LenderFi Mortgage Review 2022

Borrowers should proceed with caution, as changes to the lender’s website cast doubt on LenderFi’s current level of operation.

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Our Take

2.5

NerdWallet rating 

The bottom line:

LenderFi has historically made it easy for shoppers to compare rates and loan options, with an application process that's completely online. However, its website has now been stripped of most information and links, and the lender hasn’t responded to inquiries into whether or not it is still originating loans.

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 have been lower than most lenders', according to the latest federal data.

Cons

  • It’s unclear if the lender is currently processing new loans.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

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Full Review

What borrowers say about LenderFi mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.

  • LenderFi receives a customer rating of 4.83 out of 5 on Zillow, as of the date of publication. The score reflects more than 200 customer reviews.

LenderFi mortgage variety of loan types

  • 1 of 5 stars

It’s not clear what loan types (if any) are currently on offer, as this section of the lender’s website is now inactive. Previously, borrowers could purchase or refinance primary residences, and vacation and second homes.

LenderFi mortgage ease of application

  • 1 of 5 stars

LenderFi’s website provides very little information, and calling the number listed on the site leads to a different company. The lender has not responded to inquiries to confirm if it is accepting new loan applications.

LenderFi mortgage rates and fees

  • 5 of 5 stars

  • LenderFi earns 5 of 5 stars for average origination fee.

  • LenderFi earns 5 of 5 stars for average mortgage rates.

NerdWallet's scores for rates and fees are calculated using Home Mortgage Disclosure Act data, and reflect loans originated in 2021.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

LenderFi mortgage rate transparency

  • 1 of 5 stars

No rate information is available on LenderFi’s website.

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.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

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More from NerdWallet

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).