Movement Mortgage VA Loans Review

Established in 2008, Movement Mortgage is a privately owned mortgage lender that has grown from a small business to a robust, nationwide enterprise. The company has loan officers in more than 775 locations, services loans in all 50 states and has over 4,500 employees. The lender offers a variety of loan programs, including FHA loans, VA loans and conventional mortgages.

Whether you’re searching for VA loan tips or are already on the hunt for the best VA loans, there are a variety of important factors to consider when deciding which lender to use. In this review, we explore Movement Mortgage’s lineup of loan products, pricing, customer satisfaction and accessibility.

Read on to find out if Movement Mortgage VA loans are the right fit for you.

Best VA loan for veterans with fair credit

If you’re a veteran with fair credit, Movement Mortgage VA loans stand out among the competition as some of the best options on the market. While many VA lenders have minimum credit score requirements of 620 or higher, Movement Mortgage VA loans up to $1 million only require a minimum credit score of 580.

Among VA mortgage lenders, Movement Mortgage features one of the lower minimum credit scores for qualification, making it an attractive choice if you’re a veteran with less-than-perfect credit.

Movement Mortgage VA loans pros and cons

Pros explained

Low credit score requirement for loans under $1 million

Movement Mortgage VA loans require a minimum credit score of 580 for all loans up to $1 million. This is a significantly lower credit score requirement than many other VA mortgage lenders, making it an excellent option if your credit score is in the fair to good range.

Fast turnaround times

Movement Mortgage is committed to providing fast turnaround times on its loan applications. The company strives to complete the underwriting process within six hours, finish processing your loan within seven days and close within one day. These timeframes are incredibly fast compared to other mortgage lenders, with the average closing period falling between 35–40 days.

Available in all 50 states

Movement Mortgage VA loans are available to active members of the military, veterans and unmarried surviving spouses of veterans in all 50 states, making the lender a strong option if you reside in a state with limited VA loan options.

Cons explained

Higher minimum credit score for loans over $1 million

Movement Mortgage VA loans require a minimum credit score of 680 for all loans between $1 and $2 million. This means you likely won’t qualify for such a loan with a fair credit score. However, with around 8% of homes in the U.S. valued at or above $1 million, this higher credit score requirement shouldn’t be a deterrent for the majority of prospective buyers.

Application required to see mortgage rates

Unlike many other VA lenders, interest rates aren’t publicly displayed on the Movement Mortgage website. In order to learn what rates are offered, you’ll have to contact the company. This makes it difficult to compare its interest rates with other lenders without going through the application process.

No home equity loans

Movement Mortgage doesn’t offer home equity loans. If you’re looking for a product that allows you to take out a loan against the equity you’ve built up in your home, you’ll need to research other lenders.

Movement Mortgage offerings

Although home equity loans are notably missing from its lineup, Movement Mortgage offers an array of other loan products, including conventional loans, VA loans, jumbo loans, FHA loans, USDA loans, construction loans and cash-out refinance loans. These various loans serve different needs and come with varying interest rates, so understand your options before applying.

The following section examines each of these loan products in detail.

Conventional loans

Movement Mortgage offers a fixed-rate conventional loan product for those looking to purchase or refinance a home. These loans are available in terms of 10, 15, 20 and 30 years. Movement Mortgage maintains a minimum credit score requirement of 620 for these types of loans.

VA loans

The company’s VA loans are an attractive option. The lender imposes a minimum credit score requirement of 580 for loans up to $1 million, which are available in terms of 15 and 30 years, and a minimum credit score of 680 for loans between $1 million and $2 million, which are only available in 30-year terms.

In addition to its VA home purchase loan products, Movement Mortgage also offers VA cash-out refinance loans and VA interest rate reduction refinance loans (IRRRL), which are often referred to as streamline loans. If you’re eligible, the cash-out refinance loans may allow you to take out up to 100% of your home’s equity as cash, while the VA streamline loans enable you to refinance your existing VA loan at a lower rate.

To learn more about this process, read our full guide on how to refinance a VA loan.

Jumbo loans

Movement Mortgage’s jumbo loan product is for loans that exceed the conforming loan limits mandated by Fannie Mae and Freddie Mac. The lender states that the threshold is $647,200 in most housing markets but it can start at $822,375 in some higher-priced markets. While the company doesn’t list any specific minimum credit score requirement for jumbo loans, lenders generally require a significantly higher score as the loans carry increased risk.

FHA loans

Movement Mortgage’s FHA loans are available as fixed- or adjustable-rate mortgages. The lender enforces a minimum credit score requirement of 580 for these types of loans and offers a low down payment option of 3.5%. The company’s Movement Boost program can help you cover the required 3.5% down payment and a portion of the Movement Mortgage closing costs (not available in New York) if you qualify. It’s important to note that down payments of less than 20% will result in private mortgage insurance (PMI) charges.

USDA loans

The USDA’s rural development home loans are designed to help low- to moderate-income individuals or households purchase homes in rural areas with little or no down payment. Aside from income, other qualifications for USDA loans include maintaining the property as your primary residence and the location having a population of fewer than 35,000 residents. Movement Mortgage’s USDA loan product has a minimum credit score requirement of 580 and comes with terms of 10, 15, 20 and 30 years.

