LenderFi Mortgage Review 2023

LenderFi says it has left the mortgage-lending business, and its website is blank.
By
Phil Metzger
and
Jan 20, 2023

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Our Take

2.5

Home loans overall
NerdWallet rating
The Nerdy headline:

Editor's note: LenderFi is no longer offering home loans.

Jump to:Full Review
LenderFI
LenderFI: NMLS#133056

Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Fixed, Adjustable, FHA

Pros & Cons

Pros

  • Rates and fees had been lower than most lenders', according to the latest federal data.

Cons

  • The lender is no longer processing new loans.

Compare to Other Lenders

New American Funding
New American Funding: NMLS#6606
Home loans overall
NerdWallet rating
MIN. CREDIT SCORE
580
MIN. CREDIT SCORE
620
MIN. DOWN PAYMENT
3%
MIN. DOWN PAYMENT
3%
LOAN TYPES AND PRODUCTS
Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
LOAN TYPES AND PRODUCTS
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
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Full Review

LenderFi said via email in fall 2022 that it had decided to leave the mortgage-lending business, and its website no longer offers information about the company, its contact details or remaining operations. Previously, borrowers could purchase or refinance primary residences, and vacation and second homes.

Alternatives to LenderFi mortgage

Here are some comparable lenders we review that borrowers can consider.

Rocket Mortgage can be a strong choice for refinancing, while NBKC gets high marks for rates and fees.

» MORE: 5 tips for finding the best mortgage lenders

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Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).

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