CashCall Mortgage Review

CashCall Mortgage was founded in 2003 in Orange, CA. In March 2015, CashCall Mortgage was acquired by Impac Mortgage Corp, which was founded in 1995 in Irvine, CA. CashCall Mortgage offers a variety of different loan options and various products such as fixed-rate mortgages, VA and FHA mortgages, HARP refinances loans and flat-fee mortgage loans. 

Table of Contents: CashCall Mortgages

• Background of CashCall
• CashCall Mortgage Rates
• CashCall Mortgage Loans
• CashCall Tools and Application
• CashCall Mortgage Qualifications

History of CashCall

CashCall Mortgage was founded in 2003 in Orange, CA and acquired by Impac Mortgage Holdings, INC in 2015. Impac, through various subsidiaries, provides a variety of different loan products, including consumer residential mortgages.

While CashCall Mortgage is a separate company from CashCall, the personal loan provider, their reputation may have taken a hit from recent scandals reported by the L.A. Times. CashCall Mortgage is still offering mortgages and appears to be trying to regain a positive image with customers. 

This lender is very flexible about applicant documentation and offers a wide range of different mortgage options. Borrowers with a variety of different credit scores may find a loan that fits their needs, although applicants with “excellent” credit generally receive the best terms. 

Current CashCall Mortgage Rates

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CashCall Mortgage Options

When you’re looking to get a mortgage through CashCall, you should be aware of all their options:

Fixed-Rate Loans

Throughout the entire life of the fixed-rate loan, the rate stays the same. Borrowers are protected from rate changes, so they know how much money to budget each month for housing costs until the loan is fully repaid. Applicants who qualify for great mortgage rates may want to lock-in a fixed rate to keep payments low.

Also, if you plan to keep the same home for several years, a fixed-rate mortgage may be the most sensible loan option for you. 10, 15, and 30-year fixed-rate mortgages are available through CashCall. 

Common Sense Loans

An exclusive loan program offered by CashCall, Common Sense mortgages is designed to help borrowers who are rejected by conventional loan programs and may benefit from alternative methods of determining income and qualifications. For instance, an investment property’s income can be used as part of the income qualification for purchase.

Self-employed borrowers may use bank statements instead of tax returns to demonstrate sufficient income. 

FHA Mortgage Loans

CashCall offers two different types of refinancing FHA loans–FHA Cash-Out Refinance and FHA Streamline. With a Cash-Out Refinance, borrowers can take out a loan for a more significant amount than what they still owe on their mortgage. Streamline loans allow applicants to close fast and may enable borrowers to skip the appraisal. 

VA Loans

VA loans offer an affordable, flexible mortgage option for veterans, members of the armed forces, and surviving spouses. Since the VA guarantees part of the mortgage, CashCall can offer better terms for a VA loan, than they can for typical mortgage loan products. 

HARP Refinance Loans

For applicants who are current on their mortgage payments and have homes that declined in value, HARP can help reduce rates and lower monthly payments. Borrowers with a Fannie Mae loan may be eligible. 

CashCall Online Tools and Application

With mortgage calculators, loan product details, and questions and answers posted to their site, CashCall makes an effort to keep the mortgage application process transparent. CashCall calculators can help applicants estimate how much home they can afford, how much income is needed to qualify for a loan, how interest rates affect monthly payments, and how much property values increase over time. 

They offer an online application for either mortgage purchase or refinance. Applicants can also apply via phone. Various contact and customer service methods are available, such as email or live chat with a mortgage representative. Borrowers can reach CashCall to discuss a new loan or refinance at 1-866-708-5626. CashCall’s Customer Service number is 1-866-579-2962. 

This lender accepts several different methods of documenting income, such as w2 forms, pay stubs, and bank statements. Self-employed borrowers and others who may find it challenging to use tax returns for documentation may choose another option to prove their income during the loan application process. 

As with most lenders, applicants for CashCall mortgages may need to provide government-issued ID information when applying for a loan. Commonly accepted forms of government ID include: 

• Social Security number
• Taxpayer ID number
• Green card
• Foreign visa
• Alien ID card
• Foreign passport number

CashCall Ratings and Complaints

When researching online reviews by CashCall customers, the results are generally very positive. Many reviewers on Trustpilot said that CashCall is easy to work with and offers a fast loan process. Customers who report negative experiences with CashCall typically report being asked to submit additional documentation when applying for a loan.

Others report difficulty connecting with customer service or finding the information they need. 

The CashCall brand has experienced some recent controversy, too. While Impac Holdings, INC acquired CashCall Mortgage in 2015, there is also a CashCall lender that offered personal loans and other consumer loan products and has been a party to recent investigations and lawsuits. CashCall Mortgage appears to be unaffected but was formerly part of the same CashCall brand until the 2015 acquisition. 

