Mortgage Lender Rating Methodology

Credible’s process in rating mortgage lenders for the benefit of the borrower

We collected over 300 data points on 16 lenders to determine which are the best overall and best for specific categories, such as first-time homebuyers or those with less-than-stellar credit scores.

• Choose lenders: Senior editors consider a host of factors, such as lender size and type, search traffic, and rankings, before deciding whether or not to include them. Credible partner lenders are always included, but editors do not give preference to partners. 
• Set categories and criteria: Once the lenders are chosen, the next step is deciding what criteria should be evaluated. This is where categories like customer experience, rates and fees, and reputation come into play. 
• Determine the weightings: Categories are weighted by the senior editors based on our view of their importance to the consumer. For example, rates and fees have a high weighting because these are some of the main concerns of a person shopping for a loan. Weighting will also differ depending on the superlative. Minimum credit scores, for example, will have a higher weight when determining the best lender for bad credit scores.
• Collect the data: After the categories and criteria are finalized, senior editors and editorial staff reference internal documentation and lenders’ websites and speak to lender representatives to gather and verify the data.
• Score the lenders: Once all the data is in, the senior editors score the lenders based on that information. For example, if a lender charges an origination fee, that lender will get a lower score than a lender that doesn’t charge one. 
• Assign star scores: Once the data and scoring are complete, the final star score (on a scale of 0 to 5) is assigned to each lender. That score will differ depending on the superlative since each one will have different weightings per category. 

Below are the weightings assigned to the general categories for the best mortgage purchase lenders — which comprise individual criteria that are also weighted.