Network Capital Funding Corporation
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About Network Capital Funding Corporation
Network Capital Funding Corporation (NMLS #11712) is an online direct mortgage lender available in 43 states. The company has borrower perks that stand out, like no lender fees and closing in as little as 15 business days. The company underwrites your purchase loan upfront — usually within 24 hours — so the seller can be confident the loan will close. Network Capital has been in business since 2002.
Pros & Cons
- Posts daily rates on its website
- Closings in as little as 15 days
- No lender fees for qualifying borrowers
- Not available in CT, GA, MA, MO, NH, NV and UT
- No mobile app
Network Capital is a direct mortgage lender offering home purchase and refinancing loans. Its products include conventional, FHA and VA loans. Qualifying borrowers pay $0 in lender fees. You can check starting rates online and usually get preapproved for a loan within 24 hours.
Top Network Capital Funding Corporation Reviews
The experience overall was very good with Network Capital. They were very attentive, had great customer service, and when you call, somebody does something. The application proces...Read full review
Network Capital's reps were on everything and were always accessible. When I had a question, I'd either call or email them, and I got a response back right away. We ended up midwa...Read full review
Our editors’ take on Network Capital Funding Corporation
After reading through ConsumerAffairs reviews, we found that many of Network Capital’s customers had complicated credit histories or financial situations. Having less-than-ideal credit requirements or buying a new home with caveats is hard with many online-only lenders. We highly recommend Network Capital for these types of situations since reviewers said the loan officers had knowledge and experience navigating them.
We also recommend Network Capital for individuals who want to complete the mortgage process quickly. Its site boasts of a 15-day closing period, but reviewers saw even faster results than that.
Jason from California was able to close their refi in a week, and another California reviewer refinanced in nine days, saying, “[Network Capital] got me the lowest rate by far of anyone I had previously talked to.”
Unfortunately, Network Capital is not available in all states. Also, if you are looking for a lender with the lowest rates, other lenders might be a better choice. Finally, if you have an uncomplicated financial situation, there are other lenders out there that offer a streamlined, tech-savvy application process and mortgage app to help with your application.
Network Capital Funding Corporation Reviews
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Justin with Network Capital is outstanding. I went through the process with them and they got to the appraisal but wouldn't pay it. I told him I was going on to another business. I went with NewDay USA and was almost at closing. Justin called me up and said, "Let's talk about it." I told him I didn't want to talk to him and hung up on him. He turned right around and called me back. He was persistent. I asked him to tell me one thing to me that'd make me change my mind, and he said 5%. NewDay USA was charging me almost 8%. Justin wasn't able to give me 5% although he tried. I ended up with 6% which is still a lot better than what NewDay was gonna charge me. I was impressed with Justin. I felt he was a friend. He knew his business and how to get things done. I also worked with two women, Susan and Sally. They did the trench work and got everything signed and done. They were both very good.
Conventional banks take months and months, paperwork back and forth. It’s frustrating at times. Network Capital eliminated all of that by sending me a document stating exactly what I needed and it was a step-by-step process. The reps were very clear and concise. We had the emails back and forth but the process was so simplified, it was almost unbelievable. I was the world's biggest skeptic and when I spoke with them, I said I would give them a try. And it worked out because they simplified the whole process. If that's the new way of doing business, I would recommend it to anyone. I would use these new lending places again if I have to or recommend anybody to use them.
Network Capital is particular for details and if something is off, they'll let you know that you need to correct it, which was what happened. I had to correct it and then, they came out. The appraisal and the application process was straightforward. When you're doing stuff like this, it's a lot of paperwork. But even it was a lot of paperwork, it was online and it was a step-by-step process. So they take all the guess work out of it. Two people worked with me and they walked me through. They stuck with me through thick and thin. In my case, it was not difficult because my credit was good. But they worked out well.
