About Greenlight Loans

In business since 2001 and based out of Irvine, CA, Greenlight Loans is a direct lender that claims to provide new mortgage and refinance loans at great rates with customized options and fast, personalized service. In fact, with a dedicated mortgage professional at your side every step of the way, Greenlight Loans even claims that you can obtain a pre-qualification letter the same day you apply.

On top of this, Greenlight Loans claims to provide a variety of flexible financing solutions (more about this next), to be HUD and FDA approved, and even to provide financing for bank-owned homes, all of which can be closed in as little as 30 days.

If you’ve been searching for a new mortgage or have been looking at all your refinancing options, the reality is that you’ve probably heard many of these same claims from a wide variety of lenders. But is Greenlight Loans any different? Consider the following:

What Types of Loans Does Greenlight Offer?

According to the Greenlight Loans website, they offer a variety of 10-30 year mortgages and refinancing options, including:

  • Fixed & Adjustable Rate – Can provide you with a lower interest rate and monthly payments, shorter terms with less interest, and can even allow you to cash out some of the equity in your home.
  • FHA – Ideal for individuals with less-than-perfect credit or those who have lower equity when refinancing. Your down payment can be a gift.
  • HARP – Offers the ability to decrease your payment or shorten your repayment terms, with little or no equity required, more lenient underwriting, and no appraisal needed (in most cases).

In addition, Greenlight Loans claims to be the preferred lender of Freddie Mac’s homesteps.com and Fannie Mae’s homepath.com programs, which can help you find and purchase bank-owned home with a low down payment. On top of this, Greenlight even works with HomeSearch.com to help you find the perfect piece of real estate.

What Customers are Saying About Greenlight Loans

At the time of our research, there were 50 customer complaints for Greenlight Loans on ConsumerAffairs.com, with an average rating of 1.4 stars. There, common complaints referenced difficulty with the refinancing process, drawn-out closings, and poor customer service.

Greenlight Loans also had a 2-star average rating on Yelp, with common complaints referencing long closing times, poor customer service, and constant requests for documentation that had little to do with the loan or the property being financed.

Based on our original Greenlight Loans reviews, 5 HighYa readers provided feedback about their experiences and gave the lender an average rating of 2 stars (as of 5/28/15). Common complaints referenced poor customer service, repeatedly missed closing dates, and a constant string of requests for new information or more money to close loans.

Greenlight Loans (and their parent company Nationstar Mortgage) held an A+ rating with the Better Business Bureau, with just 44 closed complaints over the past 3 years. Common complaints seemed to reference sudden changes in closing after all paperwork had been signed, problems with appraisals, and unwanted sales calls with high pressure sales tactics.

Greenlight Loans Rates & Pricing

Greenlight Loans quotes are free, although mortgage rates change daily. However, if you’d like to get an idea of what you’ll pay, you can always utilize their loan calculator.

You can also potentially earn money back though by taking advantage of Greenlight Loans’s Purchase Rewards Program, which “offers you a Cash Reward bonus of up to $3,100 after closing in return for working with one of the program's qualified Real Estate agents.”

For additional questions about mortgage guidelines, rates, or anything else, you’ll need to contact Greenlight Loans customer service at 866-66-FASTER (327837).

Can Greenlight Loans Make the Mortgage Process Easier?

Chopping to the point: Just like any other national mortgage lender, based solely of the volume of loans they provide, companies like Greenlight Loans won’t make everyone happy. As such, it’s perfectly reasonable to expect that you’ll encounter a fair amount of negative customer reviews.

With this said, based on the experiences we read about during our research, it appears that Greenlight Loans has a track record of high-pressure sales tactics, drawing out the closing process, and a tendency to ask for additional information at the last minute or at inopportune times. Granted, this doesn’t mean that you’ll experience the same, but it’s definitely worth keeping in mind.

As such, we might recommend giving Greenlight’s customer service department a call to get a feel of what you can expect and how you’ll be treated should you decide to apply for a loan. But be sure to read through their Disclosures section in advance though.

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Read 9 Greenlight Loans Customer Reviews and Complaints

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Average Consumer Rating: 1.6
Rating Snapshot:
5 star: 1 4 star: 0 3 star: 0 2 star: 1 1 star:  7
Bottom Line: 11% would recommend it to a friend
Showing 1-9 of 9
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  • Horrible

    • Chicago, IL,
    • Aug 8, 2019
    • Verified Reviewer

    I refinanced using a streamline loan. The process was horrible but that seems pretty normal for all lenders. But when the loan was processed they processed it under a 30-year mortgage. I was devastated. I had several conversations with the company’s rep assuring me this was a streamline loan, but of course the calls they say are recorded for quality management, really are not. The company would not honor the streamline application I completed. Was a horrible experience and I lost thousands of dollars. Steer clear of this company and Mr. Cooper which is the parent company. Hopefully, this can save people from the same problems I had.

