ConsumerDirect Mortgage Review 2021

By Bankrate Staff

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.

At a glance

ConsumerDirect

NMLS: 472433

4.2

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Loans offered

Conventional, FHA, VA, jumbo, ARMs; refinancing options include rate-and-term refinancing and cash-out refinancing
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Nationwide availability

Available in all U.S. states except Maryland
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Min. credit score required

620 for conventional loans; 600 for FHA loans; 700 for jumbo loans

Pros and cons

Pros

  • Online application and service available
  • Loan options include fixed-rate, adjustable-rate (ARM), VA, FHA and jumbo mortgages and mortgage refinancing options
  • First-time homebuyer programs available

Cons

  • Only three brick-and-mortar locations

ConsumerDirect overview

ConsumerDirect Mortgage, a division of FirstBank (based in Nashville, Tennessee), is an online lender that was established in 2012. FirstBank is a publicly traded, 115- year-old, FDIC-insured bank with more than $11 billion in total assets. ConsumerDirect Mortgage offers the basic menu of loan options, both conventional and government-insured such as FHA and VA loans. Lender credit is available for borrowers’ closing costs on a majority of their loans, which can help save borrowers money. ConsumerDirect Mortgage is headquartered in Delray Beach, Florida.

Loan types

  • Conventional
  • FHA
  • VA
  • Jumbo
  • ARMs
  • Rate-and-term refinancing
  • Cash-out refinancing

Lender fees

ConsumerDirect Mortgage fees vary by loan type. The lender doesn’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:

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ConsumerDirect consumer reviews

4.8

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945 reviews

5 stars
4 stars
3 stars
2 stars
1 stars
867
28
6
9
35

Customer service rating

Knowledge
4.8
Level of service
4.8
Professionalism
4.8
Responsiveness
4.8

95% of reviews would recommend this lender

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3 of 3 reviews

The consumer 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.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Excellent all around

Stacy | Conway, AR | 5/12/2021

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Nothing but stress and trouble

CLL | Minnesota | 4/27/2021

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Worst mortgage provider ever

Worst experience ever | Atlanta, GA | 6/28/2021