The reps from Network Capital were very professional. I like people who can do their jobs like it's nothing, because that's what you do. They did what they said they would and when they said they would get it done. They stood up to the appraiser and the underwriters over a mistake in appraisal. I've never met anybody, so far, ever before that would do that. And those people are worth knowing. They weren't successful with that appraiser but when I called the VA, they were successful in making that appraiser do what they were supposed to do. The rate was a little high, but not to me, because the rates had gone up. I come from the age where people were paying 12% for mortgages at one time and 7% was not at all uncommon from most of my lifetime. The price of mortgages in the past few years has been unbelievable. I'm still waiting for the other shoe to drop on that one.
People should go with Network Capital. I like the way they do their job. I would've probably paid a very similar cost for my mortgage anywhere else, because right now, I'm having a bad credit period, and not of my doing. I had some identity theft, which caused me some serious problems, mainly with my credit score with a USAA Bank. It's not been a pretty situation, so I would not have gotten a better interest rate anywhere else. Network Capital does a good job and don't mess around. If they run into a delay, you'll know exactly what the problem was and why, because it's usually not them. They're right on top of things.
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I have lots of problems with the bank that had my previous mortgage. They let somebody steal another property of mine. It was mortgage fraud. Network Capital Funding worked with me really well. I got one of the government loans because I ended up, from that other bank, going through a bankruptcy that I shouldn't have had to go through. I had some phone conversations with Network Capital about my financial situation, and then I was contacted by a representative who took more of the specific numbers.
They gave me some quotes on what they could do for me. I had to submit documents of all types. They were reviewed by their underwriters. Then I got some disclosure forms on it, but towards the end, I didn't like that I didn't find out until later on that they would transfer me out to another lender. It still went through, and they had somebody come here and do the paperwork with me. I got the payout and the satisfactions on some of the other loans that I had and checks to pay those off.
The loan officer was phenomenal, and she was easy to reach. She was knowledgeable, and she was very caring and extremely patient. The closing costs are really high. They said that these government loans were supposed to make it an equal opportunity for everybody, even if they had compromised interest to be able to take advantage of low interest rates, and that's not so because I think we pay much higher closing costs to get the same loan. Then there was a lot of interference with my past banks. They blocked getting my lending. There were a lot of additional people that were causing blockages and sabotaging my loan.
I called Network Capital Funding and the individual I ended up with was Joseph. He was so kind and so persuasive to assure me that he could get things done. There was a problem that was existing with me being on a deed with my husband but not the mortgage. Joseph was better than a typical person who I was paying money to and he knew his job. If he didn't know what he was doing, he reached out to the proper party to find out because I would not work with them until he was able to clarify several things.
One thing he had to clear off for me was by me being on the deed and not the mortgage, would they still be able to assist me? He checked with whomever it was and said yes. I was denied three to four times by other entities that said the same thing. Joseph said, "No, ma'am. We are our own entities, we don't have a third party to help. We lend our own money." I asked, "Who's your underwriter to make sure that they are gonna approve this? This is my credit score. If y'all can work with it, let me know." He said they would still have to pull it, but it sounded pretty good because my credit score showed 7 something. But then as they pulled it under whatever mark, it was 680 something.
I also told Joseph that on my credit report, it said I owned a timeshare. But I got rid of that several years ago. He checked into it and talked to someone. They said it was not a problem. Network Capital could still work with me. My credit was good too. Joseph worked very diligently and the process took less than 45 days. Joseph was very good at what he does. He knows how to get to the source, comes back, and works with the clients. I do not like the rate but I needed to get out of that bad assumed mortgage that I took on that was once my husband's. Network Capital on the whole has been pretty good so far.
The guy, Sebastian, was good. He convinced me to try to go with Network Capital Funding. When he talked to me about it, he explained to me how they were gonna do this and that. I took his advice and gave him the information that he needed to get the loan processed. He did most of the preliminary paperwork. Everything went like clockwork and on time. I had tried to get a loan through a different agency. I had just started a job so they told me to come back in another six months and do it again. It was like jumping through hoops at a dog training show. Every two or three days, they would call me, and they would want more crap that I'd have to do. I'm a long-haul truck driver and it got to be tiresome. Then they denied me anyway. The first time I tried to get the mortgage, the rate was 2.25%. After I got with Network Capital, it went all the way up to 5.1. I lost almost three and a half points, messing around with the other company.
