LenderFi Mortgage Review

About LenderFi, Inc.

LenderFi, Inc.

NMLS 133056
About Lenderfi

Since 2006, LenderFi has been providing its customers with lower cost mortgages. Our mission is to make the borrowing process simple and easy. Using our state of the art interactive online system, we are able to eliminate unnecessary expenses that translate into savings for our customers.

Direct Lender

As a licensed direct lender, we are able to process the loans from origination to closing, using our own money to fund the loans. This in-house processing allows us to work more efficiently and process the loans faster. The savings from these are then passed on to our customers.

Simple, Easy & Quick

Borrowing should not be complicated. Our goal is to make the process as simple and easy as possible. And the price you see is always the price you get. Searching our rates will display up-to-the-minute results without having to enter any personal information. By applying online, you can get your loan approved and lock in your rate in just minutes.

review breakdown

Interest Rates
Fees & Closing Cost
Customer Service

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What is LenderFi?

LenderFi is a national online lending platform that launched in 2006. Based out of Pacific Palisades, Calif., the company offers a “100% online” digital mortgage option that allows borrowers to apply for a loan and receive an initial approval within minutes. The company was named one of LendingTree’s top customer-rated lenders in 2017.

Working with LenderFi

As of September 2018, LenderFi was licensed in 45 states and the District of Columbia. The only exceptions being Hawaii, Missouri, Nevada, New York and Utah. The numbers of branch locations and loan officers were not available on LenderFi’s website, and the company does not publicly note its minimum credit score and other lending criteria. Representatives from LenderFi were not available for comment.

The offer you ultimately receive will depend on appraisals and the supporting documentation you provide with your application, as noted on the LenderFi website. However, you can create an account and receive a quote within 15 minutes, and you are under no obligation to work with LenderFi for requesting the quote.

Based on the options given in LenderFi’s purchase mortgage calculator, the company will make loans for the following property types:

  • Single-family homes
  • Condos
  • Co-ops
  • Multi-unit properties (up to four units)
  • Townhouses
  • Manufactured homes
  • Planned-unit developments (PUDs)

LenderFi products



  • Conventional refinance
  • FHA refinance
  • Cash-out refinance
  • LenderFi offers fixed- and adjustable-rate refinance loans, as well as FHA refinance loans. It is not clear whether LenderFi offers FHA cash-out refinance mortgages.

The mortgage application process

LenderFi promises a fully digital application process for borrowers. You can get started by searching rates for either a purchase or refinance loan. For a purchase loan, the rate search tool allows you to input data, such as the zip code in which you plan to live, the purchase price of the home, your down payment amount and your credit score range. You may also add details, such as the type of property you want to buy and whether it will be your primary residence, your monthly income and debts, and whether you’ve experienced a foreclosure or bankruptcy in the past. Once you submit that information, you’ll be able to see potential loan rates.

If you’re looking for a refinance loan, you’ll use a similar online tool, but you’ll input your current zip code and property value, as well as your current loan balance, desired cash-out amount and credit score range.

The first step toward applying for a LenderFi loan is to create an online account. To do so, you’ll need to fill out a digital form with your name and basic contact details, as well as the state in which you plan to buy your house. The company advertises that you can begin closing your loan within 15 minutes of creating the account and that you may be able to fully close your loan within two weeks. Purchase loans may close within eight days. Although the application appears to take place entirely online, you can call a LenderFi loan officer to ask any questions you have about the process.

LenderFi bills itself as providing “the most competitive fees for any rate you choose with the

least amount of paperwork and the fastest turn times of any lender in the nation.” The company manages your loan from origination to closing, and it is also the servicer, so you’ll deal with LenderFi directly throughout the life of your mortgage.

On its website, LenderFi declares that “paperwork is the enemy!” and says it strives to avoid it as much as possible via technology. However, it does not elaborate on its document submission process and whether e-signings and e-closings are available options.

You may request your rate lock after choosing an offer, and rate locks are valid for 30 days. If there’s a delay on your end in submitting your disclosures and supporting documents, and that delay causes the closing to take more than 30 days, you’ll have to pay for a rate-lock extension to keep the same rate. However, if the delay occurs on LenderFi’s end, your rate will be extended for seven days for free.

Pros and cons of a LenderFi mortgage


  • Online application and disclosure processes are convenient
  • Can receive a quote 24/7
  • No lender fees
  • Licensed in most of the country, so there’s a good chance you’ll be able to work with LenderFi
  • Potential for a fast closing within two weeks


  • Very limited number and type of loan products
  • Website lacks detailed information about loans, eligibility criteria and the overall application and borrowing process