Consumer Direct Mortgage (ConsumerDirect) is a division of FirstBank and has financed home loans since 2012. Licensed in all states except Maryland, ConsumerDirect provides home loans, refinancing, and cash-out home equity services. It is a direct Fannie Mae and Freddie Mac seller and servicer and offers fixed-rate mortgages, adjustable-rate mortgages, FHA loans, VA loans, and Jumbo loans.
ConsumerDirect's department teams are spread out across several brick and mortar locations. The corporate office is in Delray Beach, FL, the loan production and operations occur in Charlotte, NC, the mortgage headquarters is in Franklin, TN, and mortgage servicing is done in Newark, NJ.
ConsumerDirect offers competitive interest rates. As of November 2018, for a $250,000 home purchase with a $50,000 down payment and excellent credit score, the rate is 4.750 for a 30-year fixed-rate loan.
This company is unique in that 99% of the loans it funds pay a lender credit towards your third-party closing costs. This allows you to make a more competitive offer to a seller without taking more money out of your pocket.
The lender credit amount depends on your interest rate and other personal loan qualification factors, but with our sample loan scenario Consumer Direct would pay anywhere from $400-$2,000 of the closing costs!
ConsumerDirect's online process makes it easy to understand, apply for, and choose a loan option. The steps are:
ConsumerDirect offers a variety of loan types to prospective borrowers:
In addition to mortgages for a home purchase, the company provides both rate and term refinance loans as well as cash-out refinancing, which uses the equity in your home to help pay off high-interest debt.
The ConsumerDirect website is lacking in educational resources to improve the customer experience. Top companies showcase a variety of financial tools for open access, such as affordability calculators, mortgage calculators, amortization calculators, and refinance calculators.
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Very disappointed in my experience with consumer direct mortgage! I was lured in by their agent - Frank W with great rates and initially very quick response time which I was initially impressed with which is why I decided to move forward with this lender vs countless others. After competing a refinance mortgage application, running my credit which was in the 780's I was told that my 1099 income would not be counted and my investment property income would no be sufficient,however, if I can show future employed status income then we may be able to proceed. After providing a copy of a future W-2 income contract for expected earnings higher that required by the loan amount plus my W-2's over the past 2 years the agent I was working with- Frank W, disappeared from the face of the Earth with no responses to my phone calls, emails or texts. Few days later I received a mail notice that my loan request was declined citing reasons that are false, not applicable to my case and never mentioned by agent as points of concern. I find my experience with this lender to be very unprofessional and concerning. It is perfectly ok to decline someone for a mortgage if they don't meet the criteria, but not ok to deceive, provide false information and then disappear!
I've read some of the negative reviews for Consumer Direct and I just have to say my experience was excellent. I was extremely impressed working with them. Perhaps things have changed for this company since the time of these negative reviews? Anyway, I'm fairly experienced with mortgages as I've bought and sold property over the years. I aggressively shopped rates/terms which included a friend of mine who is a local broker, my bank of 22yrs, and several online mortgage companies. Consumer Direct had considerably better rates/terms than all the online lenders I dealt with and way better rates than my local lenders. One would think because of this, customer service might be sketchy but this was not the case at all. I dealt with Mike R and he was absolutely amazing to work with. I'm not kidding you when I say the customer service was as good as dealing with my personal banker at a small town local bank. Mike was highly attentive to any questions or concerns I had, often responding to phone calls or emails within minutes, even after business hours! There were at least two situations where Mike really went above and beyond the call of duty. There is no automated call screening system you have to deal with - you get your brokers direct line and email. The closing process was quick, simple, and easy. I am a real person and this is an authentic review from an actual costumer.
Very frustrating process due to the regulations however the individuals I worked with particularly Patrick D. was amazing. I would highly recommend them. Even though they may be far away, they truly care and do everything possible to make your mortgage dreams a reality.
It wasn’t the easiest loan to choir but considering I had a bankruptcy they managed to get the job done we were refinanced within a couple of months I say they were excellent and doing their job
They tell you what you want to hear, changing things along the way. Liars and scam artists in my opinion. No one in this company is out for your well being. Only care about their commissions or bonus’. I wish someone warned me previous.
Horrible communication. Completely disorganized. No attention to detail. I’ve been repeatedly asked for the same information that was included in attachments and outlined in the bodies of emails that they are replying to. One person dealing with my mortgage quit, and the one who took over had absolutely no access to the documents that I spent hours collecting and outlining. Seems that they don’t keep candidate files in case a situation like this occurs. Do not communicate at all about how far along in the process you are so you have no clue if you are on track to close. Never reply to emails to assure that they’ve received documents that I’ve submitted and if they are the correct things. Overall, I’m pretty nervous that these people have access to such personal and sensitive data as they don’t keep them in secure company locations and don’t look at what they’re being sent. Would not recommend to anyone.
Had a problem with appraisal and they helped me rectify it right away and even refunded the cost.
After feeling the anxiety of talking to five other companies I called Consumer Direct Mortgage and was fortunate enough to talk to Phil B. He was such a refreshing experience. He was so patient with all my questions. He truly went above and beyond to be available. No one could match the loan I got from Consumer Direct. If you're looking for a home loan do yourself a favor and talk to the best PHIL B.
