Loan Factory
reviews and complaints

We recently refinanced our two separate real-estate loans with Loan Factory. We had a very good experience with this company. Our main interaction was with Tyler Smith, Phoenix Johnson, and Anh Nguyen.

We have been in the market searching for a good refinancing company and the best interest rates. After talking to several other companies, we settled with Loan Factory.

The only issue we encountered is that Loan Factory would not lock your rates until it is approved by the lender. During this process, they kept asking for one or two additional documents every week. Meanwhile, the interest rate kept fluctuating, and this situation made me uncomfortable. Other times, there were long periods of silence, and then suddenly they required a document that was needed very urgently and immediately.

Overall, we are very happy customers. Both of our loans were refinanced by Rocket Mortgage, a subsidiary of Quicken Loans. The best part of our experience was working with Tyler Smith, Phoenix Johnson, and Anh Nguyen. They helped make our stressful situation manageable. You make an awesome team. Thank you.

I will gladly return to Loan Factory for my future refinancing needs.

I recently closed a loan with Loan Factory. I am very satisfied with the rates and fees options available from Loan Factory and their customer service. Nicole D., Nancy N. and Steve N. were prompt and quick to reply to any inquiries I had while staying on top of my loan progress. Nancy won my business because she made me feel like she cares about my needs and interests. I provided some info online, she confirmed the info, gave me options, I picked one when I feel ready then she and her team followed through and delivered the promise, no "if, but, or any bogus".

During the process, Nancy's team informed me of the daily market. I called for some info, they responded on what I need to know and leave it there, no intimidation/guilt trip/pressure into buy now which shows confidence that they can deliver the best products and services without fear that customers would go anywhere else. Moreover, that made me feel welcomed to come to them when I am ready to make my decision. It was about a month or less from the time I locked the rate to closing.

I recommend Loan Factory and will very likely go to Nancy's team on future financial services needs.

I was referred to Loan Factory by my friend. They got me the best rate with no point no cost with some credit back and were very responsive during the process. I like their rate alert feature that notify you when the rate you desired is hit. The response was a bit slow at the beginning to lock the rate but after that, it was very good. Tracy Trinh and Anh Vu helped me with locking the rate, getting all the required documents, and walk me through the process. The process went smoothly. They responded quickly to my questions and followed up to make sure things were OK. Will Thinh Le helped me with the closing process. He was very knowledgeable with the process and very responsive. When I had concerns with the closing document since it was not very clear, he responded quickly and patiently went over with me item by item on the closing costs and the credits. Overall, it was a very good experience. The one thing that I think could be done better was that I had to pay for the Appraisal cost up front (I didn't have to pay upfront with other companies). The closing document was not very clear about this credit and caused some confusion, but Will was able to clear things up with me.

It's with great pleasure that I write this review for this three great individuals that assisted in the refinance of my home.
Their names are Felix Johnson, Tom Le and Lynn Smith. As we all know going through a refinance is extremely overwhelming and most of the time we would pass on saving money to not have to deal with all the papers and forms that are endless. The underwriters keep and keep asking for more and more documents and with the help of a great team of loan officers that won't be an issue. I'm here to tell you that Felix Johnson, Tom Le and Lynn Smith made this process go by so smoothly and in a matter of two weeks conditions were met and all was ready for closing of escrow! That simple, not to say that my interest rate is ridiculously low! Whenever I make any kind of purchase I shop around like no tomorrow and so I did and they beat the rate by over a whole point! That's a huge savings that can now be applied to the principal or add an additional vacation for me and my boys, let me just add that I was on vacation when we were closing and that just made our vacation more like a vacation and I owe it all to the amazing team at the loan factory Felix Johnson, Tom Le and Lynn Smith!
A great thank you!

I have used Loan Factory many times for rental loan refinancing. They are always great. Best Rate, excellent results. What else can you ask for?
This time, I did a refinance for multiple loans at the same time. The case is very complicated. I don't think other Loan Company will take my cases. Loan Factory and his team took my case. Lender Under-Writer requested many items. Everyone worked very hard, spent extra time, answered emails late at night to get everything in place on-time. An, Chanh, and Nhung did a wonderful job.
Thank you An for working hard and always patient with me. I might have too many questions. But, An is always patient to work through the problem.

Thank you Chanh for excellent in working with Lender, schedule, and follow up with Appraisals. Chanh is always calm in resolving Underwriter requests.

Thank you Nhung for always being there to help at the closing. Working hard in a systematic way, responding to my email late during my vacation in a different time zone.

Thank You Owner: Loan Factory and Manger: Hong for helping when we needed to escalate.

Overall, thank you LoanFactory for the excellent work to close multiple loans On-Time despite I took a week off. I strongly recommend LoanFactory.