Network Capital Funding said there were no fees but they charged about $6,000 for the closing costs which was a little bit much. That's not counting the extra money for the title searches and all the other kind of legal stuff that's normally on there. I recommended them to another friend of mine that was trying to get a mortgage. He went ahead and used them and they did the same thing on him. They charged him an extra $3,000 on closing costs. Also, as soon as I got my mortgage, they transferred it to PennyMac. I would probably recommend Network Capital Funding again to somebody else, but I would give them the information that I know now that they're probably gonna sell your mortgage before they ever get a payment and that to watch out for the fees that they're gonna charge.
The person that was handling my refi, Teddy, was amazing. We had some bumps in the road, but he was on top of everything. Initially, Network Capital Funding contacted me, and we talked for an hour. When things made sense, then we started the process. There was a young girl who does all the financing and goes through the loan. Teddy set everything up and got all my stuff prequalified, then we went through another lady. This was Alexa, and Teddy and I were upset about her, ‘cause she delayed a lot of stuff at the end.
I was going through a credit repair company, and I told them to stop, because in an FHA loan, I can't have disputes. Every week, the dispute was popping up, which was hindering the loan, and every time we pulled credit, it’d go down. After a certain amount of time, Alexa stopped caring. When I tried to reach out to let her know where I was at as far as getting everything resolved, no phone calls. She wouldn't return texts. Until finally, when I got to the point where my credit was back where I need it to be, I called Teddy. “Hey, I think we're in a good spot.” He said, “Let me get on it. Have you heard from her?” I said, “Teddy, she stopped answering for about a month when I was trying to get in touch with her.” Teddy took it to her supervisor and his supervisor.
We were having issues getting funded, ‘cause I go through a credit union, and most credit unions have to go to a federal credit union to do their wire transfer. Alexa delayed my mortgage, and I don't ever want her on any of my stuff that I do with Network Capital again. I ended up having to dish out more money to pay everything off than if she would have got it done before the deadline, which she had all the chances. We had deadlines to pay off cars, mortgage, the other mortgage, and it went over that deadline by four days. So, I had to get renewed payoffs, and I got them within one day. Alexa didn't start doing the last couple payoffs till that Monday, and I got everything done on a Friday. I did her job pretty much.
On the other hand, Teddy cared. You can tell who's who and who's fake, and Teddy was a genuine person. When we thought things weren't gonna go through, he said, “Dude, we're gonna get it done. Might take a little longer, but I will get you where you need to go.” This gentleman didn't come out with a client. He came out with a friend. He is gonna be doing my next refi next year to get me out of an FHA loan. I won’t use nobody else. Whoever hired Teddy made a good call. If we had more people like Teddy, it’d make everybody's life easier.
I did a refi thing with Network Capital recently and the process worked pretty quickly. So far, I have dealt with them twice. I did one last year, then they contacted me to do a refi because the rates dropped. The two mortgages were six months apart and the reps I dealt with seemed confident.
When Network Capital was working with me and my question, it went pretty well. The door of communications was open, but sometimes, the response time was slow. We started in November and we closed about six weeks ago. We kept running into little hurdles. We overcame those hurdles but then, they denied me and told me that there was some law that said I couldn't do anything until June, which hadn't happened yet. I kept asking for some clause or statute that they were referring to, but I never got that. What I did get is a new offer. So that was very confusing. After that point, I was just tired of dealing with it. I needed to refi, so I did.
Amanda was my initial contact. Then Andrew came on after Amanda and I had some conflict. She was on the phone with somebody, and she kept pushing for information. I told her, "Amanda, the lady told you she didn't have the information. Why you keep doing this?" It was with a company called CLM 45 that I had an outstanding loan with, and we were trying to get a payoff. The young lady we were talking to didn't have any more information. But Amanda kept pushing her to get something done. The lady kept saying, "There's nothing I can do." But Amanda kept being pushy. So I felt uncomfortable. But Network Capital doesn't have my loan anymore. They sold it.
The effort and communication for Serafin was great. He was available throughout the process to give us updates or look into our case. The processor was good at explaining the details to us the new home buyers. But communication could have been better.
