Movement Mortgage, a lender operating across all 50 states since its 2008 founding, is currently under observation for its approach to rate transparency. The company does not publish sample interest rates or detailed fee information on its website, requiring potential borrowers to either contact a loan officer or begin an online application to obtain such figures.
The lender recently received scores of 2 out of 5 stars for both its home loan rates and total loan costs based on an analysis of 2024 Home Mortgage Disclosure Act data. This indicates it offered a higher-than-median mortgage rate of 6.625% and higher-than-median total loan costs of $7,182.81 to borrowers that year.
Despite this, Movement Mortgage holds a high customer satisfaction rating, ranking second in J.D. Power's 2024 Mortgage Originator Satisfaction Survey. The company identifies as an "impact lender," allocating 40% to 50% of its annual profits to community programs through schools and educational initiatives.
Its product offerings are extensive, including conventional, FHA, VA, USDA, purchase, refinance, and home equity loans. For FHA loan borrowers, it requires a 3.5% down payment but offers its Movement Boost program, which can provide down payment assistance covering that full amount for qualified buyers with a 600 FICO score. This program is not available in New York.
For VA loan borrowers, the company sets a minimum FICO score of 580 for loans up to $1 million, requiring a 680 score for loans up to $2 million. It offers both 15-year and 30-year fixed-rate VA loans.
In 2023, Movement Mortgage settled a claim by agreeing to pay $23.75 million to the U.S. to resolve allegations it violated the False Claims Act related to several government-backed loan products.
The company's application process offers two paths: connecting with a local loan officer found through a website search function or using an online application that requires personal financial information. There is no standalone online preapproval option explicitly available.
While the website provides some calculators and a blog, it lacks a comprehensive resource library. Movement Mortgage employs over 4,500 people across 775 U.S. locations.