CashCall Mortgage Review

CashCall Mortgage was founded in 2003 in Orange, CA. In March 2015, CashCall Mortgage was acquired by Impac Mortgage Corp, which was founded in 1995 in Irvine, CA. CashCall Mortgage offers a variety of different loan options and various products such as fixed-rate mortgages, VA and FHA mortgages, HARP refinances loans and flat-fee mortgage loans.

History of CashCall

CashCall Mortgage was founded in 2003 in Orange, CA and acquired by Impac Mortgage Holdings, INC in 2015. Impac, through various subsidiaries, provides a variety of different loan products, including consumer residential mortgages.

While CashCall Mortgage is a separate company from CashCall, the personal loan provider, their reputation may have taken a hit from recent scandals reported by the L.A. Times. CashCall Mortgage is still offering mortgages and appears to be trying to regain a positive image with customers.

This lender is very flexible about applicant documentation and offers a wide range of different mortgage options. Borrowers with a variety of different credit scores may find a loan that fits their needs, although applicants with “excellent” credit generally receive the best terms.

Current CashCall Mortgage Rates

CashCall Mortgage Options

When you’re looking to get a mortgage through CashCall, you should be aware of all their options:

Fixed-Rate Loans

Throughout the entire life of the fixed-rate loan, the rate stays the same. Borrowers are protected from rate changes, so they know how much money to budget each month for housing costs until the loan is fully repaid. Applicants who qualify for great mortgage rates may want to lock in a fixed rate to keep payments low.

Also, if you plan to keep the same home for several years, a fixed-rate mortgage may be the most sensible loan option for you. 10, 15, and 30-year fixed-rate mortgages are available through CashCall.

Common Sense Loans

An exclusive loan program offered by CashCall, Common Sense Mortgages is designed to help borrowers who are rejected by conventional loan programs and may benefit from alternative methods of determining income and qualifications. For instance, an investment property’s income can be used as part of the income qualification for purchase.

Self-employed borrowers may use bank statements instead of tax returns to demonstrate sufficient income.

FHA Mortgage Loans

CashCall offers two different types of refinancing FHA loans–FHA Cash-Out Refinance and FHA Streamline. With a Cash-Out Refinance, borrowers can take out a loan for a more significant amount than what they still owe on their mortgage. Streamline loans allow applicants to close fast and may enable borrowers to skip the appraisal.

VA Loans

VA loans offer an affordable, flexible mortgage option for veterans, members of the armed forces, and surviving spouses. Since the VA guarantees part of the mortgage, CashCall can offer better terms for a VA loan, than they can for typical mortgage loan products.

HARP Refinance Loans

For applicants who are current on their mortgage payments and have homes that declined in value, HARP can help reduce rates and lower monthly payments. Borrowers with a Fannie Mae loan may be eligible.

CashCall Online Tools and Application

With mortgage calculators, loan product details, and questions and answers posted to their site, CashCall makes an effort to keep the mortgage application process transparent. CashCall calculators can help applicants estimate how much home they can afford, how much income is needed to qualify for a loan, how interest rates affect monthly payments, and how much property values increase over time.

They offer an online application for either mortgage purchase or refinance. Applicants can also apply via phone. Various contact and customer service methods are available, such as email or live chat with a mortgage representative. Borrowers can reach CashCall to discuss a new loan or refinance at 1-866-708-5626. CashCall’s Customer Service number is 1-866-579-2962.

This lender accepts several different methods of documenting income, such as w2 forms, pay stubs, and bank statements. Self-employed borrowers and others who may find it challenging to use tax returns for documentation may choose another option to prove their income during the loan application process.

As with most lenders, applicants for CashCall mortgages may need to provide government-issued ID information when applying for a loan. Commonly accepted forms of government ID include:

• Social Security Number
• Taxpayer ID Number
• Green Card
• Foreign Visa
• Alien ID Card
• Foreign Passport Number

CashCall Ratings and Complaints

When researching online reviews by CashCall customers, the results are generally very positive. Many reviewers on Trustpilot said that CashCall is easy to work with and offers a fast loan process. Customers who report negative experiences with CashCall typically report being asked to submit additional documentation when applying for a loan.

Others report difficulty connecting with customer service or finding the information they need.

The CashCall brand has experienced some recent controversy, too. While Impac Holdings, INC acquired CashCall Mortgage in 2015, there is also a CashCall lender that offered personal loans and other consumer loan products and has been a party to recent investigations and lawsuits. CashCall Mortgage appears to be unaffected but was formerly part of the same CashCall brand until the 2015 acquisition.

In September 2018, the L.A. Times reported that CashCall is under investigation by federal and California State regulators who believe the lender may have charged excessive interest rates on some of their loan products. Reportedly, some customers were charged as much as 350 percent interest rates on personal loans. In response to this investigation and to pending lawsuits, CashCall has left the consumer personal loan business. 

CashCall Mortgage is still operating and offering mortgage loans as of 2018.

CashCall is a mortgage lender that was founded in 2003. CashCall has a Nationwide Mortgage Licensing System and Registry ID number of 128231. CashCall has a BBB rating of 2/5 stars, with a total of 28 complaints. Its Trustpilot rating is 8.7/10 stars.

• Information collected November 15th, 2018

CashCall Mortgage Qualifications

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

Borrowers with credit scores of 760 and above should easily find great mortgage rates. For borrowers with “good” credit scores, however, qualifying for mortgages should be easy but they may not get the best rates if they have debt and income levels below average. Applicants with credit scores below 620 or insufficient credit history may have more trouble being approved for most mortgages.

This lender does, however, offer some alternative options for borrowers who may be rejected for conventional loans. Applicants may be able to qualify even with low credit scores, although they may be expected to pay a higher interest rate or provide a higher down payment.

CashCall offers complete information about its loan process and rate terms on its website. Charts showing approximate rate adjustments under different scenarios can help borrowers estimate their potential costs.

CashCall is most likely to accept applicants who have a debt-to-income (DTI) ratio of 36 percent or less. Prospective borrowers with a DTI between 36 and 43 percent may be eligible for approval if they have “Excellent” credit. Buyers with a high DTI ratio might have more limited mortgage loan options and may need to first focus on reducing their DTI before applying for a mortgage from CashCall.

Debt-to-income ratio	Quality	Likelihood to get approved by lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Limited

The minimum down payment for a CashCall loan depends on the mortgage type. Typically, 20 percent down is expected for a conventional mortgage, although no down payment and low down payment loans are also available.

If CashCall isn’t right for you, then you should try some of the other popular options, like Rocket Mortgage.

CashCall Phone Number & Additional Details

• Homepage URL: https://www.cashcallmortgage.com/
• Company Phone: 1-866-708-5626
• Headquarters Address: Impac Mortgage Corp., dba CashCall Mortgage, 19500 Jamboree Road, Irvine, CA 92612

Final Thoughts – CashCall Mortgage Review

CashCall Mortgage, established in 2003 and later acquired by Impac Mortgage Corp in 2015, provides a plethora of loan options, including fixed-rate, VA, FHA, HARP refinances, and more.

While they strive to rebuild their reputation after recent controversies, they offer flexibility in terms of applicant documentation, catering to borrowers of various credit scores.

Most online reviews highlight a positive experience with CashCall, emphasizing its swift loan process.

However, potential borrowers should be mindful of the company’s recent challenges and always consider their personal financial situation and the terms offered before securing any loan.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.