Best Mortgage Lender for Jumbo Loans
NerdWallet reviewed the majority of the largest U.S. mortgage lenders by annual loan volume (lenders had to have at least a 1% market share). We focused on lenders that offered the following loans: purchase, refinance, jumbo, FHA, VA and/or HELOCs. In addition, we reviewed online lenders and small but growing lenders. We also considered lenders with significant online search volume and those that specialize in serving various audiences across the country. Some of the providers are NerdWallet partners, but this did not influence our selection of the winner.
How we picked the lenders to evaluate:
We started by pooling all of our reviewed lenders that offer jumbo loans (20%). The winner(s) must dedicate at least 10% of their business to jumbo lending (20%), offer four out of five online capabilities (full online application, document upload, loan-process tracking, e-signature and a mobile-responsive website) (20%), have low origination fees (20%) and offer jumbo loans for more than one property type (20%). In the result of a tie, the winner(s) will allow less than a 20% down payment and have the lowest origination fee.
How we chose the winner:
NerdWallet solicits information from reviewed lenders on a recurring basis throughout the year. All lender-provided information is verified through lender websites and interviews. We also utilized 2019 HMDA data for origination fee and share-of-product data.