LoanMonkey Mortgage Review 2020

By Jennifer Bradley Franklin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

LoanMonkey

Bankrate Score

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4.3

User reviews
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( 17 )

4.5

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

LoanMonkey, an online-only mortgage broker, claims to be the first “purpose-driven” digital mortgage company. The brand allows borrowers to apply online and track and manage their application by logging into the site. For every loan (new mortgages and refinances), the company makes a donation to a client-selected charity upon request. The company deals in wholesale loans, working with big-box lenders like Quicken Loans. Founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, the company is headquartered in San Diego, California. "LoanMonkey's goal is to empower Americans to use their home mortgages as a way to give to their favorite causes while still getting the lowest possible rates and costs on their home," Marsh, LoanMonkey’s co-founder and CEO, said in a statement.

Nationwide availability

Available in California, Texas with expansion plans in the works

Minimum credit score

Because LoanMonkey is a broker and wholesaler, marketing and servicing loans from other large lenders like Quicken Loans, the necessary credit scores for approval vary according to the lender’s requirements.

Loan types

Conventional, fixed-rate, adjustable-rate (ARM), FHA, VA and jumbo; refinancing options include cash-out refinancing and no-cash out refinancing

Pros

  • Makes $250 donation to charity of the client’s choice (clients must request this in writing two weeks prior to closing)
  • Streamlined digital application processed, managed online; takes approximately 15 minutes to complete
  • No overhead from brick-and-mortar buildings can yield lower rates

Cons

  • Only available in California, Texas at this time
  • Very minimal information available online; must apply to get answers about offerings
  • Doesn’t offer some specialized loans including construction, HomeReady and USDA

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

LoanMonkey overview

Loan types

  • Conventional
  • Fixed-rate
  • Adjustable-rate (ARM)
  • FHA
  • VA
  • Jumbo
  • Refinancing including cash-out refinancing and no-cash out refinancing

Lender fees

LoanMonkey doesn’t publish any across-the-board lender fees. However, when would-be clients search loans via the LoanMonkey website, they can view “Fees” under the “Loan Details & Summary” link. This summarizes lender charges including the underwriting fee and loan discount points, as well as other fees.

Every loan closed is eligible to initiate a $250 donation to the charity of the client’s choice (approved by the lender), as long as the client requests it in writing two weeks before the closing.

Minimum borrower requirements

Because LoanMonkey is a broker that works with other lenders, there is a wide range of borrower requirements. For government-underwritten loans such as VA and FHA, LoanMonkey follows national guidelines.

Get started with LoanMonkey

Borrowers can apply online. If you apply online, a representative will contact you.

Hours

Monday - Sunday: 24 hours

LoanMonkey consumer rating and reviews

4.5 reviews
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94% recommended

Customer Service Rating

Knowledge
4.5
Level of service
4.5
Professionalism
4.5
Responsiveness
4.5
0 out of 0 rates honored
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(17 reviews)
5 Star
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1 Star
14
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2

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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Showing 10 of 14 Reviews
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Anna Davtyan
Glendale, CA

9/10/2019

Great Experience

I wanted to refinance my house and ended up going with LoanMonkey because their rate was the best and their closing costs were lower than anyone else.... They were amazing from start to finish. Jimmy - Originating Manager was my guy and he was there for every step of the process. He was always av...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jamie
Los Angeles

10/16/2019

Great Experience

Jimmy and his team were incredible from start to finish. I had a rough start with another lender who was dishonest at a different company, and Jimmy was able to help me out and take over the loan. Immediately I realized I made the right decision switching to him. He made the process so easy, gav...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Dan Morgan
Riverside

11/15/2019

Smooth process

Jimmy Loucks and his team did a wonderful job from start to finish. There was patience and professionalism throughout the process. I would gladly use loan monkey again as well as recommended to my friends and colleagues

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Jackie R
CA

12/13/2019

Awesome Experience

Where do I begin ...Patience and Professional Awesome team. Jimmy Louckes and Katie Burgess. They worked tirelessly to get my loan approved and explained each step and reassured me along my refinancing journey. I am very pleased with the results and highly recommend this dynamic duo. Yes I wouldn't...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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MC
California

12/19/2019

Saves you time and money!

Both Jaime Munro and Katie Burgess save us time and money. E-mail was our preferred way of communication and they were on the dot answering our questions. We highly recommend Loan Monkey. We appreciate you!

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Io Sunwoo
Sacramento

2/8/2020

Simple and smooth process

The entire process went very smoothly. The status was completely visible through the web app associated to the loan app, but if i wanted to reach out to my loan officer, Sonja Mangione , she was easy to reach over the phone and by email. The same can be said for my loan processor, Rachel Silvas. ...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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AP
CA

5/3/2020

Great experience

It was a wonderful experience working with Jimmy and his team specially during lockdown. He was always there to answer any doubts or questions, never got frustrated and gave us a great service. We were very happy with him and have already suggested him to many already.

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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RMP
CA

5/14/2020

Got it Done!

I worked with Jimmy and Megan the entire time. They were very pleasant to work with and informative about the process. It did take some time from start to finish but mostly due to the backlog of loans with the underwriters. I am appreciative of the efforts of Jimmy and Megan to finish the process w...

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Richard C.
San Diego

5/20/2020

Fantastic! Again!

This is the second successful low rate mortgage that I've had the pleasure of receiving through Jimmy and Loan Monkey. I am a thorough researcher when it comes to mortgages and loans etc and Loan Monkey have always had the best rate. At the end of this last application process rates had gone dow...

Knowledge
5.0
Level of service
4.0
Professionalism
4.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes
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Sean McGinn
93230

6/2/2020

Great Experince

Thank you! We did not know what we wanted when in the beginning , but the flexibility and expertise, quick and friendly responses made it a great experience. Sean

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0
Rates honored:
Yes
Would recommend:
Yes
Mortgage closed:
Yes
Closed on time:
Yes