ConsumerDirect Mortgage Mortgage Review 2020

By Natalie Campisi

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

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Bankrate Score

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3.5

User reviews
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( 942 )

4.8

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

ConsumerDirect Mortgage, a division of FirstBank based in Nashville, Tennessee, is an online lender that was established in 2012. FirstBank is a publicly traded, 112- year-old, FDIC-insured bank with more than $5.9 billion in total assets.  

Nationwide availability

Available in 49 states; currently not available in Maryland or U.S. territories.

Minimum credit score

620 for conventional loans, 580 for FHA loans, 700 for jumbo loans

Loan types

Conventional, FHA, VA, jumbo and ARM loans. Refinancing options include rate and term refinancing and cash-out refinancing.

Pros

  • Online application and service available to borrowers
  • Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA and jumbo mortgages
  • Mortgage refinancing options, including rate and term refinancing and cash-out refinancing.
  • First-time homebuyer programs are available

Cons

  • No brick-and-mortar locations
  • Customer service call center hours are limited
  • Online information about loan costs is limited
  • They don’t offer USDA loans
  • Home equity loans and home equity lines of credit (HELOCs) aren’t available

Find your mortgage match

Get paired with your best mortgage offers in 2 minutes or less.

ConsumerDirect Mortgage overview

Loan types

Conventional, FHA, VA, jumbo and ARM loans. Refinancing options include rate and term refinancing  and cash-out refinancing.

ConsumerDirect Mortgage offers the basic menu of loan options — both conventional and government-insured — such as FHA and VA loans. Borrowers can apply online.

Lender credit is available for borrowers’ closing costs on a majority of their loans, which can help save borrowers money.

Lender fees

ConsumerDirect Mortgage fees vary by loan type. They don’t charge origination fees, according to a ConsumerDirect spokesperson.

Minimum borrower requirements

ConsumerDirect Mortgage adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent is required, according to a spokesperson.

For FHA and VA loans, requirements are set by the government. You can find them here:

 

Get started with ConsumerDirect Mortgage

Borrowers can apply online or by phone. There are no brick-and-mortar locations where borrowers can apply in-person. Once the required application documents are received, a loan officer will contact you to review your application and discuss next steps. Contact: www.cdmtg.com (855) 790-7811

Hours

Limited hours, varies by office and loan officer. (855) 790-7811

ConsumerDirect Mortgage consumer rating and reviews

4.8 reviews
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95% recommended

Customer Service Rating

Knowledge
4.8
Level of service
4.8
Professionalism
4.8
Responsiveness
4.8
0 out of 0 rates honored
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(942 reviews)
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866
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33

The reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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