Founded in 1913, UMB Bank, also known as UMB Financial, has been ranked by Forbes as one of the best banks in America several times over the past ten years.
It offers customers a variety of services that cater to many different needs and lifestyles including healthcare solutions, wealth management services, private and commercial banking needs, and investment opportunities.
Headquartered in Kansas City, Missouri, UMB operates across a wide range of states including Illinois, California, Colorado, Kansas, North Carolina, Oklahoma, Nebraska, New Jersey, Arizona, and Texas. In fact, the only states and districts that do not boast UMB banking institutions are Alaska, Hawaii, New York, and Washington D.C.
Among its loan options, UMB Bank features a physician mortgage loan program tailored specifically to medical professionals. This program, known as the Mortgage Portfolio Professional Loan Program, features many key highlights that make the loan a viable option for many professionals.
The mortgage comes with 30, 20, and 15-year fixed-rate loans that apply to both primary, owner-occupied residences and second homes alike. The mortgage can be used to finance single-family homes, condominiums, and townhomes alike, but it cannot be used to finance any multi-family properties. Further, in order to qualify, you must have a minimum FICO credit score of 700, and escrow for both taxes and insurance is required.
Loan options are available for residents and fellows at up to $2,000,000, provided they close sixty days before they start their new employment contracts. Practicing physicians have more options. Like Fellows and residents, their limit goes up to $2,000,000, but they are able to purchase at 100% R/T Refinance and 95% for loans up to $750,000. They can also purchase at 95% R/T Refinance and 90% for a loan range of $750,001-$1,250,000 or purchase 90% R/T Refinance and have 85% for a loan range of $1,250,001-$2,000,000 at a max DTI of 43%.
To qualify for this loan, in addition to meeting the other requirements, applicants must have an eligible degree that they currently use. Among these are included Doctors of Medicine (MD), Doctors of Osteopathy (DO), Doctors of Dental Surgery (DDS), Doctors of Dental Medicine (DMD), Doctors of Optometry (OD), Doctors of Chiropractic (DC), Doctors of Pharmacy (PharmD), and Doctors of Veterinary Medicine (DVM). Additionally, a person who holds a doctorate (PhD) or Doctor of Juris Prudence (JD, Attorney) can qualify as well.
Excellent customer reviews
UMB Bank has a high rate of customer satisfaction online and, though it is not accredited with the Better Business Bureau, it has a high ranking of A+ on the company site for featuring fewer than fifty complaints across the last three years.
While some other physician mortgage loan programs limit eligible borrowers from being able to use the loan on a second residence, UMB doesn’t. Instead, it offers potential second homeowners options for different housing that they can finance with the more affordable physician mortgage loan options rather than relying on traditional loan options as many other physician loan lenders require.
No private mortgage insurance required
With UMB’s physician loan program, you don’t have to worry about paying hefty private mortgage insurance (PMI) fees. Instead of spending all of that money to protect your lender, i.e. UMB, the bank lets you save that money and put it towards anything you may need from student debt repayments to mortgage repayments or even future investment opportunities.
Wide service range
UMB has one of the widest service ranges of any bank, with branches covering forty-seven states, excluding Alaska, Hawaii, and New York. Because the bank has such a wide service area, more and more people have access to in-person banking options that are very appealing to many customers--especially those who are going through complicated loan processes and want to be able to talk face-to-face with their bankers.
Online banking options
UMB is a large bank with many resources that are put to work for them. Among these is their online banking service. With this service, people are about to maintain more control, access, and security to their bank accounts, payment histories, and money management tools than ever before. The online banking site is easy to use and is easily accessible, making it a great option for those who no longer require a brick-and-mortar building for their banking needs.
Higher credit score requirement
A 700 FICO credit score may be easily achievable for some, but if you have any kind of student debt or credit card debt that you have ever missed a payment on, even once, there’s a good chance your credit score was hurt because of it--and it takes a lot to build that number back up. This can seriously hurt your chances of qualifying for this loan if the issue isn’t resolved before you apply.
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Jack is the Head of Content Marketing at LeverageRx, the personal finance company that simplifies how healthcare professionals shop for financial products and services. A Creighton University graduate and former advertising creative, he has written extensively about topics in personal finance, work-life, employee benefits, and technology. His work has been featured in MSN, Benzinga, TMCNet, StartupNation, Council for Disability Awareness, and more.