received positive reviews from customers, with a rating of 4.98 out of 5 on NerdWallet based on over 22,300 customer reviews. Customers have praised the company's dedication, support, and guidance throughout the home lending process. PrimeLending has also earned bonus points from NerdWallet for offering programs aimed at first-time homebuyers and loans for manufactured homes with a minimum credit score requirement of ≤600.
NerdWallet's overall rating for PrimeLending is four stars. The rating is based on an analysis of federal data to compare mortgage lenders' origination fees and offered mortgage rates, measuring annual averages across all loan types. The lowest combination of average rates and fees earns the highest star rating in this category.
PrimeLending's wide variety of loan types, including non-QM loans, renovation and construction loans, and special construction escrow services, make it a good option for borrowers seeking closing cost assistance or alternative loan types. However, the lender lacks some common technical features, such as online rates or a mobile app.
In summary, PrimeLending has received positive reviews from customers and industry experts, with ratings ranging from 4 to 4.98 out of 5 stars. The company offers a diverse range of loan options and is known for its dedicated customer service and support throughout the home lending process.
PrimeLending's career opportunities
PrimeLending is a subsidiary of PlainsCapital, which was founded in Lubbock in 1987 by chairman and CEO Alan White. It is a mortgage lender with over 200 offices across the nation. The company offers a wide variety of loan types, including non-QM loans, renovation and construction loans, and special construction escrow services.
As of October 2022, there were 178 open positions at PrimeLending. The company has received positive reviews from its employees, who commend the company for its employee appreciation, job flexibility, and growth opportunities. The interview process is reported to be easy and quick, lasting about a day or two.
Some of the job roles at PrimeLending include:
- Loan Officer
- Mortgage Loan Originator
- Loan Processor
- Senior Loan Processor
- Senior Loan Officer
- Senior Underwriter
PrimeLending offers career opportunities in various locations, including:
- Dallas, TX
- Austin, TX
- Raleigh, NC
- South Jordan, UT
- Charlotte, NC
The company provides unmatched mortgage services, support, and guidance to its customers. It has received positive reviews from customers who highlight the dedication and support of its team of loan officers.
PrimeLending also stands out for offering loans to first-time homebuyers and those with minimum credit scores of ≤600. In the lending market, a credit score of above 660 is considered a prime borrower, while scores above 720 or 750 are classified as super-prime. Prime loans are often some of the most profitable loans for lenders to sell in the open market or for securitization.
Prime loans in the secondary market
The secondary mortgage market is a financial marketplace where investors buy and sell bundled packages of many individual loans, also called mortgage-backed securities. The secondary market plays a significant role in determining a borrower's ability to obtain a mortgage and the cost of the loan, although many homebuyers are unaware of it. Mortgage lenders originate loans and then place them for sale on the secondary market. Investors who purchase those loans receive the right to collect the money owed. The value of mortgages on the secondary market depends on their risk and potential return, with higher-risk loans requiring higher returns, which is why individuals with lower credit scores pay higher interest rates.
Prime loans are considered to be of high quality and offer the lowest risk to lenders. They are typically issued by traditional financial institutions that manage a variety of credit products. A person with a credit score above 660 is considered a prime borrower, while a score between 620 and 660 is deemed near-prime. Depending on the lender, borrowers with a credit score above 720 or 750 may qualify for a super-prime loan.
Due to the active secondary loan market, lenders can sell prime loans in the open market or for securitization. Prime loans are often some of the most profitable loans for sale in the secondary market. They are a key characteristic of secondary market structured portfolios sold to government-supported agencies, including Ginnie Mae, Freddie Mac, and Fannie Mae.
In the secondary market, an aggregator may purchase the mortgages' servicing rights and either retain and service the underlying loans or sell them to a third party. The aggregator then puts the MBS up for sale to investors, such as pension funds, mutual funds, and insurance companies. The investor can choose to hold the MBS and collect income from the mortgage payments or sell it to another investor.
Frequently asked questions
PrimeLending is a national home lender that offers a wide variety of loan types, including non-QM loans, renovation and construction loans, refinancing, jumbo, FHA, VA, fixed-rate, and adjustable-rate mortgage loans. They have been in business since 1986 and are known for their dedicated customer service and support throughout the home lending process.
While PrimeLending does not explicitly state that they sell loans, it is common for lenders to sell loans in the open market or for securitization. Lenders with active secondary loan markets often sell prime loans, which are considered some of the most profitable loans.
PrimeLending offers a comprehensive suite of loan products, including renovation, refinancing, jumbo, FHA, VA, fixed-rate, and adjustable-rate mortgage loans. They also provide special construction escrow services, such as swimming pool escrow and escrow for small repairs.
A prime loan is a classification of loans, rates, or holdings in the lending market that are considered high quality. Borrowers with a credit score above 660 are generally considered prime borrowers and are eligible for prime loans. Those with scores above 720 or 750 may qualify for super-prime loans.
PrimeLending has received positive reviews and ratings from customers and industry experts. On NerdWallet, it has a 4-star rating for home loans, and customers have praised their knowledgeable and supportive loan officers. PrimeLending stands out for its wide variety of loan types and programs aimed at first-time homebuyers. However, they lack some technical features like online rates and a mobile app.
