Mutual of Omaha Mortgage Review

About Mutual of Omaha Mortgage

Mutual of Omaha Mortgage

The Mutual of Omaha Insurance Company has been helping customers since 1909. Inspired by hometown values and committed to being responsible and caring for each other, we exist for the benefit of our customers.

And, like our customers, we thrive on relationships and building genuine, enduring connections. As a Mutual company our focus isn’t about increasing share prices. It’s helping customers reach their financial goals.

What that means if you’re considering a new home purchase or refinance, you can feel secure knowing Mutual of Omaha Mortgage exists solely to do right by our customers, every time.

We understand that to some companies a loan is a loan is a loan. That’s not us and it’ll never be. Buying (or refinancing) a house is more than a financial decision. It’s the promise of a life you want to build and the memories you want to make. And that’s why before we talk home loan solutions, we focus on you and your needs.

review breakdown

Recommended
93%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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Working with Mutual of Omaha Mortgage

Mutual of Omaha Mortgage is based in the Midwest but is licensed in 45 U.S. states. The only states in which it is not licensed are:

  • New York
  • West Virginia
  • North Dakota
  • South Dakota
  • Arkansas

There are 30-plus locations with loan officers.

Mutual of Omaha Mortgage does not set a minimum credit requirement for non-government, conventional loan products. However, borrowers must have at least a 530 credit score for FHA loans and a 580 for VA loans. The lender will do manual underwriting for government loan programs when applicable, but conventional loan applications must be approved via an automated underwriting system.

Mutual of Omaha Mortgage makes loans for the following property types:

  • Single-family homes
  • Multi-family homes
  • Manufactured homes
  • Condos

Mutual of Omaha Mortgage does not service commercial properties.

Through its Patriot’s Charity Initiative, Mutual of Omaha Mortgage donates a portion of its proceeds to organizations that support veterans, including United Service Organizations (USO) and a number of local veteran service charities. Mutual of Omaha Mortgage has donated more than $3 million since the initiative launched in 2015.


Mutual of Omaha Mortgage products

Purchase

Refinance

Home equity


The mortgage application process

  • How to apply. You can begin your mortgage application in person, on the phone or through the Mutual of Omaha Mortgage mobile app.
  • Disclosure process. Currently, Mutual of Omaha Mortgage applicants can input their personal information and upload documents via the lender’s app, as well as by email, eFax or in person at a local branch.
  • Submitting loan for approval. Once all documents have been submitted, Mutual of Omaha Mortgage will process the loan application. You will have the option to lock your loan as soon as you submit an intent to proceed, which means you want to go ahead with the application with this particular lender. After Mutual of Omaha Mortgage receives that, along with all of your disclosure documents, you can lock in your interest rate. Your loan officer can provide guidance on the timing for locking your loan based on the rate environment.
  • Final approval. The final approval process will take place after an appraisal of the property is completed.
  • Closing. Mutual of Omaha Mortgage allows you to schedule your closing date once you receive the final approval. If your loan is for a purchase transaction, you can receive the keys to your house on the day you sign your final loan documents.

Communication during the process

The loan officer who handles your application will be your primary point of contact throughout the process. However, you may also hear from underwriters and other team members who work with the loan officer as your application progresses. You can also check the progress of your loan via the mobile app.


Pros and cons of a Mutual of Omaha Mortgage

Pros:

  • Wide range of products appeal to homebuyers and homeowners of all financial backgrounds
  • Emphasizes homeownership assistance for veterans with several VA programs
  • Donates a portion of each mortgage to United Service Organizations (USO)

Cons:

  • Limited information on website
  • Little guidance on required credit score and lending process on website

 
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.