OneWest Bank Mortgage Review

About OneWest Bank, a div of CIT Bank, N.A.

OneWest Bank, a div of CIT Bank, N.A.

Thinking of buying or refinancing a home? Turn to the mortgage specialists at OneWest Bank, a Division of CIT Bank, N.A. You can count on personalized service and one-on-one guidance every step of the way from application through closing. We’ll take the time to understand your unique situation. Then, we’ll tailor your home loan to meet your needs with one of our exceptional jumbo or conforming loan products. Let us help you find the home financing solution that’s right for you.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

What they're saying about OneWest Bank, a div of CIT Bank, N.A.

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What is OneWest Bank?

OneWest Bank was established on March 19, 2009. Headquartered in Pasadena, Calif., it is the branch of CIT Bank that serves Southern California. OneWest closed approximately $29 billion in loans in 2017.


Working with OneWest Bank

OneWest Bank is currently licensed to do business in Southern California. Borrowers outside of California can contact OneWest’s parent company, CIT Bank, for information on mortgage loans. We were not able to confirm information on the minimum credit scores needed to secure a loan.

The application process is mostly digital. Once a prospective borrower completes an application providing basic information, they will be contacted by a loan officer over the phone or email to review loan options. All loans are manually underwritten; this may prove a boon to borrowers who don’t meet all of the bank’s requirements but may still be able to qualify for a loan based on additional information.

OneWest issues loans for:

  • Single-family residences
  • Townhomes
  • Condominiums
  • Planned unit developments
  • 2-4 unit properties.

OneWest mortgage products

OneWest offers the following mortgage products. Fixed rates are available for all loans, while adjustable rates are available on jumbo and interest-only products.

Purchase

Conforming loans: In line with government guidelines, conforming loans must be no more than the current maximum limit of $484,350 for a one-unit residential property; however, these maximums may increase in higher-priced locations.

FHA loans: The 30-year fixed FHA loan offers a 4% interest rate, 4.068% APR and 0.394% points, as of June 10, 2019.

Jumbo loans: These are available for up to $5 million. Loans include fixed- and adjustable-rate mortgages with an initial fixed-rate period with amortizing or interest-only payment options.

Adjustable-rate mortgages 

Interest-only loans: These are available only for jumbo loans up to 80% LTV.

Refinance

Jumbo loans


The mortgage application process

Initial contact: Once you contact the bank to express interest, a loan officer will be assigned to you. If an application has been submitted, an initial loan estimate will be issued.

Conditional underwriting: Your intake loan processor will contact you to collect additional documentation required. Title and escrow are opened, while appraisal is ordered.

Conditional loan approval: An underwriter reviews initial information and may issue a conditional loan approval if the loan meets credit guidelines. If the loan is approved, additional documentation requirements are issued for final review.

Disclosure process: OneWest’s prefunding quality control team issues the initial closing disclosures for review; keep in mind that these are not the final closing disclosures at this point.

Final loan review: The loan is submitted to underwriting for final review and sign-off on all outstanding requirements

Final closing documents: These are issued along with cash required to close the loan.

Closing: Borrowers can choose the time and place where closing will take place.

Communication during the process

The loan officer is the main point of contact during the mortgage process. Other points of contact include the loan processor and funder. Communication includes a mix of phone and email contact. Additionally, customers may visit any OneWest branch location to speak in person with a loan officer.


Pros and cons of a OneWest mortgage

Pros:

  • Region-specific knowledge. OneWest works exclusively within the Southern California region to provide personalized, high-touch service across the branch network.
  • Manual underwriting. This may be a benefit for those who are credit-challenged but can otherwise prove themselves to be a worthy loan candidate.
  • Has a wide variety of products. OneWest offers jumbo, conforming, FHA and interest-only loans.

Cons:

  • Does not offer digital a mortgage application or platform
  • No first-time homebuyer programs
  • Does not offer home equity products

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.