About 360 Mortgage Group
With $12 billion in loans funded and a 15-minute average approval time, 360 Mortgage Group promises to automate the work typically involved with obtaining a mortgage or refinance. This way, they say they’re able to skip the middleman and pass the savings along to their customers.
The process is completed 100 percent online, involves answering simple yes or no questions, and is guided to help you find your best mortgage options. All data is backed up by 256-bit bank-level security and multi-factor authentication.
And while NOLO is an automated system, the company emphasizes that their interactive chat—backed by a “small army of mortgage ninjas”—is always available for assistance.
Can 360 Mortgage Group really help you get your perfect mortgage, as claimed on the website? Is it easier and less expensive than competitors? We’ll walk you through everything we learned step-by-step, so you can figure out if you should apply for pre-approval.
How Does the 360 Mortgage Group Application Process Work?
360 Mortgage Group dubs their internally-developed and proprietary automated technology NOLO, which stands for No Originating Loan Officer. It only takes about 12 minutes to complete. According to an August 2017 press release:
“Based on information provided by the borrower, NOLO mines key identity data to generate personal verification questions that only the borrower would be positioned to answer.
Once identity is verified, the process includes instant online rate estimates and the ability to digitally submit photos of requested documents, while additional security protocols validate devices and international geography to make sure no data thieves are applying for a mortgage loan.”
Note: The NOLO system is only accessible directly through the 360mtg.com URL. If you enter your information on 360’s GetALoan site, this will only submit the details to a company representative, who will then contact you.
Also, the GetALoan website indicates 360 Mortgage Group offers home equity loans, but this option wasn’t available when we attempted to fill out the automated application.
Nonetheless, to get started, users will choose whether they’re looking to refinance or buy a new home. Then, they’ll enter personal details (first and last name, DOB, email address, mobile phone number), street address and zip code, and marital status (and spouse’s information (name and DOB), if relevant).
At this point, a validation code is sent to the applicant’s mobile number, which must be correctly entered in order to proceed.
Be sure to keep your mobile phone handy when filling out your 360 Mortgage Group application, as their NOLO system will send a verification code. Image credit: 360 Mortgage Group, LLC
Once entered, users will list any previous addresses, as well as their social security number. This will run the applicant’s credit score. Note: We’re waiting to hear back from 360 Mortgage Group about whether or not this constitutes a ‘soft’ or ‘hard’ credit pull before a final application is submitted.
The next page is where the different sections of the application are housed, including:
- Property – Address, loan amount, occupancy, insurance
- About Me – Current and mailing address, dependents, VA eligibility
- Employment – W-2 income, job history, self-employment, other income
- Assets – Checking, savings, retirement and investment accounts
- Real Estate – Investment properties, vacation homes
- Declarations – Bankruptcies, citizenship, child support, government monitoring
For the Assets section, 360’s NOLO system can automatically link your checking and savings accounts with your application, which allows them seamless access to financial details.
After everything is complete, users can submit their loan application and should receive a response quickly. In some instance, applicants may need to upload additional validation documents.
Once all the necessary information is entered, 360 Mortgage Group’s NOLO system will advise if a loan is available, and what the parameters are, such as interest rate, APR, and so forth. Image credit: SuperMoney
If applicants have questions at any point, the website advertises an interactive chat feature is available, although this wasn’t available at the time of our research. We reached out to the company for additional details, but hadn’t received a response as of publishing.
360 Mortgage Group Fee & Eligibility Details
The only specific eligibility criteria noted on the 360 Mortgage website was that loans are available to “legal U.S. residents ages 18+ interested in buying or refinancing a home, including veterans and first-time home buyers.”
They also indicate that it costs nothing to apply, and most loan programs have no lender fees.
However, after playing around with the numbers on their Instant Rate Quote page, it appears borrowers will have to put at least 10 percent down, have a credit score above 640, and request a loan amount of $500,000 or less.
New mortgage loans are available for single-family homes, condominiums (must be primary or secondary), and multi-unit homes (cannot be an investment, rental, or secondary home). Refinance guidelines seem to be a little more relaxed (i.e., multi-unit investment properties could be eligible).
