Anthony Casa, President & CEO of UMortgage, isn’t mincing words when it comes to the lending practices that often victimize our veterans. “Our veterans deserve better. Unfortunately, it’s far too common for lenders to prioritize their own profits over the financial well-being of those who have served our country,” Casa shares. “These lenders take advantage of the profit margins on VA loans to charge veterans inflated fees and higher interest rates. It’s time for this to end, and UMortgage offers that better solution.”
A study by Polygon Research shows there is, in fact, a better solution. According to its results, veteran homebuyers who work with a mortgage broker saved an average of $13,600 over the life of their loan compared to working with retail lenders. This disparity in savings underscores the financial benefits of working with an effective mortgage broker.
Retail lenders—Overcharging those who’ve served
Retail lenders have been accused of capitalizing on veterans with inflated fees, higher interest rates, and unnecessary costs. Casa alleges these practices result in veterans paying unnecessary amounts for their mortgages at a time when many people are seeking financial stability.
Casa shared that at UMortgage, it’s a choice. “We could easily charge higher fees and offer less competitive rates to inflate our profits, but we choose not to. We recognize that veterans deserve more than just a mortgage—they deserve a partner who understands the unique challenges that they face and is dedicated to guiding them through the homebuying process with care and expertise.”
This sentiment is shared by other Military Veterans in the mortgage community. Patton Gade, National Director of Military Lending at UMortgage and 2023 Scotsman Guide #1 VA Loan Originator, says, “we can do better. Veterans deserve to own a piece of the land they fought to protect. When a veteran works with UMortgage, they know we have their best interests at heart and see them as more than just numbers on a spreadsheet.”
Industry malpractices are hurting veterans
These kinds of issues are not isolated. In a recent HousingWire article, NewDay USA was fined for providing misleading cost estimates to Veterans. This is a disturbing trend among VA lenders. Veterans are a group of homebuyers targeted for exploitation. UMortgage says it is working to change that narrative.
“This kind of malpractice is exactly why veterans need transparency,” says Gade. “Our veterans are already flooded with misinformation during their homebuying journey. To dig further into their pockets at the closing table is unfair,” says Gade.
As a United States Army Veteran and West Point Graduate, Gade knows firsthand the importance of ethical lending. “Veterans need an advocate, and that’s exactly what we are.”
A future of savings and service
As UMortgage’s market share of veteran loans continues to grow, Casa says that “UMortgage remains committed to leveraging relationships, transparency, and support to provide unparalleled value to our clients.” UMortgage shared that it’s always exploring new ways to better serve veterans and is excited about what the future holds.
“In a declining rate environment, anyone can refinance to save money. At UMortgage, we’re committed to saving our clients the most money to ensure their long-term financial health,” says Casa. “Our veterans deserve access to the fullest extent of their benefits, and we’re committed to fighting against those who want to exploit them.”
Most recently, the company ranked #88 overall on Inc. 5000’s list of fastest-growing private companies and is a top 30 mortgage company in the United States. This year, the company shared that it’s poised to fund over $3 billion in loan volume—nearly a 50% increase from the year prior.
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