Compass Mortgage is a mortgage lender headquartered in Illinois and licensed across multiple states. They operate both a retail lending channel serving borrowers directly and a wholesale channel serving licensed mortgage brokers. Their product menu covers conventional, FHA, VA, USDA, and jumbo products.
Channel Structure
- ✦Retail: borrowers apply directly through Compass Mortgage loan officers and branches
- ✦Wholesale: licensed mortgage brokers submit loans through the Compass wholesale channel
- ✦Both channels draw from the same product menu, including government and conventional programs
- ✦Brokers interested in the wholesale channel should contact their regional account executive for approval and pricing access
Product Mix
Compass Mortgage offers conventional conforming and high-balance loans, FHA and VA programs, USDA purchase and refinance, jumbo products for loans above the conforming limit, and renovation lending. Their government product depth makes them relevant for first-time buyer-heavy markets where FHA and USDA volume is significant. MLOs comparing lenders should review current rate sheets and overlays directly with a Compass account representative, as program-specific details change and vary by state.
What to Compare When Evaluating a New Lender
- ✦Rate sheet competitiveness for your most common loan scenarios
- ✦Overlay policy: how far above or below agency minimum guidelines does the lender's own credit policy go
- ✦Turn times for both underwriting and closing on purchase transactions
- ✦Technology and portal experience for broker file submission and status tracking
- ✦Account executive accessibility and problem-solving support during difficult files
Evaluating Any Lender Relationship
No lender review replaces a direct conversation with a current account executive and a test submission. Published program guidelines and rate sheets are starting points. Overlays, pricing adjustments for specific credit tiers, and actual turn times are what determine whether a lender relationship is worth building. MLOs should maintain at least two to three active lender relationships with competitive alternatives to avoid dependency on any single channel.
Aria can help you compare lender program overlays and identify which products a given borrower scenario qualifies for across multiple channels. Ask at vicariointel.com.
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