In September 2018, the L.A. Times reported that CashCall is under investigation by federal and California State regulators who believe the lender may have charged excessive interest rates on some of their loan products. Reportedly, some customers were charged as much as 350 percent interest rates on personal loans. In response to this investigation and to pending lawsuits, CashCall has left the consumer personal loan business. 

CashCall Mortgage is still operating and offering mortgage loans as of 2018. 

CashCall is a mortgage lender that was founded in 2003. CashCall has a Nationwide Mortgage Licensing System and Registry ID number of 128231. CashCall has a BBB rating of 2/5 stars, with a total of 28 complaints. Its Trustpilot rating is 8.7/10 stars. 

• Information collected November 15th, 2018

CashCall Mortgage Qualifications

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

Borrowers with credit scores of 760 and above should easily find great mortgage rates. For borrowers with “good” credit scores, however, qualifying for mortgages should be easy but they may not get the best rates if they have debt and income levels below average. Applicants with credit scores below 620 or insufficient credit history may have more trouble being approved for most mortgages. 

This lender does, however, offer some alternative options for borrowers who may be rejected for conventional loans. Applicants may be able to qualify even with low credit scores, although they may be expected to pay a higher interest rate or provide a higher down payment. 

CashCall offers complete information about their loan process and rate terms on its website. Charts showing approximate rate adjustments under different scenarios can help borrowers estimate their potential costs. 

CashCall is most likely to accept applicants who have a debt-to-income (DTI) ratio of 36 percent or less. Prospective borrowers with a DTI between 36 and 43 percent may be eligible for approval if they have “Excellent” credit. Buyers with a high DTI ratio might have more limited mortgage loan options and may need to first focus on reducing their DTI before applying for a mortgage from CashCall. 

Debt-to-income ratio	Quality	Likelihood to get approved by lender
35% or less	Manageable	Likely
36-49%	Needs improvement	Possible
50% or more	Poor	Limited

The minimum down payment for a CashCall loan depends on the mortgage type. Typically, 20 percent down is expected for a conventional mortgage, although no down payment and low down payment loans are also available. 

If CashCall isn’t right for you, then you should try some of the other popular options, like Rocket Mortgage. 

CashCall Phone Number & Additional Details

• Homepage URL: https://www.cashcallmortgage.com/
• Company Phone: 1-866-708-5626
• Headquarters Address: Impac Mortgage Corp., dba CashCall Mortgage, 19500 Jamboree Road, Irvine, CA 92612

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Ban on car retailers' interest-linked commission could save consumers £165 million a year

Ban on car retailers' interest-linked commission could save consumers £165 million a year

The FCA says that commission creates an incentive for brokers to act against customers' interests

Stephen Little Tue, 10/15/2019 - 09:54

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The UK financial watchdog is banning car retailers and brokers from taking commission sales linked to interest rates, potentially saving buyers £165 million a year.

Some motor finance brokers receive commission which is linked to the interest rate that customers pay.

The Financial Conduct Authority (FCA) has found that when brokers are able to set the rate this creates an incentive for them to “act against customers’ interests”.

The FCA estimates the changes would save customers £165 million a year.

The financial watchdog says that banning commission would remove the financial incentive for brokers to increase the interest rate and give lenders more control over the prices customers pay for their motor finance.

Christopher Woolard, executive director of strategy and competition at the FCA, says: “We have seen evidence that customers are losing out due to the way in which some lenders are rewarding those who sell motor finance.

"By banning this type of commission, we believe we will see increased competition in the market which will ultimately save customers money.”

The FCA is also proposing to make changes to the way in which customers are told about the commission they are paying to ensure that they receive more relevant information.

These changes would apply to many types of credit brokers and not just those selling motor finance.

The watchdog is consulting on the new rules until 15 January 2020 and plans to publish final rules later in in the year.

Earlier this year the FCA found that on a typical motor finance agreement of £10,000, higher broker commission can result in the customer paying around £1,100 more in interest charges over the four-year term of the agreement.

Keith Richards, chief executive of the Personal Finance Society, says: “We support the FCA’s proposals to ban commission where there is an evident bias to overcharge a consumer to rack up remuneration for both the provider and broker.

“Commission can work well in some cases but it can also be the cause of poor advice and unfair deals for the public.

“There is little doubt that fixed fees or charges are more likely to be introduced in the future as commission in all areas of Insurance and financial services continues to come under regulatory scrutiny.”

What should you do if you think you have been overcharged?

If unhappy with your credit agreement you should contact the dealer/lender you took it out with.

If you are still not happy and wish to escalate your complaint you should then contact the Financial Ombudsman Service.

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Neil Woodford sacked - investors to receive money back in January 2020

Neil Woodford sacked - investors to receive money back in January 2020

Neil Woodford has been fired as the manager of his flagship Woodford Equity Income fund (WEIF), which will now be wound up

Tom Bailey Tue, 10/15/2019 - 10:12

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The fund was been suspended in June after it was unable return money to investors attempting to leave the fund due to its number of unlisted company holdings.

