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Lendstart Mortgage Loan Brands Rating Methodology.

Overview
Lendstart’s ratings for mortgage loan brands are evaluated based on comprehensive criteria, reflecting essential aspects of mortgage lending services. Each brand is scored across multiple categories, resulting in a final, weighted score. The methodology emphasizes factors crucial to borrowers, like minimum credit score requirements, loan rates, variety of loan types, customer support, ease of application process, and an overall Lendstart score (LS Score)

Scoring Categories and Weightage

  • Minimum Credit Score (20%)
    • 5: Poor Credit (under 630)
    • 4: Fair Credit
    • 3: Good Credit
    • 2: Excellent Credit
    • 1: 850 Credit Score
    • Based on minimum credit score acceptance.
  • Rates (20%)
    • 5: Less than Federal Rate + 2%
    • 4: Less than Federal Rate + 3%
    • 3: Less than Federal Rate + 4%
    • 2: Less than Federal Rate + 5%
    • 1: Above Federal Rate + 5%
    • Assessment compared to Federal Rates.
  • Loan Types (20%)
    • 5: Three or more types
    • 4: Two types
    • 3: One type
    • Based on variety of loan types offered.
  • Support (20%)
    • 5: Email, Phone, and Live Chat
    • 4: Email and Phone
    • 3: Email Only
    • 2: Phone Only
    • 1: Limited or No Support
    • Evaluated on the availability of support channels.
  • Ease of Use/Application Process (10%)
    • 5: Less than 5 steps
    • 4: Less than 7 steps
    • 3: Less than 9 steps
    • 2: Less than 11 steps
    • 1: More than 11 steps
    • Based on the simplicity of the application process.
  • Lendstart Score (LS Score) (10%)
    • Bonus points for outstanding features or services.

Final Score Calculation

Each brand’s score in these categories is multiplied by the category’s weightage to calculate the final score. The final score is on a scale of 1 to 5, with higher scores indicating a more favorable rating.

Data Collection and Review Process

Data is collected from each brand’s official website and verified through additional research, including interviews and industry analysis. Lendstart continuously updates its information to ensure accuracy and relevance.

Review Team

Lendstart’s review team comprises industry specialists and researchers who are well-versed in the mortgage lending market. They adhere to strict editorial integrity guidelines to ensure unbiased and comprehensive evaluations.

Bonuses and Penalties

Brands may receive bonus points for exceptional services, such as first-time home buyer assistance or accommodating borrowers with credit challenges. Conversely, penalties may apply for regulatory violations or practices detrimental to borrowers.

Transparency and Consumer Focus

Lendstart’s methodology is designed to be transparent and consumer-centric, providing potential borrowers with clear, actionable information to make informed decisions about their mortgage needs.

This methodology reflects Lendstart’s commitment to accuracy, fairness, and helping consumers navigate the complexities of mortgage lending.

Lendstart Mortgage Loan Brands Rating and Rankings

Based on the Lendstart Mortgage Loan Brands Rating Methodology, here are the scores and rankings for each brand, including a breakdown of their performance in various categories:

1. New American Funding

  • Total Score: 4.8/5
  • Ranking: #1
  • Category Scores:
    • Min Credit Score: 5/5
    • Rates: 5/5
    • Loan Types: 5/5
    • Support: 4/5
    • Application Process: 5/5
    • LS Score: 5/5

2. Amerisave

  • Total Score: 4.8/5
  • Ranking: #2
  • Category Scores:
    • Min Credit Score: 4/5
    • Rates: 5/5
    • Loan Types: 5/5
    • Support: 5/5
    • Application Process: 5/5
    • LS Score: 5/5

3. First Horizon

  • Total Score: 3.8/5
  • Ranking: #3
  • Category Scores:
    • Min Credit Score: 5/5
    • Rates: 1/5
    • Loan Types: 5/5
    • Support: 4/5
    • Application Process: 5/5
    • LS Score: 3/5
  • Note: The score could potentially be 4/5 if LS is increased to 5.

4. Warp Speed

  • Total Score: 4/5
  • Ranking: #4
  • Category Scores:
    • Min Credit Score: 5/5
    • Rates: 5/5
    • Loan Types: 5/5
    • Support: 4/5
    • Application Process: 1/5
    • LS Score: 1/5

Key Insights

  • New American Funding and Amerisave are tied for the top spot, each with a score of 4.8/5. They excel in almost all categories, particularly in rates, loan types, and the ease of application process.
  • First Horizon has a relatively lower score mainly due to its rates and the LS Score. Improving in these areas could significantly enhance its ranking.
  • Warp Speed, despite its strong performance in most categories, falls short in the application process and LS Score, impacting its overall ranking.

These ratings and rankings provide a comprehensive view of each brand’s strengths and areas for improvement, aiding consumers in making informed decisions when choosing a mortgage lender.