Yahoo's take: Movement Mortgage markets itself as an “impact lender,” dedicating 40% to 50% of its profits to improving the communities it lends to. The company offers a wide range of purchase and refinance products, but while the message is loud, it's lacking in information buyers need, like interest rates, fees, and more.
Founded in 2007 and now offering mortgages in all 50 states, Movement Mortgage has a lot going for it. In addition to being a $30 billion mortgage lender (that's a lot of money), the company ranks in the top 10 in customer satisfaction from JD Power, which is definitely a plus, since mortgages come with their own set of hassles. Plus, this mortgage company could be heaven for first-time homebuyers. With a wide selection of low-down-payment products with flexible qualification criteria, including VA loans, FHA loans, and Fannie Mae HomeReady®, Movement might be able to help you buy a home for less than you thought possible.
But we want to bring this idea to the forefront. We've always had a bit of an issue with lenders that don't publish sample rates on their website. Movement Mortgage falls into this category. But their customers don't seem to mind as much as we do, because their customer satisfaction scores are so high.
Learn more: First-time home buyers in 2024 — what you need to know
In the article:
Key Benefits
Movement Mortgage offers several purchase and refinance products designed for low-income borrowers, including FHA and USDA loans.
Purchase loans like the Fannie Mae HomeReady® option offer people living in high-minority census tracts and designated disaster areas a path to homeownership with an attractive, low down payment.
The company's Movement Boost program helps qualified FHA buyers cover up to the full required 3.5% down payment.
The company invests 40% to 50% of its annual profits in the local community through schools and educational activities.
Movement can originate mortgages in all 50 states.
Need to know
Movement does not post sample rates online, and you can only get them from your loan officer or through the online application process.
Movement Mortgage settled the claims in 2023, agreeing to pay a massive $23.75 million to the United States to resolve allegations that it violated the False Claims Act in connection with several government-backed loan products.
Types of loans offered
Learn more: Types of mortgages
Movement Mortgage for FHA Borrowers
If you're a first-time homebuyer or haven't had a Federal Housing Administration (FHA) loan in at least three years, Movement Mortgage can help. Movement offers both purchase and refinance FHA mortgage products. Purchase loans require a down payment of just 3.5%. And if you currently have an FHA mortgage, you can lower your interest rate with FHA Streamline Refinance.
If a 3.5% down payment still seems out of reach, Movement can help. The Movement Boost program offers down payment assistance covering the full 3.5% to qualified buyers. You need a FICO score of 620 to qualify for the Boost, but the program has no income restrictions (yay). Unfortunately, New York borrowers don't qualify, so the funds must go towards their primary residence.
There is no information on the website regarding minimum credit scores for Movement’s FHA loans, but you can always contact a loan officer in your area for more information.
More Info: Best FHA Lending Institutions
Movement Mortgage for VA Loan Borrowers
If you have a VA Certificate of Eligibility (COE) or are eligible to obtain one, you may be able to qualify for a VA loan through Movement Mortgage. Movement, which offers 15- and 30-year fixed-rate VA loans, sets borrowers' minimum FICO scores at a very generous 580 for loans up to $1 million. It lends up to $2 million, but requires a FICO score of 680 for a loan of that amount.
If you currently have a VA mortgage and are looking to refinance, Movement also offers VA mortgage refinances to lower your interest rate. You can lower your interest rate by refinancing your rate and term, or leverage your equity with the VA cash-out refinance option. Some borrowers may be able to cash out 100% of their home equity. Be sure to speak to your loan officer for more information.
Read more: Best VA Loan Lenders
Movement Mortgage for mortgage lending
Need a Home Equity Line of Credit (HELOC)? Movement Mortgage has you covered. The application is 100% online and we offer generous line of credit limits up to $400,000 depending on the equity in your home. The line of credit is renewable, meaning you can redraw up to 100% of your line of credit once you pay off your first draw in full.
The company's website doesn't disclose interest rates or fees, but the interest rate is fixed and Movement charges an origination fee on HELOCs. The company also boasts fast approval times as fast as five minutes and funding in as little as five days. Of course, approval and funding depend on your personal financial situation, so your experience may vary.
Movement Mortgage does not offer home equity loans, which are funded as a lump sum rather than as a line of credit.
Learn more: What's the difference between a HELOC and a home equity loan?