I'm glad I found Loan Factory. This is my 2nd time refinance the house. the first time did not go so well, so much confusion the first time mainly because the loan agent did not explain clearly for me the process. loan factory process was completed online. I only needed to come in to sign the closing docs and even then it took only 5 minutes. loan factory process was super easy for refinanced. all the documents were clear and easy to read. I fully understood the closing cost, no hidden fee or any confusing with their cost calculation. Whenever I had questions, loan factory employees answer me quickly within 24 hours. The only issue that I had was the delay on closing because Loan Factory's employee could not get in touch with my home insurance agent. My home insurance agent was awful, so it was not Loan Factory's false for the delay. I reached out to Loan Factory and learned that my insurance agent did not answer them. For future reference, I would recommend Loan Factory to contact client immediately about the issue, instead of waiting. Beside that minor issue, I only have good things about Loan Factory. I locked rate on 8/13 and loan closed on 9/4. they have multiple lenders, so their rate was competitive.

As interest rate becomes cheaper, we jumped on the wagon to refinance our loan. We initially reached out to the bigger banks, such as Chase and BOA, that we have a good relationship with, and Chase came back to us with a 3.0+ rate and required an appraisal. That really is a shocker. So I reached out to one of my friends who recently refinanced his loan, and he recommended Loanfactory, kind of like a third-party middleman. Never heard of them, but if it worked for my friend, then it probably is trustworthy enough. Wilson was our main contact person throughout the process, and Phoebe and Will were the loan processors. They were very responsive. I usually get a response from them within 2 hours. We were able to lock in a rate of 2.125% with Quicken Loan the lender, and it is a lower rate than if I had contacted Quicken Loan directly. Sounds sketchy? That part kind of confused me at the beginning too until I learnt that at this stage, Loan factory is more focused on quantity rather than the higher commission fees at QL. I was able to closed the refinance in about one month without the appraisal. One suggestion I have is, if you have any question along the process, don't hesitate to contact them directly to get your stuff move along!

I recently refinanced my condo with Loan Factory's help. I actually refinanced twice, the first time in August and again 4 months later in December. Prior to the refi, my interest rate was 3.50% and I took advantage of the lower rate in August (2.99%) using Loan Factory's website. It was super easy and straightforward; no personal info was entered on the website unless you decide to use their service and apply online, which I did. They called me back within 24 hours and we started working on the refinance immediately. In the Aug refinance, Brian Le helped me all the way through and I ran into a lot of nuisance dealing with my HOA documentation and getting the right documents, but Brian was extremely helpful and patient. The second time around, I called Brian to ask about the even lower rate (2.125%) and he again helped me along with Laura Smith and Will Le. All three were very knowledgeable, professional, and especially responsive. They would ring me up right away when the rate was at its lowest. They helped walked me through the process thoroughly and quickly in order to lock in the low rate as soon as possible. I highly recommend Loan Factory and would definitely work with Brian, Laura, and Will again if another opportunity comes up.

I completed a refinance cash out on my primary residence in San Diego with the Loan Factory team in San Diego. The entire process was done remotely like most of the mortgage transactions these days. The team members who assisted me in the process were: Linh Tran, Helen Nguyen, Steve Nguyen and Emi Le. The team did well on: All the members were professional, helpful, and courteous. The rates are very competitive. I shopped around with a few lenders and Loan Factory gave me the best rate with HomePoint Financial. They also covered most of the closing costs with a lender credit so I was able to afford the refinance costs. How the team can improve: Accuracy of information on the application and documents. I discovered multiple errors on my closing disclosure. Underwriting needs to verify requirements with the lenders better and may need to push back on lender's requirements in order to move the file forward. I found several conditions as not applicable to my application. Instead of going back to the lender to adjust the conditions so it fits my application, the underwriter simply just passed along. Some analytical and flexibility of underwriter and the team can greatly improve the speed of the process. Overall, with the competitive rates and low closing costs, I will continue to work with Loan Factory on my next mortgage.

Great experience overall doing a refi with Loan Factory. I just completed my second refi with Loan Factory, this time a cashout refi. Similar experience to before: phenomenal communication from Andy (proactive and responsive). Educated me about the factors, helped me with the decision points, landed me a great rate and the cashout I was targeting. So so pleased.

Highlights:
-Transparent/delivered what they advertised. Our previous lender said many brokers' interest rates and closing costs are too good to be true, and the brokers/lender often end up getting more than the "sticker price" through various fees, etc. That was not the case here. In the final analysis we ended up paying what Loan Factory stated up front, and we received the loan term and interest we expected.
-Responsive communication. Andy Smith and Jane Doe in particular reached out proactively and responded promptly when we had questions.
-Problem solving. We encountered a concern when it appeared there might be a rate lock extension fee. We reached out to Loan Factory through Andy Smith, the loan originator assistant, and they found a way to solve the problem.
-Functional process. Overall we were successful at submitting documents, closing with the in-person notary, setting up automatic payments with the lender, etc.