If I would always have Daniel ** to get me through a refinance, I would probably refinance every year. His ability to stay calm when I got frustrated and was ready to throw my hands up in the air, helped me through this. He was always there when I came up with questions and was able to help me work through any problems.
They did an Amazing job going through my refinance. It was tough at times but they did everything they said they would do. Great People. They went above and beyond to make everything work out and did everything on time.
How we rated Network Capital Funding Corporation
We scored Network Capital high for its application process and requirements. Many online lenders will automatically deny applicants who do not have the listed requirements, but ConsumerAffairs reviewers report that Network Capital’s loan officers will work closely with individuals who have complicated finances and histories to see if a loan is possible.
Network Capital receives a good rating for its rates and costs and fees because we believe that other online-only lenders can offer a better deal, especially for buyers with high credit scores and uncomplicated financial histories.
Network Capital posts its starting rates for conventional, FHA and VA loans on its website. Note that these rates are for highly qualified borrowers. Getting a quote directly from the lender will give you a better idea of what you qualify for.
Home Mortgage Disclosure Act data shows that Network Capital’s average home purchase rate from 2019 to 2021 ranged from 0.11% lower than the national average (2020) to 0.36% higher (2019).
“I got a very good rate looking at the conditions of the market. They also said that whenever it's convenient for me or it's worthwhile, they'll try to lower the rate if the market permits,” said Jesus, a reviewer from California.
“[The loan officer]...was able to not only match the other company's interest rate, but offer a lower rate and better terms within about an hour,” said another reviewer based in Florida.
Network Capital offers both fixed-rate and adjustable-rate mortgages (ARMs). A fixed-rate loan guarantees you have the same rate for the entire life of the loan. An ARM has an introductory rate that's fixed for a set amount of time and then changes regularly. For example, a 3/1 ARM has a fixed rate for three years and then adjusts yearly after that. ARMs are a popular choice for borrowers who don’t plan to live in their home long or are comfortable with the risk of a rising payment in the future.
Network Capital Funding Corporation average home purchase rate vs. national average
|Year||Difference from national average|
Application process: Excellent
When you apply for a mortgage, lenders typically ask for bank statements, pay stubs, investment accounts, tax returns and other financial documents. Network Capital has an online application process and platform that lets you sync bank accounts and other finances, so the company can automatically collect your information. This saves you the hassle of uploading a lot of documentation. If you do need to upload documents, though, you can do it on the website.
When you apply for a loan, the company will match you with a loan officer who will work with you through the entire process. Having one point of contact helps ease some of the stress of buying or refinancing a home.
Tanya, a ConsumerAffairs reviewer from Maryland, had this to say about working with Network Capital Funding Corporation: “Refinancing or buying houses can be very stressful, but Network Capital was on top of it … explaining things and working with us to try to get us the rate that we wanted. … We've financed several homes and refinanced several times and this was the best experience.”
The company asks for documentation to be submitted with the application (some lenders let you wait until later in the process). Getting the information upfront allows Network Mortgage to underwrite your loan package so you're fully preapproved, giving sellers confidence that you have financial backing.
Kristi from Texas said, “The application process was fairly easy. They sent me everything that they needed for me and I responded and it seemed to work smoothly.”
Another reviewer shared similar praise with only some complaints about the burden of the closing documents: “My experience was efficient, effective and very professional. Their agent gave us documents to show what he was proposing as opposed to just telling me what it is and me hoping they're telling the truth. The process was seamless,” they said. “The only thing was, there were a lot of documents to physically sign at closing. We had a 200-page closing document so if they can find a way to streamline that, that will be perfect.”
Network Capital Funding Corporation application features
|Mobile document upload||X|
|Publishes minimum rate on website|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
Loan types: Good
Network Capital offers conventional, FHA and VA home purchase and refinance loans with fixed and variable rates. Some lenders offer more loan products, but Network Capital offers the most popular mortgage types.
In 2021, Network Capital received 1,985 home purchase loan applications and closed on only 200 of these loans. It denied 307 (about 15%) of these applications.
