Is PrimeLending a direct lender?
As a direct lender, PrimeLending delivers a fast and efficient process to our buyers from the initial application, to approval of a competitive loan and to the final closing.
Who bought PrimeLending?
Hilltop Holdings Inc.
PrimeLending is a wholly owned subsidiary of PlainsCapital Bank, which in turn is a wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH). More information at PrimeLending.com.
Who is the CEO of PrimeLending?
As the President and Chief Executive Officer of PrimeLending, Mr. Thompson leads the company’s 1,250-plus loan originators nationwide, as well as the National Operations, Capital Markets, Joint Ventures and Marketing organizations.
Is PrimeLending a bank?
PrimeLending Full Review This Dallas-based mortgage lender is a subsidiary of PlainsCapital Bank that’s been open since 1986. The lender operates in all 50 states and has more than 1,250 loan officers located in branches nationwide.
What is the minimum credit score for PrimeLending?
Conventional loans from PrimeLending require a minimum credit score of 620. FHA loan — These government home loans are backed by the Federal Housing Administration. An FHA loan requires a 3.5% down payment and you’ll need a minimum credit score of 580 to qualify.
What does it mean when your mortgage company sells your loan?
Having a sold loan means that the lender has sold the rights to service the loan (i.e. collect the monthly principal and interest payments.) Everything about the loan remains the same except for the address the mortgage payments will be sent to. There are multiple reasons why mortgage lenders sell loans.
Who owns PlainsCapital Bank?
Hilltop Holdings Inc.PlainsCapital Bank / Parent organization
When was PrimeLending founded?
PrimeLending was established in 1986 by Ms. Roseanna McGill, and since 2000 it has been a wholly- owned subsidiary of PlainsCapital Bank, one of the largest independent banks in the United States and a member of the Federal Reserve System, the deposits of which are insured by the FDIC.
Where is prime lending based?
Dallas
Company Overview. PrimeLending is a Dallas-based mortgage lender in operation since 1986. The company offers several mortgage loan options, including conventional loans, jumbo loans, government-backed loans and refinance loans. The lender is a subsidiary of PlainsCapital Bank.
How long does the underwriting process take?
Underwriting—the process by which mortgage lenders verify your assets, check your credit scores, and review your tax returns before they can approve a home loan—can take as little as two to three days. Typically, though, it takes over a week for a loan officer or lender to complete the process.
What is PrimeLending credit score?
A prime credit score falls within the range of 660 to 719, according to data from the federal Consumer Financial Protection Bureau (CFPB) Consumer Credit Panel. It’s important to note, however, that what classifies as a prime credit score can vary between lenders and different organizations.
What is prime lending rate?
Also known as the prime lending rate, it is the basic or default interest rate that you could be charged when borrowing for big purchases such as a home or a car. The prime interest rate is linked to the repo rate. This is the interest rate at which the commercial banks borrow money from the Reserve Bank.