Network Funding

Network Funding

Houston, TX

 2.3/5 (16 ratings)
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About Network Funding

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Network Funding (NMLS #2297) is a privately owned residential mortgage lender. Its application platform, “simpl,” lets you apply in 10 minutes. The company doesn’t offer any sort of insight into its rates or fees before you apply. Network Funding is licensed in 33 states across the U.S.

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    Overall Satisfaction Rating

    • 5 stars
    • 4 stars
    • 3 stars
    • 2 stars
    • 1 stars

    Pros

    • Simpl application platform
    • Closing in 10 days
    • Loan progress tracking

    Cons

    • No rate or fee info online
    • Not available in all states

    Bottom Line

    Network Funding's simpl application allows you to get pre-qualified, upload documents and track your loan progress. The company website, however, is light on info about rates, fees and services, so you’ll have to call for more details for your personal situation.

    Top Network Funding Reviews

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    Rated with 5 stars
    Verified

    I have done many loans with Chris and his team over the years and, as always, it was a great, simple and enjoyable experience. I would highly recommend Chris and Network Funding t...

    Read full review
    Rated with 1 star
    Verified

    I’ve had four closing dates proposed and not one has come to fruition. I am constantly having to prove myself and I get an extremely slow leak of communication from them. This hom...

    Read full review

    Rates

    Network Funding doesn’t offer much transparency regarding its starting rates. You can get a glimpse of your options by pre-qualifying online. Industry data show that its rates from 2019 through 2021 for home purchases were slightly higher than the national average each year, although not by much (0.11% higher in 2021).

    Network Funding average home purchase rate vs. national average

    YearDifference from national average
    2021+0.11%
    2020+0.04%
    2019+0.15%
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    Network Funding claims it has an extremely fast application time (10 minutes) and closing timeline (10 days).

    Its application platform, called simpl, lets you manage every step of the process, including the application itself — document uploading, account syncing and e-signatures — all from your phone, tablet or computer.

    After you create a profile, Network Funding will virtually connect you with a loan officer in your area and kick-start the application process. It will ask you questions about your desired loan product and provide some insight into what you might be eligible for. The company will do a soft credit pull to pre-qualify you.

    Scott, a ConsumerAffairs reviewer from Houston, Texas, said about working with Network Funding: "As a first-time home buyer, you learn as you go, and home transactions are complicated with lots of moving parts. Network Funding's technology platform, along with quick and clear communication from my lender, made the transaction feel easy. We closed ahead of schedule and got a competitive rate."

    Network Funding application features

    FeaturesAvailability
    Online application
    Mobile document upload
    Physical branchesX
    Publishes minimum rate on websiteX
    Rate lockX
    Pre-qualification (no hard credit pull)
    Certified approval letterX

    Loan types

    Network Funding’s loan products are fairly standard — they include conventional, FHA, USDA, VA and jumbo loans. There’s limited information available about each product from Network Funding, but most are designed for a specific type of buyer. For example, a VA loan is specifically intended for active service members, veterans and surviving spouses of veterans.

    Loan applications for home purchases only by year

    202120202019
    Home purchase applications6,7927,2955,522
    Home purchase loans closed4,8145,0933,928
    Home purchase applications denied299392239
    Home purchase preapprovals denied051
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    Refinancing

    Home purchase loans made up the majority of loans closed by Network Funding in 2021. The company offers rate-and-term refinance loans and cash-out refinances. When interest rates were historically low in 2020 and 2021, getting a refi became more popular; when rates are low, borrowers can save significantly by refinancing to a new mortgage with lower borrowing costs.

    Home purchase vs. refinance loans by year

    202120202019
    Home purchase loans58.83%47.04%70.09%
    Refinance loans23.15%37.48%15.17%
    Cash-out refinance18.03%15.48%14.74%
    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    Requirements

    Network Funding doesn’t list any information about its loan requirements online. The average conventional loan requires a credit score of at least 620, although rates will be better the higher your score is.

    In addition to your income, Network Funding looks at your debt-to-income (DTI) ratio to estimate how much you can afford to pay each month.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders
    USDASet by lender (often 640)0%USDA lenders

    Cost and fees

    Network Funding doesn’t disclose any information about mortgage costs or fees before you apply. Typical fees include origination fees, appraisal fees, credit reporting fees, discount points, escrow funds, insurance, taxes and recording fees. On average, these closing costs tend to add up to 2% to 5% percent of the total loan amount.

    FAQ

    What is Network Funding?

    Network Funding is a private mortgage lender that promotes a fast application and closing process for homebuyers. It claims borrowers can close their loans 35 days sooner than the industry average using its application platform, simpl.

    Is Network Funding legit?

    Network Funding has over 20 years of experience in the mortgage industry, and it has funded more than $20 billion in home loans.

    Where is Network Funding available?

    Network Funding is licensed in 33 states.

    Network Funding Reviews

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    How do I know I can trust these reviews about Network Funding?
    • 4,187,091 reviews on ConsumerAffairs are verified.
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    Page 1 Reviews 0 - 10
    Rated with 5 stars
    Verified Reviewer
    Original review: Jan. 26, 2021

    I have done many loans with Chris and his Team over the years, and as always, it was a great, simple, and enjoyable experience. I would highly recommend Chris and Network Funding to anyone....and I have many times over.

