LoanMonkey, an online-only mortgage broker, claims to be the first “purpose-driven” digital mortgage company. The broker deals in wholesale loans, working with big-box lenders.
Borrowers can apply online and track and manage their application by logging into the broker's site. For every loan (new mortgages and refinances), the company makes a donation to a client-selected charity upon request.
Founded in 2019 by mortgage industry veterans and animal enthusiasts Sean Marsh and Christopher Russow, LoanMonkey 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.
- Adjustable-rate (ARM)
- Cash-out refinancing
- No-cash out refinancing
LoanMonkey doesn’t make public 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.
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