    Bottom Line: No, I would not recommend this to a friend

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  • Don't do business with them

    • Arkansas,
    • Jul 8, 2019
    • Verified Reviewer

    I was contacted by Greenlight Loans about a personal loan. I told them upfront that I would not be doing any gift cards for payment. They said no problem. However, after I signed my loan documents Greenlight Loans said that I needed to make a $400 payment to get my loan money. So I went to Walmart to do a money gram. However, when I got them on the phone to know where to send the money to they said to go buy a Steam gift card in the amount of $400.00. They also said that if I told Walmart that it was for a personal loan that I would not have to pay for taxes just the $400.00 which did not make sense. Anyway, I told Greenlight Loans that I had already stated that I would not send them a gift card but through a traceable money gram, banking or certified check. The man got very angry and said that I had breached the contract and was going to be sued by them. I have kept the text messages and documents saying that I had said that I would NEVER send a gift card in exchange of a loan. Nowhere in the loan agreement was there ANY reference to putting money upfront in order to get my loan. I told Greenlight that a legitimate company would NEVER ask for a $400 gift card (or any amount) to pay for a loan because you can ONLY use the gift card at specific places. I contacted Steam gift card and they agreed that it was a scam and Steam is a gaming card to play video games.

    Lesson: Glad that I did not send them anything BUT also angry that Greenlight preys on people especially those who are looking for financial help.

    Bottom Line: No, I would not recommend this to a friend

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  • 5 out 6 people found this review helpful

    Stay away from Greenlight Loans

    I started the refinance process in October of 016. It took two weeks to get the appraisal to show up and one month just to get the appraisal report back, and I had to actually track him down and pressure him to send the appraisal report.

    After several months of constant document request and repeated requests for the same documentation, I got a closing date of February 14, 2016, which was five months after we started the refinance process, but wait, two days before the closing date. I received an email that said I needed to provide additional documentation, and all those additional documentations were duplicate request and they already had them on file.

    This was the most frustrating process I've ever dealt with. This company shouldn't be in business. They are very unprofessional, liars and incompetent. This is a total scam, so don't believe a word of what they say.

    Bottom Line: No, I would not recommend this to a friend

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  • 2 out 5 people found this review helpful

    Refinance

    • Glendale, AZ,
    • Feb 9, 2016

    We are so happy with how fast our loan closed. All of the people involved were super nice and did everything to satisfaction. Thank you Greenlight.

    Bottom Line: Yes, I would recommend this to a friend

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  • 11 out 12 people found this review helpful

    Stay away from Greenlight Loans!

    We had nothing but hassles and problems with Greenlight. They had almost 7 weeks to process our loan to meet the closing date they knew about. They were late on meeting our closing date which then created a mess for us.

    Now, Karen Brousil who is the Purchase Processing Manager (kbrousil@greenlightloans.com) has gone back on her original offer to compensate us $100 for our troubles. Of course she did, the loan has since closed and they have their money. So why worry about an unhappy client?

    They are unprofessional, incompetent, and liars! Stay away from Greenight Loans!

    Bottom Line: No, I would not recommend this to a friend

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  • 12 out 13 people found this review helpful

    Greenlight Loans

    • Washington,
    • Jul 13, 2015

    I would not recommend them to anyone. They are not professional and are disrespectful. They don't have a clue about how to do business. The refinancing was one of the most worse experiences. Now that they have a payment, they said they needed to close the loan but it closed without it and now I can't get the overpayment back. Ryan Pefley and Shannon E failed to tell the truth about closing our loan.

    Bottom Line: No, I would not recommend this to a friend

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  • 17 out 19 people found this review helpful

    Beware of Greenlight, you will never get your loan, but they will get your personal data. This makes me sick.

    • Orlando, FL,
    • Jul 12, 2015

    Do not waste your time with Greenlight Loans. I have a high credit score 795. I pay all of my bills on time, with years of proof by that score. You will never get your loan on time, they gave me a date to close but the date passed by no calls, no emails, too much time went by and started to get red lights. I had a bank to research the license, he said they didn't come up as a license bank as they told me they were.

    The brokers license changed.

    Advice: Run from these unprofessional's. They have a 1 star Rating online.

    I rate them no star. They never got a loan. They offered me a 3.75 then a 4.75 then a 5.75.

    Bottom Line: No, I would not recommend this to a friend

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  • 17 out 18 people found this review helpful

    Sketchy, sketchy, sketchy

    • Birmingham, AL,
    • Jun 25, 2015

    We started the process of refinancing with Greenlight December 6, 2013. After about a month of inactivity, we asked about the status of our loan and the ball began rolling again, then there was an issue of flood insurance, had to order a flood evaluation of the property, That was the end of January. By 2/7, we had the flood issue taken care of, this was two months into the process. Then, on 2/22, on a Saturday while we are out of town, we get an email saying that we needed to meet with a notary today if we wanted to close the loan this month, and we needed to have a cashier's check in the amount of $1,188.06, because we were going to "be short". Am I crazy? I got those chill bumps, something isn't right here. So, we found a local lender the next week, got a better interest rate, and we are done. Today is 3/5.

    Bottom Line: No, I would not recommend this to a friend

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  • 11 out 14 people found this review helpful

    Refinance - Please tell the truth!

    • Omaha, NE,
    • Dec 3, 2013

    I was enticed to call prior to reading the bad reviews & these reviews seem very accurate & true. I really believe these practices have happened to them, because I went through this before & it sounds just like my experience. I'd rather stay where I'm at, rather than be stringed along. Why? If someone don't qualify or you have reason for not offering what was promised, why not let those know upfront before giving them hope that something could happen? What a waste of time, money, paper & energy. Some people really need help & you are just making it worse instead of letting them move on to someone that can really help them.

    Bottom Line: No, I would not recommend this to a friend

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