Network Funding Reviews
Houston, TX
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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.
- Simpl application platform
- Closing in 10 days
- Loan progress tracking
- No rate or fee info online
- Not available in all states
Helpful Reviews
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
| Year | Difference from national average |
|---|---|
| 2021 | +0.11% |
| 2020 | +0.04% |
| 2019 | +0.15% |
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
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | X |
| Publishes minimum rate on website | X |
| Rate lock | X |
| Pre-qualification (no hard credit pull) | |
| Certified approval letter | X |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 6,792 | 7,295 | 5,522 |
| Home purchase loans closed | 4,814 | 5,093 | 3,928 |
| Home purchase applications denied | 299 | 392 | 239 |
| Home purchase preapprovals denied | 0 | 5 | 1 |
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
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 58.83% | 47.04% | 70.09% |
| Refinance loans | 23.15% | 37.48% | 15.17% |
| Cash-out refinance | 18.03% | 15.48% | 14.74% |
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 score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set 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.
Still have questions?
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- 4,894,382 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- 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