The suspension period was supposed to allow the fund to reposition its portfolio away from these illiquid holdings and was due to re-open in December.  

However, the fund’s administrator, Link Fund Solutions (LFS) has now taken the decision to not re-open the fund, claiming that it is not convinced this repositioning be completed by December. 

In a letter to investors, LFS said: “Whilst progress has been made in relation to repositioning the fund’s portfolio, this has unfortunately not been sufficient to allow reasonable certainty as to when the repositioning would be fully achieved, and the fund could be re-opened.”

LFS says that winding up the fund now will allow money to be returned to investors in a quicker and more orderly fashion.

LFS has appointed BlackRock and Park Hill to help sell the remainder of the fund’s assets, with the proceeds given to investors in the fund over a series of pay-outs.

The first distribution expected to happen by the end of January 2020.

Investors, however, are likely to receive significantly less back than their original investment.

LFS announced it has waived fees on the fund since the June suspension, which had long been a source of contention.

As recently as the end of September Mr Woodford apologised again but refused to back down on taking fees from investors trapped in the fund. 

While LFS will not take any fees during the winding up period, brokerage and legal costs associated with selling the fund’s assets will be borne by the fund.

The decision to liquidate the fund was not welcomed by now former manager Woodford, who said in a statement: “This was Link’s decision and one I cannot accept, nor believe is in the long-term interests of LF Woodford Equity Income Fund investors.”

The Financial Conduct Authority has said it “welcomes the removal of uncertainty that LFS’s decision provides.”  

This article first appeared on our sister website Money Observer

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Retiring our way: retirees reveal how they are spending their pensions

Retiring our way: retirees reveal how they are spending their pensions Harriet Meyer Tue, 10/15/2019 - 00:38

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Splitting the bill has never been sweeter

Splitting the bill has never been sweeter

While admiring the magnificent domed-ceiling of Seville cathedral last month, a notification popped up on my phone

Rachel Rickard… Tue, 10/15/2019 - 00:07

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“Ed spent 10 euros on churros – you owe 2.50 euros.”

I was on holiday with three friends and we were trying out one of the apps now available to make group spending simpler.

Group holidays can be some of the most fun, but they’re especially susceptible to spats and squabbles.

There’s the classic battle between the eager sightseers ready to go hours before the rest of the group and the faffing slowcoaches who don’t see the point of rushing anywhere on holiday.

Then there’s the infuriating directionless meander of a group of hungry people looking for a lunch spot with no one taking charge.

But one of the most common group holiday tussles may have been consigned to the history books by new technology.

Instead of having to work out who owes what to whom throughout the holiday, the app we used kept a running tally. If you paid for something for the whole group, you typed in the amount, what it was for and who was there. So when one person bowed out of the third churros session of the day, we split that payment among the remaining three.

At the end of the trip, the app tots up to reveal how much everyone is owed. It also simplifies the settling up so that it may take just two transactions for the whole group. For example, if I owe 10 euros to Ed but Ed owes 10 euros to Jason, it could just tell me to transfer 10 euros to Jason, cutting down the number of transactions. We used the Splitwise app, but there are lots of others available.

Apps are just one solution.

I know several couples who share a Monzo card for their holiday spending. Monzo is one of the new online banks – and it offers a hot-coral debit card. Both people load the same amount of cash on to the card and then use it for shared spending. Using a shared account for holidays is also a good way of keeping an eye on your budget – if you only load it with holiday cash, it’s impossible to spend more than you’d planned.

One couple I know found it so successful on holiday they’ve continued to use it now they’re home.

Having a joint account as a couple can be really useful when you have a lot of shared spending.

However, sometimes opening a joint account can feel like a big deal – signalling to each other a level of commitment only a step down from moving in together or getting a dog – something you might not feel comfortable with early on in a relationship even if it would be practical.

But a holiday-turned-everyday-spending card inadvertently offered a solution to my friend.

“We’ve ended up with a joint bank account by the back door,” she confides. 

“We’ve got the practical elements of joint spending but managed to bypass the big conversations about what it means.”

Contactless cards have also helped shared spending enormously.

What a faff it was when you went out for dinner and everyone was messing around trying to find the right change and make sure they’d paid their fair share.

Now contactless is so fast, it’s perfectly acceptable to put down four debit cards and ask the waiter to split the bill equally among each. Tap, tap, tap, tap and you’re done.

Despite all these options, I think my favourite solution where possible is one that requires no technology at all.

With some friends, we take turns to pay. That way, you alternate between the joy of being paid for and the pleasure of treating someone else.

Of course, some payments will be greater or smaller, so it really only works with someone whom you see often enough that you know things will balance out on average.

And you need to be good enough friends that if either of you feel hard done by at any point you feel happy piping up without it causing tension.

How do you manage your shared spending? I’d love to hear your tips and experiences. 

Email editor@moneywise.co.uk

Twitter @rachel_spike

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