    Be the first one to find this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Dec. 16, 2020

    I bought my first house in 2012 and my second in 2017. I did my original loans and have refinanced both of those homes with Network Funding. Wonderful group of people who helped me in a very intimidating process involving personal information and a lot of money. That said, their care was top notch. Couldn’t recommend them more highly.

    2 people found this review helpful

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      Rated with 5 stars
      Verified Reviewer
      Original review: Dec. 16, 2020

      I purchased my first home this year and had a wonderful experience with Network Funding and my lender. As a first time home buyer, you learn as you go, and home transactions are complicated with lots of moving parts. Network Funding's technology platform, along with quick and clear communication from my lender, made the transaction feel easy. We closed ahead of schedule and got a competitive rate. I have referred friends and family to my loan officer for purchases and refi's and they have all given me great feedback.

      2 people found this review helpful
      Rated with 5 stars
      profile pic of the author
      Verified Reviewer
      Original review: Oct. 27, 2020

      I worked with Network Funding to get my first mortgage in 2016, and recently used them again to refinance my home. As a self-employed business owner, there a few more hoops to jump through when getting a mortgage, but my loan officer (Austin **) was patient and extremely helpful throughout. I truly don't think I could have done it without him. When rates dropped lower this year, he contacted me and laid out a plan for a refinance that ended up saving us thousands of dollars a year and a huge amount over the life of the loan. Austin feels like a financial coach, not just a loan officer. So glad I worked with him and Network Funding.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 8, 2020

      Don't work with ANY mortgage loan officers with Network Funding. They lie and say it's a soft credit pull while it should not be because you are crediting from multiple mortgage companies. The mortgage lender was very pushy and wanted me to give my information. Next thing some random hard hit showed up on my credit report "CIC Credit". I searched them and they have no information. Stay away from Network Funding.

      4 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 22, 2019

      Liars, incompetent, discriminative, unprofessional, lending company. I’ve had 4 closing dates proposed and not one has come to fruition. I am constantly having to prove myself and I get an extremely slow leak of communication from them. This home buying process has caused me major anxiety, I’m stressed out, and I’m close to being displaced in living arrangements if we can’t close soon. This has been a very ailing process to me, and I will NOT recommend this company to friend, family, or foe. Run!! Don’t go near them!

      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: April 13, 2018

      I ATTEMPTED to use this company for a refinance that went terribly wrong. After all is said and done I am left with a terrible experience, loss of funds for an appraisal I paid for (for no reason), and 7 credit inquiry’s that have dropped my score significantly. This company should be ashamed! So many broken promises and not 1 person delivered (Erin, Jodee, Jessie Or Eddie). Honestly the only word I can think of is pathetic. The least you could do is remove the inquiries I told would not even show on my credit score to begin with. If they are not removed I will be forced to hire an attorney. This company is a complete joke, do not use them.

      13 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: July 27, 2017

      As soon as I discovered that Network Funding overpaid my homeowners insurance, I have made many phone calls to correct the amount. Customer service did not give me helpful information right away that they could've given me when I made my first call. It took numerous phone calls with many different responses to get anything resolved, which I am still waiting on. I don't understand why it is taking so long to process these corrections. It seems like a ridiculously long time to get anything done.

      9 people found this review helpful
      Rated with 1 star
      Verified Buyer
      Original review: Nov. 2, 2016

      Mr. George ** is a hack loan officer. Firstly, we (myself and spouse) carefully addresses all of the routine key factors associated in a new home build. We stated all the loan processing information directly, repeatedly and accurately all of the required docs. We ensured these docs were received and reviewed by ** and his underlings on several occasions. When it came time to set a closing date... the original projected date was mysteriously moved forward. We had to haggle and firmly stick to our original date. Someone in Network Funding was, what was perceived, were in a hurry to set this date forward to an estimated building completion date, by a few weeks. This issue was resolved. However, it raised red flags.

      Secondly, we steadily moved closer to this agreed upon closing final closing date. When we got to within 9 days of closing, we were contacted by ** to be explained that Network Funding needed an additional 15k. That's $15 Thousand dollars. $15,000.00 to bring to closing. He stated that a reevaluation had occurred and since this was a investment property we needed this amount to meet the requirements. This was a subject previously discussed at length upon the original discussions. ** is an unprofessional hack, who doesn't know and understand his job.Thereby, making life needlessly and extremely difficult for his customers. He is either lazy, incompetent, poorly trained, ignorant, all the above.

      10 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: June 21, 2016

      Here it is in a nutshell: I was told I was pre-qualified and given a pre-qualification letter for the amount I needed. I submitted my application and all paperwork on the day I was asked. I have ZERO debt and an income of $90,000 per year. I also own all of my vehicles outright. NO DEBT! My closing is in just over a week and the people in "underwriting" couldn't understand the simplest of concepts on how I was employed previously and currently. So now they have to make more phone calls for Verification of Employment. They told me I would not be able to close on time and now I will be out of the country and my family has to move into a rent home. Avoid Network Funding!!! Thanks for NOTHING, Lending Tree!!!

      9 people found this review helpful

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed September 21, 2022.

        Network Funding Company Information

        Company Name:
        Network Funding
        Year Founded:
        1998
        Address:
        9700 Richmond Avenue, Suite 320
        City:
        Houston
        State/Province:
        TX
        Postal Code:
        77042
        Country:
        United States
        Website:
        www.nflp.com