Mortgage lender review methodology
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Bankrate’s mortgage lender reviews team evaluates many types of lenders across several criteria. Here’s how.
What is a Bankrate Score for mortgage lenders?
The Bankrate Score is our mortgage lender reviews team’s rating of various mortgage lenders and their products and services. We rate lenders on a scale of one (1) to five (5) stars, with five the most favorable, based on cost, experience and other factors. As you shop for a mortgage and weigh the pros and cons between lenders, this rating can serve as another point of comparison.
How we calculate Bankrate Scores for mortgage lenders
Affordability - 33.33%
APR (Annual percentage rate) - 80%: Accounts for lowest advertised APR (annual percentage rate), based on a borrower with a credit score of 740 or higher and a 20 percent down payment, obtaining a 30-year, fixed-rate conventional loan for the purchase of a single-family property at the median national existing home price as reported by the National Association of Realtors at the time of rating
Assistance for first-time homebuyers - 10%: Accounts for participation in down payment assistance programs, specifically proprietary grants or other help and/or state housing finance authority programs (i.e., HFA Preferred or HFA Advantage loans)
Down payment - 10%: Accounts for lowest down payment requirement on a conforming, conventional 30-year fixed-rate mortgage
Why we consider this: For the average borrower, a mortgage represents not only a big commitment financially, but also a considerable portion of their budget month to month. We assess for affordability to help you choose a mortgage lender that offers the lowest interest rates and fees, as well as ways to save on the down payment.
Availability - 33.33%
Loan products - 50%: Accounts for diversity of loan products, specifically conventional, FHA, VA and USDA loans
Licensing - 40%: Accounts for scope of availability based on the Nationwide Mortgage Licensing System and Registry
Credit score - 10%: Accounts for lowest credit score requirement on a conforming, conventional 30-year fixed-rate mortgage
Why we consider this: While many mortgage lenders work with borrowers nationwide, some only operate in certain regions or states. Some lenders, too, have higher credit score minimums or fewer loan options. We assess for availability to help you choose a mortgage lender that operates in your area and can connect you with the right type of loan based on your needs and qualifying criteria.
Borrower experience - 33.33%
Rate transparency - 35%: Accounts for ability to compare current mortgage rates via the lender’s website
Customer service - 35%: Accounts for ability to contact the lender for support, including via a branch location, online (email, chat or lead form), phone or text
Convenience - 20%: Accounts for ability to apply for a mortgage online; log into an app, dashboard or portal to check loan status; and/or close with e-closing or remote notarization
Rate locks - 10%: Accounts for longest rate-lock window, up to 120 days
Reputation: If applicable, accounts for lender’s customer satisfaction ranking as reported in J.D. Power’s mortgage originator and mortgage servicer studies at the time of rating
Why we consider this: When you shop around for a mortgage, often the first impression comes through the mortgage lender’s website or app. Once you lock your rate and apply, you’ll want a lender who’s flexible and communicates with you every step of the way. We assess for borrower experience to help you choose a mortgage lender that makes it simple to compare costs, get in touch when you have questions and deliver what you need on time.
How we collected this information
Bankrate’s mortgage lender reviews team comprises nine experts who’ve reviewed more than 70 mortgage lenders. We gather lender information through direct contact with lenders, Home Mortgage Disclosure Act (HMDA) data, regulatory filings and assessments by reputable third parties. We confirm the accuracy of data at the time of review.
Our team typically conducts a comprehensive review of each mortgage lender at least once a year, but some lenders might be updated on a quarterly or biannual basis, or as-needed based on new developments.
Note: Depending on method of contact, your individual credit profile and other circumstances, your experience with a specific mortgage lender might differ from what’s detailed in our review.
Bankrate Score vs. customer ratings
The Bankrate Score does not take into account customer ratings and/or testimonials, which are also displayed on each lender’s review with a separate star rating. Our score is solely determined by our reviews team, free of influence from customers or partner relationships.
Bankrate score
Customer rating
How we suggest lenders to compare
To help you make the most informed decisions, our mortgage lender reviews team suggests two (2) alternative mortgage lenders for each lender reviewed. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.