Today we’ll deep dive into “Asset Mutual Mortgage,” a company that claims to have a reputation as one of the best mortgage lenders in Chicago.

It could have to do with their motto of “Less paperwork and more personal attention,” which should appeal to just about anyone who has ever experienced the arduous home loan process.

And thus far, their reviews seem to back up the assertion, so if you’re looking to enter the “frustration-free zone from application to decision,” they could be the lender for you.

Read on to learn about them.

Asset Mutual Mortgage Fast Facts

• Direct-to-consumer mortgage lender that operates mostly online
• Offers home purchase loans and mortgage refinances
• Founded in 1989, headquartered in Lombard, Illinois
• Currently licensed to do business in six states nationwide
• Employs about 16 loan officers across two physical offices

Asset Mutual Mortgage is a direct-to-consumer mortgage lender that has been operating since 1989, led by current president Adam Karno.

They are headquartered in Lombard, Illinois, but also have a second physical location in Queen Creek, Arizona, which is a suburb of Phoenix.

At the moment, the company is licensed to do business in six states, including Arizona, Florida, Illinois, Indiana, Michigan, and Virginia.

It’s unclear if they plan to expand to additional states or focus on the ones they’re already approved to do business in.

They refer to themselves as a “local lender,” and as stated previously strive to provide a personal, human experience driven by the latest technology.

Whether you’re a prospective home buyer or existing homeowner, they’ve got solutions to suit all parties.

In Illinois and Michigan, they are also Quicken Loans Mortgage Partners, meaning you could be referred to them if Quicken (soon to be Rocket Mortgage) feels they can’t meet your needs directly.

How to Apply at Asset Mutual Mortgage

• Call, email, or simply fill out a real mortgage application on their website in minutes
• They offer a digital home loan experience where most tasks can be completed electronically
• Once approved you can manage your loan from the online borrower portal
• They aim to close loans quickly without all the unnecessary paperwork

To begin, you can either call or email to get in touch with a loan officer, or cruise right over to their website.

If you go online, you’ll be given the opportunity to fill out a short contact form on their website or jump right into the long application, which is an actual digital form 1003 that can also be completed via smartphone.

They say their long form takes anywhere from 10 to 15 minutes to fill out, at which point you’ll be prompted to sign disclosures, have your credit pulled, and lock your rate.

Once you’ve completed your application and/or received loan approval, you can log on to the borrower portal via the website to check loan status 24/7.

You’ll also be able to securely upload any necessary documents to satisfy any outstanding conditions.

All in all, they seem to utilize the latest technology to ensure the mortgage process is mostly paperless where possible, and seem to be well organized to avoid unnecessary documentation requests.

Asset Mutual Mortgage Loan Programs

• Home purchase loans
• Mortgage refinance loans: Rate and term, cash out, and streamline
• Conventional home loans backed by Fannie Mae and Freddie Mac
• FHA loans

One area where information is lacking is their loan product menu. For one reason or another, they don’t list what programs are available to customers.

As such, it’s unclear what they offer, though they appear to originate both home purchase loans and refinance loans, including rate and term, streamline, and cash out refinances.

Additionally, they appear to offer conventional loans backed by Fannie Mae and Freddie Mac, along with government-backed FHA loans.

They don’t seem to offer VA loans or USDA loans, or second mortgages.

So their lending menu looks to be a little thin, though I can’t confirm this since they don’t mention all available loan programs on their website.

You may want to call first to ensure they have the loan program you’re looking for before spending too much time filling out lengthy forms.

Asset Mutual Mortgage Rates

One slight downside to Asset Mutual Mortgage is their lack of disclosure when it comes to mortgage interest rates and lender fees.

Unlike some other lenders, they don’t post daily mortgage rates or list their lender fees online, so you’ll want to get a quote first before you apply.

Another option is to compare mortgage rates on the Zillow Mortgage Marketplace, where Asset Mutual Mortgage is often listed alongside other lenders.

I came across their listing for both a 30-year fixed and a 15-year fixed, both of which were being offered with just $1 in lender fees (basically a no cost mortgage).

And their rates were nearly the lowest on the platform, with only one or two lenders beating them in rate by .125%.

In other words, they should offer very competitive mortgage rates when compared to other online mortgage lenders, which generally are cheaper than the larger, brick-and-mortar name brand lenders.

Additionally, it appears they structure loans with no out-of-pocket fees while remaining economical, so even if they do charge lender fees, the mortgage APR may still be top notch thanks to a lender credit.

As always, put in the time to shop their rates and fees with other lenders, brokers, banks, and so on to ensure you get a good deal on your home loan.

Asset Mutual Mortgage Reviews

On Zillow, Asset Mutual Mortgage has a 4.95-star rating out of a possible 5 from over 500 customer reviews.

Aside from being near-perfect, many of those reviews indicate that the interest rate and/or closing costs were lower than expected.

If you peruse their ratings on Zillow, be sure to drill down to individual loan officer ratings to see how each employee is rated, then you can ask to work with someone specific.

Over at Birdeye, they have a 4.5-star rating from about 20 reviews, which are gleaned from Facebook, Google, and other ratings websites.

The company also boasts an ‘A+’ rating with the Better Business Bureau based on complaint history, though they aren’t an accredited business.

In summary, Asset Mutual Mortgage could be a good choice if you’re looking for a low-cost home loan, whether it’s a home purchase or a refinance.

The only question mark pertains to their product menu, which doesn’t feature on their website. That said, they might be best served for borrowers with straightforward, vanilla loan scenarios.

Asset Mutual Mortgage Pros and Cons

The Good

• Offer a digital mortgage application and online borrower portal
• Can apply for a home loan on your own without human assistance
• Appear to offer low mortgage rates with limited lender fees
• Excellent reviews from their past customers
• A+ BBB rating

The Maybe Not

• Only licensed in six states currently
• Do not publicize mortgage rates or lender fees
• May not offer VA loans or USDA loans

(photo: Harshil Shah)