Academy Mortgage is an independently owned company whose sole business is mortgage lending. The company operates as a direct lender and offers services at each stage of the mortgage process, including loan processing, underwriting, closing and funding. The following is an overview of the firm, a description of its mortgage products and rates, and a review of its customer satisfaction scores.

What Academy Mortgage Is

Academy Mortgage, which has its headquarters in Salt Lake City, Utah, was started by Duane Shaw in 1988. By 2000, the company had grown to nine branch offices nationwide and had licenses to originate loans in four states. In 2009, the company named Adam Kessler as president, and in 2010, CoreLogic named the company the number one independent purchase lender in the United States. In 2014, after acquiring the assets of Republic Mortgage, the company expanded to 200 branches and 2,100 employees nationwide. As of May 2016, the company had more than 225 branch offices across the U.S. and licenses for loan origination in 49 states and the District of Columbia.

Mortgage Products Offered

Academy Mortgage offers nine types of loan products: conventional mortgages, Federal Housing Administration (FHA) loans, United States Department of Agriculture (USDA) rural housing loans, Veterans Administration (VA) loans, FHA 203(k) Renovation Loans, state housing loans, refinancing products, FHA streamline refinancing and Golden State Finance Authority (GSFA) platinum program loans.

Conventional mortgages include both fixed-rate and adjustable-rate mortgages (ARMS) and are designed for borrowers with excellent credit scores and the ability to make 5 to 20% down payments. The company offers 30-, 25-, 20-, 15- and 10-year fixed-rate mortgages. Academy Mortgage's ARM offerings vary by the amount of time the loan remains fixed. The company offers 10/1, 7/1, 5/1and 3/1 ARMs. Academy Mortgage also provides jumbo loans within the conventional mortgage category. Jumbo loans are for buyers purchasing luxury or high-priced homes.

FHA loans are designed for borrowers who have lower credit scores and lack the ability to make substantial down payments. USDA rural housing loans are designed for borrowers who are purchasing homes in defined rural development areas. VA loans serve the needs of active-duty military and veterans nationwide. VA loans require no down payments and no mortgage insurance. FHA 203(k) Renovation Loans are designed for buyers of properties that require extensive work. These loans include funds for repairing and remodeling properties. State housing loans provide mortgages for borrowers from low- and moderate-income groups, certain minority groups, people with disabilities and the elderly.

Academy Mortgage offers refinance products for qualified borrowers with excellent credit scores as well as for borrowers with lower credit scores who qualify under FHA guidelines. The GSFA platinum program is for low- and moderate-income borrowers in California who need help with down payments.

Mortgage Rates

Academy Mortgage advises that it evaluates each customer's financial situation and offers a comparison of a variety of suitable mortgage options. The company does not provide specific rate information on its website, but does offer online lending scenarios for several of its popular programs, including conventional, FHA, VA and USDA loans.

For example, the conventional loan scenario uses a $200,000 purchase price, a loan amount of $190,000, a 5% down payment and a 30-year fixed loan with a 4% interest rate and a 4.938% annual percentage rate (APR). This loan scenario requires a minimum 3% down payment, and a maximum seller's assist of between 3 and 6%. This loan might require private mortgage insurance, depending on the borrower's financial situation. The company compares this scenario on its website to other popular loan options. However, since loan options vary by state, and since individual factors may affect the availability of some products, Academy Mortgage advises customers to contact the company for more information.

What Consumers Are Saying

Academy Mortgage receives an A rating from the Better Business Bureau (BBB) of Utah. The company received 221 customer reviews through the BBB, of which 214 customers rated their experiences as positive, one rated his experience as neutral, and six rated their experiences as negative.

Amerisave Mortgage Overview

Related Articles
  1. Personal Finance

    Is An FHA Mortgage Still A Bargain?

    If you're putting down less than 20%, the FHA's mortgage insurance premium could cost you more than private mortgage insurance with a commercial lender.
  2. Personal Finance

    Conventional Mortgages and Loans

    A conventional mortgage is any type of homebuyer's load that is not offered or secured by a government entity but rather available through a private lender.
  3. Personal Finance

    Reduce Interest With An All-In-One Mortgage

    "Offset" mortgages combine a checking account, home-equity loan and mortgage into one account.
  4. Personal Finance

    Top Reasons To Apply For An FHA Loan

    When is it a good idea to apply for a Federal Housing Administration loan?
  5. Personal Finance

    HUD vs. FHA Loans: What’s the Difference?

    Sometimes these terms are used interchangeably to refer to "government loans" for would-be home buyers. But here's the distinction.
  6. Personal Finance

    Insuring Federal Housing Authority Mortgages

    This insurance has an edge over private mortgage insurance. Find out why.
  7. Personal Finance

    This New Mortgage Only Requires 3% Down

    A new low-down-payment mortgage offering has attractive features, but be sure to check out all the options and get the whole story before you sign up.
  8. Personal Finance

    5 Mortgage Loans You Didn't Know About

    These lesser known mortgage loans are often overlooked by potential home buyers.
  9. Personal Finance

    Shopping for a Mortgage in 2017? Use This Tool First

    As home-buying technology has progressed, the process of finding the best mortgages rates for 2017 can all be done online.
Frequently Asked Questions
  1. Why Do Brokers Ask for Personal Information?

    There are 3 reasons a broker needs personal information: suitability, record-keeping and the law.
  2. How to Get a Company's Prospectus

    Obtaining a company's prospectus—or other financial documents—is now a simple online task.
  3. What Is a Blank-Check Company?

    A blank-check company has a business plan based on a merger or acquisition with another company.
  4. How do central banks inject money into the economy?

    Central banks use several different methods to increase (or decrease) the amount of money in the banking system. These actions ...
Trading Center