One Indiana homeowner was looking for a very specific loan type and was able to use Network Capital to do so: “I was looking for something to get me out of a conventional loan into a VA loan and still be able to do the refinance, and they had a package that was offered that suited that need. From the first contact to the closing was less than 45 days.”
Loan applications for home purchases only by year
|Home purchase applications||1,985||768||413|
|Home purchase loans closed||200||108||71|
|Home purchase applications denied||307||94||75|
|Home purchase preapprovals denied||0||0||0|
Refinancing can give you the opportunity to lower your interest rate, change your loan’s term length, switch to a different type of loan or get cash out of your home equity. From 2019 to 2021, over 97% of Network Capital’s loans were refinance loans — either rate-and-term refinances or cash-out refinances.
Home purchase vs. refinance loans by year
|Home purchase loans||1.50%||0.93%||2.26%|
Network Capital provides some general information about requirements for conventional, FHA and VA loans.
The company says conventional loans generally require a credit score of 620 and a debt-to-income (DTI) ratio of 36% or lower.
FHA loans and VA loans require a credit score of 580. You can put down as little as 3.5% on an FHA loan. VA loans don’t require a down payment.
We rated the lender’s requirements as excellent since it helped a few reviewers access a home loan or refinance when their financial situation had previously been rejected by other lenders.
Alistine from Illinois had a complicated financial situation with a foreclosed timeshare on their credit report that had caused them to be denied three to four times by other lenders. Network Capital worked with them closely to still provide a home loan. Not only did their loan officer help them prove they had the right requirements for a loan, but the process took less than 45 days to complete.
Another reviewer shared a similar review saying they could not refinance their home through other lenders but Network Capital was able to work with them.
Network Capital Funding Corporation mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
Cost and fees: Good
Network Capital says it has no lender fees for qualifying borrowers; there are no application, origination or underwriting fees. However, this doesn’t mean you won’t pay any closing costs on a Network Capital loan. Examples of costs you may owe at closing include an appraisal fee, escrow funds, a recording fee and title fees.
After Network Capital receives your application, it will send you a Loan Estimate form, which gives you an idea of your loan costs. This can be helpful to have while you compare lenders.
Lori from Wisconsin had a good experience with their loan officer but was not impressed by Network Capital’s closing costs. They said, “The closing costs are really high. They said that these government loans were supposed to make it an equal opportunity for everybody, even if they had compromised interest to be able to take advantage of low-interest rates, and that's not so because I think we pay much higher closing costs to get the same loan.”
Terry from California was able to complete a refinance with Network Capital in only 12 days. They said, “[The loan officer] was very honest and upfront about everything and there were no hidden fees or additional costs that were added late in the process. His company provided the lowest cost and the best rates of the many companies I looked at.”
Compare Network Capital Funding Corporation to other lenders
|Network Capital Funding Corporation||New American Funding||Rocket Mortgage|
|# of reviews||1,117||795||1,181|
|Purchase options||Conventional, FHA, VA and refinancing||FHA, USDA, conventional, refinance, HELOC and reverse||Conventional, jumbo, FHA and VA loans|
|Refinancing options||Cash-out, rate and term||Cash-out, rate and term, cash-in||Cash-out, rate and term|
|Minimum credit score||580 to 620||580 to 640||580 to 620|
|Read Reviews||Read Reviews||Read Reviews|
Network Capital Funding Corporation FAQ
What is Network Capital Funding Corporation?
Network Capital is a direct mortgage lender that was founded in 2002. It offers purchase and refinance loans in most states, charging no lender fees to qualifying borrowers.
Is Network Capital Funding Corporation legit?
Network Capital is a legitimate mortgage lender with two decades of experience in the industry. From 2019 to 2021, it mainly specialized in refinance loans. The company is licensed in 43 states at the time of publishing.
Where is Network Capital Funding Corporation available?
Network Capital is an online lender that is licensed in 43 states as of publishing. It is not available in Connecticut, Georgia, Massachusetts, Missouri, New Hampshire, Nevada or Utah.
Network Capital Funding Corporation Company Information
- Company Name:
- Network Capital Funding Corporation
- Company Type:
- Year Founded:
- 7700 Irvine Center Drive, 3rd Floor
- Postal Code:
- United States