At the time of our research, rates—which can change daily—were as follows (these were for an owner-occupied single-family home, $250K purchase price ($25K down), and good (700-719) credit:
- 30-Year FHA Fixed
- 3.750% rate, 4.369% APR: $1,210.35/mo
- 15-Year FHA Fixed
- 3.250% rate, 3.994% APR: $1,693.05/mo
- 30-Year VA Fixed
- 3.750% rate, 3.750% APR: $1,042.01/mo
- 15-Year VA Fixed
- 3.250% rate, 3.295% APR: $1,581.00/mo
Even with these numbers in mind, 360 Mortgage Group emphasizes they only represent principal and interest, and that overall payments will be greater after also factoring in taxes and insurance.
Again, we reached out to the company for additional pricing and eligibility criteria, but hadn’t heard back as of this writing.
If you have additional questions, support can be reached at (866) 360-4636 or firstname.lastname@example.org.
What Can We Learn From Customer Reviews For 360 Mortgage Group?
Although 360 Mortgage Group has been in business for more than a decade, we didn’t encounter a lot of online customer feedback at the time of our research.
On Yelp, 13 reviewers gave the lender an average rating of about 2.5 stars. There, several complimented 360’s support staff and ease of doing business, while complaints remarked about less-than-stellar response times from customer service, as well as financial problems related to accounts (billing errors, increased rates, etc.).
As far as the company itself, 360 Mortgage Group, LLC is based out of Austin, TX. They held an A+ rating with the Better Business Bureau, based on six customer reviews and no closed complaints, as of 11/2/17. Of these, five were negative and commonly referenced denials.
The company was founded in 2007 by President and CEO Mark Greco in Austin, TX, which has since expanded their retail presence in 11 states. Previously, Marc worked as President of Echelon Mortgage from 1995 until 2007.
Are There Other Direct-to-Consumer Online Mortgage Lenders Like the 360 Group?
Over the past few years, the financial technology (FinTech) sector has exploded, since it's now reached a point where complex, proprietary algorithms can perform many of the tasks normally handled by humans. These include information and documentation gathering, verifying financial details, underwriting based on the company's specific guidelines, and so forth.
This serves two main purposes within an industry that hasn’t been shaken up in decades: With much less potential inefficiency, customers can now obtain pre-approvals faster than ever before, and companies pass much of their savings on to their customers.
As such, many direct-to-consumer online mortgage companies have entered the market recently, with popular competitors including:
|Company||Founded||15/30-yr Fixed Rates||Live Help?|
|360 Mortgage Group||2007||3.25-4.369%||Y|
|Clara Lending||2014||None Listed||Y|
How to choose the best one?
TIME’s Ian Salisbury emphasizes consumers should keep in mind that going with an online mortgage company means their loan officer will be located in “some far-off call center,” whereas a local bank might be able to provide more personalized service—if that’s important to you.
Money Under 30 agrees that convenience could play a big role in your overall satisfaction with an online-only direct mortgage lender, so they recommend making sure the company provides live assistance if needed.
As always, you’ll want to learn more about any lender’s reputation, including their Better Business Bureau rating and online customer feedback. If you identify frequent compliments or complaints, this could indicate you might experience the same.
Last, but certainly not least, you’ll want to focus on rates. As we can see from the quick numbers in the table above, there wasn’t a huge difference in interest rates between companies, at the time of our research. However, keep in mind that even a small difference can have a big impact on what you pay in total over the life of the loan (assuming you don’t plan to refinance at some point).
Our Final Thoughts About 360 Mortgage Group
One of the most important lessons the HighYa team has learned over our years investigating is that, just like any other consumer product or service, no single mortgage company will work for everyone. There are far too many potential variables at play.
However, of the direct-to-consumer lenders listed in the previous section, 360 Mortgage Group has been in business one of the longest, seems to offer competitive rates, and comes with mostly positive—if not somewhat limited—online customer feedback.
So, if you're in the market for a potentially quick mortgage pre-approval and don't necessarily need any human interaction during the process, 360 Mortgage Group's No Originating Loan Officer (NOLO) system could help you find a loan that's right up your alley. And if not, you likely won't have committed more than 15-20 minutes of your time to find out.