Construction loans

If you’re interested in building your own home, Movement Mortgage also offers construction loans. These loans come in several different forms, including:

• Construction-to-permanent
• Conventional purchase
• FHA loans
• VA loans
• Condo loans

A variety of terms are offered for many of these loan products. Movement Mortgage also offers extended rate-lock programs of up to 360 days on new construction loan products.

Cash-out refinance loans

If you want to refinance your current mortgage and take out cash from the equity built up in your home, Movement Mortgage offers a cash-out refinance loan product. This type of loan allows you to access and use your home equity for any purpose. For its cash-out refinance loans, Movement Mortgage has a minimum credit score requirement of 620 and a minimum loan-to-value ratio (LTV) — a measure comparing the amount of your mortgage with the appraised value of the property — of 80%.

Movement Mortgage pricing

Movement Mortgage doesn’t offer specific pricing, fees or mortgage rate information on its website. In order to obtain this information, you must apply for a loan with the lender or speak with Movement Mortgage loan officers. This makes it difficult to compare the company’s current rates with other mortgage lenders.

Movement Mortgage financial stability

None of the three major business credit rating agencies — Fitch, Moody’s or S&P Global — have assigned a rating to Movement Mortgage. The company does claim to have grown its operations and employee base in 2022 and states that it funds about $30 billion in residential mortgages each year. While this isn’t definitive proof of the company’s stability, it’s a positive sign.

In 2018, a federal investigation was initiated due to a whistleblower lawsuit filed under the False Claims Act by two former Movement Mortgage employees. This investigation found that the company violated the False Claims Act in originating loans as far back as 2008 by failing to comply with the program requirements set out by the FHA, VA and Department of Housing and Urban Development. While it likely only accounts for a small percentage of the company’s overall profit, in June 2023, the lender was ordered to pay $23.75 million back to these agencies for its violations.

Movement Mortgage is the sixth-largest retail mortgage lender in the United States and has generated $1.1 billion in annual revenue. In 2022, the company acquired Mortgage Network and Superior Rate Mortgage of New England, which is demonstrative of its financial wellbeing.

Movement Mortgage accessibility

Availability

Movement Mortgage provides home loans in all 50 states and Washington, D.C. For those who live in states with few options for mortgage lenders, the company offers a reliable option for housing-related financing.

Contact information

Movement Mortgage does not offer 24/7 customer support. However, it does make it easy to get in touch with a loan officer or customer service representative through either phone or email. If you’re a current Movement Mortgage customer, you can reach the loan servicing department by phone at 855-979-1084 from 8:30 a.m. to 7:00 p.m. EST, Monday through Friday. Alternatively, you can contact the company via email at servicing@movement.com.

User experience

Movement Mortgage’s website offers a straightforward user experience with clear navigation and an intuitive design. The homepage prominently displays links to its various loan programs, as well as a calculator to help you determine how much you might expect your monthly payment to be for a given loan amount. There are also helpful resources available to borrowers, such as a glossary of terms and frequently asked questions.

After logging into Movement Mortgage, you can view your loan balance and directly get in touch with your loan officer. Additionally, through Movement Mortgage’s Pay My Mortgage page, you can pay online, view your Movement Mortgage payment history and set up auto-payments.

One downside, as previously mentioned, is that Movement Mortgage does not provide its current loan rates or fees on its website. In order to determine those, users must contact a representative or apply for a loan. Additionally, the company doesn't offer 24/7 customer support.

Movement Mortgage customer satisfaction

Movement Mortgage reviews are generally positive from both customers and industry experts. The company has an A+ rating from the Better Business Bureau (BBB) and is accredited by the organization. Among the mostly positive reviews on its BBB profile, customers cite excellent communication, prompt responses to inquiries and helpful customer service. Movement Mortgage has been quick to reply to customer dissatisfaction and has successfully closed out nearly all of the complaints filed with the BBB, resulting in a rating of 4.77 stars out of a possible 5 based on 599 customer reviews.

How we evaluated Movement Mortgage

To evaluate Movement Mortgage, we looked at numerous factors ranging from the breadth of loan products offered and customer reviews to the mortgage company’s lending requirements. The following are the most important factors we considered:

• Loan products offered: We examined the range of loan products offered by Movement Mortgage, including whether they offer conventional mortgages, jumbo loans, government-backed loans and more.

• Customer reviews: We evaluated customer reviews to get an idea of the customer service and overall satisfaction with Movement Mortgage.

• Lending requirements: We scrutinized the requirements needed to qualify for a loan with Movement Mortgage, such as credit score and debt-to-income ratio.

• User experience: We evaluated the user experience on Movement Mortgage’s website to gain an understanding of how easy it is to navigate and apply for a loan.

• Customer support: We looked at Movement Mortgage’s available customer support options and hours of operation.

• Accessibility: We examined where Movement Mortgage is available to gain an understanding of its accessibility.

Summary of Money’s Movement Mortgage review

In continuous operation since 2008, Movement Mortgage serviced over 170,000 loans in 2022. The company is the sixth-largest mortgage lender in the United States and has proven its ability to provide quality mortgage services since its inception. Movement Mortgage offers a fairly extensive range of loan programs that should be able to fit the needs of most borrowers. While the lack of published interest rates and fees on its website and a recent punitive regulatory action from the federal government may be concerning, positive customer reviews suggest that loans offered by the lender are competitively priced and well-serviced. Due to the relaxed minimum credit score requirement on its VA loans, the company is an especially enticing option if you’re currently a member of the armed forces, a veteran or an unmarried surviving spouse of a veteran.