Conclusion: based on my two refi experiences and my friend's experience with a refi, Loan Factory proved a trustworthy broker who stuck with us through the process, resolved our concerns, and delivered the loan they marketed.

I was referred to Loan Factory from one my friends who had used Loan Factory multiples times in the past with their branch in the Bay Area. I used the branch in Southern California - Garden Grove (they have a brick and mortar but I did it via online). I had gotten a few quotes and loan factory was the most competitive in terms of the interest rate for a refinance. It was also interesting that they were the least pushy of all the brokers and let me decide if I wanted to ultimately go with their team. Also the time to close was very fast for me - 17 business days. My friend had told me to expect no more than a month to close. I actually thought there was a lot of transparency in how the loan process worked and I learned a lot. The daily updated interest rate on the website made it easy to see how the rates were trending. They also would give my daily updates via text on the rate change and I could lock when I felt comfortable. The website also updates the checklist - what you've done (documents etc) and what are the next steps to be completed to close the loan. Anh Vu and Nhien Tran and Paul Cao - my team - was easy to communicate with via email, text, and also through their portal in which you can message them like a chat box. They were prompt and they gave me daily relevant updates. Also it helped that the entire team that was working on my loan was located locally in house - this makes the process go smoother. Thank you loan factory for saving me a ton of money! Definitely would have refinanced a lot earlier if I had known it was this fast and easy.

I have worked with Loan Factory to close on of my investment properties in Arizona and it's an outstanding process. The great service came throughout the whole process, from getting Pre-approval, to Loan Processing, and to Closing. Originally I chose another lender after getting quotes from several lenders, however, after talking with the branch manager in AZ (Jane Pham), her deep understanding about loan process, the low rate and low closing cost Loan Factory provided made me switch to use this company.

1. Getting Preapproval is extremely fast and smooth, and the good thing is it only was a soft credit pull, so didn't impact the credit score.
2. Nhien Tran (the Loan Processor) is highly experienced, has a awesome communication skill. She even responded to my text after hour to address my concern. During the whole process, she helped my loan through various instances, from updating the way the income is calculated to help reduce the PMI, to quickly responded to seller requests to help smoothen the loan process. Due to her awesome work, I chose to work with Nhien and Loan Factory again in my other investment purchase.
3. Communication from Loan Factory is very fast, especially when I was in tight timeline and needed to get my questions answered fast. Nhien, Tom and Jane has delivered it with the best possible service.

Overall, working with Loan Factory is an awesome experience, and I believe you will be in good hands if you choose to work with Loan Factory for any home purchase. I choose to work with Loan Factory in all of my other investments and I highly recommend it.

As a retired senior I am no stranger to the process of refinancing. I have refinanced several times in the past and no company has come close to the professionalism shown by Loan Factory. Their A-Team consisted of Kira Mia (loan originator assistant), Lynn Smith (loan processor) and John Doe (loan officer).
Before I contacted Loan Factory I had a pending application with Loan Depot and they have already processed and approved my loan. When I had a couple of questions about the loan I could not get an answer. I emailed them three times and could not get a response!
The Loan Factory A-Team was available to answer any questions I had via email or text, practically seven days a week. In fact there were time I got my questions answered as late as 8 p.m. on a weekday and even on a weekend.
They even had a system whereas they will send you the daily rate via email and then you can ask to lock in the rate you are comfortable with. I have never seen this type of service from any loan company. I finally settled at 2.25% and no closing cost!
As icing on the cake, their customers are offered the opportunity to sign up for bi-weekly payments on the mortgage payments. That means I can pay half a payment every two weeks towards my monthly payment. Doing bi-weekly payments, I would have made an extra monthly payment by the end of year with no extra out of pocket costs.
I wish to emphasize again that these three special individuals, Kira Mia, Lynn Smith, and John Doe really made my experience at Loan Factory the most pleasant refinancing experience of a lifetime!

Great experience overall doing a refi with Loan Factory. My friend did a refi with them and referred me; I'd recommend to a friend as well!

Lowlights:
-A bit difficult to navigate their various internal roles/departments (underwriter, mortgage officer, assistant, loan processor)
-Sometimes unclear whose court the ball is in (lender v. broker v. us)
-This is our third refi and we've come to expect the paperwork and bureaucracy, which we experienced this round as well (appraisals, deeds, escrow, financial documents, HOA insurance, etc.), but nothing worse than is par for the course

Highlights:
-Transparent/delivered what they advertised. Our previous lender said many brokers' interest rates and closing costs are too good to be true, and the brokers/lender often end up getting more than the "sticker price" through various fees, etc. That was not the case here. In the final analysis we ended up paying what Loan Factory stated up front, and we received the loan term and interest we expected.
-Responsive communication. Andy Smith and Jane Doe in particular reached out proactively and responded promptly when we had questions.
-Problem solving. We encountered a concern when it appeared there might be a rate lock extension fee. We reached out to Loan Factory through Andy Smith, the loan originator assistant, and they found a way to solve the problem.
-Functional process. Overall we were successful at submitting documents, closing with the in-person notary, setting up automatic payments with the lender, etc.

