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Direct Mortgage Q&A


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Questions

Here you can find answers to your questions about Direct Mortgage.
 How much of the loan process can I actually do online?
 What if I need help during the process?
 Is it safe to give out my personal information online?
 Will you sell my lead or give it to someone else?
 Will you be around tomorrow?
 Who will I make payments to?
 Why do you need my social security number?
 What can I do if my loan application is denied?
 Will you sell my loan?
 I’ve submitted my application. Now what?
 Do you offer Low Down Payment loans?
 What cities do you lend in?
 What documentation and information do I need for my mortgage application?

Answers

How much of the loan process can I actually do online?
You can do almost everything online, from submitting your home loan application to choosing the loan to submitting supporting documentation.  In fact, the only part that has to be done off-line is signing the final documents, but we’ll send a notary to a location of your choice for that part.

What if I need help during the process?
Our mortgage consultants are ready to help you through email or by calling (800) 924-3884.  You can also access our on-line Mortgage Help Center at any time.

Is it safe to give out my personal information online?
Any information submitted through our online system is secure.  You can verify this by looking for the “s” in the “https:” of the URL once you are logged into our system.  You should also see an image of lock either next to the URL or in the lower right hand corner of your web browser. 

Information submitted by email or fax is not secure, and we recommend that you send information and upload documents directly through our system.

Will you sell my lead or give it to someone else?
Direct Mortgage finances the loans that are submitted to us and that qualify.  If we are not licensed to originatine in a particular state we share the loan with a qualified broker, but we will still be the lender. We will NOT sell your information to a third party lender.

Will you be around tomorrow?
While we have no crystal ball, our track record says we're sticking around. Constant innovation, the highest ethical standards, and good decisions have each played a role in our continuing success.

How do I know you’re a legitimate company?
Direct Mortgage Corp has been around since 1994 and is incorporated with the State of Utah.  You can click on this link: https://secure.utah.gov/bes/action/index   and enter “Direct Mortgage Corp” to verify our registration. 

Who will I make payments to?
Your first payment will come to us.  We will send you a letter that will state who you should send your payments to after that.  The letter will tell you the date you should begin making your payments to the new servicer, the address where you will make your payments, a toll free number and the hours of operation.
  
Why do you need my social security number?
Your social security number is needed to verify the information you’ve submitted and to request information necessary to properly review your loan application.  It will not be sold to third parties. 

What can I do if my loan application is denied?
Review the reasons for the decline and decide if there are changes you can make in your loan criteria.  For example, perhaps if you increase your down payment you’ll qualify.  You can discuss available options with one of our loan experts.

I’ve submitted my application. Now what?
Once your application is complete and has been reviewed by Direct Mortgage, a notary will go to your home or other location designated by you for the signing of the final documents.  The documents will then be over-nighted to us.  Upon our receipt of the signed documents, the loan will fund in one (1) or two (2) business days as long as there is no ‘right of rescission’. By law the minimum time the whole process can take is seven (7) days.

Will you sell my loan?
Typically, lenders who do not service loans will assign or transfer the loan to investors who perform the servicing and collection of loan payments.  Direct Mortgage follows this practice of transferring most of its loans. We will mail you a letter to notify you of the transfer of your loan. The letter will tell you the effective date of the transfer, the date you should begin making your payments to the new servicer, the address where you will make your payments, a toll free number and the hours of operation.  Although you will make payments to the new Servicer, the terms of your loan will not change.

Do you offer Low Down Payment loans? 
Yes. We have Low Down Payment loans with down payments as low as 3% of the loan amount.  Please note that as with other loans, there may be applicable closing costs in addition to the down payment.

What cities do you lend in?
We can lend in a variety of cities. Here is a list of just some cities where we can provide mortgages.

What documentation and information do I need for my mortgage application?
In general, you'll need to know the address of the home you want to buy, the addresses of places you have lived previously, contact information for current and former employers, your monthly income, your expenses, your assets, and your liabilities (debts).  

The documentation needed may include proof of income and proof of hazard (home owner's) insurance.

Click on the link for more details on the information or documentation needed for a mortgage application.

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