Home Buying » Mortgage Lender Reviews » Consumer Direct Mortgage Review 2021
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Consumer Direct Mortgage Review 2021

If a borrower is a first-time homebuyer seeking education about the homebuying and mortgage process and what they might qualify for, then Consumer Direct is a great option.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

Consumer Direct Mortgage Review

Overview

If a borrower is a first-time homebuyer seeking education about the homebuying and mortgage process and what they might qualify for, then Consumer Direct is a great option. Likewise, if a borrower has poor credit scores or unverifiable income, Consumer Direct would not work well for them.

Consumer Direct Mortgage review

On Consumer Direct Secure Website

Funding Options

– Fixed / Variable Mortgage
– Mortgage Refinancing
– Government Loans

Minimum Credit Score

620

PROS

CONS

Reputation - Customer Ratings & Complaints

  • A+ on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 4.71/5  on BBB customers reviews (131 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
  •  J.D Power: We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey. Consumer Direct wasn't rated in the 2020 research, but you can get an overall view of top lenders in the mortgage market.
  •  J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms,  communication, transparency and more.

J.D. Power U.S. Consumer Satisfaction Study 2020

Mortgage Products, Fees, And Conditions

Consumer Direct Mortgage offers standard mortgage programs available at most traditional lenders. These include Fannie Mae and Freddie Mac conventional loans and Jumbo loans.  They also offer FHA, VA and USDA government loans.  Their loans can be used to purchase a property or refinance.  The minimum credit score is 620.

Where allowed, the loan types shown here may also be available for 1-to-4 unit investment properties.

Following are the loan types offered:

These are the most popular loan type, due to their stable payments that doesn’t change until paid off.  Fixed rate loans reduce the concerns that interest rates might rise in the future. Generally, the shorter the term, the lower the interest rate.

These offer the lowest interest rates for the initial fixed-rate period (five, seven or ten years), allowing the borrower to maximize their monthly cash flow or afford a more expensive home.  After the initial fixed-rate period, the interest rate will adjust annually, subject to caps. These are best for people who believe they will not own the home for the long term.

Fixed rate and adjustable rate mortgages are available for loan amounts over $453,100 and up to $3 million.  Consumer Direct refers to Jumbo loans as “Plus Size” mortgages.

These include FHA, VA, USDA, FHA and VA Streamline loans.  If someone qualifies for a Streamline loan, no appraisal is required and minimum documentation is required.  Streamline loans make the process easier for those who already have an FHA or VA loan and seek to refinance it.  Government loans often have lower interest rates, smaller down payments and more flexible credit requirements than conventional loans.

Consumer Direct Pros & Cons

Pros

Cons

Mortgage Process

Consumer Direct’s business model is a hybrid of online and traditional lending.  If a prospective borrower completes the application online, one of Consumer Direct’s loan officers follows up with a phone call.  Consumer Direct’s origination platform does not include mobile or tablet applications.

The borrower can also call the toll-free number and complete the application over the phone.  Completely online experience is not offered.

Due to efficiencies that can be achieved through online lending, Consumer Direct Mortgage keeps costs down.  This allows for very competitive rates.  Their lender fees are $675.  This is less than half the fees charged by traditional lenders.  For the borrower, this can mean the best – low rates and low closing costs.  Consumer Direct also offers fast service, a key issue in competitive housing markets.  They can close loans in 30 days or less.

Application Process

The Consumer Direct Mortgage process is straightforward.  It appears at the bottom of the web pages for both purchase loans and refinances loans, respectively.

The mortgage process is as follows:

1. Pre-Qualification to Application – complete and submit an application.

     
2. Gather Essential Information and documents. This includes Income documentation, down payment documentation, homeowners insurance information and other documents, based on your situation.

3. The loan is submitted for processing and underwriting.
4. Clear any underwriting conditions.
5. The final disclosure and closing Process

Alternatives Lenders

We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Consumer Direct mortgage:

Suntrust is best suited for the borrower who can deal with technology (if not located in the Southeastern United States) and who meets reasonable standards for credit score (620 – 850), can qualify based on their income and demonstrate down payment and reserve requirements for Suntrust’s programs.

You do not have to have the highest credit scores or significant cash down payment for their loans. Suntrust has a solution for most borrowers, including some that require no cash down and a workaround for jumbo borrowers who cannot meet the reserve requirements.

While Suntrust doesn’t have the highest customer satisfaction ratings on the major rating sites, such as J.D. Power and Bankrate.com, they were very responsive to our requests for information.  

Sofi Mortgage is a solid loan partner for the best loans in the market. The name Sofi is an abbreviation of two words, “Social” and “Finance.” The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.

Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process. 

If you would like a quote for rated and fees, you will need to fill out a form online because Sofi mortgages do not have any available quotes on their website. It has an A rating from the Better Business Bureau, which is a testament to the company's efficiency in delivering on its promise. Sofi Mortgage is a trusted market leader in the lending space. 

 When looking over this bank and all of their products, services, customer awareness, reviews, and above all, their fantastic work ethic, even though this company has not been open for as long as some major big named companies have been, this bank has been open long enough with nothing but great reviews, wonderful products, and even better service.

For a bank to not have any complaints to the big consumer companies after 22 years is and should be a phenomenal accomplishment. 

About Consumer Direct

Consumer Direct Mortgage is a division of FirstBank, of Franklin, TN.  Consumer Direct’s home office is in Del Ray Beach, Florida.  Its operations and servicing offices are in North Carolina and New Jersey, respectively.

Consumer Direct’s web site claims that its cutting-edge technology allows them to do more with less and pass the savings on to the consumer.  There are currently 47 loan officers on staff, covering all 50 states.  According to a spokesperson, Consumer Direct Mortgage closes approximately 1,000 loans each month. 30% of their loans are in the western US.

Mortgage Reviews Methodology

The Smart Investor’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. We also look at types of loans and what specific products are available. Finally, we look at the ability to get information online and to carry out online processes as well as customer service, rate information and complaints that have been filed.