Conclusion: based on our experience and my friend's experience with a refi, Loan Factory proved a trustworthy broker who stuck with us through the process, resolved our concerns, and delivered the loan they marketed.

I'm very happy with and highly recommend Loan Factory, especially Linh Tran and her team - Laura Smith, Steve Johnson and Jessica Pham, who helped me get the best refinancing deal. For a super low rate Linh and her team got me, not only I did not have to pay a dime in cost, but I also got a good amount of cash back at closing which was unexpected. What I like more about Linh and her team is that they are very responsive, respectful, patient and professional. They understood my needs very well, thoroughly answered all questions and explained clearly everything to me. They also gently reminded me of things I needed to do (when I was too busy and forgot to do them). This helped ensure my loan processing go very smoothly and quickly and I ended up closing my loan in an unbelievably short amount of time. All the numbers were exactly as I expected (except the surprise cash back 😀). If you are thinking of getting a new loan or refinancing, call Linh Tran and you will see for yourself how good she and her team are. Thanks, Linh and Team for your help!

I can write a review by English, but I truly want to write a review by my primary language to share my experience with Vietnamese people helping them have a right decision to choose a good mortgage broker. Cách đây 3 năm, tôi đã biết đến Loan Factory qua Radio nhưng rất tiếc khi quyết định làm Loan mua nhà lần đầu, tôi đã chọn 1 VP khác cũng được quảng cáo trên TV rất hay ho nhưng kết quả tôi nhận được hết sức thất vọng. Họ đã không giải thích rõ ràng các thắc mắc về giấy tờ, cố tình che dấu (many hidden fees) vì biết chúng tôi là First time buyer không có kinh nghiệm gì cả. Câu trả lời của họ luôn là "Đừng lo lắng gì cả, mọi việc cứ để VP họ lo giúp" và cuối cùng khi đóng Loan chúng tôi được là: 1/ Lệ phí đóng Loan rất cao; 2/ Tỷ lệ tiền lời rất cao do họ ấn định và điều này đã đem đến sự thiệt hại không nhỏ. Ngoài số tiền phải cho Interest Rate đúng, hàng tháng tôi đã mất thêm vài trăm cho trả tiền lời cao, mà thời gian mượn nợ kéo dài 30 năm sẽ là thiệt hại đáng kể. Chính vì thế khi thời điểm tiền lời giảm, chúng tôi đã làm Refinance ngay và may mắn lần này tôi đã quyết định đúng khi chọn Loan Factory là nơi uy tín, trách nhiệm giúp chúng tôi hoàn tất h�" sơ nhanh với Lệ phí đóng Loan và Interest Rate hợp lý. Cảm ơn Laura *** và đặc biệt cảm ơn em Freya Dang đã rất nhiệt tình, lễ phép và kiên nhẫn trả lời rõ ràng tất cả các câu hỏi thắc mắc trong thời gian nhanh nhất, giúp anh chị yên tâm hơn trong quá trình xúc tiến Loan. Một lần nữa xin cảm ơn cty Loan Factory, với cách làm việc trách nhiệm, uy tín với những gì đã nói ra trên đài, chắc chắn chúng tôi sẽ tình nguyện giới thiệu Loan Factory đến với người thân và bạn bè giúp họ cũng có được một dịch vụ làm Loan tốt như chúng tôi đã có. Finally, Loan Factory is a good mortgage broker. Thank you so much for your help.

Business lied during initial disclosure regarding closing costs and failed to lock in my rate to lure me into getting an appraisal done. I gave all my information and received an initial disclosure that listed out all my estimated closing costs with the market rates. Due to the initial disclosure, I wanted to move forward and gave all the information to loan factory employees within 1 day of the request to quickly lock the rate. I was continually asking for status and updates and did not receive them in a timely manner. I was told I needed to get an appraisal, where I asked if the closing costs have changed and was told it was still valid. I was also told I needed to get an appraisal done prior to a rate lock, which I ultimately was trying to get. After the appraisal, loan factory told me the lenders rates changed and I was no longer going to receive a lender credit. My closing costs were not 3x the initial estimated amount. I was baffled and had I known the closing costs were drastically different, I would not have gone through with an appraisal. I am not $480 out because this company blatently lied to get me to buy an appraisal from them.