Trends in mortgage interest rates
Ah, yes. Interest rates. What will happen next? We can only speculate, just like you.
Movement Mortgage doesn't provide sample rates on its website, which means it's not clear whether its mortgage rates are competitive with other lenders, and there's no information available about loan origination or lender fees, making it difficult to compare rates.
To get sample rates, you'll need to contact a loan officer or begin the online application process, and the online option requires you to provide a fair amount of personal information (your assets, veteran status, income, etc.) Sorry if you're hoping for a less strict approach when it comes to interest rates and fees.
Read more: 5 strategies to get the lowest mortgage interest rate
Apply for a mortgage with Movement Mortgage
You have two options for applying for a mortgage with Movement: go through a local loan officer or use the online application.
If you want to go through a local loan officer, you can click on the “Find a Loan Officer” button that pops up on almost every page of their website. From there, you'll be taken to a search page. All you have to do is enter your address, and you'll be given a list of loan officers in your area, including the address of your local Movement Mortgage branch.
To apply online, click on the “Apply Now” button. You will then be directed to a secure application website where you can enter various financial and demographic criteria. Movement will then display sample rates and mortgage products based on your financial situation and interest rates.
One thing Movement Mortgage is lacking is tools for homebuyers. There are a few helpful calculators for mortgages, mortgage affordability, refinancing, and more, but no resource library whatsoever. Plus, accessing the calculators is a bit of a pain: you have to go to the main navigation, hover your mouse over “Mortgage,” and then carefully move your mouse over the calculator you want to access in the fly-out menu. There's no easy way to find these tools outside of this path.
In terms of web design, Movement's website is more reminiscent of a trendy ad agency than a mortgage company. The user experience needs a complete overhaul, especially when it comes to the intimidating flyout menus. One wrong mouseover and the flyout takes over the page, and trying to get rid of it when all you want to do is read the page is a pain.
Comparison of Movement Mortgages with other lenders
Movement Mortgage vs. Fairway Independent Mortgage
Movement Mortgage and Fairway Independent Mortgage offer down payment assistance to qualified first-time homebuyers. Movement does this through Movement Boost, while Fairway uses its Fairway Community Access™ program. Neither program has income restrictions, but the assistance limits differ. Movement offers up to 3.5% of the full down payment on an FHA loan, while Fairway caps its assistance at $7,000. Movement offers up to 3.5% of the full down payment on an FHA loan, but the program is limited to FHA loans.
In the area of customer service, Fairway was ranked No. 1 in J.D. Power's 2023 Mortgage Originator Satisfaction Study, while Movement Mortgage was ranked No. 6.
Fairway Independent Mortgage Reviews
Movement Mortgage vs. Rocket Mortgage
Rocket Mortgage also offers down payment assistance to first-time homebuyers: its One+ program allows borrowers to get a conventional loan with just 1% down payment.
Movement Mortgage covers the total down payment of 3.5% on an FHA loan, so it may be a choice between an FHA loan or a conventional loan that is better for you, each with their own requirements, interest rates, and fees.
Movement offers more loan options than Rocket Mortgage, including USDA loans and HELOCs, but unlike Movement, Rocket Mortgage has home loans.
Rocket Mortgage Review
Movement Mortgage v. PennyMac
Movement Mortgage is an FHA lending institution and offers additional benefits for qualified borrowers, including down payment assistance through Movement Boost. Movement has hundreds of branches across the country, making it easy to receive personal attention during the application process.
Pennymac is the largest FHA lender in the U.S. and offers buyer perks that Movement can never match: Pennymac will save you 1% off your FHA mortgage interest rate for one year. Get $1,000 off your closing costs when you get mortgage pre-approved with Pennymac. And finally, if you use an affiliated real estate agent, you can get anywhere from $350 to $9,500 cash back at closing.
PennyMac Mortgage Review
Movement Mortgage Frequently Asked Questions
How old is Movement Mortgage?
Movement Mortgage was founded in 2007 and was co-founded by former Super Bowl champion Casey Crawford.
What type of lender is Movement Mortgage?
Movement Mortgage is known as an impact lending company that invests 40% to 50% of its annual profits into community-based programs.
How many employees does Movement Mortgage have?
Movement Mortgage currently has more than 4,500 employees in 775 locations across the United States.
This article was edited by Laura Grace Tarpley