I inquired about a refinance with cash out on December 7th. Almost immediately I was contacted by Todd G. He was assigned as our senior mortgage broker. He was so helpful and positive from the very start. I have some anxiety related to buying/refinancing properties, but Todd was amazing. He was super responsive and even had me call him one evening to clarify what was going on. I was super impressed. We also worked with Nate P. - senior loan processor. He was on top of things from the start. He didn't ask for a lot of unnecessary documentation and was able to move things very quickly. Our last stop was working with Carol A. She helped us move the loan through closing and get us an appointment with a notary. She was super helpful and professional. The whole process was incredibly easy and FAST. We closed on 1/4 and received our money today. From the beginning of the process to cash in hand was 32 days. I wanted to say thanks to the three of you for making the process go by so smoothly. I will refer my friends and family to Consumer Direct Mortgage.
Incompetent! Did not order appraisal and did not communicate to us even after multiple emails and calls made from us asking if anything else was needed on our end. Cancelled today and using another lender!
I obtained a loan for 3.25%. of course there is a "snag" . Then they wanted to increase my rate to over 4%. Even though I had been pre approved for 3.25%. Buyer beware
We had submitted a request on a refinancing website. One senior Mortgage banker from Consumer Direct Mortgage, Mr. Alton H sent an email on feb 14th after collecting our preliminary data that his quote is 2.75% for 15 years Fixed interest rate. After , collecting all confidential information and running credit check, this broker says it was typo and he meant 3.25%. When will the businesses learn to stand behind their quotes and written promises from there SENIOR Brokers who callously take the consumers. Will this Mr.H Alton and Consumer Direct Mortgae just getaway and dupe other consumers , non stop????
staff on vacation when need to contact them, then send emails to pressure you to sign loan.
The company was outstanding and the rates we're better than anyone we could find.
Beware!! I have a 800+ Credit score and was applying to this company for a Re-Fi on a house with 30% down. Despite having enough cash to pay for the house, I was DECLINED based on this company's Ultra Conservative lending practices. Consumer Direct ordered the appraisal before considering the loan and now I am out $500!!!
This is by far the worst bank to do business with. They are unprofessional and are a scam artist. It seems like a trend for them to charge $445 for an appraisal fee, but then later come up with an excuse to withdraw your loan and keep the money! Well I'm not having it, I've already called my credit company to dispute the charge. Readers beware of this company, I would not recommend to do business with them at all!!!
They did absolutely everything right. Closed early, the staff was awesome and my loan officer even returned messages over the weekend. I did not expect that... The rate was the lowest and it was not even close. Its odd because they are a FHA/VA Direct Lender? Not sure where the information below came from... I know this because my buddy did his VA purchase with them. He is the one that gave me the refferal.
After the loan officer got me into the door, he vanished and it is extremely difficult to get hold of anybody. When dealing with them, I was surprised how little they know about the process and how it works - they are supposed to be experts! They got my application mixed with somebody else's and they answer phone calls and emails only when they want to. Two weeks before closing, they requested me to go "fix all the flaws stated on home inspection report" in order to issue the loan! The house was not under my name yet! Am I supposed to break in to a house I don't own yet and have myself arrested?? The loan officer then blame me for sending in the home inspection report : I did exactly what THEY asked me to do - send the home inspection report! We almost lost our dream home because of their incompetence and unprofessional-ism. We finally dumped them and went with another lender - it worked like a breeze and they were able to close for us within three weeks. It has been a nightmare dealing with Consumer Direct; I know they are cheaper, however, buying a home is one of he most important decision in your life, you want to find a lender that is responsive and knowledgeable: shop around and don't be fooled!
I have had mortgages, refinances, home equity loans all before, and I will say that dealing with Consumer Direct has been the absolute worst experience! I began this process almost 2 months ago; the promised closing by date has come and gone. And not because I am a difficult case, not because I have taken too long to get documents - simply because they don't seem to care. And you can't get anyone to explain what the hold up is other than a weak, "we are very busy." I have gotten ALL requested documents turned in within hours of the request. I have even gotten documents that the processor was supposed to get - to help and speed things along. I went with Consumer Direct over another company that offered me the same deal because Consumer Direct promised to close earlier. That, obviously, did not happen. Then, the final straw is that today I get a call from the loan officer saying that we should close tomorrow, and she sends me an email to verify certain information. Well, for some reason the escrow went up significantly from the original paperwork. When I questioned this she simply said it must be because my insurance was due right now. This made no sense so I contacted the Loan Originator and asked for an Itemized Worksheet; when he sent it, it showed that they had raised the property tax amount needed by $1000! I had to send them a copy of my tax bill to prove that this wasn't right, even though the original itemization had the correct information. All I got as a response was that he would send the information to the processor. It has been 6 hours since I have heard from her, and no one called about scheduling the closing so obviously once again we aren't closing tomorrow.... And, shocker! you can't get one person to return an email or phone call! I am refinancing from an FHA to a Conventional Loan, and by their slow timing I will not have to pay additional interest due to laws regarding FHA loans. There is NO REASON for any of this. My refinance was about as easy as they come. Excellent credit scores. Good debt to income ratio. Great Loan to Value Ratio. And the monthly payment isn't even really changing so this should have been so open and shut, but at the VERY LEAST it should have closed on the date promised and guaranteed! And they should care a whole lot more about communicating!