Caliber Home Loans

The Good

• Offers mortgages to those with a low credit score
• Provides a wide range of home loan products at fixed as well as adjustable rates
• Takes very less time to complete the whole loan process
• Physical offices in all 50 states

Caliber Home Loans is a national home mortgage originator and servicer based in Irving, Texas, United States. It is a by-product of the merger between Caliber Funding and Vericrest Financial which took place in 2013.

Apart from the conventional loans and government-insured loans like FHA, VA and USDA loans, Caliber Home Loans offers standard mortgages to buyer not covered in these programs as well, such as refinancing, jumbo loans, and also first-time buyer programs.  Caliber is licensed in all 50 states and, from our research, currently has at least one physical office in every state.

Caliber Home Loans has a network of consultants through which it provides house mortgages. Caliber has a new program to support borrowers who have suffered financial hardships. This program is called “Caliber’s Fresh Start Program” which offers the borrower’s many benefits like no mortgage or rental history is required, minimum FICO can be 580, the debt to income ratio is pegged at 50%, and the loan to value is up to 84%.

Another program that Caliber has is its Physician Loan Program.  This program for those who have completed or are about to complete medical or nursing schools allows for a lower down-payment than 10% but waives the private mortgage insurance fee that one would normally pay.

The Bad

• Caliber Home Loans has been in the news for being under investigation for its managing of the delinquent home loans and other practices.
• The customer service of the company has a larger-than-expected number of negative review

The New York’s Times reported in June 2017 that the Caliber Home Loans was under investigation for its handling of the home mortgages and other practices. This served as a big jolt to the reputation and credibility of the company, which led to the company losing some of its customers. The company’s customer service support also appears to be subpar. The company was included in the J. D. Power Primary Mortgage Organisation Satisfaction Study in 2016, and of the 18 lenders included in the study, Caliber Home Loans figured on the 16^th position.

The Summary

Caliber Home Loans is a national lender that provides wide varieties of loans and has a wide network of consultants through which it operates.  However, nothing about the company particularly stands apart other than its national coverage.